ACCOUNTING & BOOKKEEPING SERVICES IN SINGAPORE
Ensure your accounts are accurate and efficient with trusted accounting and bookkeeping services
Accounting is one of the most important business processes to get right, because it critically influences your organisation’s growth and success. Partnering with a trustworthy accounting firm in Singapore that understands the local laws and regulations, while also maintaining an international presence, is a key part of this success.
Reliable outsourced accounting services
BoardRoom’s team of certified chartered accountants and finance professionals in Singapore has the skills and expertise to ensure your accounting is accurate, efficient and compliant with local laws and regulations.
Outsourcing to our experts enables you to keep managing your core business operations without the inconvenience or hassle of managing an extra in-house accounting team. Our trained and knowledgeable staff are up-to-date with the latest regulations and requirements, setting your business up for success.
With BoardRoom, your company can operate safely and efficiently with confidence. Through offering unique business insights, our professional advisors help you better understand the local industry landscape and strengthen your company’s overall performance.
Xero Platinum Partner
BoardRoom is proud to be a Xero Platinum Partner. This accreditation recognises:
- our in-depth knowledge of the software;
- the high level of support we offer our clients; and
- our ongoing commitment to optimising our business efficiency with advanced technology.
Outsourcing your accountancy services to us gives you the benefit of a Singapore-based accounting firm that understands the power of technology to improve operations.
How can BoardRoom help?
Ensuring your accounting aligns with local Singapore and APAC-wide accounting standards is crucial to maintaining your business’s reputation. As an accounting firm based in Singapore, our team has a comprehensive understanding of cross-border and specific local country requirements to keep your accounting records compliant.
Statutory reporting & compliance services
Statutory reporting, whilst typically only occurring annually, is an essential part of maintaining compliance with the authorities. This type of reporting tends to be a high level consolidation of your accounts, required by Government agencies, to ensure you are operating within the law. Whilst this may seem like a simple requirement, it can be complex ensuring you’re adhering to the specific formats required.
Management purpose reporting
Management bookkeeping is unique to you and your business requirements. An experienced outsourcing firm like BoardRoom will be able to provide a wealth of data and insight into your business through analysis on your P&L (Profit and Loss), EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) ratios, liquidity ratios, margins, investment deposits to determine how your company is performing.
Group accounts consolidation
Consolidating your group accounts can save your finance team valuable time and money. Understanding how to consolidate financial statements is especially important if you are a business that operates its subsidiary companies across various regions or countries. This allows your team to accurately represent financial results for investors and for Accounting and Corporate Regulatory Authority (ACRA) filing purposes.
Our professional accounting services
As one of the Asia-Pacific region’s most trusted accounting firms, we ensure that your business fulfils all local regulatory authority compliance requirements, maintaining the integrity of your company’s reputation.
01 Bookkeeping for management and statutory compliance
Our accounting services across the Asia-Pacific region can free you from day-to-day account maintenance. It will also provide you with detailed insight into your business, maximising performance and streamlining your operations.
BoardRoom’s accounting and bookkeeping experts can help you with all your accounting reporting requirements. From management to statutory compliance reporting, our professional team will help guide your business throughout Asia-Pacific. There is a wealth of data and insight available to your business when you choose the right outsourced accounting services partner.
We can help with all your accounting requirements in Singapore including:
- completing accounting entries, including compiling:
- general ledger reports;
- trial balances;
- profit and loss statements;
- balance sheets; and
- balance sheet schedules for management reporting and financial analysis.
- preparing Financial Year End (FYE) statements that are compliant with the Singapore Financial Reporting Standards, including:
- statements of comprehensive income;
- statements of financial position;
- cash flow statements;
- statements of changes in equity; and
- notes to the account.
- assisting in the statutory reporting process – for example, liaising with auditors; and
- completing MAS and other required forms for submission to government agencies.
02 XBRL financial statements
XBRL conversion filing is a highly time-consuming, yet necessary, process for running a company in Singapore. We can take care of all your XBRL needs, saving you time and resources that you can reallocate towards your core business growth.
Our outsourced accounting services have supported over 1,000 companies in their XBRL conversions. Through years of experience, we have refined and streamlined our XBRL conversion process to make this process seamless for our clients.
Our expert team of accountants in Singapore will handle your company’s XBRL work in an organised and attentive manner while also providing a single point of contact to handle any queries you may have.
We can help with:
03 Consolidating group accounts
Consolidating your group accounts can save your finance team valuable time and money. Understanding how to consolidate financial statements is especially important if you are a business that operates its subsidiary companies across various regions or countries. This is because it allows your team to accurately represent financial results for investors and Accounting and Corporate Regulatory Authority (ACRA) filing purposes.
BoardRoom can help you to manage this process with our skilled consolidation agents. We understand the complexities of consolidating accounts, such as situations where the parent company does not 100% own a subsidiary company.
Let our team guide you through the process to ensure accuracy and accountability for your company and stakeholders.
|Preparation of Consolidated Accounts – One Subsidiary
|from $800 (W/GST $856)
|Preparation of Consolidated Accounts – Two Subsidiaries
|from $1,200 (W/GST $1,284)
|Preparation of Consolidated Accounts – More than Two Subsidiaries
|Call for quotation today
04 Cash management
Distributing company funds can be a complicated process. BoardRoom can help make it easier by streamlining your accounting services with payment support facilities to oversee proper fund distribution and administration.
Our comprehensive approach includes a variety of outsourced accounting services, such as:
Streamlining your accounting services reduces the administrative burden that these critical tasks create. Our professional accounting team removes the labour-intensive duties from your staff, while ensuring compliance and accuracy across all transactions.
Why Choose BoardRoom?
Because we help take your business further, faster, at all stages
Partnering with an experienced Singapore-based accounting firm with an international presence can help you reduce costs, minimise risk and increase potential revenue growth, while ensuring you meet all compliance obligations in each region.
With a proven track record built over 50 years, BoardRoom has become one of the region’s most trusted accounting services providers.
Frequently Asked Questions (FAQs)
1. How can accounting services help my business?
Whether you run a small business or a multinational corporation, every business can benefit from some sort of accountancy services.
Accounting can help your business succeed by giving you insights into the overall financial health of your company, offering a precise report of your cash flow, demonstrating opportunities for growth and keeping you organised and accurate when filing your taxes.
2. How does outsourced bookkeeping work?
When you outsource your bookkeeping, you will have to grant your vendor full access to your company’s financial information. Some companies prefer to grant vendors a “read-only” access to ensure no external parties have access to company’s funds. In general, outsourced bookkeeping should be digitalized for ease of convenience.
Outsourcing your bookkeeping services can look different depending on your business’s size and needs. Smaller businesses typically outsource their bookkeeping to a local Certified Public Accountant (“CPA”), while larger corporations outsource their accounting to larger firms like BoardRoom. When you outsource your bookkeeping the firm you have outsourced to will typically handle all your taxation requirements such as tax strategy, tax preparation and tax filing.
3. What are the accounting requirements in Singapore for businesses?
There are a number of accounting requirements in Singapore your business should be aware of in order to avoid penalties. For instance, your business needs to file important documents in a timely fashion throughout the year, including Financial Year-End (FYE) reports, Estimated Chargeable Income (ECI), and your Annual Tax Returns. There is also a set of Singapore Financial Reporting Standards (SFRS) to follow, which all companies with a financial period starting on or after 1 January 2023 need to comply with.
If you need more advice or information on these requirements, our professional team of accountants at BoardRoom is happy to help answer any questions you may have.
4. What is included in accounting/bookkeeping services?
This will vary depending on the bookkeeping firm, but typically accounting agencies will offer tax strategy, tax preparation, and tax filing services.
If you are looking to outsource a service that is all-encompassing, you should choose an accounting services provider like BoardRoom that offers payroll processing, account reconciliations, financial strategising, and more.
5. What should companies look for in an accounting firm?
What you should look for in an accounting firm will depend on the size and complexity of your business’s needs.
If you run a smaller business and simply need some help filing taxes, then ask family and friends for a trustworthy recommendation for a CPA. Make sure that they have the necessary licenses and certifications.
If you run a larger company and need something more sophisticated, it is recommended to examine the firm’s scope of service, as well as their experience and their accounting tools.
6. When should I outsource accounting management?
There is no “perfect” time to outsource accounting management, but as a business owner, it would be ideal to start your business with your accounting services already established.
Having said that, it is also quite common for companies to outgrow their small accounting solutions and seek more scalable alternatives.
7. Where can I find professional accounting services?
BoardRoom is Asia-Pacific’s leader in professional services including Accounting and Taxation Services, Payroll Outsourcing, and Human Resource Outsourcing, making us an ideal choice for outsourcing your accounting services.
For over 50 years, we have supported companies in navigating through complex operational and regulatory policies and cultural sensibilities. We are well-positioned in Asia-Pacific with offices in Singapore, Australia, China, Hong Kong, and Malaysia, as well as an extensive partner network throughout Asia.
BoardRoom is the partner of choice for many Fortune 500 multinational companies, public listed and privately owned enterprises.
If you are looking to outsource your accounting in Singapore, kindly contact us today. We will be happy to hear your business requirements and find an accounting solution that best fits your needs.
8. How much do accounting services cost?
The cost range of accounting services in Singapore varies depending on the type of services you need and the provider you choose. In general, services are offered in various packages that can be tailored to a company’s specific needs, and will be priced as appropriate. For example, companies who only seek simple bookkeeping and accounting services will typically pay less than businesses who need more extensive accountancy services.
9. Is outsourcing accounting services better than in-house?
Outsourcing your accounting services has a variety of advantages over in-house accounting. Most importantly, outsourcing allows your company to focus more on the business and its core competencies. It also puts all your accounting needs in the hands of well-equipped and highly-experienced professionals, allowing tasks to get done quickly and accurately, alleviating stress and additional work from your staff. Outsourcing also saves valuable resources, saving the effort required to train in-house staff who need to handle day-to-day accounting issues. This improves the overall efficiency of your business, boosting productivity across the board.
10. Why is accurate bookkeeping important for businesses?
If you run a business, it is crucial for you to keep track of your business’s finances accurately. This means tracking your profits and losses, as well as filing your taxes correctly and timely, and ensuring that your business is compliant with current tax regulations.
11. What are the top accounting software solutions?
While there are many accounting software options, we prefer a solution that supports businesses of all shapes and sizes, which is why we are proud to hold Gold Partner status with Xero™.
Xero™ cloud-based software is an ideal choice for its streamlined interface as well as its simple integration with payment services such as Stripe, Paypal, and traditional banks. Xero™ also supports multiple currencies and offers robust financial reporting.
12. How can BoardRoom’s accounting services help my business?
Here at BoardRoom, we have been helping companies across Asia and Australia with their bookkeeping and accounting services. Our experienced professionals are committed to filing your taxes and keeping your business tax compliant. If you want to find out more about how we can help your business, please contact us today.