Estate Planning

Chartered Accountant in Singapore

Quality financial information is crucial for strong and vibrant markets. More than ever, investors, suppliers, financial institutions, customers, company directors, corporate executives and many more are asking for reliable and timely financial statements in order to obtain a more accurate picture of the business, whether in terms of generating value or understanding the risks involved. 

Under sections 201(2) and 201(5) of the Singapore Companies Act (the "Act"), directors are responsible to present and lay before the company, at its annual general meeting, financial statements that:

  • comply with Accounting Standards issued by the Accounting Standards Council; and
  • give a true and fair view of the financial position and performance of the company.

In addition, directors of a company incorporated in Singapore are responsible to maintain a system of internal accounting controls and keep proper accounting and other records that will enable the preparation of true and fair financial statements under sections 199(2A) and 199(1) of the Act, respectively.

Experienced accountants from The Local Account will be able to help you prepare and consolidate financial statements in accordance with Singapore Financial Reporting Standards.

Singapore incorporated companies (unlimited or limited by shares) which are required to file their financial statements with ACRA, will file a full set of financial statements in XBRL format, according to a minimum requirement list within the ACRA Taxonomy.

Filing of Option B (Partial XBRL), a filing option under the previous XBRL system (FS Manager), will no longer be available.

The following types of companies are exempted from filing their full set of financial statements in XBRL format, and will file their financial statements in PDF with Financial Statements Highlights in XBRL format instead:

  • Companies which are (1) commercial banks; (2) merchant banks; (3) registered insurers; and (4) finance companies, that are regulated by the Monetary Authority of Singapore; and
  • Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS (International Financial Reporting Standards).

Insolvent EPCs will have the following options to file their financial statements with ACRA:

  • A full set of financial statements in XBRL format; or
  • A full set of financial statements in PDF with Financial Statements Highlights in XBRL format.

Companies limited by guarantee will continue to file only their financial statements in PDF format to ACRA.

Foreign companies and their local branches will also continue to file only their financial statements in PDF format to ACRA.

Bookkeeping is a significant part of any business as it provides a record of your day-to-day financial operations. With proper records, more strategic business plans can be made, as you will be able to have a better grasp of your business’s financial health.

Instead of spending countless hours doing your bookkeeping, hiring us to provide the bookkeeping services you need may be your best option. Our team will handle your bookkeeping function, allowing you to spend your valuable time on other essential aspects of your business, like expanding your business or achieving more sales.

Our bookkeeping services will be helpful for sole proprietors or small business owners that do not have prior knowledge of bookkeeping. With our expertise, we can provide you with reliable bookkeeping services that comply with the Singapore Financial Reporting Standards (SFRS).

Our Bookkeeping services in Singapore covers the below:

  •  Key in transactions into accounting system based on accounting records provided
  •  Key in adjustments required by the management or auditor
  •  Bank account reconciliation
  •  Monthly/quarterly accounts receivable report
  •  Monthly/quarterly accounts payable report
  •  Monthly/quarterly financial reports
  •  GST Submission (applicable to GST registered business)

In accordance to the Singapore Employment Act, employers must pay salary to employees at least once a month and within 7 days after the end of the salary period. Non-payment of salary is an offence.

From 1 April 2016, employers must keep detailed employment records, including salary records, of employees, and employers must issue itemised pay slips to employees covered by the Singapore Employment Act.

The Local Account provides comprehensive payroll services and we process payroll using our in-house payroll software, which save you time, money and avoid non-compliance with the statutory requirements, so you can focus on most important aspects of your business. The following are covered in our payroll services:

  • Monthly salary calculations including overtime, commissions, and deductions
  • Monthly CPF/SDL/FWL/CDAC/SINDA/MBMF calculations
  • Prepare monthly payroll report
  • Monthly CPF submission to CPF Board
  • Payment of salary either thru GIRO or cheque
  • Preparation of itemized pay slips

An accounting system brings lots of benefits to start-ups and SMEs:  increased efficiency, ability to track, analyse and improve financial health, and the opportunity to add services such as payroll and credit card processing.

Before you can begin using accounting system, a few installation and setup tasks should be done properly: chart of accounts, company file with vendor and customer balances, a list of products and services sold, and necessary financial account balances etc. Therefore, setting up an accounting system is challenging for even experienced business owners.

The Local Account provides accounting system setup service for the following accounting software; for these accounting software not being listed below, please contact us and we may arrange case by case.

  •  QuickBooks Online
  •  QuickBooks Pro/Premium/Enterprise
  •  Xero Accounting Software
  •  MYOB Accounting/Premier

After the setup is done, we will deliver the following items:

  •  Chart of accounts
  •  List of products and services
  •  Sales invoice template
  •  Process 10 sales invoices
  •  Process 10 supplier bills
  •  Process one month bank reconciliation