Accounting in Singapore

We offer comprehensive accounting guidance under the Singapore Financial Reporting Standards (SFRS), ensuring you meet all regulatory obligations in Singapore.

Accounting Services in Singapore

Our team of Singapore accounting professionals, supported by foreign management, guarantees your financial reporting aligns with local rules. We also maintain full transparency and clarity so that international stakeholders understand local regulatory requirements.

Outsourced accounting services in Singapore lift the administrative burden from your shoulders, connecting you with qualified Singapore CPAs, licensed tax advisors, and accountants specialized in Singapore’s financial framework.

Benefits of our Singapore Accounting Services

Banking & Treasury Services

Designing payment cycles and checks-and-balances, handling scheduled and ad-hoc payments to third parties, and communicating directly with local banks.

Handling of Inward and Outward International Payments

Assisting with Singapore’s foreign exchange guidelines, declaring inbound funds, organizing outbound transfers, processing currency exchanges, and advising on tax implications.

Custody of Company Seals/Stamps

Protecting company seals, stamps, and essential corporate records (including business registration certificates), setting up secure approval processes, and managing seal-usage requests.

GST Invoicing

Issuing and verifying GST invoices, liaising with authorities if invoice books are needed, and guiding you on tax-related consequences.

Expense Reimbursements

Creating transparent reimbursement processes, gathering necessary documentation, and managing approvals.

Improve Your Company’s Accounting Processes

Connect with us today to discover how to streamline and simplify your company’s accounting procedures in Singapore.

Singapore Accountancy, Bookkeeping, and Financial Reporting Services

We deliver a wide range of solutions in Singapore to match your accounting needs:

Establishing accounting processes and financial reporting structures under SFRS.
Offering both on-site and remote bookkeeping.
Preparing statutory financial reports (Balance Sheet, Trial Balance, Income Statement, etc.) for submission to Singapore authorities.
Generating tailored management reports, forecasts, and cash flow statements.
Providing real-time access to your accounting data.
Supporting budget planning, forecasting, and financial analysis.
Seconding trained accountants to strengthen your local team.
Advising on Singaporean accounting legislation and best practices.

Singapore Accounting Guide

In Singapore, both locally owned and foreign-owned companies must maintain accurate financial records that comply with local regulations. Businesses generally file annual corporate tax returns, and GST submissions may be due quarterly or based on other approved filing cycles. Accounting standards are governed by the Singapore Financial Reporting Standards (SFRS).

Singapore’s well-established framework still undergoes periodic updates, which can pose challenges. Below we outline the core distinctions between cash-based and accrual-based accounting and why SFRS generally favors the latter.

The Basis of Cash- vs. Accrual-Based Accounting

Cash-Based Accounting:
Recognizes transactions only when money is physically received or paid.
Accrual-Based Accounting:
Recognizes revenues and expenses in the period they occur, regardless of actual cash flow timing.

The Limitations of Cash-Based Accounting

Incomplete Reflection of Fixed Assets
Asset purchases are recognized immediately instead of being capitalized and depreciated over time.
Underreporting of Liabilities
Payables appear only when settled, potentially hiding future obligations.
Insufficient Cost and Expense Analysis
Cash-based data may not provide the nuanced detail needed for budgeting and decision-making.
Gaps in Financial Information
Important aspects of a company’s financial standing can be overlooked in cash-based statements.

The Singapore Accounting Standards

SFRS generally mandates the accrual basis for most private entities, as it gives a transparent view of a company’s operational performance and financial health. Limited exceptions exist for specific small-scale or public-sector entities.

Our Thoughts

While accrual-based accounting more accurately mirrors a company’s true performance, it can overlook cash-flow timing issues. Adding a cash flow statement or other cash-based analysis can help businesses monitor liquidity effectively.

If you need assistance navigating SFRS requirements or require advice on management reporting in Singapore, reach out to us. Our local professionals, backed by European management, ensure full compliance with Singaporean laws, protecting your investments.

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