As an experienced accountant, we provide bookkeeping services of various industries and sectors of which includes the preparation of the following (whichever is applicable):
1. Input and recording of the company’s financial transaction;
2. General ledger;
3. Bank reconciliation;
4. Accounting schedule; and
5. Preparation of financial statements (eg. statement of comprehensive income and statement of financial position).

In order for us to provide the company with bookkeeping services, we typically require the following documents for the financial year concerned (whichever is applicable):
1. Bank statements;
2. Sales and purchase invoices:
3. Expenditure invoices;
4. Invoices for fixed assets acquired;
5. Salaries listings;
6. Petty cash payment records;
7. Loan agreement and schedules; and
8. Any other ancillary documents to the company’s financial transaction.

For the purpose of fulfilling the requirements as per financial reporting standard, the financial statements shall also be accompanied with the directors’ statement and its explanatory notes, even if the company is exempted from auditing requirements. In view of this, the compilation of its financial statements will present its complete/full set of its financial statements which may also promote the following (not limited to):
1. Higher degree of transparency and disclosure of accounting policies;
2. Enhancement of investors’ confidence; and
3. Accessibility to banking facilities, grants, and regulatory requirements in specific industries or agencies.

In addition to the above, it is also a requirement for a company to compile its financial statements for the purpose of full XBRL reporting.

By engaging our tax services, our experienced tax consultant will assist the company’s on its tax obligations and filing of its returns with the tax authority, Inland Revenue Authority of Singapore (IRAS). As a tax consultant, we provide the board members with tax advisory and planning on the tax treatment which is essential to certain trade whether it is situated locally, or abroad.

Our tax services will include the following (whichever is applicable):
1. Tax advisory and planning;
2. Computation of estimated chargeable income (ECI);
3. Tax computation and filing of tax returns with IRAS; and
4. Any other matter that may relate to the tax obligation or treatment to the company’s trade.

Your company may be required to be a GST registered company due to the its mandatory requirement by IRAS or voluntarily due to your business needs.

In a prospective view, you will have to register for GST when there is certainty that your taxable turnover will exceed S$1 million in the next 12 months (or equivalent currency). You must have supporting documents to support your forecast value of S$1million. For example:

• Signed contracts or agreements;
• Accepted quotations or confirmed purchase orders from customers;
• Invoices to customers with fixed monthly fee charged; or/and
• Income statements showing that past 12-month period was already close to S$1 million and that annual turnover is on an increasing trend.

REQUIREMENTS FOR XBRL CONVERSION AND REPORTING
In addition to the requirements for every company to prepare financial statements, the company may also be required to report the aforesaid financial statements in an XBRL (eXtensible Business Reporting Language) format, unless exempted from such requirements. In view of this, the most common XBRL templates that are reported and filed with the authority are as follows:
1. Full XBRL; and
2. Simplified XBRL (financial highlights)*.

EXEMPTIONS FOR COMPANIES ON XBRL REPORTING
Although companies are encouraged to perform XBRL reporting, these companies can still be exempted by fulfilling either one (1) of the following options:
1. If the company is an exempt private company (EPC)** and is solvent; or
2. If the company is dormant for the entire financial year and it qualifies for the conditions to be exempted from the preparation of financial statements under the provision of Section 201A of the Companies Act.

*The simplified XBRL (financial highlights) is only applicable to EPC companies.
**EPC is referred to private companies who has no interest held by a corporation (i.e. corporate shareholder) and that the number of shareholders does not exceed 20 during the current financial year.

The purpose of an audit is to provide an objective independent examination of the company’s financial statements, which may be beneficial for investors to ensure the value and credibility of the financial statements.

Auditing of financial statements may or may not be a statutory requirement of a particular company, or whether it is exempted from auditing requirements, the company may still choose to audit its financial statements due to internal use or to fulfill certain requirements.