Any company registered in Singapore is required to hold the record of any financial transaction which can testify to the activities of that business. The bookkeeping of a company can be done by trained persons hired by the company or by accounting professionals. Persons interested in outsourcing their recording activities can address our accountants in Singapore, who can provide a wide area of services in this sense.
We invite you to watch a video about bookkeeping requirements in Singapore:
Types of bookkeeping services in Singapore
- The Daybook: the day-to-day record of a company’s financial transactions that include sales, purchases, cash, sales credits and purchases debits.
- The Journal: it is the chronological record of the company’s financial transactions before they are introduced in the general ledgers for debit and credit. This can be part of the general journal daybook.
- The Ledger: this is the record of accounts, a permanent summary of the amounts recorded elsewhere such as in the journal. The company keeps a sales ledger and a purchase ledger.
- The Petty Cash Book: this is a record designed for purchases that have a small value; they are to be transferred at a later time in the larger books.
Bookkeeping in Singapore
It is advisable for foreign investors to receive the assistance of our accounting firm in Singapore, as they are familiar with the current legislation in terms of recording the financial transactions of the company; our accountants can provide bookkeeping services to both small or medium-sized companies, but also to large corporations.
Companies can receive assistance for bookkeeping of a wide range of financial documents, such as:
• journal entry;
• general ledger;
• expenses ledger;
• accounts receivable and accounts payable services;
• payroll services;
• goods and services tax;
• a complete analysis on the income statement, balance sheet or cash flow statement.
As a general rule, managers tend to outsource their bookkeeping activities to an accounting firm in Singapore as a means to reduce the company’s costs. This is highly recommended in the case of small and medium enterprises with a reduced number of employees.
Bookkeeping legislation in Singapore
Accounting services provided by accountants in Singapore are performed in accordance with the rules and regulations imposed by the Accounting and Corporate Regulatory Authority (ACRA). Furthermore, ACRA enacted a Financial Reporting Surveillance Programme, which has the main purpose of establishing a high level of quality for the compliance standards.
Our accountants can provide due diligence bookkeeping services for the documents which will be presented at the shareholders’ meeting and submitted at ACRA.
Advantages of outsourcing your bookkeeping with our firm in Singapore
Our experienced accountants in Singapore can assist you with the data entry connected to your transactions. Since bookkeeping can be quite time consuming and wearisome, you can save a lot of time and important resources by hiring us to assist you with the bookkeeping activities of your business.
Among the other most important benefits connected to hiring us, we would like to mention:
• XBRL (eXtensible Business Reporting Language, a freely available international standard for the exchange of business data) filing service utilizing the new XBRL definitions, as requested by the ACRA;
• The information you provide us is safeguarded and easily accessible when you request it;
• We also offer consulting service to build the most appropriate plan in order to grow your company;
• Upscaling and downscaling in order to accurately register the volume of the business transactions;
• We can make your statutory compliance stress-free.
With us, bookkeeping in Singapore has never been easier!