Bookkeeping Services for Singapore SME
As business owners, keeping track of your accounts is crucial in managing your cash flow. Hiring full-time employees who are trained in bookkeeping services is not easy in labour tight Singapore and will add to your payroll cost especially if your business is still small and in its early stages. The cost you save by not adding additional head count and cost of accounting software means more profit to invest and help grow your business faster.
EnterpriseBizpal can help in your business by providing very affordable outsource bookkeeping services in Singapore using our accounting system. We provide a range of accounting services and will work closely with you to keep your books in order and in timely manner so that you will have the information you need to understand your cash flow.
Bookkeeping Services provided by EnterpriseBizpal covers the following:
- General Ledger management
- maintain accounts payable
- maintain accounts receivable
- Fixed Asset schedule listing
- record journal entry
- record all transactions including sales and expenses
- prepare bank statement reconciliations
- preparing the management reports (Profit &Loss, Balance Sheet)
Our bookkeeping services fees are as follows:
Monthly bookkeeping services
| Number of transactions | Monthly Fee |
|---|---|
| Less than 25 | $100 |
| 25 to 50 | $190 |
| 51 to 75 | $285 |
| 76 – 100 | $360 |
Yearly bookkeeping services
| Number of transactions | Annual Fee |
|---|---|
| Less than 100 | $400 |
| 101 to 200 | $700 |
| 201 to 300 | $1,050 |
Optionally for a small additional fee, we can also prepare the compilation report (Financial statements with notes to the accounts), corporate tax and/or compute the quarterly GST for GST filing.
Do check out our annual accounting services package which bundles the annual bookkeeping, tax, financial report, AGM and ACRA annual return filing for the annual statutory compliance with ACRA and IRAS.
Note:
A debit entry and a corresponding credit entry as one transaction. If one transaction has a debit entry and two credit entries for example or vice versa, this will be treated as two transactions. An accounting transaction refers to each invoice raised, each receipt, each payment, each bill received and etc.
with the latest government policies, industry standards, and developments. If any changes impact your business, they’ll promptly communicate these updates to you
Personalised Bookkeeping Services in Singapore with a Dedicated Accountant
When you choose our personalised bookkeeping services in Singapore, you gain access to a named accountant who will be your trusted partner in managing your financial records. Here’s how our personalised approach benefits you:
- Assigned Accountant: Your dedicated accountant will work closely with you, understanding your unique accounting needs and tailoring solutions accordingly.
- Direct Communication: You can directly communicate with your named accountant on a regular basis. Whether you have questions, need clarifications, or want to discuss financial matters, they’re just a message or call away.
- Bookkeeping Excellence: Based on the financial documents you provide periodically, your assigned accountant will meticulously prepare your books. They’ll ensure accuracy, compliance, and timely filing of financial statements.
- Staying Informed: Our accountants stay up-to-date with the latest government policies, industry standards, and developments. If any changes impact your business, they’ll promptly communicate these updates to you.
- Efficient Systems: We’ll also set up efficient online systems using platforms like Xero and Quickbooks Online. These tools streamline your bookkeeping and accounting processes, making it easier for you to manage your finances.
Choose our personalized bookkeeping services in Singapore for a seamless financial experience. Let us handle the numbers while you focus on growing your business!
Frequently Asked Questions about Bookkeeping Services
Why are Accounting and Bookkeeping Crucial to Singapore Companies?
It is very important that the public and other stakeholders remain confident in the quality, reliability, and relevance of your company’s financial statements report. It is for this reason that accounting services & bookkeeping services in Singapore are very much needed. In addition, the Accounting and Corporate Regulatory Authority or ACRA has started a Financial Reporting Surveillance Programme to ensure quality to prevent poor financial reporting that leads to inaccurate information and/or non-compliance with prescribed accounting standards.
Directors' Responsibilities in Financial Reporting
Directors under sections 2011A 2013 and 2013A of the Companies Act are responsible to present at their annual general meeting financial statements that are prepared in accordance with Accounting Standards issued by the Accounting Standards Council and provide a true and fair view of the protability and the financial status of of the company.
Furthermore it is imperative that directors of a company incorporated in Singapore maintain a system of internal accounting controls Internal control means the safeguarding of the company's assets cash flow keeping proper accounting and other records that will lead to the preparation of accurate income statement and balance sheet to represent a true and fair reporting of the company's financial situation Hence directors should carefully choose the accounting and bookkeeping services in Singapore needed to fit their operations.
In order to carry out these financial reporting duties, financial literacy is expected of directors as well as the ability to review financial statements. Directors have to have sufficient and updated knowledge of the accounting principles and practices to understand and review effectively the financial statements. Alternatively, directors are strongly encouraged to attend training and/or seek help.
Furthermore it is imperative that directors of a company incorporated in Singapore maintain a system of internal accounting controls Internal control means the safeguarding of the company's assets cash flow keeping proper accounting and other records that will lead to the preparation of accurate income statement and balance sheet to represent a true and fair reporting of the company's financial situation Hence directors should carefully choose the accounting and bookkeeping services in Singapore needed to fit their operations.
In order to carry out these financial reporting duties, financial literacy is expected of directors as well as the ability to review financial statements. Directors have to have sufficient and updated knowledge of the accounting principles and practices to understand and review effectively the financial statements. Alternatively, directors are strongly encouraged to attend training and/or seek help.
How Outsourcing Accounting and Bookkeeping Services Help?
Directors can be very much helped by outsourced accounting and bookkeeping services in Singapore offered by professional accountants, bookkeepers, auditors, management accountants, tax experts, and company secretaries. These professionals can assist directors or management, exercise care, perform with competence, and review with diligence the financial statements that are presented to shareholders and subsequently filed with ACRA and IRAS.
Directors should read, enquire, and understand the forms and contents of the financial statements and make sure that the information is clear, consistent, complete, and in accordance with the prescribed accounting standards.
Directors should read, enquire, and understand the forms and contents of the financial statements and make sure that the information is clear, consistent, complete, and in accordance with the prescribed accounting standards.
What are Areas of Accounting Services?
• Bookkeeping - Bookkeeping being the foundation of all the reporting, analysis, and interpretations should be accurate and up to date. Companies providing accounting & bookkeeping services in Singapore like EnterpriseBizpal have accounting software systems that are user friendly and cost effective for client companies.
• Financial Reporting - This service makes sure that all accounts are measured and recorded according to standards; that these accounts are fairly presented in the statement of income, statement of financial position, statement of cash flows, statement of changes in owner’s equity; and adequate disclosures and reporting consistency being complied with.
• Payroll - this service involves the maintenance of payroll records and preparing payroll slips for employees. The service involves computation of salary, commissions, overtime etc and deductions such as employer CPF, employee CPF tax, etc.
• Auditing and assurance - Auditors look into the works of financial accounting and reporting and do the attest function. Auditors examine the books of accounts and other related data; render any of the four opinions in their auditors’ report to include unqualified opinion, qualified opinion, disclaimer, or an adverse opinion.
• Taxation – This service on the other hand, is engaged in the compliance with the rules and regulations of the taxing authority.
• Company secretarial – This service can also be provided by accounting service companies to assist directors in meeting the statutory regulations pertaining to the company.
• Financial Reporting - This service makes sure that all accounts are measured and recorded according to standards; that these accounts are fairly presented in the statement of income, statement of financial position, statement of cash flows, statement of changes in owner’s equity; and adequate disclosures and reporting consistency being complied with.
• Payroll - this service involves the maintenance of payroll records and preparing payroll slips for employees. The service involves computation of salary, commissions, overtime etc and deductions such as employer CPF, employee CPF tax, etc.
• Auditing and assurance - Auditors look into the works of financial accounting and reporting and do the attest function. Auditors examine the books of accounts and other related data; render any of the four opinions in their auditors’ report to include unqualified opinion, qualified opinion, disclaimer, or an adverse opinion.
• Taxation – This service on the other hand, is engaged in the compliance with the rules and regulations of the taxing authority.
• Company secretarial – This service can also be provided by accounting service companies to assist directors in meeting the statutory regulations pertaining to the company.
In what ways might accounting and bookkeeping services benefit my company?
Every firm, regardless of size (small or large, national or international), can use some form of accounting and bookkeeping services in Singapore.
Accounting provides you with information about your company's general financial health, provides a precise analysis of your cash flow, highlights areas for expansion, and keeps you organised and precise when it comes to tax filing. Accounting may also assist your business prosper.
Accounting provides you with information about your company's general financial health, provides a precise analysis of your cash flow, highlights areas for expansion, and keeps you organised and precise when it comes to tax filing. Accounting may also assist your business prosper.
What is the difference between accounting services and bookkeping services?
Accounting Services:
Role: Accounting services involve strategic analysis of financial data.
Tasks: Accountants interpret financial statements, analyze trends, and provide insights.
Certifications: Accountants often hold professional certifications.
Focus: They guide decision-making and offer a broader view of a company’s financial health.
Bookkeeping Services:
Role: Bookkeeping services are administrative.
Tasks: Bookkeepers record daily transactions, ensuring accuracy. Software: They use bookkeeping software for data management.
In summary, while bookkeepers handle day-to-day details, accountants provide a strategic perspective.
Role: Accounting services involve strategic analysis of financial data.
Tasks: Accountants interpret financial statements, analyze trends, and provide insights.
Certifications: Accountants often hold professional certifications.
Focus: They guide decision-making and offer a broader view of a company’s financial health.
Bookkeeping Services:
Role: Bookkeeping services are administrative.
Tasks: Bookkeepers record daily transactions, ensuring accuracy. Software: They use bookkeeping software for data management.
In summary, while bookkeepers handle day-to-day details, accountants provide a strategic perspective.
How does outsource bookkeeping services by EnterpriseBizpal work?
You and your business can get effective accounting and bookkeeping services from Enterprisebizpal.
With outsourced accounting solutions from Enterprisebizpal, you can concentrate on your business-related concerns because our qualified accounting team will assist you with all necessary tasks throughout the fiscal year, including preparing income statements, maintaining fixed asset schedule, bank account reconciliation, filing income tax returns, and more.
Quickbooks Online, Xero, Hubdoc, and other cloud software programs are tools that our accounting firm uses in a fully automated and paperless financial processes. While Xero and Quickbooks Online Software provide digital solutions for all of your spending, financial transactions, invoices, and accounting records, Hubdoc offers pre-accounting solutions by extracting information from the images of our clients' receipts. If you have any concerns or have any queries with the accounting software, you can get in touch with our accountant. Your queries will be answered by our team of accountants, who have years of training and experience with analysing and producing reports for accounting and bookkeeping services in Singapore. To get started, give us a phone or send us your email , and a member of our accounting team will contact you for a free consultation and price quote.
With outsourced accounting solutions from Enterprisebizpal, you can concentrate on your business-related concerns because our qualified accounting team will assist you with all necessary tasks throughout the fiscal year, including preparing income statements, maintaining fixed asset schedule, bank account reconciliation, filing income tax returns, and more.
Quickbooks Online, Xero, Hubdoc, and other cloud software programs are tools that our accounting firm uses in a fully automated and paperless financial processes. While Xero and Quickbooks Online Software provide digital solutions for all of your spending, financial transactions, invoices, and accounting records, Hubdoc offers pre-accounting solutions by extracting information from the images of our clients' receipts. If you have any concerns or have any queries with the accounting software, you can get in touch with our accountant. Your queries will be answered by our team of accountants, who have years of training and experience with analysing and producing reports for accounting and bookkeeping services in Singapore. To get started, give us a phone or send us your email , and a member of our accounting team will contact you for a free consultation and price quote.