• What are the accounting standards in Singapore?

  Singapore has its own Accouting standards called Singapore Financial Reporting Standards (SFRS). It’s similar to IFRS and it’s accrual-based accounting. This means transactions are recognised when they take place and not when the money is paid. Outsourced accounting services in Singapore must comply with SFRS requirements.Few readers

• How many years should the company's accounting record be kept?

  Your company must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business for 5 years from the relevant Year of Assessment (YA). More information can be found in: https://www.iras.gov.sg/taxes/corporate-income-tax/basics-of-corporate-income-tax/record-keeping-requirementsFew readers

• Is transferring funds from Singapore to other countries possible?

  Yes, it is possible to transfer money out of Singapore. Singapore has signed double-taxation treaties with more than 50 trading partners. These help businesses and individuals in avoiding double taxation on their cross-border income. The destination country may apply tax when your money arrives in its jurisdiction. Check with a tax consultant to know the latest requirements.Few readers

• Is it reliable to let an external service provider to handle the company's accounting books?

  You will have to choose a trustworthy Singapore accounting service provider. And no one better than Swiftly! This helps you save both money and time, of which would have been spent selecting and training accounting professionals for your company. Professionals at Swiftly submit accurate and timely reports for you. We use the latest accounting software to process your data securely. With our experience, handling your compliance requirements never gets easier.Few readers

• How does our accounting service works?

  We will assign an experienced accountant to you. Your accountant will analyse your financial records. He or she will track filing deadlines, propose possible tax exemptions and generate reports so you get a clear view of your actual tax status.Few readers

• How frequent should I do the company accounts?

  This depends on your preference and the company’s needs. Company accounts can be done on a monthly, quarterly or yearly basis. If the company is GST Registered, the Company accounts would have to be done minimally on a quarterly basis.Few readers

• What are the benefits for outsourcing the accounting portion to Swiftly?

  For you to produce accurate accounting statements, you will have to be kept updated with the latest changes in the Singapore accounting laws. Should you have the relevant skillset and time required to prepare the accounts according to the government's standards, you are able to do so. However, it is far better to let the professionals handle accounting and auditing tasks. This will free you to concentrate on the core functions of your business. Professional accountants at Swiftly make sure thatFew readers