17 July 2014
SEO Guide
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Compilation of Financial Statements in Singapore

Good financial practices and book keeping systems are an integral part of companies all over the world. And like anywhere else, the Singapore Companies Act requires maintenance of proper financial records for all companies registered in the country. Accounting firms Singapore can help you deal with financial needs if your company is a branch of a foreign company or if you are not familiar with the laws in Singapore. Maintenance of ledgers, preparation of audited financial statements, filing director reports and audit reports, filing corporate tax and sales tax and preparation of payroll are some areas in which these accounting firms can be of help.

Consolidated Accounts Preparation in Singapore

The Singapore Companies Act requires that all financial statements be filed with the Accounting and Corporate Regulatory Authority of Singapore and with the Inland Revenue Authority of Singapore. These standards have to be adhered to whether you are a foreigner who has started up a company or a local. Maintenance of general ledger, accounts receivable ledger, accounts payable ledger, fixed assets ledger, budgeting, managing cash flow, bank reconciliation, preparation of financial statements, financial analysis and management reporting are some of the functions that are involved with preparation consolidated accounts.

Compliance Audit Services from Accounting Firms

Complying with the statutory requirements with regard to keeping financial records in Singapore involves a number of activities like those mentioned above. All this requires in depth knowledge of the accounting practices and more specifically the laws of the country with regard to this. This is where local accounting firms can come to the rescue. The government in Singapore has allowed for lenient regulations with regard to foreigners starting up companies in their country. So if you are one of those who took advantage of this opportunity, you would definitely know that it is not easy to do everything on your own. Local accounting firms provide knowledgeable professionals who can take care of all your accounting needs including preparation of unaudited financial statements, filing tax returns at the correct time and advising you with regard to the financial health of the company.

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