Most private limited companies in Singapore are no longer required to have their accounts audited if they satisfy certain conditions.
Exempt private companies
- Which have no corporate shareholders and no more than 20 individual shareholders.
- With turnover of less than S$10 million for the accounting year can file unaudited reports.
Bindwith provides full account services, drafting of unaudited financial reports for exempt companies and offering audit service through our associated audit firms.
Our audit services include all financial statements designed specifically to comply with ACRA’s and IRA’s statutory requirements.
Following is a brief overview of the accounting services we provide.
- Singapore Accounting Software Assistance
- Singapore Professional Accounting Service
- Recording Full Set of Account Transactions
- Preparation of Cash flow Statements
- Singapore Group Consolidation
- Singapore Bank and Other Accounts Reconciliation
- Accounts Payable (AP)
- Financial Statements Preparation
- Directors Report /Compilation Report Preparation
- Compilation of Accounts
- XBRL Statement Preparation
These range of accounting service are applicable for all type of companies – whether you are an existing or new start-up company in Singapore. It is suitable for Sole Proprietorship, Partnerships and Private Limited Companies.
Benefits of Outsourcing Accounting Services in Singapore:
In order to have the business competitive advantage you must need to discover the smart ways for saving costs and increasing revenues. You save at least 50% of your overhead costs and 100% of your time by outsourcing your accounts to us or appoint us as part time accountant.
The time you spend on resolving bookkeeping problems that add little or no value to your customers relationship, it could better used in your business expansion activities.
By outsourcing your finance and accounting function, your company would undoubtedly see the performance improvements as they can benefit by:
- Freeing up management’s time from administrative and regulatory tasks to concentrate on higher-level decision-making.
- Taking advantage of the outsourced infrastructure and capability such as the computerized accounting software set up, without having to pay for such upfront costs
- Confidential financial information including payroll data do not have to be shared with internal staff
- Replace current fixed staff cost structure with a variable cost arrangement by outsourcing
- do not need to worry that your staff performing the job is incompetent and not up to date with the latest rules and regulations
- No CPF contributions, No bonus, No annual leaves, No medical leaves
- No more hassle for employee’s leave during the critical times
- No need for office space, facilities, computers, accounting software.
When you outsourced your accounting services to Us:
- You enjoy savings of big money. You save on salary, overhead costs, hiring and training cost. Hence, you will increase your net profits. When you engage our accounting, including bookkeeping services, we are able to provide it cheaper as there are economies of scale that we can leverage on which you don’t have.
- You get top quality accounts, which are compliant to the requirements of Singapore Financial Reporting Standards. Our Bookkeeping and Accounting team is member of Institute of Singapore Chartered Accountants (“ISCA”), Singapore Institute of Accredited Tax Professional (“SIATP”), Association of Chartered Certified Accountants (“ACCA”), UK. You may not be familiar with the industry norms and the right treatment to certain transactions. But we are a team of well qualified professionals and experienced accountants who have the expertise in this area that would elevate the chances that your accounts or financial statements are deemed non-compliance.
- You enjoy convenience, where we are your one stop solutions provider. A vast range of accounting related services are available. Whether the purpose of your accounts is for tax (sometimes known as accounting tax services), bookkeeping, advisory, financial, payroll (also known as payroll accounting services), business or even management and anything that you can ever think of.
- Our team of professional accountants will manage and review your financials, providing accuracy and reliability, leaving you to worry about the bigger picture. In turn, this will help you fulfil the compliance requirements stipulated by ACRA and IRAS and avoid unnecessary penalties.
Kindly contact us to discuss further on our accounting services.