Bookkeeping & Accounting Services in Singapore 🇸🇬
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Singapore Accounting Services
Bookkeeping & Accounting Services in Singapore 🇸🇬
Unlock your business's true potential with our expert accounting and bookkeeping services in Singapore. We are your trusted financial partners, offering a suite of solutions designed to navigate complex tax regulations, streamline payroll, and provide in-depth financial insights. We transform numbers into valuable opportunities, combining precision with innovation to ensure a seamless financial journey for your business.
Our Comprehensive Services
Accounting & Financial Statements
All Singaporean businesses must maintain accurate financial records, including the Profit and Loss Account, Balance Sheet, and Cash Flow Statement, which must comply with Singapore Financial Reporting Standards (SFRS). We ensure your accounts are regularly updated, providing an accurate representation of your company's financial health. We can also provide audit services to verify your financial records.
GST Submission & Compliance
Goods and Services Tax (GST) is a consumption tax on most goods and services in Singapore. Businesses with a taxable turnover exceeding S$1 million in a 12-month period must register for GST with IRAS and file quarterly returns. We'll help you navigate the entire process, ensuring compliance and maximizing your GST claims. While not mandatory, businesses may also voluntarily register for GST.
Director's & Auditor's Reports
All companies in Singapore are required to submit an Independent Auditor’s Report and a Director’s Report as part of their annual filing. This promotes financial transparency and builds investor confidence. Note that an audit is only mandatory for companies with an annual turnover exceeding S$10 million, more than 20 shareholders, or at least one corporate shareholder.
XBRL Financial Statements
Since December 2, 2013, most companies in Singapore are required to file their financial statements in XBRL (Extensible Business Reporting Language) format via the BizFinx system. XBRL enhances the accuracy, transparency, and timeliness of financial reporting, streamlining the analysis of financial data for the business community.
Singapore Payroll Services
Singaporean companies must make timely salary payments to employees and accurately submit statutory deductions, such as Central Provident Fund (CPF), to the CPF Board. Our services simplify and manage this process for you, handling the calculation of wages, bonuses, and statutory contributions, including the Skills Development Levy.
Payroll & Expense Claim Management
Managing employee expense and travel claims can be inefficient and prone to errors when handled manually. Our streamlined software solution tracks and processes claims, reducing administrative burden and ensuring maximum efficiency.
Why Choose Bestar?
Bestar provides premier business solutions in Singapore. Our team of seasoned experts offers personalized guidance to understand your unique needs, ensuring your business operations are handled with the utmost professionalism and expertise.
For a free consultation, contact us today. Our business consultants are ready to help you unlock your business's full potential.
Fees
Accounting and bookkeeping fees in Singapore vary widely depending on the services you need, the volume of your business transactions, and the complexity of your company's operations. Bestar offers a variety of pricing models, including flat fees, monthly retainers, or charges based on the number of transactions. 📈
General Fee Ranges
Here is a breakdown of fee ranges for common accounting and bookkeeping services in Singapore:
Monthly Bookkeeping and Accounting: For small businesses with a low volume of transactions, monthly services can range from S$90 to S$500 per month. This is based on the number of transactions, with higher volumes leading to higher costs.
Annual Bookkeeping & Financial Statements: A basic annual package, which often includes bookkeeping and the preparation of unaudited financial statements, costs between S$600 to S$1,500 or more per year.
GST Filing: This is often an add-on service. Quarterly GST submission fees can range from S$150 to S$300 per submission, depending on the volume of transactions.
Corporate Tax Filing: Fees for preparing and filing corporate tax returns (Form C-S or Form C) range from S$400 to S$1,500 per year, with more complex businesses incurring higher costs.
Payroll Services: Payroll fees are charged on a per-employee basis. Expect to pay between S$15 to S$40 per employee per month, with a base fee.
XBRL Conversion: The cost for converting financial statements into the mandatory XBRL format for filing with ACRA can range from S$ 250 to S$600 or more.
Factors That Influence Pricing
Several key factors determine the final cost of accounting services:
Transaction Volume: This is the most significant factor. Companies with a higher number of invoices, receipts, and bank transactions will require more extensive bookkeeping and therefore cost more.
Business Complexity: A business with multiple revenue streams, foreign currency transactions, or complex inventory management will have higher fees than a simple, single-entity company.
Reporting Frequency: Whether you need monthly, quarterly, or annual reports will impact the cost. More frequent reporting requires more work and is generally more expensive.
Software and Technology: Bestar includes the cost of cloud accounting software like Xero or QuickBooks in our packages.
How Bestar can Help
Bookkeeping & Accounting Services in Singapore 🇸🇬
Engaging professional accounting and bookkeeping services is a strategic decision for any business, regardless of its size. Bestar provides more than just data entry; we offer expertise that can lead to greater financial efficiency, compliance, and growth.
Here is a breakdown of how professional accounting services can help:
1. Ensure Regulatory Compliance
Singapore has strict financial regulations, including requirements from the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). Bestar stays up-to-date with the latest changes to these regulations. This ensures that your financial statements, tax filings, and other statutory submissions are accurate and submitted on time, helping you avoid costly penalties and fines.
2. Save Time and Resources
Managing financial records, payroll, and tax filings can be a significant drain on a business owner's time. By outsourcing these tasks to a professional, you free up valuable hours that can be reinvested into core business activities, such as client relations, strategic planning, and business development. This can lead to increased productivity and a healthier bottom line.
3. Improve Financial Accuracy and Reduce Risk
Bestar has the expertise and tools to ensure that all financial transactions are recorded correctly. We perform regular reconciliations to catch errors and inconsistencies early, which can prevent major financial issues down the line. This accuracy is essential for making informed business decisions and also builds credibility with banks, investors, and other stakeholders.
4. Provide Strategic Financial Insights
Beyond basic compliance, Bestar act as financial advisors. We can analyze your financial data to provide key insights into your company's performance. This can include:
Cash flow forecasting to help you manage your working capital effectively.
Budgeting and financial planning to set a clear roadmap for future growth.
Identifying trends in revenue and expenses to find areas for cost reduction or investment.
5. Optimize Tax Planning
Navigating Singapore's tax laws is complex. Bestar can help you identify all applicable tax deductions, credits, and incentives that you may not be aware of, legally minimizing your overall tax liability. Wey can also provide guidance on strategic tax planning to improve your financial position over the long term.
6. Enhance Credibility and Stakeholder Trust
Clean, accurate, and professionally prepared financial statements build trust. When you present polished financial reports to a bank for a loan application or to potential investors, it demonstrates your business is well-managed and financially sound. This transparency can be a game-changer for securing financing and attracting investment.
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