Statutory Financial Reporting Services in Singapore
In Singapore, all Pte. Ltd. Companies must comply with statutory reporting requirements set by the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). This is where Statutory Financial Reporting Services come in.
What do these services offer?
These services help businesses prepare and submit financial statements according to Singapore Financial Reporting Standards (SFRS). They ensure compliance with regulations and deadlines set by ACRA and IRAS.
Here's a general breakdown of what these services typically include:
Preparing financial statements: This involves compiling data, applying SFRS, and generating reports like the Statement of Financial Position and Statement of Comprehensive Income.
Compilation report: Some services may provide a compilation report, expressing a limited level of assurance on the financial statements.
Filing with ACRA: This involves submitting the prepared reports to ACRA electronically.
Tax filing assistance: Some providers may also assist with tax filing based on the financial statements.
Benefits of using Statutory Financial Reporting Services:
Ensured compliance: Professionals can help you avoid penalties for non-compliance.
Time-saving and efficiency: Focus on running your business while experts handle the reporting.
Accuracy and expertise: Qualified accountants ensure accurate financial reporting.
Finding a provider:
Several accounting firms and service providers in Singapore offer Statutory Financial Reporting Services. Consider factors like experience, pricing structure, and the specific services offered when choosing a provider.
Here are some additional points to consider:
Complexity of your business: For simple businesses, basic reporting services may suffice. Complex structures may require more specialized services.
Software integration: Some providers offer cloud-based solutions that integrate with your accounting software, streamlining the process.
Remember: It's important to get quotes from different providers to compare pricing and services before making a decision.
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How Bestar can Help
Bestar can be a valuable asset when it comes to Statutory Financial Reporting (SFR) for several reasons:
Expertise and Knowledge: We have qualified professionals well-versed in Singapore Financial Reporting Standards (SFRS). This ensures your financial statements are accurate, compliant, and meet ACRA's requirements.
Streamlined Process: We can handle the entire SFR process, saving you significant time and effort. This includes data gathering, report preparation, and filing with ACRA.
Software Integration: Bestar offers cloud-based solutions that integrate with your accounting software. This streamlines data collection and reporting by eliminating manual data entry.
Tax Filing Assistance: Bestar can go beyond SFR and assist with tax filing based on the financial statements they prepare. This provides a more comprehensive financial service.
Meeting Deadlines: We can ensure your financial statements are filed with ACRA on time to avoid penalties for late submissions.
Overall, Bestar can take the burden off you and ensure your SFR is completed efficiently, accurately, and on time.
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