Accounting, Tax & HR
What We Offer
Our affiliate partner offer a comprehensive range of accounting and tax services for your company.
Outsource Your Accounting And Bookkeeping To Us
Need Help? Get In Touch With Our Accountants
Every business establishment, including sole proprietorships, partnerships and private limited companies, is required by law to maintain accounting records in full compliance with the Singapore Companies Act and Singapore Financial Reporting Standards. Your businesses in Singapore will have proper and healthy accounting and bookkeeping records with the help of our professional accountants. Depending on the needs of your business, our accounting and bookkeeping services and solutions can be scaled up or down.
Accounting & Bookkeeping Services
Our accountants can prepare your annual accounts for submission to ACRA and IRAS.
We specialise in maintaining a timely accounting system so you can manage your accounts efficiently. The Singapore Companies Act requires all companies registered in Singapore to maintain proper books of accounts. Good bookkeeping not only makes day-to-day account maintenance and financial statements drafting easier for annual returns submission, but it also provides insight for sound business decision-making and efficient financial management. Our services include but not limited to the following accounting functions:
- Management Accounts Monthly, Quarterly, Year-End Preparation and Review
- Annual Financial Statements Preparation and Review
- General Ledger Maintenance
- Accounts Payable Maintenance
- Bank Reconciliation
- Fixed Assets Ledger Maintenance
- Cash Flow / Budgeting
- Books Clean-Up
- Financial Analysis
Struggling To Comply With Company Taxation Regulations?
Be Tax-Smart. Take Up Our Singapore Corporate Tax Services Today!
Today, all business decisions have tax implications, and it is critical for a firm to effectively manage its income tax obligations. Compliance is critical to your business’ long-term performance, and filing an accurate and complete tax return is critical to saving cost for the business. We collaborate closely with you to design and implement tax strategies that are most effective for your company. Our comprehensive tax services include:
- Corporate tax compliance
- Partnership and personal tax filing
- Representation on tax disputes
- Singapore tax structuring and planning
- GST advice and planning
- GST filing and compliance
- GST audit
- Optimising use of tax incentives and exemptions
Outsource Your Payroll Function To Us
Why Do I Need Your Payroll Services?
One of the most crucial tasks in business is payroll preparation and salary payment. Due to other components such as benefits, allowances, deductions, government claims, and so on, the process can become even more complicated and time-consuming. Our service ensures that CPF contributions are paid on schedule, that tax filing obligations are met, and that payroll information is maintained securely at offsite locations.
We Can Also Support You In Recruitment
We are ready to offer you our greatest support in recruiting new staff.
Because employees are the most important asset for any business or corporation, finding the perfect candidate for an open position at your firm becomes critical. Recruitment is a lengthy process that takes a lot of time and effort. We are glad to offer employers our professional services to assist you in selecting the correct and best-suited candidate to join your workforce.
Throughout the process, our professionals will take into account all of your requirements and preferences, sending you only the most qualified prospects and making your decision much easier. By extensively verifying our job applicants, compiling their relevant experience, qualifications, and appropriateness for your open position, we ensure that you only get the best individual for the job.
What is Audit Preparation?
Audit Preparation Is A Course Of Action That You Need To Undertake Before The Start Of Your Annual Audit.
Regardless of the size of your company, undergoing an audit in Singapore can be very challenging, most especially if you were unable to prepare for it. This process requires the thorough examination of all your financial records. Here you have to make sure that all your documents and books are in order before an independent auditor arrives.
In Singapore, strict compliance of auditing regulations is enforced. This means your company has to prepare well before the start of the audit process so that everything goes smoothly. Hence, it is important to hire a company that has the experience and knowledge about financial, including auditing preparation to ensure an efficient audit process. Some benefits includes:
Time Saving
We make preparation process more efficient because our team already has a system in place to do audit preparation. We will ensure that when the auditor arrives, all are sorted out and ready.
Cost Saving
We will ensure that documents are ready for the auditors which allow for fast audit process reducing the need to pay huge auditing fees caused by documents delay.
Frequently Asked Questions
When you engage our Bookkeeping Services, you will be allocated an accountant who will work closely with you on your accounting needs.
Our accountant will evaluate and organise the information to develop and maintain your accounts ledger based on the financial records you give to us on a regular basis. The accountant can also assist you in drafting financial statements for statutory submissions in compliance with the Financial Reporting Standards (FRS). The following information is required for bookkeeping purposes:
- sales invoices
- purchase invoices
- expense receipts
- bank statements
- payroll summary
- tenancy agreement/invoices
- inventory listing
- statement of loans and borrowings/hire purchase
Your dedicated accountant will also help monitor statutory compliance issues and work with you to ensure you understand all the accounts and reports.
It is compulsory for businesses to register for GST when their taxable turnover exceeds $1mil per year.
Businesses that do not exceed $1mil in turnover may register for GST voluntarily. If you are intending to start a business where your goods and supplies come with enormous GST charges, it may make more financial sense to apply for GST for your company to claim GST paid on imports.
Different business forms are eligible for different tax rates, reliefs, rules, and exemptions.
For example: Companies are entitled to tax exemptions such as start-up tax exemption/partial tax exemption, while Individuals are taxed at progressive tax rates and entitled to relief such as earned income relief.
You will be able to successfully optimise your tax obligations if you have a deep understanding of the various tax standards.
We are here to assist you with your tax planning activities, as tax rules are always changing and might be confusing.
Key points of Singapore’s income tax for individuals include:
- Singapore follows a progressive tax rate starting at 0 percent and ending at 24 percent (for income above S$1,000,000).
- There are no capital gains or inheritance taxes.
- Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation (barring a few exceptions).
- Tax rules differ based on the tax residency of the individual.
- Income tax is assessed on a preceding year basis.
As an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B, or Form IR8S (where applicable) by 1st March each year for all your employees who are employed in Singapore.
From Year of Assessment (YA) 2016, employers who have 11 or more employees for the entire year or who received the “Notice to File Employment Income of Employees Electronically” must submit their employees’ income information to IRAS electronically.
IRAS encourages all employers to join the Auto-Inclusion Scheme (AIS) for Employment Income. Under this scheme, employers submit their employees’ income information to IRAS electronically. The employment income information will be shown on the employees’ electronic tax returns and be automatically included in their income tax assessments. If you participate in the AIS for Employment Income, you do not need to issue paper Form IR8A to your employees.
The security deposit will immediately be refunded to you upon the termination of our Nominee Director Service.
Firstly, you need to identify the contact people of the departments that are under audit. The auditors may need to consult and talk to them to clarify things. If you hire an independent firm to do your audit preparation, they will be the one to entertain questions and provide explanations to the auditors.
Another type of preparation you need for the audit involves organizing and compilation of all work papers necessary in examining the company’s financial situation. These documents include business receipts, invoices, debt agreements, leasing contracts, correspondences, and other work-related materials. It is also important to provide copies of all these documents to the auditor.
Lastly, you need to reconcile all account balances. This entails reviewing details of all bank records, accounts payable, accounts receivable, and other vital accounts.