Accounting involves monitoring all of your business’s activities and assets. Whenever you spend, earn, or lose money, your bookkeeper records it in the company’s books. Your accountant then uses these figures to generate reports. The government uses these reports to determine your tax obligations and any tax exemptions that you may qualify for.

There are several reasons why accounting is essential. Firstly, it is mandatory to report your company’s financial information to the government, as this is used to determine your tax liability. Secondly, accounting plays a critical role in internal planning and management. Errors in accounting can be expensive, as incorrect reports can result in government fines. Additionally, inaccurate accounting can impact your evaluations and plans, making it crucial to ensure that your accounting is accurate.

Singapore follows the Singapore Financial Reporting Standards (SFRS), which are comparable to the International Financial Reporting Standards (IFRS). The accounting system used in Singapore is accrual-based, which means that transactions are recorded when they occur, rather than when the payment is made. Outsourced accounting services in Singapore are required to comply with the SFRS guidelines.

Yes, it is possible to make the transition from another accounting firm to Incorpnow. Our process is seamless, and we handle everything for you. We will directly contact your current accounting service provider, take over all of your financial documents, and conduct an audit to ensure that your company is compliant with regulations. We also review any required reports and provide ongoing advice regarding relevant tax exemptions, enabling you to make informed decisions about your taxes. With your accounting needs taken care of, you can focus on running your business.