Got questions?
Check out our FAQs below
Getting started with us
How much of my accounting should I outsource?
It depends on your internal resources. You can choose to maintain your own accounts in-house and have us check them on a regular basis, or you can outsource everything to us so you can focus on running your business.
If I work with you, what do you need from me?
We'll send you a discovery form to fill out so we can better understand your business. Then we'll arrange a meeting with you to discuss your requirements and how we can best support you.
How do you calculate your charges?
Our charges are based on our individual packages in accordance with the value each provides.
How often will you review my accounts?
This depends on the package you choose. It can be monthly, quarterly or annually. We don't recommend you select an annual package as this won't give you a full picture of your accounts until it is too late to take corrective action if you need to. We recommend having your accounts done monthly so that we can best help you on a consultancy basis.
What commitment do you need from me?
We require you to submit the documents we need so that we can do your accounts in a timely manner. This will include your bank statements, CPF statements, payroll report, details of your invoices and expense receipts. We can manage all this online so you don't have to submit physical copies.
Do I need to keep paper records?
If you implement cloud accounting, you no longer have to keep paper records because all your documents will be scanned into the software. However, we recommend that you retain the paper record for audit purposes.
Accounting software to use
What accounting software should I use?
There are various options to choose from. It is best to choose a known and established software and we recommend that it be cloud based. We recommend Xero Accounting software. We are a Silver Partner for Xero so we are trained to support you in its use.
What's the benefit of cloud accounting?
Cloud accounting is very convenient. You can access your accounting information anytime anywhere from your computer or from the mobile app. As the information is stored on the cloud, you don't have to worry about losing information if your computer crashes or your physical records are destroyed, damaged or stolen.
How secure is Xero?
It is very secure and is hosted on AWS so the data is always backed up. This is actually a benefit of using cloud accounting. You will always have a backup. It also require 2FA to access so you control who has access to your account. You can also control permission levels to control who sees what.
Are you going to key everything into Xero for me?
You will need to key in your quotes and invoices so that you can keep track of your ageing report and keep it up to date. We will key in all the rest of your entries.
Is there a grant to help me transition over to Xero accounting?
Yes, there is. The government is currently offering the PSG grant which will cover 80% of the implementation and training fees. We are a pre-approved vendor so can help you to fast track your application.
How long does Xero implementation take?
It depends on how complex your accounts are and whether you have data to be migrated over. It will take on average 2-3 weeks.
What does training on Xero involve?
The PSG grant covers a two-day hands-on training package for up to three employees. Xero is very intuitive but you will also have access to an online guide to refer to should you need to at any time. Outside of the PSG grant, we also offer retraining packages at an additional fee should you need to send new employees for training. Each training session is conducted at our office.
CFO services
What is CFO?
Chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company. The CFO's duties include tracking cash flow and financial planning as well as analyzing the company's financial strengths and weaknesses and proposing corrective actions. The CFO is similar to a treasurer or controller because he is responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner.
When a Company might need a CFO?
Here are some situations which often prompt small business owners to hire a CFO:
- Requires guidance and oversight for it's finance team
- Need for sophisticated reporting and interpretation and decide which actions to take to leverage them to drive positive impact
- Need financial strategy and direction guidance such as pricing decisions, long-term projections or strategy formulation/ refinement
Company secretary
What does a company secretary do?
As your company secretary, we will maintain your company register, see that you hold your AGM on time and keep you compliant on all matters under the Companies Act. We will also handle any changes you need to lodge with ACRA such as change of address, director, shareholder, etc.
I already have a company secretary. Do I need to change?
No, there is no need to change if you wish to retain your existing company secretary. However, having your accountant and company secretary as one makes administration easier and faster. So for the convenience factor, we recommend that you have both services under one roof, so to speak.
Will you file my end of year accounts?
If we are doing your accounts for you, at the end of the year, we will give you a management report and we will sit down together to review it. Once you sign off on the report, we will prepare your unaudited financial statements and file them with ACRA on your behalf. This is a service that is charged separately as a yearly fee.
Tax matters
What is the tax structure like for Companies in Singapore?
Singapore is one of the low corporate tax rate country and this attracts many entrepreneurs setting up businesses in Singapore.
Businesses in Singapore pay 17% tax on profits – not revenue. In Singapore, there is also no capital gains tax, no dividends tax, and there is no double taxation if your company is operating overseas.
What is ECI (Estimated Chargeable Income)?
ECI is an estimate of your Company's taxable profits (after deducting tax allowance expenses) for a Year of Assessment (Ya).
Let's get you started!
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CONTACT US
+65 6310 4961
Office location
By appointment only
190 Clemenceau Avenue, #06-02
Singapore 239924
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