Accounting services
in Singapore.

An audit is only mandatory if:

• A company is not private exempt
• Its turnover exceeds 5 million dollars
• Any shareholder with a stake of at least 5% requests one. However, all private exempt companies must prepare a report with annual accounts in accordance with the Singapore Financial Reporting Standards (FRS), signed by 2 Directors on behalf of the company (Sole director will sign singly). FRS accounts have to be filed with our local tax authorities, Inland Revenue Authority of Singapore (IRAS).

1. Charge GST for standard-rated supplies
2. e-File accurate GST returns and pay the tax due in a timely manner
3. Keep business and accounting records
4. Display price with GST
5. Issue tax invoices and reflect GST Registration Number
6. Inform IRAS of changes
7. Accounting for GST on business assets held at point of de-registration
8. Additional obligations under voluntary registrationIf you are under voluntary registration, you have to:
   • Remain registered for at least two years
   • Make taxable supplies within two years if you have not started making taxable supplies at the point of application)
   • Complete the e-learning course “Introduction to GST” within three months from the effective date of registration
   • Be on GIRO arrangement for payment and/ or refund of GST
   • The Comptroller may also impose other conditions on voluntarily registered business and may cancel his GST registration if any of the conditions is not met

Depending on how late you are for your corporate tax filing, there are different actions that the Inland Revenue Authority of Singapore (IRAS) can take against you. First, the IRAS will send you an estimated notice of assessment (NOA) which you are obliged to pay and file within a set deadline. If you are unable to do so, the IRAS will send you an outstanding tax return and/or document(s) and composition Fee notice which you should file and pay for before the due date. If you are still unable to complete this, the IRAS will send you a letter that bears a Notice Pursuant to Section 65B(3) of the Income Tax Act which you should file within 35 days in addition to paying the previous composition fees. Unable to do so will result in a summons being sent to the company and/or director. In addition to attending court hearings, you will be fined a maximum of 1,000 SGD and be required to submit the documents and pay the fees before a set deadline.

Form C filing due date is every 30^th of November every year. Form C-S2 filing due date is every 30^th of November every year for paper filings and 15^th of December for e-filing.

In addition to being required by IRAS to keep proper records and accounts of business transactions, record-keeping also lets you gain insights into how your business is performing. It allows you to see which products or services are profitable and what changes you can apply. Having good records also makes preparation of financial statements easy and accurate, resulting in efficient and on-time tax returns filing.

Before you can convert from Excel to Xero, you need to set your Xero start date (also conversion date), which is recommended to be the start of the financial year or the start of the sales tax reporting period. To move your data from Excel to Zero, you need to download Xero’s CSV import template. Copy your data over to the template and save it as a CSV. Then import the file into Xero. A conversion date is important as matching all historical data from years ago will be time-consuming and costly. So, it is more practical to set a conversion date and simply entering bills and invoices during that time.

To move your data from Excel to QuickBooks, you need to install first the QuickBooks Import and CSV toolkit. From your Excel, you can import customer, vendor, items, and chart of accounts data. The toolkit wizard will instruct you on how to enter your data in the provided spreadsheet template and how to map your accounts.

Changing accountant is a simple and straightforward process. First, you find and engage a new accountant through a formal latter that also states agreement for services. When all has been agreed upon, you need to inform your existing accountant about your intentions of changing to a new one. Your new accountant may also issue a notice of takeover. Both parties will proceed to courier of files and information from your existing accountant to a new one. You will be set up in your new accountant’s system, and the takeover is finalised and closed.

A bookkeeper is tasked with recording a company’s financial information, while an accountant is to analyse and develop insightful reports out of the data. A bookkeeper’s job is transactional and administrative where it involves handling of the daily tasks of recording purchases, receipts, sales, payments, and other financial transactions. On the other hand, an accountant’s job is subjective, where it involves providing financial insights that are based on the bookkeeper’s recorded data.

A financial statement is a document that shows a company’s business activities and financial standing. It is audited by government agencies, accountants, and business partners for purposes of accuracy, tax, financing, and investment.

A financial statement is comprised of three main parts. An income statement or profit and loss statement that indicates how much profit or loss a company has incurred. A balance sheet or statement of financial position that shows a company’s assets, liabilities, and shareholder’s equity. And a cash flow statement that provides information as to how a company generates cash to fund activities, investments, and debt obligations