When it comes to outsourcing, you need to look for an accounting services provider in Singapore. They usually offer accounts receivables and payables management, bookkeeping, financial statements and reporting, controller services, financial planning and analysis, cost accounting, forensic accounting and tax reporting and filing.
What’s more, small business entrepreneurs or new foreign investors may require specific accounting services in Singapore. These include GST computation and conversion of financial statements to XBRL (extensible business language) format. Also, generally, most companies incorporated in Singapore and branches of foreign companies (apart from exempt companies) are mandated to prepare annual financial accounts and company financial reports according to the Singapore Financial Reporting Standards (SFRS). And if you are not up-to-date with these regulations, you will need to opt for outsourced services.
Since the year 2011, the Accounting and Corporate Regulatory Authority (ACRA) has established the Financial Reporting Surveillance Programme (FRSP). With this, a selected pool of your company’s financial statements is reviewed to determine if they comply with the SFRS. It is important to note that Singapore is moving towards adopting the International Financial Reporting Standards (IFRS). Accordingly, the preparation of the financial accounts in XBRL format is challenging for those unfamiliar with filing. In this case, it is best to consult a qualified professional from an experienced accounting firm.