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Prompt accounting is an essential part of any successful business. Business owners need to be constantly aware of their profit and loss, receivables, payables and cash flow. It is a basic tool in any business to keep track of a business’s activity.

Accounting processes documents all aspects of a business’s financial performance from payroll costs, expenditures and other liabilities related to sales revenues and owner’s equity. Understanding your financial data contained in accounting documents is important in determining an accurate picture of your business’s financial wellbeing. If you are familiar with your accounts, you can make appropriate financial and strategic decisions to grow your business.

This is why at The Number Crunchers we strive to provide prompt accounting services that give you a clear picture of your true financial position at any given point in time. Some of our accounting services include:

• Preparation of full set accounts on monthly, quarterly or yearly basis
• Preparation of annual reports
• Perform bank and other account reconciliation
• GST reporting
• Payroll services

Goods and Services Tax (GST) was introduced in Singapore on 1 April 1994 at 3%. Currently, the GST is at 7%.

GST is a broad-based consumption tax levied on the import of goods, as well as nearly all supplies of good and services in Singapore. The only exemptions are for the sales and leases of residential properties and most financial services. Export of goods and international services are zero-rated. In some countries, GST is known as the Value Added Tax (VAT).

All businesses are liable to register for GST when their annual taxable turnover is more than S$1 million or if they are currently making taxable supplies and their annual taxable turnover is expected to be more than S$1 million.

Companies registered for GST will be required to file GST returns on a quarterly basis. At The Number Crunchers, we have the expertise to assist you in the preparation and filing of your GST returns.

Outsourcing became popular in the 1990s when companies sought to address the rising cost of talent. Over time, the practice became an excellent cost-cutting measure. While outsourcing initially benefitted large companies, smaller businesses have come to realise that outsourcing functions such as legal, tax, human resources, health & safety, payroll and book-keeping can help them save time and budget on resources and ultimately concentrate on core business functions.

At The Number Crunchers, we can help you focus on your core business by providing a full range of accounting and book-keeping services.

• It allows you to increase your profitability, as you concentrate on employing personnel for your core business. This will ultimately allow you to increase your bottom line.
• It will allow you to obtain reliable financial reports promptly for statutory requirements. As experienced corporate secretaries with over 15 years of expertise, we can also assist you in making well-informed and timely decisions.
• It will allow you to concentrate on your core business functions as we take care of your ancillary business functions in a prompt, meticulous and professional manner.

In short, outsourcing is a sensible solution for businesses large and small because it allows you to increase your productivity, while lowering operational costs.

Every company must appoint at least one corporate secretary, who must comply with its statutory duties as required by the Singapore Companies Act.

As a company secretary is responsible for the proper administration of a company, particularly in ensuring compliance with statutory and regulatory requirements and in ensuring that decisions made by the board of directors are implemented, it is important that your business engages an experienced company secretary who is familiar in the statutory and regulatory laws in Singapore so that your company adheres to the requirements stipulated by the Accounting and Corporate Regulatory Authority (ACRA).

• Maintaining and updating of a company’s statutory registers and records
• Advising the management on matters that require notification to ACRA
• Making available the statutory registers and records for inspection whenever necessary
• Preparation of Annual General Meeting (AGM) and Annual Return documents for submission to ACRA