Accounting Firms’ Services for SMEs in Singapore

Introduction

Accounting firms commonly offer a wide range of services for small to mid-sized enterprises (SMEs) in Singapore; these range from traditional to complex accounting services and from secretarial to tech-advanced services.

Also, you might find several accounting firms that offer industry-specific accounting services; this ensures that your company’s accounting is done efficiently and effectively, as the firm possesses in-depth knowledge of accounting and corporate finance.

Services Provided by Accounting Firms in Singapore

Traditional Services

Traditional accounting services include the simple accounting needs of a business. This incorporates advisory services and data collection, such as:

·        Bookkeeping

Bookkeeping is a definite need of every SME; it includes the collection and classification of data. In this way, data is recorded accurately in the form of reports. As per the statutory requirements of ACRA, each business needs to have properly recorded information. This is one of the most basic services that accounting firms offer.

·        Cash Flow and Working Capital Analysis

Cash flow and working capital analysis services are related to the identification and assessment of gaps between the business’s working capital and its cash flow. The services usually include integrating measures to reduce the gap, and engaging the company in management review sessions to address potential improvement opportunities. Typically, these services deal with the company’s assets, revenue, and expenses.

·        Accounts Consolidation

Accounts consolidation services also come under advisory services. Accounting firms formulate financial statements that represent the current financial position of a company. These consolidated statements are produced through reviewing the company’s assets, fair value adjustment, purchase price allocation, and transactions, etc. The more information a business provides, the more comprehensive its finance report is.

Accounting Services

Accounting services typically deal with taxation, filing, payroll, and audits, which come as lawful regulations under the Singapore Companies Act. Here’s what you might be looking for:

·        SME Taxation Services

If you are new to business, you might not be well-versed with local tax requirements and regulations. Accounting firms employ professionals who specialize in different fields related to business and accounting; there is a good chance that your potential accounting firm has a tax consultant in its team. This way, you will get to know everything about taxes, allowances, and deductibles that most people are usually unaware of.

In Singapore, corporate taxation for SMEs ranges from 0% to 17%, individual tax from 0% to 22%, and Goods and Services Tax (GST) comes at 7%. SMEs are bound to pay several taxes monthly, quarterly, and annually; therefore, it is important to have an accounting partner that ensures compliance with statutory requirements – saving you from legal penalties.

Taxation services also include tax planning, tax returns, and enjoying tax benefits. Most of the affordable accounting firms in Singapore offer a complete package that includes such significant services at a cost-effective rate.

·        XBRL Filing

XBRL filing is another important service that accounting firms offer. XBRL is the standard filing format and your financial statements and documentations needs to be done accordingly. For cheap XBRL filing, you should look for a local accounting firm such as One Trust.

·        Internal and External Audit

Auditing includes internal as well as external auditing in order to certify the auditing reports released by businesses in Singapore. Not all accounting firms offer auditing services but most of them do.

Make sure you opt for the accounting firm that provides auditing services. This is a must because several banks require a third-party certification over the audit reports of a business. You can deal with all the banking procedures quite smoothly if you have hired a certified account firm. A public accounting firm needs to be registered with ACRA under the Accountants Act in order to be certified; however, this is not a requirement for private firms.

·        Payroll Form IR8A Service

Payroll is another significant service that accounting firms offer. For SMEs in Singapore, it is important to comply with the IR8A payroll; this ensures that a company’s account is always updated and salaries are delivered to employees on time.

However, not all accounting firms in Singapore offer the payroll IR8A service. Hence, when it comes to choosing an accounting partner, you need to carefully look at the list of services that the firm provides.

·       Secretarial Services

Under the Singapore Companies Act, every business is required to hire a company secretary within 6 months of its incorporation. The company’s director or shareholder cannot take this post as per the law. The roles and responsibilities of a secretary include statutory and obligatory regulations, timely document submission, and the proper maintenance of registers.

In Singapore, these corporate secretarial roles and responsibilities have been taken over by accounting firms.

·        AGM Secretarial Services

If you are looking for a company secretary, you should know that a number of accounting firms offer AGM secretarial services. They look over all the basic and complex roles that a company secretary has to perform and you won’t have to worry about hiring, training, and looking over an in-house secretary.

Outsourcing secretarial services is a trend in Singapore. Most of the companies have exceptionally increased their productivity by outsourcing the secretary’s post.

Advanced Services

Due to technological advancements and a globalized economy, the business sector in Singapore is greatly expanding. This expansion leads to many modern challenges that require high-tech solutions. Accounting firms now offer cyber services and risk assessment for companies operating online.

As running an e-business comes with great risks, these cyber services prove to be very beneficial. Accounting firms have come up with plausible solutions to protect the data and information of a company, as well as assess any potential risk beforehand.

Final Thoughts

Every SME needs some accounting services to stay updated with the changing financial trends in the business sector; it also helps with statutory observance and compliance regulation. Going for an accounting firm that offers affordable accounting services will prove to be efficient, cost-effective, and productive for your SME.

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