Why do businesses outsource their accounting?
It doesn’t take long for a new business owner to understand that accurate and up-to-date financial records are critical for keeping any enterprise running smoothly.
Many small-business owners attempt to keep track of their accounting; however, most owners don’t have the time, desire, or expertise to painstakingly keep track of their financial records – especially if their company is growing rapidly. Therefore, most business owners rely on accountants and bookkeepers to keep track of things for them. Traditionally it was common for business owners to hire bookkeepers to work in-house, but with modern technology maintaining a local accountant is often unnecessary.
Types of Services We Do
Accurate maintaining the book keeping and accounting records are essential requirement under the Income Tax Act, which will come under close scrutiny during the audit process. Good, organised and disciplined bookkeeping of your organisation’s financial status and transactions is therefore of the utmost importance – a service that we can provide.
The compilation of a clean and accurate financial statement is important for any business organisation. We can facilitate the annual compilation of a full set of financial statements in compliance with the Singapore Financial Reporting Standards (SFRS).
As mandated by the IRAS, it is necessary for all the businesses revenue exceeded SGD 1 million to come forward to register GST. The company may also register to GST as voluntary basis. All GST-registered businesses are required to submit a monthly/quarterly GST reporting. Our accountants can facilitate this process for your company, shouldering the daunting task of registering and preparing the report, thus helping it avoid the risk of incurring unnecessary penalties.
Maintaining an efficient payroll system is an important part of any business organisation, which is a task that our accountants are trained to perform. Equipped with the latest payroll management software, we can handle your company’s payroll for you so that you can keep your eye on the big picture.
Our offer the following services:
- Payroll preparation
- CPF Submission
- Preparation of Returns of Employee’s Remuneration Form (Form IR8A)
- Tax Clearance Form (Form IR21)
Meet Our Experts
Jason Lew, founder and director of Entrust Public Accounting Corporation.
Linda Low is a director of Entrust Business Consulting Pte Ltd. She worked as an accountant focused on finance accounting, credit risk and management for local and multinational companies prior to joining Entrust.