Accounting Services in Singapore
Accountants That Make a Difference
Looking for accounting services in Singapore? At Chartsworth, we are a Chartered Accountancy Practice that is passionate in helping your business thrive. Accounting is our passion, but probably not yours. By outsourcing your accounting, we take over the admin routine and enable you to focus on growing your business and moving it on to the next stage of growth.
Spending Too Much Time on Accounting Processes?
You took the leap of faith and started a business. You love what you are doing but month after month, you find yourself spending too much time handling your financial records, getting lost in the details and not having enough time on your business.
Outsource your accounting function to us today so that you can free up your time to focus on what you do best, your business.
We offer Cloud Accounting Services
The business environment is constantly evolving and we use technology to move forward with your business. We offer cloud accounting services which is essentially a virtual office giving you the flexibility and real-time access to your financial information on any digital device, wherever you are, without the hassle of purchasing and maintaining expensive systems and equipment. That’s what makes us different from other accounting companies in Singapore.
Why Outsource Your Accounting?
How Our Accounting Service Works
We work with businesses at any stage in its lifecycle.
Choose a package that suits your needs
S$90/mth, paid annually
Or $120/mth, paid monthly
S$150/mth, paid annually
Or $200/mth, paid monthly
S$300/mth, paid annually
Or $400/mth, paid monthly
S$600/year, paid upfront
For newly incorporated company
Additional services you may need
We offer the following service to meet your specific business needs.
Get in touch with us if you need a customized solution
Preparation of consolidated financial statements
When your company needs to present financial statement of the parent and subsidiary as a single entity
Reconstruction of accounts
When your company needs to reconstruct financial records for audit or tax purposes.
FAQs about Accounting in Singapore
We help entrepreneurs, small businesses and medium-sized firms with all accounting services for their business needs. Depending on the plan you pick, we handle the accounting transactions at the end of every month or year, prepare management reports for your business decision-making, and compile financial statements for statutory filing purposes in Singapore.
Our accounting packages for SME businesses and more are based on an annual subscription model according to the Financial Year. We offer transparent pricing determined by the number of transactions or expenses in a month. No hidden cost!
A transaction refers to an accounting journal entry passed to record a business transaction – sale, purchase, receipt, payment etc. It includes:
- a bank transaction i.e. a deposit or withdrawal
- a non-bank transaction i.e. a sale or purchase that is on credit term, an accrual for expense, a receipt paid on behalf by the business owner to be reimbursed on a later date
- a year-end adjustment
An expense refers to a cost incurred in the business to generate revenue. The total expenses are netted off from revenue to arrive at the net profit. It includes, but not limited to, the following:
- an expense resulting in an outflow of cash i.e. cost of goods sold, marketing expense, rent, employees compensation (salary, bonus, CPF), utilities etc.
- a non-cash expense i.e. depreciation, amortisation, impairment, unrealised gains/losses etc.
We use Xero, an online accounting software made for small and medium businesses. Xero is a cloud-based software so you can access your up-to-date financial information wherever you are and make timely business decisions.
We are a certified Xero advisor and a Xero partner. With our modern, fast-paced society, every industry evolves and so should accounting firms. Here at Chartsworth, we recognise the need for businesses to adopt technology, by moving away from traditional accounting which involves large amounts of paperwork to cloud-based solutions to enhance efficiency. To affirm our commitment to be your trusted business partner in Singapore, we provide free xero software subscriptions to clients that take up our monthly accounting packages.
Depending on the scale of your business operation, you may or may not need an in-house accountant or a full-fledged finance team. By engaging Chartsworth as your accounting services provider in Singapore, our team of qualified accountants can handle your accounting for a fixed fee every month. Our rates are affordable as we are using fintech solutions and AI to automate our processes.
By outsourcing the essential but time-consuming accounting tasks, you would benefit from lower cost for your business, and your staff could better use their time to focus on high-value work such as analysing reports and core business growth activities.
XBRL stands for eXtensible Business Reporting Language. It is a format implemented internationally for financial reporting, which gives greater transparency as data can be analysed almost immediately with software tools.
Currently all companies incorporated in Singapore are required to file annual financial statements with ACRA in the XBRL format as part of the Annual Return filing, except for companies that meet the exemption criteria i.e. exempt private companies (EPC) that are solvent, companies limited by guarantee etc.
The revised XBRL filing requirements would take effect from 1 May 2021. Would my company be affected?
Companies are required to apply the revised filing requirements with effect from 1 May 2021. For private limited companies that meet the definition of smaller and non-publicly accountable companies, you may file the financial statements in Simplified XBRL template instead of the Full XBRL template.
A smaller company refers to a company with revenue not more than S$500,000 and total assets not more than S$500,000 in the Financial Year covered by the financial statements. A non-publicly accountable company refers to a company that is not listed or in the process of listing on securities exchange in Singapore, not listed on an exchange outside of Singapore and not a financial institutions.
There are two scenarios where a company would register for GST:
- Compulsory Registration – when your taxable turnover is more than S$1 million in the past calendar year or your estimated turnover in the next 12 months is more than S$1 million
- Voluntary Registration – You choose to register your company for GST voluntarily even though your taxable turnover is less than S$1 million.