|Senario||Company A has just operated their business for less than a year. They had engaged a freelance bookkeeper who handles their accounting needs annually. Company A wanted to know more about the performance of their business but the freelance bookkeeper is unable to provide them useful insight.|
|YtK Action||Company A approached our firm and showed us their management accounts. They wanted more insights about the performance of the company so as to make decision to improve the business. We interpreted the accounts and pointed out the critical areas that the management should focus on.
Since then, we not only took over as their accounting agent because of the insights that we gave them but also provided them with the accounts on a monthly basis so that they can easily keep track of the performance of their business.
|The client is able to know the performance of the company and make changes to their pricing of their goods to keep pace with the mass market.|
|Senario||Company A is due for ACRA filing within a month and has yet prepared their financial statements. Failure to file their accounts and hold their Annual General Meeting will attract penalties.|
|YtK Action||We took over the job and generated the financial statements within a month.|
|The client is able to comply with the necessary law and thus saving them from paying the penalties.|
What does GST services include?
Each GST submission is tallied with the accounting records to ensure no leakage of tax under-reported.
|Senario||Company A has been accounting for the GST based on excel records. They have three employees to separately handle the accounting. One employee handles the accounts receivables, one handles the accounts payables and the director holds on the bank statements.
At each submission, the two employees submitted their excel spreadsheets separately, and the director is responsible for filing to IRAS based on their spreadsheets. At the end of the year, they discovered that there was a huge difference between amount stated in their GST records and the financial statements.
|YtK Action||We took over the job and reconciled the GST. The process is tedious as we compare the two listings and detect the mistakes made by the two employees. However, we are able to complete the work within a month and assist the company to rectify the issue before IRAS slaps them with a fine.|
|The client is assured that GST submission is correct and every error has already been rectified, preventing any impositions of late penalties.|
|Senario||A foreign company employs Singapore citizens to carry out work in Singapore. They are unaware of the Singapore labor law and payroll obligation.|
|YtK Action||We took over as their payroll agent and processed their payroll monthly. We also informed them when there were any adjustments in the contribution rate.|
|The client save time in processing the payroll and is able to stay focused on their core business.|