In the world of business and finance, an excellent financial statement should matter since it will reflect the overall status of an organization. Financial information must be transparent and understandable upon
assessing each business entity’s financial report. The process of financial reporting follows the rules and
conventions rapidly changing over time. Engaging reliable accounting service in Singapore is highly advised as it will help the organization to stay compliance with the regulatory requirements.
Why Getting an Accounting Service for Your Small Business Helps
Cost-effective solution. Most accounting services in Singapore can provide bookkeeping, a compilation of financial statements, tax filing, and audit. Without profession accounting services, it may lead to more errors and can increase the company’s expense.
There is more reliability on accounting service providers as they help the management review financial
statements filed with ACRA and IRAS. A company’s participation in a peer-review serves an essential factor in reliability. Accounting services, employ tax experts, auditors, company secretaries, bookkeepers, and
accountants. These professionals are competent enough to help boost a business entity’s financial statement. Directors of a company should also ensure that the information cited in financial statements should be following the required accounting standards.
Accounting service has employees who have undergone training under the Singapore National Chartered
Accountant Qualifications. The staff are knowledgeable in their field and are willing to share their expertise with their clients, whether owners of a big or small-sized company.
Getting the Right Partner for Your Accounting Needs
Other services provided by the accounting service companies in Singapore include maintenance of payroll records and company secretarial. The accounting services also process financial statements of companies of a sole proprietorship, partnership, and corporation.
Preparing payroll slips can be a daunting task, and it is logical to hire an accounting service. A company secretarial aids directors in complying with the statutory regulations. The right partner for accounting
tasks can aid in the company’s productivity.
Complying to Singapore’s New Accounting Standards
Accounting standards are made to ensure transparency from auditor or investors looking into the books. The Accounting Standards Act was officially implemented in 2007. The Accounting Standards Council replaced the
Council on Corporate Disclosure and Governance in executing accounting standards in Singapore.
The Accounting Standards Act creates and executes the accounting standards in Singapore. These include the Singapore Financial Reporting Standards, Singapore Financial Reporting Standard for Small Entities, and
Financial Reporting Standards. Accounting standards in Singapore have 41 rules, each named FRS X. This covers the financial statements, inventories, and recognition of revenue.
One of the components of Singapore’s new accounting standards was the creation of the Singapore Financial Reporting Standard for Small Entities. This was issued after thorough deliberation with stakeholders.
Singapore Financial Reporting Standard allows small business companies to have an optional financial reporting standard after January 2011. Accounting services for small businesses follow these standards. This new standard is perfect for start-up companies and other companies who have a previous problem
with different financial measures.
Choosing the Right Accounting Services in Singapore
Accounting is described as a process of presenting financial movement in an organized manner. This can only be achieved by choosing a reputable accounting service since stakeholders depend on the quality and
reliability of financial reports. Accounting and Corporate Regulatory Authority has launched a surveillance program on financial statements to ensure the financial report are accurate and compliance.