Accounting tracks all your business activities and assets. Whenever you spend, lose or make money, your bookkeeper adds it to your records. Your accountant then builds reports using these numbers. The government requests these reports to calculate how much tax you owe and whether you are exempted from some of it.

First of all, you have an obligation to report your accounts to the government: that’s how your tax is calculated. Secondly, accounting is crucial for internal planning and management. Mistakes could be costly: the government will fine business owners for inaccurate reports. You will also probably base your evaluations and plans on the same numbers. So, making sure your accounting is accurate is crucial.

Singapore has its own system called Singapore Financial Reporting Standards (SFRS). It’s similar to IFRS and it’s accrual-based accounting. This means transactions are recognised when they occur and not when the money is paid. Outsourced accounting services in Singapore must comply with SFRS requirements.

Absolutely. We make the transition seamless on your end. We’ll get in touch directly with your current accounting service provider, take over all your financial documents, and audit them to make sure your company is compliant. We check necessary reports and migrate all your data. We offer ongoing advice about relevant tax exemptions, helping you navigate the tax system smartly. Now that your accounting is in good hands, you can focus on what you do best: running your business.