GENERAL ACCOUNTING SERVICES IN SINGAPORE

Our accounting firm offers a suite of accounting services (monthly, quarterly and annual tenures) and using up-to-date computerised software, we can assure companies that their accounting needs are met in a timely manner.

In line with the Singapore Accounting Standards and Companies Act, we present services of high calibre and authenticity for any type of private company.

In addition, we assist the companies in their organisation of financial data and the preparation of management reports hence contributing to the management strategic decision-making process.

• Data entries of your bookkeeping records into accounting software
• General ledger maintenance
• Accounts payable ledger maintenance
• Accounts receivable ledger maintenance
• Fixed asset ledger maintenance
• Bank reconciliation
• Balance sheet schedules
• Cash flow
• Generating of balance sheet
• Generating of profit and loss
• Preparation of management reports
• Preparation of accounting reports & financial statements in accordance with the Financial Reporting Standards of Singapore
• Consolidation of accounting and preparation of group financial statements in accordance with the Financial Reporting Standards of Singapore

What are General Accounting Services?

Accounting services refer to the management of a business’s financial information and include tasks such as tax preparation, earnings and expenses tracking, recordkeeping, and financial planning. These tasks are crucial to ensure that businesses maintain accurate financial records, receive quality advice on financial decisions, and strictly comply with tax and commercial laws. Singapore accounting services work by either having an in-house department that will administer numerous accounting tasks or hiring a trusted third party to perform such specialised tasks.

Within a business setting, the terms accounting and bookkeeping are often mistakenly thought to be the same and hence used interchangeably. However, while the two share similarities, they are quite different. Bookkeeping is more administrative and involves handling everyday tasks with regards to recording financial transactions. On the other hand, accounting involves the interpretation and presentation of data in a way that gives business owners financial insights and advice based on the data provided by bookkeeping.

What are the Accounting Standards in Singapore?

The accounting standards in Singapore are Singapore Financial Reporting Standards (SFRS) and Singapore Financial Reporting Standards (SFRS) for Small Entities (SE). Based on the International Financial Reporting Standards (IFRS), the Accounting Standards Committee (ASC) under the Accounting and Corporate Regulatory Authority (ACRA) is responsible for the development of accounting standards in Singapore.

These standards detail how transactions are recognised, presented, measured, and disclosed through financial statements. Furthermore, they are designed to be internationally understood and accepted, making businesses globally competitive.

Why Outsource Your Accounting Services in Singapore?

Outsourcing accounting services to a trusted and established accounting firm in Singapore offers numerous benefits. In particular, it is equipped with professional and seasoned accountants who can provide reliable and quality financial services.

Is it Safe to Outsource My Accounting Services?

Services performed by accounting firms are safe and secure – particularly those that have been in the industry for a long time and are trusted by many businesses. Professional accounting firms ensure their clients’ financial statements and data are handled with utmost care and confidentiality.

What are the Benefits of Outsourcing Accounting Services?

Hiring an external team of professionals to perform accounting services is a good business strategy as it can lead to:

• Reduced Costs: Businesses can save money as third-party firms offer specialised accounting services at competitive rates. Having an in-house accounting team, on the other hand, may incur higher overall expenses for training, salary, office supplies, and so on.
• Efficiency: By outsourcing accounting services, companies – particularly small and medium-sized ones with limited resources – will have more time to focus on other facets of the business.
• Customisable Solutions: Depending on the needs of the business, they can choose to engage the accounting firm for specific services that they need; and add on more services or scale when needed.
• High Reliability: Accounting companies are equipped with specialised accounting software and diverse expertise (from handling a wide range of accounts) that can help them perform their tasks with maximum accuracy and timeliness.

Casey Lin & Company is an established accounting services provider in Singapore that specialises in the fields of corporate and personal tax, auditing and bookkeeping, GST filing services, and more. Call 6225 8175 to learn more.