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Our Accounting Services

Some See Accounting As A Necessary Evil – To Us It Is An Art

Even simply imagining keeping up with your own day-to-day accounting needs can be very intimidating. That’s why AG combines accounting and innovation to produce our award-winning accounting services in Singapore.

We’ve been trusted by large multi-national corporations to bring our expertise to the table and maintain complex accounts. Find out why by contacting AG today.

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Why Engage Our Accounting Services?

01.
One-stop Solution
Having all your services done at AG enables reducing process, time and cost.
02.
Expertise Ensures Quality
Our accounting teams are led by qualified Chartered Accountants to ensure our service quality.
05.
Innovation
We integrate cloud technology into our solutions that help to transform your reporting process.
04.
Confidentiality
Confidentiality is our core ethical value. All our services are governed by non-disclosure policy.
03.
Convenience
You can decide to have your accounts be maintained at your office or ours. This can maximise your office capacity.
06.
Cost-effectiveness
It is costly to hire a qualified accountants for a SME, not to mention the cost for setting up an accounting system. Outsourcing accounting function to an accounting firm in Singapore like AG, helps to reduce your fixed operation cost.

Pricing

Starting from
Monthly reporting – low volume S$200 per month
Yearly reporting – low volume S$1,200 per annum

Common Accounting Mistakes

It is a typical misconception that companies registered in Singapore should adopt S$ as functional currency. According to FRS-21, an entity should determine its functional currency based on primary economic environment in which it operates.

In the past, Last-In-First-Out (LIFO) costing method was permitted. However, this method was removed. Only FIFO or weighed average costing method is permitted.

In certain industry, sales recognition is governed by specific FRS. Adopting a wrong accounting policy, for an example, trading sales recognition method is adopted for construction project sales,  is not appropriate.

Standard accounting system is suitable for SMEs with simple business model like trading, import & export. Certain complex businesses like construction, logistic and tourism should use tailored made accounting system that best fits their business model.

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Find It Too Complex?
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Q&A

Is there any restriction in determining my company’s financial year end?

There is no restriction in determining your financial year end. However, the accounting financial period should not more than 18 months. It is advisable to match your financial year end with your GST reporting quarter.

 

Is company in Singapore required to use S$ to maintain its accounts?

No. currency should be determined by your functional currency which best interprets the economic environment in which your business operates. For an example, if sales and purchases are mainly transacted in US$, your functional currency should be US$.

 

What accounting software do you use?

We use MYOB, Quick Books, Oracle, SAP and Xero, depending on your need.

 

How long do you need to close my accounts?

It depends on your documents filing system and volume. Normally, we have a KPI to close accounts within 1 month. If your accounts are straightforward and low volume, we can close within 1 day.

 

How frequent should I close my accounts?

It depends on your need. If you need to assess financial data very often for business decision, you are advised to close your accounts every month.

 

My accounts are in a disaster, do you provide consultation on this?

We have a SWAT team to save your accounts. However, it is advisable to prevent this from happening as based on our experience, once damage is done, we can only reduce its impact but hardly undo the damage.

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