BOOKKEEPING
- Professional accounting services provided on a monthly, quarterly, and annual basis
- Preparation of a full set of accounts including financial statements, profit and loss accounts, balance sheets, bank reconciliations, cash-flow statements, trade debtors, and trade creditors listings and other accounting listing
- Preparation of financial statements for various types of businesses and organizations, including sole-proprietors, partnerships, SMEs, management corporations, MNCs, enterprises, entrepreneurs, and companies
- GST calculation and submission, if applicable.
- Full Accounting Services
- Drafting of unaudited financial statements for exempt companies and audited financial statements through our associated audit partners.
- Our audit services comply with ACRA’s and IRAS’s statutory requirements.
Your company is required to prepare an audited financial statement if it meets any of the following criteria for the financial year:
- Company’s total annual revenue exceeds S$10 million.
- Company’s total assets exceed S$10 million.
- Company has more than 50 shareholders.
In addition, if your company is a subsidiary of a company incorporated outside of Singapore, it must prepare audited financial statements if it meets any of the above criteria and the holding company is required to prepare audited financial statements under the laws of its country of incorporation.
Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified.
A small company is disqualified if:
- it ceases to be a private company at any time during a financial year;
- or it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
To add on, the 3 quantitative criteria to qualify as a small company are:
- Total annual revenue of not more than SGD 10
million for the financial year - Total assets of not more than SGD 10 million as of the end of the financial year
- The number of employees must be fewer than or equal to 50 employees at the end of the financial year.
If a company meets 2 out of the 3 criteria for the immediate past two consecutive financial years, it will qualify as a small company and be exempted from having to prepare audited financial statements.
If you prefer to have your accountants work at your office rather than sending the documents elsewhere, our convenient outsourced accounting arrangements could be the solution you are looking for.
If you prefer to have on-site accounting support, we are happy to send our experienced accounting professionals to work at your office at flexible hours tailored to your business needs. Our outsourced accounting services cover a wide range of tasks, including the preparation of full set accounts, such as income statements and balance sheets, on a weekly or monthly basis.
Aside from preparing a complete set of accounts, we can also offer additional accounting functions, including but not limited to:
- Monthly or yearly preparation of consolidated accounts for a group of companies
- Preparation of management reports for financial reporting and management meetings
- Account review
- Creation of templates for accounting and financial reporting purposes
- Advisory services on accounting procedures and internal controls
- Assistance in forecasting, budgeting, and monitoring business cash flows
- Consultation, training, and implementation of GST accounting procedures
- Management, supervision, and guidance of accounting team at client offices
Coordination with external parties such as auditors, tax agents, and bankers regarding accounting-related matters.
At PACE, for our onsite team provides 3 levels of support for our onsite bookkeeping.
- 1st – an onsite accounts team, where we provide a dedicated team to work at your premises.
- 2nd – an onsite accounts manager who will guide and supervise your in-house accounting team.
- 3rd – offer placement of staff on a project basis at your office to supplement your in-house accounting team. Contact us to find out which arrangement would work best for you.
Click here to find out which works best for you
