Bookkeeping services to keep proper books of company accounts in accordance to the Singapore Companies Act. This is to facilitate companies to prepare and file their financial statements as part of the Annual Return submission requirement. Besides meeting legislative requirements, good book-keeping practice also provide insight for sound and efficient business decision and proactive financial management.
Accounting & Taxation Packages
Bookkeeping & Accounting Fee Guidelines provided by the following table. As the scope of services can vary, we can only provide you with some indicative basic minimum fees chargeable. For a more accurate estimate, kindly contact us for further discussion.
For companies which require Monthly/Quarterly management reporting for quick decision-making and response.
Scope of Work
- Perform book-keeping and verify client’s data and documents.
- Perform Bank Reconciliation
- Preparation Monthly/Quarterly Management Report
- Compute GST payable and perform GST filing
- Use of Cloud Accounting Software for data entry
- Clients invoice/receipts to be electronically captured using our Mobile Expense App.
|No of Transactions per month||For Companies without GST Filing||For Companies requiring GST Filing|
|1||Less than 30||$188 per mth||$258 per mth|
|2||31 – 60||$288 per mth||$358 per mth|
|3||61 – 120||$388 per mth||$458 per mth|
|4||More than 120||Call to quote|
|No of Transactions per Quarter||For Companies without GST Filing||For Companies requiring GST Filing|
|1||Less than 60||$388 per Qtr||$588 per Qtr|
|2||61 – 120||$488 per Qtr||$688 per Qtr|
|3||121 – 200||$588 per Qtr||$788 per Qtr|
|4||More than 200||Call to quote|
- Subscription of Xero Cloud Accounting Software (from $30 per month)
- Manual collation and/or collection of physical documents, if required
Annual Compliance Package
For small companies which simply require an All-In-One Annual Package to meet the compliance requirements for Annual Return submission with Acra and Tax Filing with IRAS.
|Micro EPC *
|Other EPC *
|Non EPC *
|1||Prepare Unaudited Financial Statement Compilation||✓||✓||✓||✓|
|2||Final Tax Computation & Form C/S Submission||Nil||✓||✓||✓|
|3||Submit Waiver of Tax with IRAS||✓||NA||NA||NA|
|4||Prepare Full XBRL Report||NA||NA||NA||✓|
* EPC = Exempt Private Companies, consisting of only Individual Shareholders (No Corporate Shareholders)
- Micro EPC is defined as companies with no more than 2 Shareholders and 2 Directors, and with an Annual Revenue of less than $200,000
- Client to prepare and to provide us with their Annual Management Accounts (P&L, BS)
- If Client need us to prepare the Management Accounts, there will be additional Book-keeping Fees (from $300 Upwards), depending on the volume of transactions.
- XBRL Reporting assumes a single Company Entity (exclude Group Accounts)
- For Tax submission purpose, if client requires Form C Submission (instead of Form C/S), an additional fee of $100 – $150 will be applicable
Why bookkeeping is so important for businesses?
Whether you’re a small business owner looking to grow your business or you’re just a little nervous about tax season—early tax planning (bookkeeping and record-keeping) is crucial to keeping your business financially healthy.
- Bookkeeping Helps You Budget – A budget creates a financial roadmap for your business. With a budget, you can plan for future expenses and the anticipated resources that would cover those expenses.
- Bookkeeping enables you to analyse and better manage your business finances better – Bookkeeping gives you information on which business lines are working or not working. This type of analysis allows to focus on your company’s strengths and improve on its weaknesses.
- Bookkeeping lets you know if your business needs financing – Accounts payables are a part of any business and it’s something that you have to take care of for your business to survive.
- Bookkeeping makes tax preparation more comfortable – Bookkeeping isn’t only for your company. It can also help you with personal tax filing as a business owner. A large portion of your income comes from the operations of your business.
- Bookkeeping allows you to pay employees accurately and on time – Without effective bookkeeping within your company, you’ll struggle to maintain an accurate payroll process, which will result in dissatisfaction among your team.
- Bookkeeping helps your business stay organised – The financial records of your company will also be of great help to several parties, including the ATO, your customers, employees, lenders and investors.
3 Steps to Speed Up your Monthly Bookkeeping for Faster & Accurate Results
Step 1: Submit your company invoices and receipts through mobile application.
Step 3: Keep a record of your company’s digital bank statements and email to us every month.
What is Our Bookkeeping Scope of Work?
Timcole provides you with a comprehensive range of accounting services to meet the needs of both start-ups and the more established Small and Medium Enterprises (SME). We have very experienced accountants who are familiar with the financial regulations and the Singapore Accounting Standards. Therefore, you can rest assured that we will prepare and compile your accounts in accordance to the requirements of ACRA and IRAS. We also provide different price packages to fit your different scope of services and your financial budget.
Depending on our scope of services we mutually agreed upon, our Accounting Service includes but not limited to the following functions:
- General Ledger Maintenance
- Accounts Payable Maintenance
- Accounts Receivable Maintenance
- Bank Reconciliation
- Fixed Assets Ledger Maintenance
- Financial Statements & Reports Monthly, Quarterly, Year-End Review
- Sales Invoice Generation
- Cash & Credit Card/Digital Collection Management
- Sending Statement of Accounts to customers
- Credit Sales Collection and Follow-up
- Purchase Order Generation
- Payment Processing for Supplier Invoice, Staff Expense Reimbursement
- Cheque Issuance/Collection and Cash Deposit Services
- Monthly Payroll Processing
- GST preparation and filing (Quarter Basis)
- Inventory tracking and Cost of Goods Sold Calculation
One-time Accounting Services
- Set-up and configure Cloud based accounting system (Xero)
- Adjusting data entries and prior year adjustments / clean-up
- Data Migration services
- Other Ad-hoc services
- Management Reporting
- Financial Analysis & Consultancy
- Cash Flow / Budgeting
- Tax Planning
A Named Accountant Assigned to You
When you engage our Bookkeeping Services, you will be assigned an accountant who will work with you personally on your accounting needs. This named accountant will work with you on a regular basis and you are able to contact and communicate with this accountant directly on a regular basis. Based on the financial documents we receive from you periodically, your assigned-accountant will also prepare your books and help to draft your financial statements for filling purposes when it is due. He or she will also be keeping abreast with the latest development, new policies or standards imposed by the government, and to communicate these new developments to you, should these new developments have some impact to your business. We will also set up online system (Xero, Financio) to help you with bookkeeping and accounting.
Periodic Information / Documents Required for Bookkeeping
The following information is required for bookkeeping purposes:
|Mandatory Information||Option Information (if available)|
Timcole is a Qualified Accounting Firm in Singapore
Singapore’s accounting regulation is strict, and the authorities are always updating the rules to keep up with global accounting standards. At Timcole, we are constantly on the lookout for updates on these regulations. We also use the best accounting minds and software to ensure that everything is done just right. We keep up with all accounting standards, including the International Financial Reporting Standards (IFRS) and the Singapore Financial Reporting Standards (SFRS).
Outsource Your Bookkeeping to Timcole Today!
At Timcole, we always believe that every client has its unique requirement and its not possible for us to design a one-size-fits-all package for all out clients. Therefore, we are flexible enough to customize an accounting package that will fit your unique needs better. You can start small with us first (when you are just a new start-up), and when your business improves, you can engage a wider scope of services from us to support your expanded financial needs.