Services We Offer
Business Advisory
- Strategic planning
- Budgeting
- Cash flow projections
Banking Activities
- Deposit receipts
Bank account activity can be updated daily so that you always know your available cash balance. We will notify you if there are transactions that appear in your bank account and request supporting information by email. Bank account balance notifications and cash receipts and disbursement reports can be emailed to you daily, weekly, or monthly as desired.
- Tally credit cards receipt
Credit card receipts (including NETS transactions) are reconciled to the corresponding statements each month, and the reconciliation reports are emailed to you promptly. When emailing the reconciliation report, we will call your attention to old outstanding items that require resolution and will also provide a list of any missing check numbers for security and control purposes.
- Bank reconciliations
You will have a clearer idea of the company’s performance when all accounts are reconciled and properly accounted for on your financial statement.
Having us reconcile your account each month allows you to:
- Identify lost checks, lost deposits and unauthorized wire transactions.
- Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
- Detect and prevent embezzlement of funds from within your company.
- Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
- Protect yourself against any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank. You can then transfer the risk to the bank.
- You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
GST Filing
A GST-registered person needs to comply with the requirements under the GST Act.
The responsibilities and obligations include:
- Collecting and accounting for GST on the supplies of goods and services made in Singapore;
- Displaying, advertising, publishing and quoting GST-inclusive price for any supply of goods or services to the public;
- Keeping business and accounting records for at least 5 years;
- e-Filing GST returns and paying the tax due (if any) not later than one month after the end of the accounting period, failing which the Comptroller may impose penalty and make an estimated assessment of the tax due.
- Reflecting the GST registration number on all tax invoices, simplified tax invoices and receipts;
- Informing the Comptroller in writing of the intention to transfer the business 30 days before the date of transfer;
- Informing the Comptroller in writing and applying for cancellation of GST registration if the business ceases to make taxable supplies;
- If the person’s GST registration is cancelled, GST has to be accounted based on the open market value of all taxable business assets held where the total value is more than $10,000 on the last day of his GST registration and input tax has been allowed on these assets previously. These assets include goods that are imported into Singapore under the Major Exporter Scheme/Approved Third Party Logistics Company Scheme, stocks, fixed assets and non-residential properties owned by him; and
- For a GST-registered person under voluntary registration (i.e. annual taxable turnover is not / not expected to be more than $1 million OR have not started making taxable supplies at the point of application), the person has to remain registered for at least 2 years. In addition, the following conditions must be met:
- Make taxable supplies within 2 years;
- Attend the Basic GST Seminar within 3 months from the effective date of GST registration.
The Comptroller may also impose other conditions on the voluntary GST registrant and may cancel his GST registration if any of the conditions is not met.
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