Bookkeeping Services

Keep proper books of their 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.

bookkeeping

Accounting & Taxation Packages

The following table provides you with some estimated for our Accounting Fee Guidelines. 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.

Monthly Bookkeeping

For companies which require monthly management reporting for quick decision-making and response.

from $188

per month

Read More

  • Perform book-keeping and verify client’s data and documents.
  • Use of Cloud Accounting Software for data entry
  • Clients invoice/expenses/receipts to be electronically captured and transmitted to us using our Mobile Expense App.
  • Perform Bank Reconciliation
  • Preparation monthly Management Report
No of Transactions Receipts per month
Less than 20 $188 per month
21 – 50 $288 per month
Above 50 Ask for custom quote
Add-ons
Manual collation and data capturing of all receipts/transactions + $50 per month
Transportation to collect manual receipts/ documents + $50 (2 ways)
Subscription Fee for Accounting Software
Financio Software Included
Xero Software + $30 – $50 monthly

Quarterly Bookkeeping

For companies which require financial reporting on a quarterly basis, especially for Tax registered companies that needs to perform quarterly GST filing.

from $388

per quarter

Read More

  • Perform book-keeping and verify client’s data and documents.
  • Use of Cloud Accounting Software for data entry
  • Clients invoice/receipts to be electronically captured and send to us using our Mobile App.
  • Perform Bank Reconciliation
  • Preparation 3 Months Management Report
No of Transactions Receipts per quarter
Less than 50 $388 per quarter
51 – 100 $488 per quarter
Above 100 Ask for custom quote
Add-ons
GST Computations and GST Filing + $200 per quarter
Manual collation & data capturing of all receipts/transactions + $50 per month
Transportation to collect manual receipts/ documents + $50 (2 ways)
Subscription Fee for Accounting Software
Financio Software Included
Xero Software + $30 – $50 monthly

Annual Compliance Package (Live company)

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.

from $1,288

 per annum

Our Annual compliance package includes:

1. Annual Book-keeping

  • Perform book-keeping and verify client’s data and documents.
  • Assuming no of transactions / receipts per annum is less than 50 per annum
  • Perform Bank Reconciliation and prepare Annual Management Report

 

No of Transactions Receipts per annum
Less than 100
100 – 200 + $180
Above 200 Ask for custom quote
Add-ons
With multi-currency Transactions + $200 and above
Group Accounts (for Companies with subsidiary companies) + $300 and above

 

2. Prepare Unaudited Financials Statement Compilation

  • For small Exempt Private Limited Company operating in general trades and businesses that only requires compliance to the Company’s Act.
Add-ons
Prepare Financial Highlights in XBRL + $150
Prepare Full FS in XBRL Format + $300
Prepare Full FS in XBRL Format (with Group Accounts) + $450
FS Compilation with Group Accounts + $300
Companies operating under certain restricted businesses that has additional compliance requirements (e.g. Finance, Construction, etc) Ask for quote

 

3. Perform Tax Computation and Tax Filing

  • Perform Tax Computation
  • Prepare Form C/S and perform Tax Filing with IRAS.
Add-ons
Form C Submission + $150

Enquirer Us For Bookkeeping!

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.

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:

Core Services

  • General Ledger Maintenance
  • Accounts Payable Maintenance
  • Accounts Receivable Maintenance
  • Bank Reconciliation
  • Fixed Assets Ledger Maintenance
  • Financial Statements & Reports Monthly, Quarterly, Year-End Review

Operational Finance

  • 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

Analytical 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 Book-keeping

The following information is required for bookkeeping purposes:

Mandatory Information Option Information (if available)
  • Sales orders/invoices
  • Purchase orders/invoices
  • Expense notes/receipts
  • bank statements
  • payment vouchers
  • payroll summary
  • journal vouchers
  • fixed asset register
  • inventory listing & monthly closing value
  • statement of borrowing/hire purchase
  • debtor and creditor control (unpaid invoices)

Timcole is The 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.