BOOK-KEEPING & FINANCIAL REPORTING
All companies incorporated in Singapore must keep proper accounting records to evidence the business transactions that took place during the course of operations. This is stipulated in the Companies Act. Such accounting records must be kept for a period of 5 years after the completion of the transactions.
Companies are required to prepare unaudited financial reports (commonly known as “compilation financial statements”) in a format defined by the Companies Act and the Singapore Financial Reporting Standards before holding the Company’s Annual General Meeting. Accordingly, it is essential for the Company to prepare the financial reports to ensure compliance with a statutory requirement.
We assist management in the following monthly/quarterly accounting and book-keeping functions:
- Setting up the accounting system and its processes to facilitate the month-end closing;
- Preparation the trial balance, profit or loss statement and balance sheet;
- Preparation of the audit schedules;
- Bank reconciliation;
- Liaise with auditors and address audit queries (optional);
- We assist management in the annual preparation of the compilation financial reports.
- Statement by Director(s);
- 4 Statements
- Significant accounting policies
- Notes to the accounts
We assist management in the following payroll administration services:
- Maintain payroll records
- Compute monthly salaries, overtime, CPF and other deductions
- Arrange for payment of monthly CPF and other contributions to the relevant authority;
- Prepare monthly payslips to employees and payroll summary report;
- Assist to prepare statutory declarations and personal income tax forms for submission to the relevant authorities i.e. Form IR8A, Form IR21
GOODS & SERVICES TAX ("GST") PREPARATION
GOOD & SERVICES TAX
GST is a consumption tax that is levied on the supply of goods and services in Singapore and the import of goods into Singapore. GST is applied to the selling price of goods and services provided by GST registered business entities in Singapore. As a GST registered entity, it is required to submit a return to the tax authorised based on the accounting cycle, generally on a quarterly basis.
We assist management to prepare the quarterly GST return for submission to the tax authorities.
- Form 5
- GST transactions listing
CORPORATE INCOME TAX PREPARATION
Corporate Income Tax
Companies are required to estimate its chargeable income and provide the tax authorities with the estimated chargeable income within three months from the end of its financial year.
Apart from filing the ECI, the Company is also required to report its actual income by filing an Income tax return (Form C/Form C-S) to the tax authorities.
We assist management in the preparation of the ECI and Form C/Form C-S base on the relevant accounting records.
- Tax computation (ECI filing purpose)
- Form C, CS or CS lite
- Final Tax computation
- E-Submission to IRAS via Tax Portal
Transaction size per month *
|Xero Subscription fee|
|- 12 months subscription|
|- Single currency|
|- Transaction coding|
|- Bank reconciliation|
|- Fixed assets management|
|- Journal entries|
|- Prepare audit schedules|
|- Prepare reports|
|Financial Reporting services|
|- Drafting of financial statements|
|- Prepare notes to accounts|
|Corporate income tax services|
|- Prepare tax computation|
|- Tax return form (Form C/CS, CS lite)|
|- e-Submission to IRAS|
|- Prepare Form 5|
|- GST transaction listing|
|- e-Submission to IRAS|