Annual Compilation of Business Transactions for internal management reporting
All businesses incorporated in Singapore are aware of the annual compliance requirements. We know how stressful that can be for companies to comply with these statutory requirements.
One of the best ways business owners can protect their businesses is to engage a Chartered Accountant to maintain the accounting records and provide timely advice throughout the year.
Prepare Financial Statements for Annual Returns Filing
To prepare a full set of financial statements with the Directors’ Report, the Chartered Accountant put all the company’s financial information together and prepare the financial statements.
With the above completed, decision making for business expansion and preparation of tax returns will be easier.
This service does not include any analysis of the financial records – however, the Chartered Accountant can perform an analysis for an additional fee.
In Singapore, ACRA requires all companies to maintain accounting records and submit the unaudited financial statements on an annual basis. This is to maintain transparency and protect shareholders in the company.
For most companies, engaging the full scope accounting service will be sufficient for annual tax purposes.
Exempt Private Company Requirements
An exempt private limited company have less than 20 shareholders, and no shareholders request for an audit.
Singapore also allows companies that did not turn a profit within the financial year to use a compilation of accounts at tax time.
For other business entity types, the compilation of accounts procedures is pretty similar. Below are a few reasons you should consider leaving the accounting work to a Chartered Accountant.
It is too much work to add to an already existing job.
When you run a business, you want every employee to use his or her time wisely and productively. By giving your team additional responsibilities for bookkeeping, you are stretching them too thin, resulting in less dedication to other areas.
This matter can damage the overall productivity and success of your company.
It is too little work to justify a full-time position.
Bringing in a new employee just for annual bookkeeping purposes, however, could be a waste of money. Especially for a startup business or home-based business, there may not be many accounting records to compile.
A full-time employee dedicated to putting them together may spend a lot of time on the clock just sitting around.
An accounting professional has a little learning curve.
When you hire a annual compilation services for the compilation of accounts service, you do not need to worry about them learning the ropes on your accounts. They already have the practical experiences gathered and mistakes are unlikely to be made.
Contact Accounting Team For Assistance
Should you need assistance or would like to find out more about annual compilation services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our accounting team will contact you.