At AccVisory, our accounting services include:
- Finance Function Outsourcing
- Routine Accounting
- Preparation of Unaudited Financial Statements
- XBRL Filing
a) Finance Function Outsourcing
Management can outsource the whole or part of the finance function of your business to us. We will work together with management to understand the specific business needs and identify the portion of finance function to be outsourced.
We will be able to help management with the whole range of finance function. From issuing invoices, processing payments, monthly payroll processing, monthly bookkeeping to financial management function commonly associated with "Chief Financial Officer" role. We will tailor the service to suit your business needs and budget. We will be able to grow together with your business.
We will also be able to provide emergency staffing or short term staffing needs of your business. This range from providing manpower to cover the roles ranging from Chief Financial Officer, Finance Manager to Accounts Assistant.
b) Routine Accounting
At AccVisory, we will understand the nature of your business and operations, and key business concerns. With your inputs, we will design your accounting system to generate reports which meet your business needs and allow you to make informed operational and business decisions.
We will also provide you with a perspective of the current and future implications of your financial numbers. This is to assist you in managing your financial, operational and regulatory risks arising from your business environment.
Our routine accounting services include:
- Set up of accounting system which provide meaning business information
- Provide routine and non-routine reports which meet your business needs
c) Preparation of Unaudited Financial Statements
A company is are not required to have their accounts audited under the Singapore Companies Act, if it meets the following criteria:
- It is a private company during the financial year; and
- It meets at least 2 of 3 of the following criteria for immediate past 2 consecutive financial years:
i. total annual revenue is less than $10 million;
ii. total assets is less than $10 million;
iii. number of employees is less than 50.
The above audit exemption is applicable for financial years beginning on or after 1 July 2015.
However, these companies are still required to prepare unaudited financial statements, complying with the requirements of the Singapore Companies Act and the Singapore Financial Reporting Standards for tax filling purpose with the Singapore tax authorities.
The directors of the companies are responsible for the unaudited financial statements lodged with the tax authorities. As business personnel, the directors may not be conversant to ensure that such unaudited financial statements are prepared in an appropriate manner. At AccVisory, we can provide this service to assist the directors to ensure that the proper unaudited financial statements are available.
There is also the new exemption from statutory audit for small group of companies. Please contact us for more information.
d) XBRL Filing
XBRL is a filing requirement for Singapore incorporated companies to file their financial statements (“FS”) in a prescribed format and this was implemented by the Accounting & Corporate Regulatory Authority (“ACRA”) with effect from 1 November 2007.
XBRL is a computing language to present financial statements and this language allows financial information to be retrieved on an online basis to your stakeholders and other interested parties for various purposes.
The directors of companies are responsible for the accuracy of the FS in XBRL format filed with ACRA. As business personnel, the directors may not be able to prepare the FS in XBRL format. At AccVisory, we can assist the directors in discharging this regulatory duty appropriately.