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Accounting & Bookkeeping
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Accounting & Bookkeeping Services
We take care of financial numbers so you can focus on running your business.
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We take care of financial numbers so you can focus on running your business.
Accounting & Bookkeeping Services
Accounting and Bookkeeping Services in Singapore
Accounting and bookkeeping services in Singapore are the country’s most thriving sectors, with over 450,000 accounting and bookkeeping services companies registered with the Accounting and Corporate Regulatory Authority, ACRA Singapore.
ACRA mandates all registered businesses and companies in Singapore to file taxes with the Inland Revenue Authority of Singapore. This can be cumbersome at times without the help of certified and professional accountants and bookkeepers.
Accounting and bookkeeping companies in Singapore offer outsourced accounting and bookkeeping services to Singapore-based companies. Apart from these services, there are many other different areas where accounting firms can provide value-added services. Some of these include Internal Auditing, GST filing, corporate finance, and advisory services in the areas of liquidation, business recovery, risk management, financial management, and corporate secretarial services.
Benefits of Outsourced Bookkeeping
Outsourcing of accounting and bookkeeping services in Singapore offer the following benefits:
Optimize Time Management
Management executives and business owners usually have to multitask, and their responsibilities might include risk management, CRM, marketing management, product and service development, just to mention a few. Outsourcing the accounting and bookkeeping function can free up their time from accounting-related activities. Hence, this time can be used to focus on other important areas of the business like business growth, product development, strategy development, product and service quality improvement, etc.
Cost Reduction
Outsourcing accounting and bookkeeping services can save you lots of money. The hiring of an accounts manager, internal accountants, and a Chief Financial Officer (CFO) generally involves a lot of expenses such as administrative costs apart from monthly salaries. It also becomes a fixed cost for the business. However, by engaging the services of a bookkeeping firm in Singapore, you can save costs incurred from hiring internal personnel.
Experienced Professionals
Internally hired accountants and bookkeepers often lack complete accounting expertise in regulatory compliance issues. Once you outsource to the best accounting and bookkeeping services in Singapore, your financial records, accounting, and bookkeeping will be handled by a team of professionals with cutting-edge expertise in dealing with all accounting-related issues.
Advisory Services
When you engage external accounting and bookkeeping services, you have more options for other value-added services such as analysis of financial statements, internal audits, long-term tax planning, and GST services.
Reduction in Stress level
With your internal bookkeeping and accounting team, there may be a constant need to hire new employees through interviews and employee search, etc., thus putting an additional burden on the HR department. Furthermore, assessing the periodic performance of internal bookkeepers and accountants as well as decisions on their promotions, leaves, and incentives will add further complexities. Engaging a bookkeeping service in Singapore will be a one-time affair that can save you from such stress and increase your productivity.
Keeping yourself updated
Outsourcing to the best bookkeeping companies in Singapore will keep you updated with the latest accounting and bookkeeping practices as stipulated by ACRA. This will result in timely industry-standard compliance and help you avoid unnecessary penalties.
Bookkeeping helps you pay employees on time and accurately
Without effective bookkeeping in your company, you will struggle to maintain an accurate payroll system, which can result in dissatisfaction among employees.
Outsourced Bookkeeping Services in Singapore
When one starts a business in Singapore, the accounting and bookkeeping function is probably the last thing on their mind. As a matter of fact, bookkeeping is one of the areas that business owners pay less attention to.
We provide the best bookkeeping services for busy business owners and CEOs. Why do it yourself when we can do it for you? We can automate invoice reconciliation and prepare books for accounting reports.
What is bookkeeping?
Bookkeeping is the process of recording financial details and transactions daily. To ensure that your business is financially stable, it is necessary to pay attention to the following related tasks:
- Keep and balance current accounts, historical accounts, and general ledgers
- Generate invoices
- Record financial transactions
- Complete payroll
- Post debits and credits
Differences Between Bookkeeping and Accounting
A bookkeeper takes charge of putting the right information into the right column when money comes and goes from your business bank accounts while accountants are responsible for analyzing the information. The accountant gives financial counsel where necessary, prepares financial statements, and signs off on accounts.
For accountants to be able to properly organize financial records and balance accounts, they need accurate records from bookkeepers. This means, for your accounting to be effective, your bookkeeping has to be too.
Why Choose SJH to Handle Your Accounting and Bookkeeping Services in Singapore?
SJH offers a wide range of accounting and bookkeeping services in Singapore for both new and established businesses. Our accountants and bookkeepers can compile your annual financial records for submission to IRAS and ACRA. We specialize in maintaining a timely financial system that helps you manage your accounts effectively.
All registered companies in Singapore must keep proper bookkeeping and accounting records as stipulated by the Singapore Companies Act. Effective bookkeeping not only simplifies the day-to-day account maintenance and creation of financial statements for the submission of annual returns but also provides insight for firm business decision-making.
SJH provides the best bookkeeping services in Singapore for businesses that wish to outsource the bookkeeping and accounting roles.
Information We Need for Quotation Purposes
For bookkeeping and accounting services, we need the following information to give you a final and reasonable quotation.
- The company’s name
- The nature of business
- The financial year-end
- Bank statement
- Sales records and expected monthly revenue
- Purchases and expenses records
- Expected number of transactions during the financial year
- GST registration status
- Information on loan and hire purchase status
- Information on investments made during the financial year
- Type(s) of foreign currency used for transactions
- Number of creditors
- Number of debtors
- Frequency of preparation of accounts – annual basis, half-yearly basis, quarterly basis, or monthly basis
- Total number of staff
- Information on existing accounting personnel and roles, if any
- Does the account need to be audited?
- Does the company have any internal accounting software?
We will also need some additional information for existing businesses as follows:
- Last year’s tax computation and Notice of Assessment
- Latest management account (balance sheet and income statement)
- Last year’s financial statement with detailed income statement
How it works
When you engage our services, we will assign a professional and certified accountant who will work with you personally and handle all your accounting needs.
Based on the information you submit to us; the accountant will review the information to create and maintain your accounts ledger. Our accountant can also help you create financial statements in accordance with the Financial Reporting Standards (FSR) for statutory submissions.
We will need the following information for bookkeeping purposes:
- Payroll summary
- Journal vouchers
- Fixed asset register
- Payment vouchers
- Bank statements
- Expense notes
- Inventory listing
- Purchase orders/invoices
- Tenancy agreement/invoices
- Sales orders/invoices
- Statement of borrowing/hire purchase/agreement
- Schedule for monitoring revenue generated and cost of sales/expenses paid during the year
- Debtor and creditor control (unpaid or un-receipt invoices)
Our accounting and bookkeeping services include the following:
- Financial analysis
- Management reporting
- Books cleanup
- Cash flow / budgeting
- Bank reconciliation
- Fixed assets ledger maintenance
- Accounts receivable maintenance
- Accounts payable ledger maintenance
- General ledger maintenance
- Financial statements and reports – monthly, quarterly, year-end review
What You Get When Choosing SJH Bookkeeping Services in Singapore
Up-to-date Bookkeeping
We make the process of bookkeeping seamless for your business, ensuring that your records are always up-to-date. You no longer need to spend hours retracing old invoices, as we are able to reconcile fast and show you what’s missing.
Dedicated bookkeeping team
You get a personal accountant and bookkeeper who will help to maintain your records on a daily basis. We have a robust customer support system and will answer all your queries within 24 hours.
Data ready for reports
Your SJH accountant prepares all your financial statements and documents in accordance with standards as stated by relevant authorities. We prepare reports, estimations of company tax payable, and track filing deadlines.
Get a FREE Quote
Accounting and bookkeeping services in Singapore are the country’s most thriving sectors, with over 450,000 accounting and bookkeeping services companies registered with the Accounting and Corporate Regulatory Authority, ACRA Singapore.
ACRA mandates all registered businesses and companies in Singapore to file taxes with the Inland Revenue Authority of Singapore. This can be cumbersome at times without the help of certified and professional accountants and bookkeepers.
Accounting and bookkeeping companies in Singapore offer outsourced accounting and bookkeeping services to Singapore-based companies. Apart from these services, there are many other different areas where accounting firms can provide value-added services. Some of these include Internal Auditing, GST filing, corporate finance, and advisory services in the areas of liquidation, business recovery, risk management, financial management, and corporate secretarial services.
Outsourcing of accounting and bookkeeping services in Singapore offer the following benefits:
Management executives and business owners usually have to multitask, and their responsibilities might include risk management, CRM, marketing management, product and service development, just to mention a few. Outsourcing the accounting and bookkeeping function can free up their time from accounting-related activities. Hence, this time can be used to focus on other important areas of the business like business growth, product development, strategy development, product and service quality improvement, etc.
Outsourcing accounting and bookkeeping services can save you lots of money. The hiring of an accounts manager, internal accountants, and a Chief Financial Officer (CFO) generally involves a lot of expenses such as administrative costs apart from monthly salaries. It also becomes a fixed cost for the business. However, by engaging the services of a bookkeeping firm in Singapore, you can save costs incurred from hiring internal personnel.
Internally hired accountants and bookkeepers often lack complete accounting expertise in regulatory compliance issues. Once you outsource to the best accounting and bookkeeping services in Singapore, your financial records, accounting, and bookkeeping will be handled by a team of professionals with cutting-edge expertise in dealing with all accounting-related issues.
When you engage external accounting and bookkeeping services, you have more options for other value-added services such as analysis of financial statements, internal audits, long-term tax planning, and GST services.
With your internal bookkeeping and accounting team, there may be a constant need to hire new employees through interviews and employee search, etc., thus putting an additional burden on the HR department. Furthermore, assessing the periodic performance of internal bookkeepers and accountants as well as decisions on their promotions, leaves, and incentives will add further complexities. Engaging a bookkeeping service in Singapore will be a one-time affair that can save you from such stress and increase your productivity.
Outsourcing to the best bookkeeping companies in Singapore will keep you updated with the latest accounting and bookkeeping practices as stipulated by ACRA. This will result in timely industry-standard compliance and help you avoid unnecessary penalties.
Without effective bookkeeping in your company, you will struggle to maintain an accurate payroll system, which can result in dissatisfaction among employees.
When one starts a business in Singapore, the accounting and bookkeeping function is probably the last thing on their mind. As a matter of fact, bookkeeping is one of the areas that business owners pay less attention to.
We provide the best bookkeeping services for busy business owners and CEOs. Why do it yourself when we can do it for you? We can automate invoice reconciliation and prepare books for accounting reports.
Bookkeeping is the process of recording financial details and transactions daily. To ensure that your business is financially stable, it is necessary to pay attention to the following related tasks:
- Keep and balance current accounts, historical accounts, and general ledgers
- Generate invoices
- Record financial transactions
- Complete payroll
- Post debits and credits
A bookkeeper takes charge of putting the right information into the right column when money comes and goes from your business bank accounts while accountants are responsible for analyzing the information. The accountant gives financial counsel where necessary, prepares financial statements, and signs off on accounts.
For accountants to be able to properly organize financial records and balance accounts, they need accurate records from bookkeepers. This means, for your accounting to be effective, your bookkeeping has to be too.
SJH offers a wide range of accounting and bookkeeping services in Singapore for both new and established businesses. Our accountants and bookkeepers can compile your annual financial records for submission to IRAS and ACRA. We specialize in maintaining a timely financial system that helps you manage your accounts effectively.
All registered companies in Singapore must keep proper bookkeeping and accounting records as stipulated by the Singapore Companies Act. Effective bookkeeping not only simplifies the day-to-day account maintenance and creation of financial statements for the submission of annual returns but also provides insight for firm business decision-making.
SJH provides the best bookkeeping services in Singapore for businesses that wish to outsource the bookkeeping and accounting roles.
For bookkeeping and accounting services, we need the following information to give you a final and reasonable quotation.
- The company’s name
- The nature of business
- The financial year-end
- Bank statement
- Sales records and expected monthly revenue
- Purchases and expenses records
- Expected number of transactions during the financial year
- GST registration status
- Information on loan and hire purchase status
- Information on investments made during the financial year
- Type(s) of foreign currency used for transactions
- Number of creditors
- Number of debtors
- Frequency of preparation of accounts – annual basis, half-yearly basis, quarterly basis, or monthly basis
- Total number of staff
- Information on existing accounting personnel and roles, if any
- Does the account need to be audited?
- Does the company have any internal accounting software?
We will also need some additional information for existing businesses as follows:
- Last year’s tax computation and Notice of Assessment
- Latest management account (balance sheet and income statement)
- Last year’s financial statement with detailed income statement
When you engage our services, we will assign a professional and certified accountant who will work with you personally and handle all your accounting needs.
Based on the information you submit to us; the accountant will review the information to create and maintain your accounts ledger. Our accountant can also help you create financial statements in accordance with the Financial Reporting Standards (FSR) for statutory submissions.
We will need the following information for bookkeeping purposes:
- Payroll summary
- Journal vouchers
- Fixed asset register
- Payment vouchers
- Bank statements
- Expense notes
- Inventory listing
- Purchase orders/invoices
- Tenancy agreement/invoices
- Sales orders/invoices
- Statement of borrowing/hire purchase/agreement
- Schedule for monitoring revenue generated and cost of sales/expenses paid during the year
- Debtor and creditor control (unpaid or un-receipt invoices)
Our accounting and bookkeeping services include the following:
- Financial analysis
- Management reporting
- Books cleanup
- Cash flow / budgeting
- Bank reconciliation
- Fixed assets ledger maintenance
- Accounts receivable maintenance
- Accounts payable ledger maintenance
- General ledger maintenance
- Financial statements and reports – monthly, quarterly, year-end review
We make the process of bookkeeping seamless for your business, ensuring that your records are always up-to-date. You no longer need to spend hours retracing old invoices, as we are able to reconcile fast and show you what’s missing.
You get a personal accountant and bookkeeper who will help to maintain your records on a daily basis. We have a robust customer support system and will answer all your queries within 24 hours.
Your SJH accountant prepares all your financial statements and documents in accordance with standards as stated by relevant authorities. We prepare reports, estimations of company tax payable, and track filing deadlines.
Frequently Asked Questions on Accounting and Bookkeeping Services in Singapore
Simply put, bookkeeping is about the meticulous recording of daily financial transactions of a business. On the other hand, accounting uses bookkeeping records to analyze, monitor, file reports, and determine the company’s financial health.
Accountants and bookkeepers have different roles in the financial cycle of a company. While the bookkeeper maintains the company’s general ledger, the accountant processes the data on record to prepare the company’s financial statements, compute tax returns, and generally analyze its financial health.
Generally, accounting and bookkeeping companies in Singapore help their clients choose either the Double-entry or Single-entry method of bookkeeping. Your business revenue, daily transaction volume, and business needs determine which bookkeeping method suits your business.
The single-entry bookkeeping method is useful for small businesses that hold a small inventory, have little physical assets, and do not engage in credit transactions. The double-entry method is useful for large companies that buy and sell using credit transactions.
Yes, outsourced bookkeeping works. It is wise to choose one of the best bookkeeping services in Singapore, such as SJH, when you cannot handle every aspect of your business’ finances. We have experienced accountants and bookkeepers who can help you with compliance. You will not need to worry about missing deadlines for financial reporting, inaccurate financial reporting, or fiscal uncertainty. We also downscale or upscale our accounting and bookkeeping services to meet your business needs.
The Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS) require every company in Singapore to update its financial records and books regularly. Outsourced bookkeeping helps in determining the extent of a company’s financial standing in terms of assets and liabilities. This financial information is discussed during Annual General Meetings with shareholders.
If you are considering engaging one of the bookkeeping services in Singapore for your company, you need to do a thorough background check before hiring one. Ensure that you engage a reputable bookkeeping firm in Singapore.
With SJH, it’s absolutely safe to hire us for accounting and bookkeeping services. We are a reputable and registered filing agent in Singapore. Our certified professional accountants and bookkeepers know the importance of keeping clients’ financial data safe and secure. Additionally, SJH has been serving clients as a reliable bookkeeping firm in Singapore since 2003.
All businesses, small or large alike, must evaluate the financial strength of their business from time to time. A financial statement or record generally consists of a Profit and Loss Account, Balance Sheet, and Cash Flow Statements. Financial records are prepared for the management of a company, investors, government regulators, and creditors to make important decisions.
The preparation of financial statements or records and compilation of financial data are usually done by accounting personnel in a company. Financial statements are then audited and reviewed to confirm the reliability of data used, thus validating the financial statement in its entirety.
Financial year end refers to the completion of an accounting period. There is no single financial year end for businesses in Singapore. Instead, each company will determine its end of the year; it doesn’t have to fall on 31st December.
Every company in Singapore should engage financial accounting services to maintain an updated account. The updated account is required for annual filings to comply with the law.
Accounting helps you to monitor your business income and expenditures for management purposes. In addition, accounting services ensure your business complies with regulatory requirements. With proper accounting services, you have access to quantitative financial information on your business that you can use for making business decisions. Lastly, accounting helps you to evaluate your business performance.
The function of accounting is to analyze all business financial information and monetary transactions, including records of assets and liabilities. First, bookkeepers record daily income and expenses in the general ledger. Then, the accountants will use this record to create a financial report, prepare statutory financial statements, file and compute tax returns to IRAS and file the annual returns. Finally, the accountant must ensure that the financial statements meet international and Singapore accounting standards.
A financial statement is a structured but straightforward representation of relevant financial information of a business. It includes information about a company’s financial performance and other business activities within a financial cycle. Internal and external government auditors audit this statement to ensure transparency and accuracy of the account.
Accounting standards are principles that govern the reporting of business financial transactions. They aim to set out specific requirements and measurements of the financial performance of businesses. In Singapore, the accounting standard is the Singapore Financial Reporting Standards (SFRS) based on the International Financial Reporting Standards (IFRS). It is expected that all companies comply with the standards.
Corporate accounting is a special accounting section that deals with companies’ accounting. Corporate accountants assist in the preparation of financial accounts and cash flow statements for businesses, analysis and interpretation of the results, and supervision of crucial events like acquisitions, consolidated balance sheets, and mergers.
The executives make references to these financial reports when making strategic decisions for the business.
Based on the SFRS standards, the financial statements required in a financial year include the following:
- A statement of financial position
- A statement of comprehensive income
- A statement of changes in equity
- A statement of cash flows
IRAS requires every Singapore company to file an annual tax return. Companies must file their estimated chargeable income within three months of the end of the financial year, and the final tax return by 30 November.
It is important for every small or large organization to monitor its financial and operational health. When you maintain precise records of your balance sheets and profit and loss statements, it becomes easier for you to get an accurate analysis and interpretation of your company’s results. This vital information helps you to set realistic objectives and make rational decisions that aid your company’s growth.
Yes, we are capable of rescuing this situation. Being a reputable accounting firm, we possess the resources required to handle backlog accounts. With us, you can rest assured that your accounts will always be updated without delay.
Yes, we can clean up your account and give it a professional look by helping you to sort out the available information accordingly. Thereafter, we will consider the best strategy to apply when handling your account in order to avoid a similar mess in the future.
You simply have to make sure that every accounting document (e.g bank statements, suppliers invoices, sales invoices, amongst others) is filed adequately. If you are unsure, we can show you how to go about organising and filing these documents.
Contact Us
If you have any enquiries, please feel free to contact us. We will answer your question as soon as possible, Thank You!
If you have any enquiries, please feel free to contact us. We will answer your question as soon as possible, Thank You!
