Accounting Services Singapore | Bookkeeping Services Singapore | Compilations of Financial Report Singapore
Accounting Services Singapore | Bookkeeping Services Singapore – According to the Singapore Companies Act, all incorporated companies in Singapore must maintain proper accounting records for a minimum of 5 years.
Contact: Tommyksh@shkoh.com.sg | Phone: 98638665
For Exempt-Private Companies or Dormant Companies, despite being exempted from audit requirements, these companies are still required to hold Annual General Meeting (AGM) and file their annual return with ACRA within 6 months from the end of the financial year.
Koh Management specialize in providing the resources to guide you in setting up your business accounting system. Many Companies will need services such as accountants to prepare their management accounts so that the management of the companies can find out the financial health of the business so as to make better business decisions for the company.
For companies who are GST registered, there is also a need for the company to make submissions for GST every 3 months to the Inland Revenue Department, find out more about Singapore GST here
We are also a full scale business services team that has corporate secretarial and tax team, we are able to assist you with your business needs.
If you are looking for accounting and payroll software we are able to help you as well.
We are also committed to assisting you with the setting up and training of your staff about your business accounting system, allowing you to save time, money and trouble when your financial reports are due.
We provide the following accounting services / bookkeeping services:
- Setting up computerized and proper accounting systems using high quality accounting software
- Preparation of compilation report for filing of Annual Return to ACRA
- Bank and other account reconciliation
- Liaising with auditors to get your accounts audited (if required)
- Perform account-related administrative services (Purchases and Payments; Sales and receipts)
- Keeping full sets accounts on monthly, quarterly or yearly basis including:
- Balance Sheet
- Profit and Loss Statement
- Trial Balance
- Bank Reconciliation
- Fixed Asset Schedule
- Debtor Ageing List
- Creditor Ageing List
- Supporting Schedules for Compilation or Audit Reports purpose
Conditions to qualify as an Exempt Private Limited Company:
- Any private limited company that satisfies these conditions can prepare unaudited accounts or compilation of accounts. These conditions include
- Yearly revenue not revenue not more than S$ 5 million
- Not more than 20 individual shareholders
- Fully owned by individuals and has no corporate shareholder.
- No shareholder with 5% or more of the company ordinary shares has requested for an audit.
Under the new system to qualify as a small company and therefore exempted of audit.
As per July 2015, the new system for audit exemption is as per the following rules and you must fit the criteria to be determined as a “small company”:
- Effective of 1st July 2015 with financial years begining on or after 1 July 2015 (those before this dates, old system still apply for YA 2016)
- Company is a private company
- Fulfils at least two out of three of the following criteria for the immediate past two consecutive financial years.
- Total Annual revenue of lesser than 10 million
- Total Assets of lesser than 10 million
- Total employees count lesser than 50
- For a company to be classified as being part of a group
- Company must be a small company
- Entire group must be a small group, it must meet two out of three of the quantitative criteria on a consolidated basis for the immediate past two consecutive financial years
- Disqualified if cease to be private company
- Does not meet at least two out of three criterias
You can read up more from the official ACRA website.
If these conditions are not met, companies have to appoint an auditor within 3 months of incorporation and subsequently prepare audited accounts to ACRA.
For Accounts that are prepared and Management Accounts reviewed by customers and their management , at the end of the year , Koh Management also assist customers with the compilation or preparing of financial reports of their company accounts. This will ensure that this unaudited reports are prepared in accordance to the Singapore Accounting Standards and that you can share with potential bankers for loans or for potential investors or suppliers who may be keen on looking at the state of your accounts.
Financial reports are also needed to be compiled for filing to ACRA at the end of the year, so we will be assisting with full set accounts compilation and preparation for the business to have a peace of mind on their accounting requirements.
We aim to provide a piece of mind for the businessmen/entrepreneur so that one could focus more on producing good work for the business and focus on doing sales and growing their company. Leave the accounting and bookkeeping services work to us, find out more about our accounting services / bookkeeping services in Singapore today!
Contact: Tommyksh@shkoh.com.sg | Phone: 98638665
Koh Management (previously known as S.H. Koh Secretarial & Managament Pte Ltd) was founded by Director Koh Swee Hock in the Year 1983. Over the years, under the guidance of Mr Koh, it has since established a reputation for quality and professionally accounting and secretarial services for SMEs and young start-ups. With 30 over years of experience and also a young team working with him to expand his business within the startup circle, Koh Management has grown from strength to strength.
Koh Management takes pride in the work assigned to them and always goes the extra mile to ensure that our clients are provided with quality services and solutions for their businesses. Should you require any assistance about your business process, administrative matters, feel free to contact our friendly staff at Koh Management. We look forward to serving your business needs.
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