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.
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.
Our charges are based on our individual packages in accordance with the value each provides.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Here are some situations which often prompt small business owners to hire a CFO:
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.
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.
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.
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.
ECI is an estimate of your Company's taxable profits (after deducting tax allowance expenses) for a Year of Assessment (Ya).