ACCOUNTING SERVICES
PREPARATION OF MANAGEMENT ACCOUNT
No business is set up to incur losses. Active directors that view management accounts as a financial dashboard of their company are always interested in keeping updated on the performance and position of their business. At one glance, they need to know whether they have enough cash to fund their operation, and whether their company is incurring too much debts.
Due to the requirements from the director, the accounts can be prepared monthly, quarterly or yearly. We can assist to generate the management accounts as listed below in many different ways :
- Enter all accounting records into the company’s accounting software at their office.
- Bring the accounting records to our office to generate the management accounts for the year by next month, provided that all records are properly filed and given.
- Provide accounting staff to your office and assist you in your operation once a week.
WHAT DOES PREPARATION OF MANAGEMENT ACCOUNT INCLUDE?
- Entering all accounting records into a computerized accounting software.
- Bank reconciliation
- GST reconciliation
- Generating Statement of Financial Position, i.e. SOFP (formerly known as Balance Sheet)
- Generating Statement of Comprehensive Income i.e. SOCI (formerly known as Profit or loss)
- Generating Statement of Cash Flow
- Generating Statement on changes in equity
- Generating notes to SOFP
- Generating notes on specific accounts in the SOCI
BENEFITS OF OUTSOURCING ACCOUNTING SERVICES TO YTK.
Entrepreneur or Business Owner like you can fully concentrate on your business by outsource accounting services to professional like us. Apart from preparing a complete, accurate and timely management account to Company’s managements, our team are also able to support your Company’s Finance and Operation roles, such as issuance of invoice to customer, issuing payment voucher, make payment to suppliers, monitoring account receivables, etc.
CASE STUDY
| Scenario | 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. |
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| 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. |
| Benefits to client | 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. |
COMPILATION OF UNAUDITED FINANCIAL STATEMENTS
All Singapore incorporated companies will have to prepare their financial statements in accordance with the Financial Reporting Standards. A complete financial statement includes Statement of Financial Position, Statement of Comprehensive Income, Statement in Changes of Equity, Statement of Cash Flow and notes to accounts.
The difference between management accounts and financial statements is that management accounts provide the “numbers” for the management to make decision whereas the financial statements are for the public to know about the company. As such, the focus on the financial statements is not only on the numbers but also on the notes to the accounts whereby the public can know about the company through these notes.
In compiling the financial statements, we present information that is the “representation of management” and express no opinion or assurance on the statements.
WHAT DOES COMPILATION OF UNAUDITED FINANCIAL STATEMENTS INCLUDE?
- Statement of Financial Position, i.e. SOFP (formerly known as Balance Sheet)
- Statement of Comprehensive Income i.e. SOCI (formerly known as Profit or loss)
- Statement of Cash Flow
- Statement on changes in equity
- Notes to accounts
- Notes on specific accounts in the SOCI
BENEFITS OF OUTSOURCING COMPILATION OF UNAUDITED FINANCIAL STATEMENTS TO YTK.
Generate the unaudited financial statements within 1 month.
CASE STUDY
| Scenario | 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. |
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| YTK action | We took over the job and generated the financial statements within a month. |
| Benefits to client | The client is able to comply with the necessary law and thus saving them from paying the penalties. |
GOODS AND SERVICE TAX SERVICES
Registration for Goods and Services Tax (GST) is compulsory for a company, if the taxable supplies are expected to exceed or exceed S$1million.
Non-GST registered companies need to have their taxable supplies monitored so that they do not exceed the threshold. In the event that their taxable supplies exceed the S$1 million and they have not registered GST, the company will have to bear the GST amount from the GST-exceeding date and pay the tax to our tax authority, IRAS when IRAS finds out. An alternative to prevent this from happening is to voluntarily register for GST. However, the entity will need to stay GST registered for at least two years.
GST registered companies has to ensure that their submission is in accordance to the requirements imposed by IRAS. Failure to do so will also attract unexpected penalties. One commonly overlook point is when the company does not follow the “time of supply” rule in reporting the GST to IRAS. This means the GST may be understated and IRAS may charge penalties for the delay in reporting.
WHAT DOES GOODS AND SERVICE TAX SERVICES INCLUDE?
- Computation and submission of GST F5 to IRAS
- Application for GST registration
- Application for GST de-registration
- GST advisory
- Application of GST-related schemes
- GST review to avoid pitfalls and improve efficiency
- GST procedures manual development
- Ad hoc GST advisory services
- In-house GST training
- Handling IRAS/Customs queries
- Filing of GST F7 forms
- Assistance in applying for GST schemes (e.g. ACAP or ASK)
BENEFITS OF OUTSOURCING GOODS AND SERVICE TAX SERVICES TO YTK.
Each GST submission is tallied with the accounting records to ensure no leakage of tax under-reported.
CASE STUDY
| Scenario | 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. |
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| 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. |
| Benefits to client | The client is assured that GST submission is correct and every error has already been rectified, preventing any impositions of late penalties. |
PAYROLL SERVICES
All the Employers in Singapore are obligated to comply with Singapore Employment Act. Failure or non-compliance may incur penalties imposed by respective government authorities which may ultimately affect the business.
Despite of spending your time in handling the HR or payroll function of your Company or increase your Company expenses by hiring HR to handle the HR and payroll matter, you can outsource this HR and payroll’s role to professional like us.
Our team are here to support your organisation needs, ranging from the basic payroll services to complex HR and financial management.
WHAT DOES PAYROLL SERVICES INCLUDE?
- Preparation and issuance of payslips and payment of salaries to employees by fund transfer;
- Preparation and submission for CPF contribution and other statutory contributions to the respective authorities;
- Preparation and issuance of IR8A form to employees or submission of employee income under Auto-Inclusion Scheme (AIS).
BENEFITS OF OUTSOURCING PAYROLL SERVICES TO YTK.
We offer you peace of mind by ensuring your employees are paid correctly and on time. We also keep you up-to-date with changing on Employment & Labour Laws and Regulations to make sure your Company is in compliance at all time.
CASE STUDY
| Scenario | A Foreign Company employs Singapore citizens to carry out work in Singapore. They are unaware of the Singapore Employment & Labour Laws and Regulations. |
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| YTK action | We took over as the Company’s outsource payroll agent and processed their payroll monthly. We also keep them up-to-date with changing legislation and make sure they are in compliance. |
| Benefits to client | The client save time in processing the payroll and is able to stay focused on their core business. |