All companies are required maintain proper bookkeeping records and accounting documents. Rikvin offers a complete spectrum of accounting services, for companies and small businesses to fulfill the compliance requirements of regulatory authorities like ACRA and IRAS.
Rikvin’s range of accounting service is aimed at reducing your workload and overheads. Right from bookkeeping to payroll processing we are capable of offering a highly tailor-made solution.
Outsource Your Accounting matters to Rikvin
Leave the accounting matters to us and spend your time on more strategic issues to grow your business. The following is a summary of the accounting services we provide:
All Singapore Companies are required to prepare and keep a book of accounts, which must consist of Profit and Loss Account, Balance Sheet, Cash Flow Statement, and Equity Statement in accordance with the Singapore Financial reporting standard (SFRS). Our topnotch accountants will help you with the process of keeping your Book of Accounts updated and enable a true and fair representation of your company’s financial records. If necessary, we also assist you with the auditing of the books.
Every company is required by IRAS to submit an Estimated Chargeable Income (ECI) within three months from the end of each financial year of a company. However, with effect from YA 2013, a new administrative concession applies for companies with a financial year ending October 2012 or after.
Companies which have more than 20 shareholders or where one of the shareholder is a corporate entity and companies that have a annual turnover of S$5million are required to have their Book of Account audited. Such auditing not only improves the control on business operations and keeps a checks and balance on a company’s financials but also helps to enhance investors’ confidence and uphold shareholders’ interest.
A Director’s Report should be prepared annually adopting the Financial Reporting Standards and General Accounting Practice, presenting a clear and true picture of the company’s financial status, accounting policies, effects of business activities, assets & liabilities, risk and risk management strategies, dividend announcement, retained earnings etc. Such Director’s Report must be prepared and submitted along with other financial statements during the company’s Annual General Meeting.
Since 1 November 2007, Singapore incorporated companies are required to file their financial statements (FS) in XBRL format. XBRL stands for Extensible Business Reporting Language, a language used in computers to present financial statements. XBRL facilitates efficient conduct of business, enhancing reliability and accuracy of financial reporting with improved transparency and timely dissemination of relevant financial information.
All companies must submit annual tax returns to the Inland Revenue Authority of Singapore (IRAS). Singapore companies are required to submit audited or unaudited accounts before 30 November annually. Singapore adopts the preceding year basis taxation. The profits for the financial year ending in the preceding year will form the basis for filing the tax return in the current year.
Businesses whose taxable supply exceed or expected to exceed S$1 million for any consecutive 12 month period are compulsorily required to register for Goods and Services Tax (GST) with the IRAS. Businesses thus registered are required to charge GST, or tax on consumption, for the good and services supplied by them. The GST registered entities must submit quarterly GST returns. The GST collected by the company must be returned to the IRAS and those paid by the company can be claimed back from the IRAS. Businesses that are not required to register for GST under the GST Act may also voluntarily register. Once registered the business must comply by the periodic filing requirements and must continue to stay registered for two years.
Timely disbursement of salaries to employees is crucial and more importantly companies must ensure that the deductions made from the salaries of their employees are deposited to the CPF board on time. Computation of basic wages, overtime wages, bonuses etc are some of the basic elements of payroll processing. However in Singapore scenario, computation of levies, donations to funds such as SINDA, MBMF, ECF, Skill development funds, withholding tax etc make it a complex function.
Accounting and payroll management systems software especially develop for Singapore, any small and medium organisations can easily manage their accounting and payroll processes, stress and hassle-free. Software provided by Rikvin are one of the few software listed under iSPRINT– Packaged Solutions. SMEs can claim up to 70% of the qualifying costs, capped at $20,000 for the purchase of the first packaged solution (listed) under each solution category. Plus get extra tax savings of up to 68% under the Productivity and Innovation Credit Scheme.
Rikvin Accounts Related and Payroll Processing Services
We allocate a dedicated accounts manager, who will work closely with your organization, to oversee the recording of all accounting transactions, maintain the books and statements, ensure compliance with regulatory requirements as well as provide you with practical insights and advice for the purpose of taxation and budgeting.