Assurance Services

Organisations will need to engage the services of an accountant to provide assurance services. This will help improve corporate reporting, and ensure compliance with regulatory requirements and contractual obligations. This is especially important as the Singapore Financial Reporting Standards (SFRS), SGX listing rules and the US Sarbanes-Oxley S404 have complex requirements. Assurance services include:

- Financial statement audits

- Regulatory compliance and reporting

- Sarbanes-Oxley compliance

- Accounting Advisory

- Integrated Reporting

Accounting & Bookkeeping Services

Should you hire an in-house accounting and bookkeeping team or should you outsource it? By outsourcing accounting and bookkeeping services to an accounting firm in Singapore, you free up your company resources which allow you to better focus on growing your business. Accounting and bookkeeping services are offered by accounting firms that have specialist industry knowledge, and they can ensure that all day-to-day to complex transactions are accounted for correctly. They will also provide creditors control, debtors control, cash management, liaise with auditors and more. However, your company may be more comfortable with your own in-house department. Your accountant should be able to explain what services they are able to offer and how it will benefit your company.

Company Secretarial Services

Corporate compliance in Singapore is complex, and businesses will require secretarial services to help fulfil statutory obligations in an efficient manner. Company secretarial services will also help with company incorporations, branch and representative office registrations, annual compliance and maintenance of statutory registers, board meetings attendance and minuting and more. Ask your accountant to check for unnecessary compliances too, which can reduce bloat in your company and save on costs and resources. They can help with Voluntary Strike Off of dormant companies too, which will provide significant cost savings as well as enable your management team to focus on active entities.

Government Schemes

The Singapore government is hard at work, creating a business-centric environment that is attractive to both local as well as international entrepreneurs and investors. However, Singapore’s ever-rising costs and manpower crunch pose great challenges, especially for SMEs. In a bit to mitigate these difficulties, there are plenty of schemes implemented that aim to increase local companies’ competitive edge. However, figuring out how these schemes affect your taxes can be challenging. Your accountant will be the best person to advise you on this. They may even be able to point you to schemes that you are eligible for.

Payroll Outsourcing

Outsourcing your company’s payroll processing function, again, can provide significant cost savings. Ask your accountant if their firm provides:

- Calculation of monthly payroll

- Employer registration with CPF

- Calculation of statutory deductions including CPF, skills development levy, foreign worker levy and ethnic/religious fund deductions

- Payroll processing and annual reporting

- Issuance and maintenance of electronic payslips and remuneration reports

- Electronic-leave management

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Chia Ying Mei

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