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Frequently Asked Questions
How Does Your Accounting Services Work?
As one of the earliest adopters of cloud-based technology in Singapore, Cloud Accounting & Consultancy goes beyond the provision of accounting services for compliance only. By simplifying and automating your finance operations using XERO Cloud Software for a paperless office, you will be able to obtain real-time access to financial information to make good, well-informed business decisions.
Why Is Accounting Important?
Accounting is essential to all businesses as a way of keeping the business financial health in check. It details your business transactions for accountability, review and reporting purposes.
As much as these financial records are necessary in compliance with tax reporting in Singapore, keeping your accounts up-to-date will help you in budgeting for future expenditure and allocating resources accordingly. It will also allow you to better assess your company’s business performance and financial position, particularly on existing cashflow as well as profit and loss. With these financial information readily available, you will be able to make better business decisions for the company.
What Is Included In Your Accounting Services?
At Cloud Accounting & Consultancy, our full range of services include:
- Implementing cloud-based accounting solutions (Xero or Quickbooks) for bookkeeping, sales processing, financial and GST reporting
- Optimising the design of IT solutions for financial and tax reporting
- Integrating management reporting with product profitability, cash management capability and budget variances
- Providing training to optimise use of the solution and tips to reduce steps while complying with the regulatory requirements.
To tailor our services according to your business needs, simply contact us for a free consultation here.
What Accounting Standards Must We Follow In Singapore?
All businesses incorporated in Singapore have to prepare financial statements that comply with the Singapore Financial Reporting Standards (SFRS). For small and medium-sized enterprises (SMEs) that are not publicly accountable, where the revenue and gross assets are no more than S$10 million and do not have more than 50 employees, they can provide a streamlined version of the required financial report, excluding topics such as earnings per share and interim financial reporting.
Contact us here for a free consultation on what’s required in the financial statements of your company.
Is It Possible To Switch My Current Accounting Firm To CFOSG?
Absolutely! But first, do check the contractual terms with your existing accounting firm to see if you’re bound to a certain timeframe. Should you find your current accounting firm unreliable or simply seek to automate your accounting processes for quicker accessibility to financial records, let us help you.
What Do I Need To Do When My Company Becomes GST Registered?
GST refers to the goods and services tax that is added to each consumption, which currently stands at 7% per transaction in Singapore. Once your business exceeds the annual turnover of S$1 million, it is required to be GST-registered, and you will need to add the 7% GST to all your products and services transacted locally.
Subsequently, you will have to file for GST returns via IRAS and pay the tax due within one month from the end of each accounting period on a quarterly basis. In return, companies can also claim GST input from IRAS to offset the GST incurred for goods and services purchased from all local GST-registered suppliers.
How Much Are You Charging for Your Accounting Services?
Every business has their own accounting needs. For a more accurate assessment of the accounting services you require and the fees involved, get in touch with us here for a free consultation today!