Accounting Services in Singapore
SHORTS Business Services is a Singapore-based provider of corporate accounting services in Singapore.
What is Accountant and Book keeping Services?
Shorts Business Services is a leading Singapore-based accounting firm offering affordable and professional accounting services. Recognizing the crucial role of accounting in business success, they provide expert handling of financial records, ensuring accuracy and compliance with regulations. With a team of experienced and qualified professionals, Shorts Business Services aims to make accounting and bookkeeping accessible to all businesses, offering comprehensive services and valuable insights to enhance financial management. Moreover, our monthly accounting services charges make the accounting and bookkeeping services in Singapore accessible for everyone.
Functions of Accounting Services in Singapore
Accounting services Singapore are designed to meet the diverse needs of businesses from startups to large enterprises.
Bookkeeping
Bookkeeping refers to the systematic recording of financial transactions such as sales, purchases, receipts and payments accurately to keep up-to-date financial records while adhering to tax regulations.
Financial Reporting
Our financial reporting services include providing essential financial statements like balance sheets, income statements and cash flow statements by Singapore Financial Reporting Standards (SFRS). Such reports give a clear snapshot of a company's health and performance while complying with local accounting standards such as those issued by Singapore.
XBRL Financial Statements
In Singapore, XBRL (eXtensible Business Reporting Language) financial statements ensure compliance with Accounting and Corporate Regulatory Authority requirements by converting financial statements to this format to facilitate easier data sharing and analysis. These services involve the conversion of annual reports to this XBRL format so as to meet Singaporean ACRA regulations for ease of analysis.
Corporate Accounting Services
Corporate accounting services in Singapore cover an expansive spectrum of business accounting needs, from tax compliance and preparation of statutory accounts to advisory. This ensures compliance with local regulations while optimizing tax liabilities and making informed financial decisions.
Payroll Processing
Payroll processing services help managers handle the complex aspects of payroll management efficiently, including calculating wages, withholding taxes and making timely payments to employees. In addition, payroll processing ensures compliance with employment laws while managing employee benefits efficiently.
Management Reporting
Management reporting involves providing financial data to managers for decision-making purposes. This may involve budgeting and forecasting processes and reports to support strategic planning and performance monitoring.
What are Singapore Financial Reporting Standards
Singapore Financial Reporting Standards (SFRS) provide accounting principles and guidance that were set to guide how financial statements are prepared and presented in Singapore by the Accounting Standards Council (ASC). As part of the ASC member’s requirement to join, the SFRS provides transparency, uniformity and comparability between businesses.
SFRS assures consistency in financial statements for all organizations, thereby facilitating decisions made by regulators, investors, and other stakeholder groups. Transparency is a further hallmark of SFRS; companies must present transparent and accurate data to help build trust among investors and maintain the integrity of markets.
Singapore Financial Reporting Standards (SFRS) were designed to align with the International Financial Reporting Standards (IFRS), which makes accounting and financial reports in Singapore in line with international standards and makes multinational enterprises working across borders more efficient in managing and reporting their finances, resulting in more smooth international business operations and more efficient results.
SFRS for SE (Small Entities)
The Singapore Financial Reporting Standard for Small Entities (SFRS for SE) is designed to simplify the financial reporting process for Singaporean small-sized firms. It was created and developed by the Accounting Standards Council (ASC). The financial standard allows efficient, cost-effective financial statements for smaller businesses. Partnering with the best accounting firm in Singapore can simplify the process for small businesses.
How to Qualify
To qualify for SFRS for SE, a small entity must not have public accountability, meaning it is not publicly listed and does not hold assets in a fiduciary capacity for a wide group of outsiders. Additionally, it must meet specific size criteria related to revenue, total assets, or number of employees as defined by the ASC.
Streamlined Approach
SFRS for SE offers a simplified method of financial reporting for small businesses (SE) with simple financial statements, revenue recognition guidelines, and rules for leasing and other financial instruments. This simplified approach helps small businesses save on compliance costs and simplify the reporting process for them and their accountants.
What you get
How Can We Help You?
Shorts Business Services offers affordable accounting solutions in Singapore with a qualified team to meet your business’s accounting requirements. Our dedicated staff assists companies in achieving financial efficiency and compliance
- Expert accountants review, prepare reports
- Capture and formally document the input data.
- Payroll, invoices, accounts managed seamlessly
- Compliance-driven compilation of financial documents.
- Efficient Management of Tax Filing Schedules
- Preparation and compilation of balance sheets
- Management of cash flow and budget formation
- Assess and Prevent Financial Risks Effectively.
- Periodic financial analysis, provides improvement suggestions
- Our assistance and support throughout the year
- Transparent and honest charges as per the tasks
Find The Best Accounting Firm In Singapore
Shorts Business Services is a leading Singapore-based accounting firm offering affordable and professional accounting services. Recognizing the crucial role of accounting in business success, they provide expert handling of financial records, ensuring accuracy and compliance with regulations. With a team of experienced and qualified professionals, Shorts Business Services aims to make accounting and bookkeeping accessible to all businesses, offering comprehensive services and valuable insights to enhance financial management. Moreover, our monthly accounting services charges make the accounting and bookkeeping services in Singapore accessible for everyone.
Choose SHORTS Business Services for the best accounting service in Singapore.
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