Accounting & Bookkeeping

Accounting & Bookkeeping

With the current economic uncertainty and high staff turnover, companies could outsource the accounting function to meet the complex range of statutory and accounting requirements.

Aven & Bills could set-up and maintain books of accounts, payroll, accounts receivable and accounts payable services.

Our Services:

  • Bookkeeping (monthly, quarterly/yearly)
  • Preparation of management reports and supporting ledger
  • Preparing annual accounts for statutory audit in FRS compliance
  • Clearing of accounting backlogs and accounting supporting services
  • Preparing budgeting and forecasting reports
  • Cash management accounting
  • Bank administration and reconciliation
  • Expenses accounts administration
  • Tax return services
  • GST registration, de-registration and preparing quarterly GST returns
  • Payroll services
  • Property, plant and equipment ledger
  • Financial assets under FRS116
  • Financial liability under FRS116
  • XBRL financial reporting
  • Compilation of unaudited financial statements in accordance with Singapore FRS (required by all Singapore incorporation companies under section 201 of the companies act)

GST Registration and filing

Good and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore custom) as well as nearly all supplies of goods and services in Singapore.

GST exemptions apply to the provision of most financial services, the sale, and lease of residential properties, and the importation and local supply of investment precious metals.

Goods that are exported and international services are zero-rated. Please refer to this link.

Our GST services as follows:

  • GST Registration
  • Preparation of GST Form 5/Form7 return to IRAS
  • Preparation of GST Form 8 in the case of de-registration
  • Assist in GST Self-review kit for a company who are applying for any of the following GST schemes:
    1. Import GST deferment scheme (IGDS)
    2. Approved Marine customer scheme (AMCS)
    3. Approved contract manufacturer and trader (ACMT)
    4. Approved refiner and consolidation scheme (ARCS)
    5. Approved import GST Suspension scheme (AISS)
  • GST audit if you are renewing any of the following:
    1. Import GST deferment scheme (IGDS)
    2. Major exporter scheme (MES)
    3. Approved contract manufacturer trader (ACMT) scheme

Tax return services

For corporation:

  • The annual return of estimated chargeable income (filing requirement within 3 months from financial year end)
  • Optimisation of tax return and filing services
  • Submit company tax return (Form C / Form CS)
  • Withholding tax filing
  • Application of certificate of residence

For Sole Proprietor / Partnership / Limited Partnership / Limited Liability Partnership:

  • The annual return of Form P, B, B1)
  • Withholding tax filing
  • Application of certificate of residence

XBRL Financial Reporting

All Singapore incorporation companies are required to file financial statements with ACRA, except for those who are exempted. Some companies will file a full set of financial statements in XBRL format, while some others will file only salient financial data in XBRL format and a full set of financial statements in PDF. The filing requirements depend on the type of company you own, for example, if you own a sole proprietorship, partnership or limited partnership, you are not required to file financial statements with ACRA

Please refer to ACRA website here for more details

XBRL services:

  • Preparation of a full set of financial statements in XBRL format
  • Preparation of XBRL financial highlights
  • Validation of the XBRL file to be completed and approval

Company to provide Financial Report Statement (FRS) in Microsoft word file.

If the company does not have FRS, a fee of a compilation of account will be charged separately.

Compilation of companies account

Under sections 201(2) and 201(5) of the Companies Act (‘the Act’), directors are responsible for presenting and lay before the company, at its annual general meeting, financial statements that the account is:

  1. comply with Accounting Standards issued by the Accounting Standards Council;
  2. give a true and fair view of the financial position and performance of the company
  3. the directors are responsible for maintaining a system of internal accounting controls and keeping proper accounting and other records that will enable the preparation of true and fair financial state

Please refer to ACRA website here for more details