All businesses and companies in Singapore are required to maintain proper bookkeeping and, where applicable, have their accounts audited. HKWJ Tax Consultants Pte. Ltd. is here to assist you in this area. Having organised accounts in place helps provide a clear understanding of your company's financial performance.
Although accounting requirements in Singapore may seem burdensome compared to some other jurisdictions where such requirements do not exist or where exemptions apply, maintaining proper management and audited accounts is advantageous for creating tax substance and demonstrating compliance.
Maintaining organised accounts provides a clear picture of your company's financial performance.
When you engage our services, we will provide you with the following resources and deliverables:
Our different packages and custom-made services can assist you with all your accounting matters, from bookkeeping to auditing. We currently use the MYOB system for most of our traditional bookkeeping clients, as this platform is commonly used in Singapore by both our clients' companies and their auditors.
Traditional Bookkeeping
We charge our clients a fixed monthly service fee, which depends on factors such as the number of transactions processed, business complexity, and turnover. We can also provide auditing services, including statutory corporate audits and the preparation of interim reports.
Accounting is complicated, time-consuming, and requires up-to-date knowledge. HKWJ Tax Consultants Pte. Ltd. can assist you with all accounting matters, from bookkeeping to auditing.
As digital technologies advance, bookkeeping services are transitioning to smart, cloud-based solutions. Cloud computing and integrated software are essential tools popular among startups, entrepreneurs, SMEs, and large corporations. E-commerce businesses built on platforms like Shopify and others benefit from seamless online accounting integrations. Therefore, in addition to traditional bookkeeping, we offer reliable online bookkeeping and accounting services through QuickBooks, a leading cloud accounting software.
We can assist your company in setting up or transitioning to a smart accounting system. We provide training, bookkeeping, annual audit coordination, and corporate income tax filing, as well as insights on how to improve your business's financial performance and resource allocation.
Cloud Accounting
If you are undecided on which accounting model is suitable for you, please contact us for a consultation. We will take the time to understand your business model and accounting needs, and recommend the best tailor-made accounting and audit solution for your business, start-up, or freelance activities.
Key benefits of cloud accounting include:
You should consider that using a cloud bookkeeping system may also have disadvantages. For example, clients with access to the system might accidentally input or change entries without notifying us, which could lead to errors.
Additionally, poor internet access may slow down the accounting process, and security breaches or server breakdowns may occur. As such, additional security measures, a stable internet connection, and backup protocols need to be implemented.
Finally, some cloud accounting solutions may limit your ability to work with foreign currencies for input and invoicing, or may charge additional fees related to the platform.
As an incorporated company in Singapore, you need to comply with the Singapore Financial Reporting Standards (SFRS) when preparing financial statements to record your transactions. Not only is this important for keeping accurate and up-to-date accounting records, but also for proper corporate income tax filing with the Inland Revenue Authority of Singapore (IRAS).
Your company's annual financial statements must be audited by a Singapore-registered public accountant and submitted to IRAS, together with the corporate income tax returns.
Every Singapore incorporated company generally needs to file an annual Corporate Income Tax Return and tax computation for each respective year of doing business. The tax calculation will show the amount of tax your company has to pay after deducting all applicable expenses and applying exemptions, capital allowances, and incentives.
We charge our clients a fixed monthly service fee, which depends on factors such as the number of transactions processed, business complexity, and turnover.
Proper accounting is complicated, time-consuming, and requires up-to-date knowledge. Therefore, many SMEs and start-ups choose to outsource their company's accounting functions.
Based in Singapore, HKWJ Tax Consultants Pte. Ltd. makes getting started simple. Tax compliance, accounting, incorporation, business support — our team tailors every solution locally, handled with the discretion and care you expect. Contact us to see how we can support your goals.
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Same commitment, new coordinates — welcome to our Hong Kong branch.
