Un-audited Reports Compilation
In the Singapore Companies Act Chapter 50, it is a requirement for all companies to present audited reports, unless your company falls under the category of private companies that meet several criteria, which are then granted exemption. Reporting on the financial performance is a necessity, regardless of the size of the company and these reports should be presented at annual general meetings to allow mangers to plan and make informed decisions.
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FAQs
You can initially outsource the company accounts to a 3rd party service provider.
Once the organisation is grown to a certain level, then you can appoint an in-house accountant. This is purely dependent on the decision of the business owner.
Various accounting Softwares are available in the market for accounting purposes. You can choose from a wide variety of choices such as Brees, Quick Books, MYOB, Tally, Fact, Cloud Books, SAP, etc.
Every business should keep its records for 5 years.
Record keeping in electronic forms are also allowed.
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