google-site-verification: google72fa06955c204cbc.html
Accounting Services
Accounting System Set-up
Accounting Software Implementation
Accounts Data Entry
Outsourced Payroll Accounting
Financial Reporting
Unaudited Report
Accounting Data Review
Pre-audit Accounts review (Finalization)
Financial Reports in XBRL Format
Internal Control Set-up
Reconstruction of Accounts
Accounting is the way an organization keeps track of its activities. Accountants evaluate the accounts of the organization so that the owner can make better decisions.
This information is organized into reports showing the commercial health of a company. Not only does accounting help company owners fulfil their responsibilities and comply with them, but it also helps them make good choices with their money.
We offer a full suite of accounting services that are applicable for Sole Proprietorships, Partnerships and Private Limited Companies whether you are an existing or new start-up company in Singapore.
Our goal is to assist in the smooth running of your company’s monetary accounts, ensuring your business fulfils the compliance requirements stipulated by the regulatory authorities in Singapore in a timely manner.
Accounting System Set-up
A method of organization and record-keeping is key to the growth and maintenance of any company, regardless of the industry in which it exists. We will help you build and set up an accounting system while providing you with technical experience to help you manage the data.
We can manage multiple apps for accounts like ABSS, XERO, QuickBooks etc. We will use our experience and know-how to implement various aspects of accountancy such as the set-up of an account code focused on different business industries.
We provide the following services:
The collection of data information
Creating a paper database
The analysis of accounting requirements
Sourcing of Software for Bookkeeping
Being able to perform transactional control in management accounting reporting
Report Generation and Analysis
Accounting Software Implementation
As your company needs become more complex and as more employees join your team, you can see how the complexity of your internal processes increases.
You will discover that the accounting software is ready to meet those challenges and expand with you as the company evolves. It holds financial data for an organization and is also used to conduct business transactions.
A highly experienced professional service team, with trained accounting, technology implementation and support experts, will be in charge of your accounting software implementation.
We are experienced and trained to use, set up, implement, and maintain a range of applications and programs, including ABSS, XERO, QuickBooks and more. A comprehensive implementation plan will be provided for your finance team to further help integration and allow your employees to quickly get used to the new system.
Outsourced Payroll Accounting
It can be difficult and time-consuming to manage payroll. This is compounded by a number of legal provisions, meaning a number of significant consequences to getting it wrong. For these reasons, many business owners tend to leave this to experts. It gives them more time and more peace of mind.
Payroll is an important cost and there are rules regulating the salaries of workers. We will assist you in areas such as:
Estimation of monthly wages of employees and legislative CPF deductions
Planning a schedule of salary disbursements for the employees and the CPF Board
Submission of the monthly e-filing of CPF
Preparation of a check to employees for a monthly payment of salaries
Managing payslips, annual leave, medical leave, CPF and other logistical matters.
Accounts Data Entry
We provide a broad variety of accounting services in Singapore to newly formed or existing businesses. We have an accessible method to help document accounting transactions, including Accounts Payable, Accounts Receivable, Bank Reconciliation and Journal Entry.
Determined by the volume of business transactions, the data entry period may be adjusted to meet the needs of different business requirements.
A company with a large volume of business transactions may opt for data entry at more frequent intervals (i.e. monthly or quarterly) in order to ease the process of data entry and reduce the risk of delaying the timeline.
Financial Reporting
We are able to produce financial statements at fixed times to satisfy different business needs. Our accounting services transform your business transactions into valuable monetary details for the success of your organization.
Depending on the various business needs, some of them will usually require either a monthly, quarterly, half-yearly or annual reporting cycle to compare their records with those prepared for previous years.
You will be able to review your company's finances using the management report package produced by us, which may include the following reports:
Statement of Economic Position (Balance Sheet)
Statement of Comprehensive Income (Profit and Loss)
General Ledger
Accounts Payable / Accounts Receivable Listing
Fixed Asset Schedule
GST Report for GST Registered Clients
Bank Reconciliation
Financial statements are simply corporate report cards. They are an excellent method of determining the monetary health of the company and if your business can be sustained in the long run. We also provide GST audits and GST filing services. Filing your GST statements with IRAS is a necessary component of running a business in Singapore and this can be made easier by hiring an external party such as Morrison.
An incorrect filing could lead to negative repercussions from IRAS, and as such, taking advantage of our experience in GST filing could allow you more time to focus on other aspects related to your business.
Unaudited Report
The compilation component of banking reports is the section where all of your bookkeeping documents are converted into proper accounts, presented in compliance with relevant accounting principles in Singapore. Generally, you would require annual reports for the requirements of the Annual General Meetings, the submission of taxes and disclosure to the shareholders of the Company. In certain situations, they also are used to secure credit facilities, apply for government subsidies and to satisfy regulatory standards.
The Compilation Report or unaudited Financial Statements consists of:
Directors’ Statement
Statement of Comprehensive Income and Other Comprehensive Income
Statement of Economic Position
Statement of Changes in Equity
Statement of Cash Flows
Notes to Financial Statements
Detailed Statement of Comprehensive Income and Other Comprehensive Income
Accounting Data Review
Accounting data analysis includes the application of concepts and methods of data management, within your review of accounting data.
We provide a periodic observation of the clients’ accounts which involves a review of the proper classification and accuracy of accounts like revenue, expenditures and balance sheet items. We also work closely with the management for every specific transaction in regard to the review period and preparation of the observation report.
Our services include collating evidence, reviewing the data, and reporting about the performance of the company with reference to the account book.
Pre-audit Accounts review
(Finalization)
Pre-audit account review is a technique in which comprehensive line items in a transaction or report are specifically reviewed for a given account, generally by a qualified auditor or accountant.
An account review can help to identify processes or provide an overview of how a specific account is implemented. Accountants use data analytics to understand how companies create unique insights into their finances, identify process improvements that can maximize performance, and efficiently understand potential liability.
Our services include the following:
The evaluation of the accuracy of account classification
Improvements on the precision of transaction
Financial Reports in XBRL Format
Extensible Business Reporting Language (XBRL) is an Extensible HyperText Language (XHTML) structured format with specified standard financial statement elements (taxonomies) with specified time and currency terms.
Singapore incorporated companies (unlimited or limited by shares), Insolvent Exempt Private Companies (EPCs) which are required to submit their statements to ACRA, will file a full set in XBRL format, according to a minimum requirement list within the ACRA Taxonomy.
XBRL allows us to save annual reports in a form to facilitate us to access a document in any web browser without using any extra tools. XBRL offers value-added business data, increased accountability, accessibility and timely distribution of applicable information.
Records may be easily transmitted to auditors, analysts and authorities for a variety of reasons. As of 1 November 2007, ACRA requires established firms in Singapore to file their annual reports in XBRL format.
Internal Control Set-up
Internal controls are the mechanisms used by the company to handle risk and reduce the likelihood of fraud. The internal control mechanism consists of the control environment, the accounting system and the processes referred to as control activities.
For firms who want to adopt internal controls, we provide systems that allow you to monitor your operations and make modifications when necessary.
Our services include:
Documenting and analysing processes
Breaking them into smaller operations to create successful internal control procedures
Record-Keeping in Singapore
To improve compliance with Singapore’s tax laws, we strongly suggest our clients and partners to practice good record-keeping.
Our team is also available to advise in the optimisation of your company’s internal control. We can conduct periodic reviews of your system and records to make sure that there is no substantial error that might result in a penalty fee.
Should you need help, we provide professional tax investigation and tax advisory services.
Forensic Accounting
With our tools and procedures, we help clients to uncover fraudulent matters that may have taken place as we go into the depths of the transactions by analyzing and interpreting monetary information as we go beyond how the fraud was initiated to how it will impact our client.
Our services include:
Analysis and interpretation of monetary information
In-depth study of transactions
Uncovering the true nature of the transactions
What are the different types of accounting services?
Bookkeeping and Management Accounting
If you ever need someone to look after your company accounts, you’re likely looking for a management accountant. This type of service often includes recording your business’ income and expenses, covering invoices, payrolls and taxes. Such experts are also responsible for preparing your monthly and yearly reports, budgets, statements and other aspects of the matter.
In other words, a management accountant will help you in understanding your company’s financial status. As a result, you’ll make more informed business decisions. When you have access to up-to-date info, you will get optimal efficiency when it’s time to report and file your taxes.
Typically, the common term for tax accountants is Singapore Chartered Tax Professionals (SCTP). Such specialists’ job is to work out effective tax strategies. That will minimise the tax payments. The idea is to minimise or even eliminate tax payments by leveraging the available tax reliefs and treaties.
Apart from their primary duty, a tax accountant will also arrange audits with tax authorities. What’s more, they will help in cases of IRAS tax investigation or tax advisory services. After preparing and filing your company’s tax returns, your tax accountant will prepare a report on the work done. As a result, you will get a ton of work done in your favour, and you’ll get a pro financial analysis.
Tax Accounting
Since 1 November 2007, the ACRA has required incorporated businesses in Singapore to file their financial reports and statements in XBRL. The abbreviation stands for eXtensible Business Reporting Language, which comes in XHTML format. This particular computer language comes with dedicated elements, specified time and currency terms.
Typically, a professional accountant will quickly prepare your financial statements in the following format. That way, you’ll effortlessly transfer your records to auditors, analysts or regulators. In turn, your XBRL data will ensure financial transparency and reliability. Besides, you’ll save valuable time in distributing your information on time.
XBRL Financial Report Services
Cloud accounting service is another great perk of using modern technologies in your favour. This online method will enable you to conduct all your accounting over the Internet. In times of an ongoing pandemic, implementing accounting software will improve the safety of your business.
What’s more, you’ll overcome any physical limitations and will access your financial data from anywhere at any time. While you’ll manage your accounting operations smoothly and flexible, you’ll successfully compete with other industry players. Ultimately, you’ll stay abreast with the latest in technology for optimal efficiency.
Cloud Accounting Service
Usually, managing payroll is difficult and time-consuming, especially if you’re not an expert in the field. What’s more, getting things wrong will likely follow up with some legal consequences. For this reason, many business owners choose to leave the burden to a professional.
Luckily, hiring a public accountant to manage and process your payroll data will solve any of your problems. Such a specialist will provide you with monthly calculations, reports and payslips. Also, you’ll get annual reports, statutory CPF deduction, as well as other data in preparation for IRAS yearly tax returns.
Payroll Accounting Service
Frequently Asked Questions (FAQs) About Accounting Services
-
The business climate in Singapore is highly beneficial to new investors. In turn, this factor has caused a spike in the competition in the different economic sectors. In search of increasing their operability, many prospective businesses and companies have started looking for accounting services.
Hiring an accountant has many perks, most of them having to do with the overall efficiency. Having a pro manage, review and audit your data and reports will considerably minimise the distraction. Besides, you’ll get a modern system setup and software implementation to store, collect and analyse your data.
What’s more, hiring an accountant in the matter will ensure your financial issues are in the right hands. Ultimately, you’ll have the chance to focus your energy and efforts on making the most out of your business while relying on professional accounting services.
-
Accountant
Anyone can become an accountant as long as they possess a bachelor’s degree in accounting. There are no special qualifications for the title.
Certified Public Accountant (CPA)
Besides a degree, accountants need at least 2 years of working experience before being able to sit for the CPA exam.
Singapore public accountants work as finance consultants in SMEs. As their qualification is provided by the American Institue of Certified Public Accountants (AICPA), they can work in the USA or any US regional offices.
Chartered Accountant (CA)
To become a CA, accountants need to take a number of exams and have 3 to 5 years of working experience in the relevant field.
Most Singapore chartered accountants work in their own firms or as finance consultants in large companies. They are allowed to work abroad but their qualification mainly allows them to establish themselves within Singapore.
-
An accountant can do most of the tasks except preparing audits or reviewing financial statements and submitting a report to the Securities and Exchange Commission (SEC). A CPA license is required to do these tasks.