Accounting services in Singapore for SME’s

Accounting includes many aspects that ordinary businessmen may find challenging. Terms like depreciation, provisions, liabilities, assets, credits, debits, and other accounting jargons may just prove to be as confusing as a foreign language. Studies conducted on businesses have placed accounting as one of the biggest hurdles among small and medium enterprises (SME).

Hiring a full-time accountant, however, is not a practical solution for an SME. In most parts of the year, an accountant may not be fully utilized. Accounting work may only need a few days to a few weeks to be completed. Hiring someone permanently to perform limited work is not practical especially when a company’s budget is limited.

Some enterprising SMEs do the accounting themselves. Although this can be a cost-saving measure, the complexity of accounting work may veer a business owner away from focusing his attention to running his business. Besides, one may miss out important accounting facets if the person is not really trained to do accounting work.

Outsourcing Accounting as an Option

Finding an accounting service provider is a better and more practical alternative to your accounting needs. Singapore has many such firms that offer accounts maintenance for an agreed fixed price. Accounting personnel from these service providers can visit your company once a month to update records.

Guide to Selecting an Accounting Service Provider

Outsourcing your accounting requirements need long-term commitment with a service provider. Hence, it is very important that you select the best one. Here are some tips that you can use in selecting an accounting service provider:

Cost Effectiveness

Price always plays an important role when outsourcing any kind of service. But before you sign an agreement with a service provider with the lowest price, you need to take note of some very important factors: quality, reliability, and expertise. Selecting a service provider based on the idea of “lowest bidder” is not always a practical solution. Industry experts will attest that a lot of cheap accounting services eventually turn out to be more expensive because the quality of work does not meet all the requirements needed. At times, providers with the lowest rate are just filling up their time with temporary accounting work until they find another permanent employment. Some may have all the skills, but they lack IT system knowledge that is crucial in accounting work. The time spent on an accounting project is also commensurate to the amount billed for the service. As most accounting works are done manually, a good outsourcing service provider will make you aware of the amount of time needed to complete the work you require. They will charge you based on the amount of time needed for your project.

    Determine the Exact Volume of Work You Need

    As the business owner, you need to exactly identify the type of accounting work you need. The work may include preparation of statement of account, filing of requisite forms for submission to relevant government and financial bodies, and the likes. Knowing the work involve will give your prospective accounting service provider a better perspective that will be the basis of their price quotation.

      The Accounting Service that We Provide

      Our accounting service is based on the principle of best service at the most reasonable price. We provide professional accounting services to SMEs in Singapore to help business owners attain their business goals. We are a group of dedicated individuals who are adept in Singapore accounting practices and who use the latest technology in providing solutions to your accounting needs. We use transaction volume (table below) as the basis of computing how much you will be charged. This way, you will be able to set aside a budget for the accounting service you need without worrying about hidden charges.

      What is covered?

      Account maintenance as per accounting standards of Singapore

      Financial Reports

      Profit and loss account
      Balance sheet
      Cash flow statement
      Statement in change of equity
      Trial balance
      All ledgers

      Director's report

      Notes to financial statements as per Singapore regulations

      How to provide us details

      You will need to provide us all the relevant invoices, bank statements, card statements in a single file. Ensure that you include upto date information and copies. Also on the bank statements please provide us nature of transactions written by pencil. This will help us to reconcile items easily. You will need to make one visit to our office where our accountant will go through the documents you are providing and ask relevant clarifications. After this we will proceed for preparation of accounts.

      Pricing

      These prices are for one financial year's accounting and filing work.
      ServicesPrice
      Yearly accounting services ( Low volume)500 SGD
      Completing one AGM resolution and Annual Return filing200 SGD
      Filing ECI and form C / C-S preparation700 SGD
      Total Package1,400 SGD
      Package Discount-100 SGD
      Net package price (One year Accounting, 1 AGM and Tax filing for that year)1,300 SGD

      * Compilation of financial statements means we will prepare statement in Singapore Accounting standards format based on Income statement and balance sheet provided by you.

      * All services include Full set of financial statements consisting of Director’s report, Income statement, Balance-sheet, Cash flow, Statement in changes of Equity, ledgers and accompanying notes to accounts

      Frequently asked questions

      With all documents available, your accounting requirement can be completed within one to two weeks.
      The payment will need to be received in advance before the activities begin.
      You can terminate our outsourcing contract and we will help you set up your accounting framework by providing you the latest profit and loss statement as well as your updated balance sheet. We will also provide you with a back-up data of the work done the previous year in case the accounting software you use is similar to ours.