Accounting & Bookkeeping

Accounting & Bookkeeping

In Singapore, proper preparation and maintenance of accounting records is a key compliance requirement of ACRA and IRAS. Timely financial reports will also allow enable management to accurately access financial performance and make decisions that are critical to the success of the company.

Bookkeeping involves the process of recording, analyzing and interpreting the financial transactions of a business or individual. The discipline of bookkeeping accounts for a large proportion of the accounting process. Accurate bookkeeping is a necessity if you run your own business. It may seem to be something of a chore but it’s vitally important that you keep track of your revenue and outgoings. Many businesses which would otherwise have been successful have been brought down by their failure to maintain proper financial records. Whether you do it yourself or hire someone else to do it, bookkeeping is essential.

To close the accounts, the following documents are required:

• Bank Statements

• Invoices / Receipts for expenses

• Sales invoices

• Tenancy /Lease/Service level agreements (if any)

• Payroll listing (if any)