Accounting and Taxation Services 

Key Benefits of Accounting Outsourcing

The most common reasons why many companies chooses to outsource accounting services are to

• reduce operating costs 
• improve company focus 
• improve quality 
• free up capital 
• increase capabilities not otherwise available and 
• to reduce cycle time. 

Whether you need to prepare for tax time, a financial review or you just need to clean up some problem areas, outsourcing is a smart and affordable way to get a handle on your books.

Use our contact form for a non-obligation quotation.

You must keep books (eg. sales journal, cash receipts journal, purchases journal, cash disbursement journals) that document your business’ income and expenses.

1. Maintain full set of accounts

To substantiate the entries in your books, you must keep evidence of income such as sales memo, invoice to customers and cash register receipts; as well as proof of expenses like cheque stubs, invoice from suppliers, pay slips to employees and receipts from purchases.

These evidences should be filed properly from day one of your operations.

2. Prepare Periodical/ annual accounts and reports

Talk to an accountant early if you are unsure of what supporting documents to keep for your accounts. Life can be very hectic once you start running your business. You will not want to add on to the frenetic pace by hunting high and low for supporting documents later.

3. Preparation of income tax computation and returns

Under Section 62 of the Singapore Income Tax Act, every company (resident / non-resident) has to file its income tax return by a stipulated date (usually 31 July) as stated in the Government Gazette. A complete return includes:

• Form C  
• Audited accounts, tax computation and supporting schedules;  
• Additional Information on Income & Deductions in Parts IV to XIV of Form C;  
• Exempt Dividend Account, where applicable;  
• Schedule of Singapore Dividends / Interest Received and Tax Deducted, where applicable;  
• Details of Interest Free/Subsidized Loans to Individual Directors/ Shareholders, where applicable.  
• The guidelines for completion of Form C and Appendices are laid out in the 'Explanatory Notes' that are sent to companies as part of the Form C package.  

Our services includes as well filing of Form C and tax computation for company with simple / complicated operation.

4. Goods & services tax (GST) returns and sales / services tax returns

This is a tax on domestic consumption chargeable on the sale of goods and services in Singapore by GST registered traders. GST is also chargeable on goods imported into Singapore.

It is levied on practically all goods and services except for the rental and sale of residential land and buildings in Singapore and the provision of certain financial services. The rate is now 7% with effect from 1 July 2007.