Local Expertise, Global Reach: Your Singapore Accounting Team
Types of Accounting & Bookkeeping Services
Companies
we have worked with
Understanding Singapore Accounting Standards: A Guide for Businesses
In Singapore, the Companies Act requires all companies to maintain proper accounting records. Company directors have access to these records to gain insights into the company’s financial health and transactions, which is crucial to ensure the accuracy of financial statements. Both local companies and foreign company branches in Singapore must prepare annual financial statements per the Singapore Financial Reporting Standards (SFRS), which align with the International Financial Reporting Standards (IFRS).
Smaller companies can utilise SFRS for Small Entities (SFRS SE), tailored to closely match the IFRS for Small Entities, simplifying the reporting process while ensuring compliance and transparency. Accurate financial reporting is crucial for managing a well-run business as it provides a current snapshot of financial status and is vital for companies seeking to expand and attract investment by demonstrating their creditworthiness and growth potential.
While most small companies in Singapore can apply SFRS SE, provided they are not publicly accountable (meaning they do not need to file accounts with authorities or issue securities/shares to the public), some may still require compliance with the full SFRS if they are publicly accountable.
The primary difference between SFRS and SFRS SE lies in the level of disclosure required, offering a more streamlined approach for smaller businesses. The Singapore Accounting Standards Board (SASB) oversees any changes to these standards, ensuring they meet user needs efficiently and cost-effectively.
For businesses seeking clarity on how these standards apply to them and assistance in ensuring compliance, it’s vital to stay informed and consult with accounting professionals. Ready to ensure your business’s financial reporting is up to standard? Contact us today for expert guidance and support in navigating Singapore’s accounting requirements.
Why Choose IMC for Accounting & Bookkeeping Services?
Achieve Excellence by Partnering with Our Accounting Firm in Singapore – Contact Us Today!
Collaborating with a well-established accounting firm based in Singapore and with a global presence can assist in lowering expenses, mitigating risks, and enhancing potential revenue growth. This partnership ensures compliance with all obligations in each respective region.
As specialists in outsourced accounting services, we can precisely manage your books, ensuring a keen eye is always on your financial data. If you need accounting solutions in Singapore that truly understand your business, reach out to us. Our industry knowledge and expertise make us the best accounting professionals to ensure the work is done right. We offer a comprehensive range of services from bookkeeping to complete management and reporting of accounting services, allowing you to understand your financial numbers and their significance to your business.
Accounting Services at a Reasonable Cost
We manage your compliance tasks with IRAS and ACRA – Right from making your unaudited financial statements, or XBRL, and much more.
Proper Bookkeeping
We cover your day-to-day bookkeeping and expense claims. We also scan all the receipts using latest cloud accounting software.
Organised Payroll Processing
We manage your payslips and also sort out your CPF and other matters like annual and medical leave, etc.
Tax & Financial Advise
We make sure to meet all your IRAS compliance requirements; be it ECI (Estimated Chargeable Income) filing, or Form C, Form C-S, or GST filing.
Experts at Your Service
Gain access to our skilled accounting experts for your business. Based in Singapore, our team ensures you manage your taxes correctly from the beginning. Have questions? Expect a response through live chat within one business day.
Accurate Tax Payment
Stay on top of your financial obligations with our assistance. We monitor deadlines and keep you informed about GST and other compliance requirements. Our experts also handle tax returns and filings, allowing you to concentrate on growing your business.
How did we help one of the leading financing companies in United Kingdom for their outsourcing accounting services in Singapore.
Accounting Services for Management and Regulatory Compliance
Our accounting firm assists in the Asia-Pacific region, providing relief from everyday bookkeeping tasks and delivering comprehensive insights to enhance your business operations and performance. Our experts in accounting and bookkeeping are equipped to handle all your reporting needs, ensuring compliance with management and statutory regulations. Choosing the right outsourcing accounting partner opens up access to valuable data and insights for your business.
In Singapore, we offer extensive accounting services that include:
- Completing various accounting entries and compiling reports such as general ledgers, trial balances, profit and loss statements, balance sheets, and management reporting and financial analysis schedules.
- Preparing Financial Year End (FYE) statements that adhere to Singapore Financial Reporting Standards. These include comprehensive income statements, financial position statements, cash flow statements, changes in equity statements, and accompanying notes.
- Assisting with statutory reporting processes, such as liaising with auditors.
- Completing and submitting required forms to government agencies, including those mandated by the Monetary Authority of Singapore (MAS).
Functions of Singapore Accounting Services
Human Resource Management
- Payroll Processing
- Leave Application Processing
- Database Management of Employees
- Employee Claims Management
- Insurance and Statutory deposits
Finance Management
- Procurement & Supplies
- Receivables & Payables
- Customer/Supplier Order Management
- Invoice Processing
- Billing
Customer Service Management
- Internal Auditing of unaudited financial results
- Sales Management including customer relationship management
- Inventory Management and aiding in minimising inventory carrying cost
- Asset Management
Tax Management
GST Management
Selecting the Right Accounting Services
- Cost of Outsourcing
- Reliability & Trustworthiness
- Credibility & Reputation
- Level of Digitalization
- Certifications, Experiences & Qualifications
- Recommendations & Referrals
- Clients Served
- Duration of Market Presence
- Industry Expertise
The Top Ten Benefits of Outsourcing Your Accounting Services
Accounting & Bookkeeping Services in Singapore - FAQ
Is outsourcing accounting more beneficial than keeping it in-house?
Outsourcing accounting services lets your company focus on core competencies, reduces stress, eliminates the need to train in-house staff, and improves efficiency and productivity.
How does outsourced bookkeeping work?
Outsourcing bookkeeping is common and involves giving a vendor access to your financials. For security, you can give "read-only" access. Digitizing bookkeeping is recommended. The process varies based on business size.
Small businesses hire a local CPA, while larger corporations outsource to bigger firms. The firm hired manages taxation needs, including strategy, preparation, and filing.
Why do I need accounting services from IMC?
Hiring an IMC accountant in Singapore can streamline processes, manage finances and taxes, and save time and money for your business. They update your books, prepare financial statements, ensure compliance, and create management reports for decision-making and budgeting. Choose the right accounting services provider to grow and thrive.
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Companies we have worked with
