Incorpnow

Accounting Services by Chartered Accountants

Bernard Lim

Your accounts are ready! 

Accounting Packages

Do you have a sort-of solution for your financial needs? If you still have to spend hours on it, your solution isn’t good enough.

What’s your average monthly revenue ?

Small Business

Monthly revenue under S$10k

Price per month, billed annually

S$2400/y

S$200/m

  • Personal Accountant & Bookkeeper
  • Business growth & tax savings advice
  • Bank connections
  • Transaction reconciliation
  • Reports on the go 
  • Unaudited Financial Statements
  • Estimated Chargeable Income
  • Corporate Tax Return
  • Automated cash balance
  • Invoice management, creation and outstanding balance
  • Annual management reports
  • Profit & Loss, Balance sheet, aged payables, aged receivables
  • Annual compliance review for the Nominee Director service

Medium Business

Monthly revenue between $10k-$75k

Price per month, billed annually.

S$3,600/y

S$300/m

  • Personal Accountant & Bookkeeper
  • Business growth & tax savings advice
  • Bookkeeping
  • Bank connections
  • Transaction reconciliation
  • Reports on the go 
  • Unaudited Financial Statements
  • Estimated Chargeable Income
  • Corporate Tax Return
  • Automated cash balance
  • Invoice management, creation and outstanding balance
  • Monthly management reports
  • Profit & Loss, Balance sheet, aged payables, aged receivables
  • Ecommerce highlights: free integration with one marketplace, automated fees separation

Large Business

Revenues in excess of $75k/month? Get in touch with our team and get a competitive custom offer suited to your needs

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FAQ

What is it?

What is the process of accounting?

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.

Why is accounting important?

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.

What are the accounting standards in Singapore?

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.

Is it possible to switch to Incorpnow from another accounting firm?

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.

How does it work?

What accounting services do we offer for small businesses in Singapore?

Our accounting services cover everything that small businesses in Singapore need. We handle all aspects of accounting, including bookkeeping, preparing financial statements, ECI tax reports, and XBRL (full and highlights) reports. For GST-registered companies, we can also apply for GST registration and submit regular reports. If you have unique requirements, we have a team of specialists who can provide customized accounting services for your company.

What file format should I use to submit my data to Incorpnow?

Incorpnow is an online accounting company that can work with any file format. You can send us your records in any format that you have them, such as storing them in the cloud, or emailing them directly to our experts. We will handle the rest of the process for you.

What are the reporting requirements to the Inland Revenue Authority of Singapore (IRAS)?

All companies in Singapore must submit two corporate income tax returns each year. The Estimated Chargeable Income (ECI) must be filed within three months of the financial year-end, while the Corporate Income Tax Return (Form C/C-S) must be filed by either November 30th or December 15th if submitted via e-filing. However, companies may be exempted from filing an ECI if they meet certain criteria, or if they have been granted a Waiver of Income Tax Return Submission by the IRAS.

How is income assessed to tax?

The assessment of tax is based on the income earned in the financial year before the assessment year. For instance, to declare the income earned during the financial year of 2018, a tax return for the Year of Assessment (YA) 2019 must be submitted by November 30, 2019 or e-filed by December 15, 2019.

How does pricing work?

Our pricing model is based on revenue. We do not charge based on the quantity of transactions in your account or the number of invoices you upload. Our fees are determined by the financial year, rather than the calendar year.

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