All companies in Singapore are required to prepare and file their financial statements at the end of every financial year. To do so without delay or error, you need to ensure your company maintains proper records of all relevant supporting documents such as invoices, serially numbered receipts, income records, purchase and business expense records and other records of financial transactions related to your business in order to properly prepare your financial statements. A professional Singapore Accounting Bookkeeping Service can certainly become the affordable solution to companies that do not wish to house a finance personnel or team, as experienced and reliable outsourced bookkeeping professionals provide a complete range of cost and time efficient accounting services.

Accounting Services Singapore Price Table

Our monthly bookkeeping packages are tailored to help our clients with keeping their books updated and accurate. We are unique in that we allow for companies that start with very minimal number of transactions (as little as 25 per month), to also start their accounting needs with us, and we will help them to scale only when needed.

Monthly-25

S$100pm

Monthly-50

S$180pm

Monthly-100

S$350pm

Transactions (per month)* 25/month 50/month 100/month
Document Collection
AR / AP / GL Updates
Bank Reconciliation
Financial Statements
Email / Phone Support
Free Consultation 1 Hour 1 Hour 1 Hour

* For Monthly-25 & Monthly-50, pricing is only applicable for clients uploading softcopy receipts, bank statements and invoices to VentureHaven.

**Additional $175 for every block of 50 transactions, exceeding the number of guarantee transactions.

***A “transaction” refers to each journal entry passed to record sales, purchases, collections, payments and other business activities.

Perfect for new companies just starting off, we have tailored economic and efficient annual plans to help you defray costs. At the same time, enjoy peace of mind with VentureHaven’s professional team managing your books, ensuring the most stringent levels of reliability and confidentiality.

Annual-50
S$250
Annual-100
S$500
Annual Return
& Tax Filing to
ACRA & IRAS
At only S$680
Transactions (per year)* Up to 50 Up to 100
Document Collection  √
AR / AP / GL Updates  √
Bank Reconciliation
Financial Statements
Email / Phone Support
Free Consultation 2 Hours 3 Hours

If your company does not qualify for Audit Exemption from ACRA, here’s what you need to know about Approved Auditors and Audit Procedures.

Audit plays a vital role in the governance and oversight of companies, ensuring that good internal controls and risk management systems are in place. So who are the approved auditors in Singapore? Basically they must be registered public accountants. Only then can they be appointed to audit a company’s financial statements. To register as a public accountant with ACRA, the following documents are required:

  • Prescribed experience as an auditor
  • Prescribed qualification
  • Prescribe continuing professional education
  • Institute of Singapore Chartered Accountants (ISCA) membership

Approved auditors are responsible for a business’s audit opinion. They must ensure that audits are carried out per the Singapore Standards on Auditing (SSA) guidelines and requirements.

As for Audited Financial Statements, which are documents filed per IRAS and ACRA’s requirements, they are:

  • Statement of the business’s financial transactions
  • Statement of the business organisation

Approved auditors conduct a thorough audit and then submit it for review. Errors in financial records will be brought to attention.

Singapore Accounting Bookkeeping Service

Audit Procedures are the methods, techniques and procedures that auditors execute to identify the objectives, scope, risk and approach of the audits they undertake, so that all risks and concerns are addressed.

Five kinds of audit procedures are generally used:

  • Analytical Review is used to evaluate unexpected events or transactions, and also used for routine events or transactions, such as rationality of depreciation that’s registered in the financial statements, as expenses of depreciation occur and are calculated regularly.
  • Enquiry is used to investigate the related management, to explain the issue found by the auditors. Sometimes it is also used to enquire about the process of business and how transactions are recorded.
  • Observation is used to gather and understand the evidence of the audit, confirming the actions on the side of the client, such as client stock at the end of the year and whether it is properly accounted or not.
  • Inspection is used to vouch for or verify the documents, and is most significant as more than half of the audit work requires the inspection of documents, such as invoices, as well as supporting documents, recorded in annual financial reports.
  • Recalculation is used generally by the client to check for any discrepancy between the client’s and auditors’ work to ensure accuracy. The auditor can also re-execute the calculation of depreciation and evaluate the difference between the calculation of client and auditor or perform the calculation of the company’s monthly expenses and salary prepared by the finance department and payroll to assure that total salaries paid to the employees are right.

Contact VentureHaven Singapore today for a free consultation regarding bookkeeping, accounting or audit regulation in Singapore.