ACCOUNTING SERVICES

Keeping accurate proper accounting in Singapore are essential for several reasons: • Ensure compliance with legal and regulatory requirements: in Singapore, business accounting and financial reporting are subject to strict regulations. The Singapore Financial Reporting Standards (SFRS) require firms to prepare financial statements that are compliant with these standards and maintain correct accounting records. • Provide insights into financial health: having accurate financial information aids in better decision-making.

All Singapore Private Limited companies are required to prepare FS (either audited or unaudited), except for specific dormant entities.

Private Limited companies must file their Annual Returns within 7 months after the end of their financial year. All companies, including inactive and dormant companies, are required to file Annual Returns. The Financial Statements must be submitted to ACRA as part of the Annual Return.

We are using Xero, a popular and reliable cloud-based accounting software known for its comprehensive features and user-friendly interface. It offers invoicing, expense tracking, bank feed, bank reconciliation, and financial reporting tools. Xero also integrates with various business applications, making it suitable for small businesses seeking seamless automation and efficiency.

The small company concept determines if a company is exempted from statutory audit. A company qualifies as a small company if: (a) it is a private company in the financial year in question; and (b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years: 1. total annual revenue ≤ $10m; 2. total assets ≤ $10m; 3. no. of employees ≤ 50. For a company which is part of a group: (a) the company must qualify as a small company; and (b) entire group must be a “small group” to qualify to the audit exemption. For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years. Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if: (a) it ceases to be a private company at any time during a financial year; or (b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years. Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.