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Accounting

Accounting in Singapore follows strict standards set by ACRA and uses the Singapore Financial Reporting Standards (SFRS), which align closely with IFRS. This strong regulatory framework supports transparency and reinforces Singapore’s position as a trusted global business hub.

Setting up Accounting Services

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Understand ACRA, IRAS, and SFRS requirements.
Choose your accounting method and create a suitable Chart of Accounts
Select accounting software that supports GST and Singapore compliance.
Configure GST settings if your business is GST-registered.
Set up internal controls and approval workflows.
Connect bank feeds and payment systems.
Prepare standard templates (invoices, POs, expense forms).
Train staff and assign accounting roles.
Set reporting schedules for monthly, GST, and annual filings.
Review and update the system regularly.

What is Consolidation Accounting Services?

Consolidation accounting services involve combining the financial results of multiple subsidiaries or business units into one set of group financial statements. These services ensure that the parent company has an accurate, complete view of its overall financial position and performance.

What does Consolidation Accounting Services do?

  • Compile and merge financial statements from all subsidiaries.

  • Eliminate intercompany transactions, balances, and unrealised profits.

  • Standardise accounting policies across entities.

  • Convert foreign currency financials into the group’s reporting currency.

  • Prepare consolidated balance sheets, income statements, and cash flow statements.

  • Ensure compliance with accounting standards such as SFRS/IFRS.

  • Provide clear insights for management reporting, audits, and investor communication.

Still unsure?
 
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