Accounting Services
Setup of accounting systems
As per Singapore Financial Reporting Standards (SFRS), all Singapore incorporated companies must maintain a well-structured system of their book of accounts and financial reports. By using our advanced accounting software systems, your company can accomplish its bookkeeping and accounting functions in a timely and accurate manner.
Accounting department
No business can function for long without an accounting department, and the accounting department cannot function without efficient accounting systems. Whether you are a self-employed person in Singapore working out of your home or a giant organization with operations in multiple countries, you will need an efficient system of accounts to handle all your financial business matters.
A proper accounting system
Five account types make up the chart of accounts: Income and Expenses appear on the profit and loss statement, while Assets, Liabilities, and Owner’s Equity appear on the balance sheet report.
How an Efficient Accounting System can help your Business
If your company is in the early stages, and you need funds, now may be the right time to set up your simple accounting function. You don’t want to get too far in the game without establishing a simple accounting system, but you also don’t want to make it too complicated. The early stages is when you need to establish the structure that will support your company finances, and help define your financial strategy, as you grow.
If your company is established and your transitions have increased over time, we can offer you comprehensive services related to your accounting system, which relieves you from stress associated with ongoing accounting works.
Reducing Capital without Court Approval
You need to take up the below actions to reduce the share capital of your company successfully without approval from court:
- The company must pass a special resolution through a general meeting and lodge the special resolution with ACRA.
- The board of directors will need to make a solvency statement stating that the company can repay its debts in the next 12 months. It a director makes such a statement without any justification, he or she may be criminally liable. This statement can be made within 20 days before the passing of the special resolution.
- The special resolution and solvency statement must be made publically available for inspection.
- If the lodgement of capital reduction is approved, the information lodged will be made publically available for up to 1 months after the reduction.
How our Accounting Set up Process Works
Setting up of accounting system could increase the efficiency and improve the tracking process of the business records. We do provide guidance and helps on setting up the accounting system in the following ways:
- Putting together financial documents
- Creating filling system for documents
- Determining each accounting requirement
- Selection of accounting software
- Generating and analyzing reports
Our wide range of accounting software are not only user-friendly, but also compliant with IRAS and ACRA statutory requirements and customizable. By setting up accounting system in your organization, you can increase the efficiency of the business. This enables you to enhance your ability to track, analyze and improve your financial status.
