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.
| Starting from | |
| Monthly reporting – low volume | S$200 per month |
| Yearly reporting – low volume | S$1,200 per annum |
It is a typical misconception that companies registered in Singapore should adopt S$ 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.
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.
