You could be just one step away from being free of the nightmare that is holding you back from growing your business!
You may not have realised that poor accounting or bookkeeping can easily destroy your business; or how having a precise reference point on your financial position can significantly influence the decisions you make for your business. Without a full understanding of your finances, you could quickly find yourself a statistic in the ‘failed-businesses’ list.
When you choose to work with us, we become more than your accountant, we become your trusted business partner. We will help you with the nitty-gritty detail of setting up your accounting system and make sure your records are properly kept and always up to date. We will also help you with all the statutory filings of accounts and returns necessary to satisfy ACRA, IRAS and other relevant government authorities.
The key to getting it right lies in the initial review and setup. Yes, we know – this requires some appropriate investment in time and resources, but once we are over the initial phase the rest for you is plain sailing. And the benefits to your business will keep mounting – year after year.
And whatever suits your business best – whether you want to keep the control in-house or you feel it more practical that we undertake all the work off-site – we will guide and support you every step of the way.
Take the first step to peace of mind – Contact Us Today. Alternatively, you can complete our Accounting, tax and Business Supports Needs Form here.
There are enormous benefits to working with One Source:
We'll get you organised
We can rearrange your internal operational and filing systems so that they are logical and information is easily accessible – after all, a filing system is where you find things, not simply where you put them.
We'll keep your books up-to-date
By having critical reports at your disposal you will instantly understand your present financial position, and you will be able to make better business decisions based on clear and concise facts.
With us, life gets easier
We know that you have more important things to do than shuffling around papers or filling in forms (and don’t you just hate that?) We’ll take care of all the back-office bookkeeping tasks so that you can take care of your business
We give you confidence
When you work with us, you can be confident that your affairs are in the hands of skilled and ethical professionals, and that your needs are being taken care of.
Our Company Accounting Package provides:
Compiling of Financial Statements
Non-Audit Services – a viable option
Under certain circumstance it becomes a very viable choice to opt for a Non-Audit Service. Instead of having their annual accounts audited by an independent auditor (which can cost up to S$10,000 and take 2-3 months depending on the complexity) many SMEs are choosing to go the route of a Compilation Report, which covers all of the compliance requirements, but is less intrusive, costs between S$300 and S$600, and can take as little as 3 days to compile.
What is a Compilation Report?
It is a complete set of financial statements that is prepared in compliance with the Singapore Financial Reporting Standards (SFRS) and includes the following:
02Statement of Directors
03Statement of Comprehensive Income
04Statement of Financial Position
05Statement of Changes in Equity
07Notes to Financial Statements
08Detailed Income Statement
A compilation report produced by One Source will be compiled by specialists, to professional standards. It will conform fully to all SFRS requirements, and is perfect for income tax and annual return filing purposes. You can download a sample compilation report here.
Is my company exempt for audits?
Your company may be exempted from audit requirements (and can file unaudited accounts) and become classified as an Exempt Private Company (EPC) if it meets any of the following conditions:
For the financial period commencing on or after 1 June 2014 it is a company with no corporate shareholders and not more than 20 individual shareholders, and with annual revenues of less than S$5 million. (Where the financial year is less than 12 months, the amount must be apportioned pro-rata).
02It is a dormant company with a financial period commencing on or after 15 May 2013
03An audit is not required by:
Shareholders holding not less than 5% interest in the company’s share capital; or ACRA; or other government authorities/financial institutions/ creditors
One Source offers the most cost-effective method of preparing your Compilation Report.
Setting Up an Accounting System
When we work with you, we will guide you every step of the way. Here are a few guidelines that will help you to streamline your processes, and get you on the road to the elusive peace of mind you are seeking.
Gather together and sort out your financial documents
Keep all documents relating to your business safe and in one place. This includes goods and services invoices, receipts, bills, bank statements, receipts, government documentation and assessments. Empty your pockets, bags and briefcases.
Do not dispose of any document – it may be useful or relevant – we will advise you. Don’t forget, you are required by law to keep any relevant document for six years.
03Purchase a rubber stamp, and stamp every document with the date you obtained it.
Establish a simple filing system
Use a selection of coloured files or folders and label them correctly. It helps enormously.
Always keep old bank statements, customer invoices, vendor bills, government assessments etc. in separate files.
If you have unpaid invoices or bills, keep them separate so as to avoid confusion.
Make up and keep an ‘Active File’ handy, and put all the documents that need your attention in it – and go through it each day. That way you won’t fall foul of a creditor or the government.
05File all your accumulated pieces of paper regularly. Don’t leave it until the period or year end!
What Accounting System do I need?
To help you (and us) select the best for you, follow these simple guidelines:
01Assess how many transactions you do a day/week/month (both sales and purchases) and consider the complexity of the transactions
02Have in mind a budget
03Think about your business week/month and set aside time for the nitty-gritty that must be done
04Talk to us – don’t forget we offer a free initial consultation
Do you want/need a computer-based accounting system?
Stop! Before you invest in accounting software take a step back. We have seen the same problem time and time again – enthusiasm leading to inertia.
Consider using One Source to assess and recommend the right software for your business needs – a solution that will meet the needs of today, and still do the same in the future when your business has grown. And we will set the system up and train you in how to get the best from it and how it can help you grow.
For unbiased, professional advice and help in setting up your accounting system, contact us now!
Outsourced Bookkeeping Services
All companies must keep what is known as ‘a clean set of books’ – all the accurate and relevant financial information about a company. And for many business owners this is hard, tedious work.
An excellent option for small or medium sized business is to consider outsourcing their bookkeeping to One Source. For many companies, it is truly the right decision. It’s reliable, efficient, and we carry out all the back-office tasks associated with keeping your books up to date and in good order. So you will never have trouble with the IRSA or your bank manager!
How it works
When you engage One Source for bookkeeping services, we will work with you personally on your business accounting needs.
Based on the financial documents you submit to us on a regular periodical basis, we will review and organize the information submitted to create and maintain your accounts ledger using a Computerised Accounting Software. Please feel free to download a sample Accounting Report here. We will also help monitor statutory compliance issues and work with you to ensure that you understand all the accounts reports.
You will need to keep all the items detailed below for bookkeeping purposes:
- sales orders/invoices
- purchase orders/invoices
- bank statements
- payment vouchers
- journal vouchers
- payroll summary
- tenancy agreement/invoices
- fixed asset register
- inventory listing
- statement of borrowing/hire purchase
- schedule for monitoring revenue generated and cost of sales/expenses paid during the year
- debtor and creditor control (unpaid or un-receipted invoices), etc.
Practical, cost-effective bookkeeping services for small- and medium-sized businesses – that’s our promise!
XBRL – Information You Need to Know
ACRA announced that revised XBRL filing requirements will be implemented from 2 December 2013. A new offline tool – BizFinx – will be used for preparing financial statements and the BizFinx Portal will be used for submitting Annual Returns together with prepared financial statements.
Why the need for XBRL?
You probably don’t need to know about this. It’s basically so that it’s easier for ACRA to operate and distribute/share financial information.
Who is affected by the revised XBRL filing?
Almost every Singapore incorporated company (unless exempted).
Who is responsible for the correct representation and accuracy of information?
As with previous financial statements, company directors are responsible – so it’s worth getting a specialist firm like One Source to compile everything and make certain it’s accurate.
What are the advantages of preparing the XBRL voluntarily?
If you operate in a particularly competitive business environment and have need of a range of comparative reference material, XBRL filing gives access – via the BizFinx portal once a year – to comprehensive data analysis.
The information will allow you to:
01Benchmark your business against that of your peers
02Compare your performance against your competitors
03Potentially gain a competitive edge by using the improved analytics
04Understand and monitor industry trends
05Help achieve cost savings and make accurate decisions
The advantages of outsourcing XBRL filing to One Source
In theory, filing financial statements by XBRL is not a difficult process to undertake. However, it is vital that the information submitted is wholly accurate, and the director is ultimately legally responsible for this accuracy. XBRL filing can be complex and time consuming, especially as it only has be compiled and submitted infrequently.
One Source will give you peace of mind knowing that your company’s XBRL filing is accurate and compliant.
Charges for our XBRL services start from S$200, depending in the complexity of compilation, and we are generally able to complete the job within one business day. For us to compile your XBRL lodgement we require your financial statements in either Word or PDF format – we do all the rest.
One Source provides a fast and reliable service for your XBRL filing