How do we assist you in the Annual Bookkeeping and Compilation Service?
Each year, our team assists Singapore companies in compiling business transactions and closing the books. Following a structured procedure, we complete the annual financial closing process, which includes the following steps:
The first step is to send us a soft copy of invoices, receipts, monthly bank statements or originals arranged by month. Accounting staff sort and match receipts, tax invoices, and supporting documents to monthly bank statements.
The next step is to enter journal entries into the cloud accounting software.
We follow two levels of reviews to ensure the report is complete and complies with Singapore Financial Reporting Standards.
We then run the trial balance, balance sheet, profit and loss statement, and other schedules. After an internal review, we send the management report package to you for your review and approval. Upon receiving your approval, our team will proceed to draft SFRS Financial Statements.
At the same time, our company secretarial team prepares AGM documents.
We assist your team in meeting Singapore’s annual regulatory requirements.
ACRA requires all companies to close their books at the end of each financial period and prepare financial statements. The close of the financial year varies by company, and can be at any month’s end in a calendar year.
Following are some key filing deadlines for companies with year-ends in December, March and June:
For December Year-End Companies (i.e. FYE 31 December 2021 – YA2022):
– ECI: by 31 March 2022
– AGM: by 30 June 2022
– Annual Returns: by 31 July 2022
– Final Tax: by 30 November 2022 (YA2022)
For March Year-End Companies (i.e. FYE 31 March 2022 – YA2023):
– ECI: by 30 June 2022
– AGM: by 30 September 2022
– Annual Returns: by 31 October 2022
– Final Tax: by 30 November 2023 (YA2023)
For June Year-End Companies (i.e. FYE 30 June 2022 – YA2023):
– ECI: by 30 September 2022
– AGM: by 31 December 2022
– Annual Returns: by 31 January 2023
– Final Tax: by 30 November 2023 (YA2023)
Business owners receive step-by-step guidance from our team to achieve their objectives.
We assist you in preparing Annual Returns (ACRA) and Tax Returns (IRAS).
We adhere to a strict reporting schedule to ensure Singapore companies meet the Singapore reporting deadline. Companies are required to file their Annual Returns within seven months of the end of their financial year.
Our annual accounting team regularly reminds your company of compliance issues and always ensures that your company is compliant.
For companies with fewer than 100 annual transactions, an annual compilation service is more efficient than a annual compilation services.
We provide you with a simplified explanation of Singapore regulatory terminology.
Companies should regularly analyze market trends to plan the next phase of their development. Analysis of trends is becoming more and more important, and business owners want to understand their daily cash flow position.
In a more established company, there are long-term goals and targets, along with regular analysis of data. These companies usually use annual compilation services.
We provide Accounting, Corporate Tax and GST services to Singapore business owners.
The monthly accounting fee is generally higher since there are frequent interactions with our accounting staff. A cost-effective option would be to pay an annual fee to an outsourced accounting firm instead of hiring an in-house accountant.
There are many aspects that differ from one business to another. Our firm believes the practices and policies of the company will determine whether the use of annual accounting services is beneficial.
Send us an email with your enquiry so that our business service team can understand how we can help you to resolve your Singapore compliance concerns. A member of the accounting team will contact you to hear and discuss the matter.