Accounting

The process involves meticulous bookkeeping where financial transactions are recorded systematically, ensuring accuracy and compliance. These transactions, including sales, expenses, and assets, are organized into ledgers and journals. Singaporean accounting practices emphasize the preparation of financial statements, including balance sheets, income statements, and cash flow statements, which offer a comprehensive snapshot of a company's financial position. Accounting professionals in Singapore interpret and analyze this data, providing insights crucial for decision-making, compliance with tax regulations, and ensuring transparency in business operations. This robust accounting framework in Singapore serves as a cornerstone for maintaining financial accuracy, governance, and transparency within the country's thriving business landscape.

In Singapore's dynamic and competitive business landscape, accounting plays a pivotal role in ensuring the success and compliance of companies. It serves as a critical tool for businesses to maintain financial transparency, adhere to statutory regulations set by the Accounting and Corporate Regulatory Authority (ACRA), and comply with the stringent tax laws of the Inland Revenue Authority of Singapore (IRAS). Accurate accounting practices are essential for timely submission of financial statements, annual returns, and tax filings to these regulatory bodies. Additionally, in a global financial hub like Singapore, sound accounting principles bolster investor confidence, enhance corporate governance, and facilitate access to funding opportunities. With Singapore's focus on accountability and transparency, robust accounting practices are not just beneficial but imperative for businesses to thrive and navigate the competitive marketplace effectively.

Our in-house accountants will perform an initial accounting assessment during your onboarding with the help of specialised accounting software in order to identify any issues and recommend the best corrective measures. This procedure is called a 'Reconstruction of Accounts' and is required to guarantee that your business and money accounts are in compliance with Singapore Accounting Standards.

Singapore has its own accounting system, known as Singapore Financial Reporting Standards (SFRS). It is accrual-based accounting, comparable to IFRS. This implies that transactions are taken into account whenever they occur rather than when the money gets released. Outsourced accounting services in Singapore must adhere to SFRS guidelines.