Accounting, Audit and Tax
Every Singapore Company is required to submit a set of financial statements to the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS), compliant with Singapore’s Financial Reporting Standards (FRS). This helps to achieve greater transparency and comparability of financial information among companies. For Companies with audited financial statements, the accounts must be converted to XBRL format before they can be lodged with ACRA. It is always best to engage specially trained accountants to do this, as input errors are troublesome to resolve.
LLPs and partnerships are not required to submit a full set of accounts (FRS financial statements and Directors’ Report) to ACRA or IRAS, but do need to lodge a solvency statement with ACRA and disclose the profit distribution and tax liability of each partners with IRAS. Sole proprietors do not need to file an Annual Return with ACRA, and are taxed on their business profits directly. They are still required to keep proper bookkeeping records and invoicing practices.
All corporate entities and business vehicles are required to register themselves for Goods and Services Tax (GST) once they hit SGD$1million in sales revenue, and to submit quarterly GST returns to IRAS.
Our group accounting firm, Aspri Associates, is an Accredited Training Organisation with the Singapore Accountancy Commission. You can rely on us to look after all your cashflow analysis, corporate and personal taxation, bookkeeping software setup, and year-end financial reporting. We can also act as your “mini finance and admin manager”, helping you to keep track of your monthly invoicing, transactions, payroll and sales reports. What’s more, you will receive essential business insight.
We pride ourselves on providing high-quality accounting services:
- Financial/Tax Reporting Services
- Compilation and Analysis of Year End Financial Statements
- Book-keeping services – on a monthly, quarterly, yearly basis
- Clearing “Back-Log” Accounts
- Payroll Services
- Registration of GST
- Preparation and Submission of GST Returns
- Audit Schedules – liaison with the auditors
- Accounting Software Implementation
- Accounting Management Systems setup
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