The main administrative and compliance costs in running a company are the accounting or bookkeeping costs followed by the corporate secretarial fees. It is very important to maintain proper company accounts. It is important to note that in Singapore, all companies with financial period starting on or after 1st January 2003 have to comply with accounting standards are known as the Singapore Financial Reporting Standards (SFRS). The SFRS is based on the International Financial Reporting Standards (IFRS Standards).
Here are some useful links:
Singapore Financial Reporting Standards (International)
Financial Reporting Standards (Effective for annual periods beginning on 1 January 2018)
Singapore Financial Reporting Standard for Small Entities
Charities Accounting Standard
The information can be a little daunting to digest but it sets a guideline for how financial reports should be prepared. When in doubt, look for an experienced bookkeeper or accountant to assist you on such matters.
There are two options when it comes to maintaining your company’s accounts. You can you can choose to do it on your own or choose to hire someone to do it for you.
If you were to do the accounts on your own, you can choose to record your accounts in table form, most notably in Microsoft Excel format or use accounting software. There are many accounting software out there like Xero and Quickbooks. Most of these will require you to either make a one-time payment or charge you a monthly subscription. For our firm, we usually recommend Waveapps as it is a free web-based solution with invoicing function built into it. You can also integrate your bank account and set up credit card payment to collect payments for your invoices.
Here are the links to these accounting systems.
Alternatively, you could hire a bookkeeper to maintain your accounts. Most companies will engage an external accountant who will receive the transactions, receipts and any details of any payments and invoices on a periodic basis, usually once a month. At the end of the financial year, the accountant will compile these accounts and generate the financial statements to be tabled at the company’s Annual General Meeting. These accounts may be filed with ACRA as well. Please ensure that your accountant has the relevant qualifications and experience to handle your company accounts. It is the director’s responsibility to ensure that the accounts are kept up to date and compliant.
For a general guideline, these are the fees charged by our accountant.
Book Keeping Fees (monthly)
$200 / month – 50 transactions or less monthly
$350 / month – 51 to 100 transactions monthly
$500 / month – 101 to 200 transactions monthly
Book Keeping Fees (yearly)
$200 / year – 50 transactions or less
$400 / year – 51 to 100 transactions
$500 / year – 100 to 150 transactions
Full financial statement (Company) – $250 to $500
Full financial statement (Consolidated) – From $300
For accounting matters, you may contact Kevin at +65 9828 3196 (Call/ SMS/ WhatsApp).
Please note that every company is different and if your company requires a more tailored accounting package, you should ask the accountant to provide you with a quotation for the services which you require. The figures above serve as a guide and are the fees that our accountants charge for typical companies.
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
The editorial team at Acra Filing Agent
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