5 Important Jobs that a Professional Accounting Service in Singapore Should Do for You
If you are running a business in Singapore, you need a professional assistance for a healthy and proper bookkeeping and accounting records in order to establish a good reputation of your company. These records will help your business meet the compliance requirements specified by ACRA and IRAS. A professional help can be scaled up and down, according to the unique condition of your company.
1. Financial Statements Compilation and Reports
All organizations in Singapore, barring dormant companies and exempt private companies, need to file audited reports to ACRA. They should hire an auditor within 3 months of integration. The auditor will audit the accounts before each yearly submission. You can check major budget accounting services in Singapore who can cover audit service. You should also be able to use their tax services and that will make things much easier for you.
2. XBRL Financial Reports
As on 1st November 2007, ACRA needs incorporated organizations in Singapore to file their financial statements in XBRL i.e. eXtensible Business Reporting Language, which is a special computer language utilized to produce financial statements on the basis of online transfer records. The records can be transferred straight to financial analysts, auditors and regulators for several purposes. XBRL offers improved reliability, transparency, value-added financial information and prompt dissemination of pertinent financial details.
To help your organization give in your yearly audited financial statements to IRAS and ACRA, experienced accountants will perform proper accounts management. Your everyday account maintenance as well as drafting of financial statements will be facilitated by their proper bookkeeping along with offering understanding about your company’s real financial status. A professional accountant can work with you to help you with the reports, accounts and associated issues.
4. Accounting System
Every company requires good bookkeeping and accounting system. But it’s very difficult and time-consuming to do it all alone. A professional accounting service in Singapore can help you set up such an accounting system according to the particular needs of your company by using right accounting software. Such accounting software has been proven to enhance ability to document and analyse, efficiency and your financial status.
5. Consolidation Accounts
Multinational companies in Singapore should precisely represent financial status of the company to investors as well as related parties. The entire financial outcome for all entities related to companies can be reflected in a financial statement. Consolidation accounts services in Singapore make sure that the financial statements of the parent company and the subsidiaries are relevant and correct.
All in all, you should find an accounting service that will do all these jobs for you, so that you can run your business extremely smoothly in Singapore.