Services needed from accounting firms in Singapore are constantly on the rise because of the city-state’s growth-fueled, free-market economy. The firms provide comprehensive reports and advice that fulfil the requirements of the corporations. Here are some of the most common services offered by accounting firms in Singapore, classified by their complexity.
Traditional Services Offered by Accounting Firms in Singapore
Bookkeeping
Bookkeeping services include gathering, organizing, classifying and reporting a business’ financial information. It is of utmost importance to make these records accurate. A good firm will help one’s business implement an efficient system that smoothens operations and conforms with statutory requirements. This is the most basic service provided by accounting firms in Singapore.
Tax planning
The most common taxes in Singapore are the corporate tax that ranges from 0% to 17%, the individual or personal tax, ranging from 0% to 22%, and the Good and Services Tax (GST), which is currently at 7%. Accounting firms in Singapore help businesses in designing efficient corporate and financial structures that help them in minimizing their tax bill, within the boundaries of the law.
Audit & Assurance
Audit services include both internal and external audits conducted to certify the accuracy of the financial reports issued by businesses in Singapore. These services are provided by most, if not all, accounting firms in Singapore.
Business Advisory
Senior managers and shareholders often need guidance from business experts to keep growing their companies in a sustainable and efficient way.
Payroll Management
While payroll processing services are not among the most common services provided by accounting firms in Singapore, some companies require assistance, especially if they employ a large number of workers.
Corporate Finance Services Offered by Accounting Firms in Singapore
Mergers & Acquisitions
Mid and top-tier accounting firms in Singapore provide deal advisory services that include guidance for mergers and acquisitions procedures, either as buy-side or sell-side advisors.
Business Valuations
For businesses that are looking to raise capital, business valuation services are crucial to estimate the fair value of the enterprise before they start approaching investors.
IPO & Capital Markets
The Singapore’s Exchange (SGX) is the largest securities exchange in the country with a total market capitalization of approximately USD$700 billion. Companies that intend to go public and list their shares or issue financial instruments through this or any other Singapore’s exchange have to comply with an extensive set of regulations.
IPO & Capital Markets advisory services provided by accounting firms in Singapore helps them in obtaining a successful listing.
Financial Restructuring
If a business has recently been struggling with its financial commitments, most accounting firms in Singapore offer financial advisory services that can help during the process of restructuring the company’s capital structure, by helping them in their negotiations with creditors, financial institutions, or bondholders.
Specialized Services Offered by Accounting Firms in Singapore
Accounting firms in Singapore also provide a set of specialized services that are less associated with the most traditional accounting practices, but that have become relevant in today’s complex business environment. Some of these services include cyber services, risk assessment services, forensic accounting services, and industry-specific services.
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