Accounting Services for Small Business and Bookkeeping for Startup in Singapore
What Accounting Services for Small Business needs
What accounting services does a small business needs in Singapore? To align our definition of small business, we are referring to the same criteria for the small entity mentioned in SFRS for Small Entities. In short, this small business, that has not more than 10 million in revenue or/and asset and less than 50 employees for a single financial year, only requires an unaudited financial statement for annual return filing. Unless this business falls under a special regulation required by the local authority, then the audit route is inevitable. Nevertheless, this should cover most businesses and start-ups that incorporated as a private company in ACRA. The small business should know whether they are required to file the ECI estimated chargeable income or not. All incorporated businesses are required to file their income tax to IRAS whether they profit or loss, so they need corporate income tax preparation. To compile the financial statement and income tax preparation, they must have a set of management accounts like balance sheet, income statement, and other relevant accounting reports. These can only be done by good bookkeeping activities. In conclusion, bookkeeping, unaudited financial statement compilation, corporate income tax preparation and may be estimated chargeable income preparation is the accounting services for small business needs in Singapore.
Bookkeeping Services Singapore understands that many challenges for startups and small businesses to keep their financial records intact. Therefore, we provide affordable professional bookkeeping and accounting services to Singapore businesses or entities for their accounting needs. Small businesses or start-ups will find it more cost-effective to outsource their accounting chores to us.