ACCOUNTING SERVICES
Brood en Boter provides a comprehensive suite of accounting services for a wide range of companies from SMEs to MNCs. We understand your business needs and the need to timely and accurate quality accounting services.
SINGAPORE
ACCOUNTING SERVICES
Brood en Boter distinguishes its accounting services by ensuring the timely and quality delivery of its accounting assignments, regardless of its complexity and technical requirements.
It will be a simple working affair for clients working with Brood en Boter through direct communication channels and clients will always receive the best advise catered to their requirements.
OUTSOURCING YOUR ACCOUNTING
Understanding Your Needs
Our friendly consultants will meet up with you to develop a full understanding of your current accounting process and requirements to tailor for you a recommended service plan. This serves to provide our clients with our best rates and most value added services.
Dedicated Accounting Services
Upon confirmation of outsourcing engagements, clients will be assigned a dedicated accountant to service your accounting needs. Each engagement will have backup accountants in the event of unforeseen circumstances.
Customized Book-Keeping Services
Our bookkeeping services are designed to the specific needs each client. We work on flat hourly fees according to client requirements to meet our client's budgets effectively.
Annual Review and Recommendations
Brood en Boter conducts a free annual review with each of our clients at the end of their financial year to provide recommendations on improving our services in meeting client needs and suggestions to better their financial and accounting processes.
ACCOUNTING SERVICES
Brood en Boter provides accounting services that go beyond the routine if required, for instance, we provide management report format and chart of accounts customizations according to the needs of our clients.
Companies such as Small & Medium Enterprises (SMEs) benefit from the arrangements of our free annual review to help address their financial numbers, highlight variances and alert our clients to potential regulatory compliance breaches such as Goods & Services tax (GST) and Withholding Tax requirements.
Our Scope of Accounting Works Include:
1. Recommend Accounting & Filing System
2. Set Up Chart of Accounts
3. Data Transaction Processing
4. Perform Accounting-Related Administrative Services in:
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Sales & Receipt Cycle (sales invoicing, reminders and collection)
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Payment Cycle (provision of signatories, trade payable process)
5. Generate Financial Reports including:
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Management Accounts
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Departmental Report
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Variance Report
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Monthly Comparison of Performance
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Highlights on Key Performance Indicators (KPIs)
6. Prepare Cash Flow Projections
7. Administer GST compliance
8. Administer Corporate & Personal Tax Compliance
9. Compile Proprietor’s Accounts
10. Set Up Accounting Policies and Procedures
BOOK-KEEPING SERVICES
As and When Needed
Brood en Boter offers its book keeping services to companies on long-term or ad-hoc arrangements. Clients need to only request for book keeping services only when needed without needing to worry about complicated engagement contracts.
Professionally Managed
Book keeping services offered are professionally administered by an assigned accountant who has had extensive training and experience in managing a book-keeping engagement.
Minimal Rates
Our book keeping fees are kept at a low fixed hourly rate to ensure that our client's budgets are met effectively, clients will only be billed according to the services utilised.
Urgent Book Keeping
For clients with urgent book keeping requests, Brood en Boter offers express book keeping services at a nominal fee, through the assignment of additional manpower to deliver the required services efficiently without compromising on service quality.
COMPILING FINANCIAL REPORTS
OPTING FOR NON-AUDIT SERVICES
Compilation reports are unaudited financial statements. Today, many companies opt for non-audit services as compilation reports are inexpensive and serve as a better option for companies in meeting the same compliance requirement. The full set of compilation reports are prepared in compliance with the Singapore Financial Reporting Standards (“SFRS”).
WHAT A COMPILATION REPORT INCLUDES
A Full Set of Compilation Reports would include the following:
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Statement of Financial Position
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Statement of Cash Flows
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Basic Notes to the Accounts
An Annual Report would include the above and the following:
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Directors’ Report
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Statement by Directors
COMPILATION REPORT MEETS FILING REQUIREMENT
A compilation report will give you the level of comfort that the information is compiled with professional competence and due care.
It is sufficient for income tax filing to the Inland Revenue Authority of Singapore (IRAS) and annual return filing to the Accounting and Corporate Regulatory Authority (ACRA).
AUDIT EXEMPTION CRITERIA
Companies with financial years beginning on or after 1 July 2015, may be exempted for audit if it meets at least 2 of the 3 following criteria for the immediate past two consecutive financial years:''
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Total annual revenue ≤ $10m;
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Total assets ≤ $10m;
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No. of employees ≤ 50
For a company which is part of a group:
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The company must be qualified as a small company; and
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Entire group must be a “small” group”
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
XBRL REPORTING
What is XBRL?
eXtensible Business Reporting Language (XBRL) is an internationally recognised language for the electronic communication of business information. With effect from 3 March 2014, the revised XBRL filing requirements under the BizFinx system will apply. More information on XBRL can be found at http://www.xbrl.org.
Why Outsource
Company Directors are responsible for the correct representation and accuracy of the information filed. As the online filing process can be difficult and time-consuming for someone who does not do this every day, outsourcing the filing of XBRL to a professional firm helps to eliminate the hassle of accessing online filing system and the potential filing errors.
FILING XBRL AND EXEMPTIONS
Singapore companies are required to file a full set of financial statements in XBRL format, according to a minimum requirement list within the new ACRA Taxonomy 2013.
The table below sets out the filing requirements for various types of companies:
Type of Company
Public / Private companies
(limited/unlimited by shares)
Solvent Exempt Private Companies (EPCs)
Insolvent EPCs
Foreign companies and their local branches
Specific companies regulated by MAS, i.e. commercial banks, merchant banks, licensed insurers, finance companies regulated by MAS
Companies allowed by law to prepare accounts in accordance with accounting standards other than SFRS, SFRS for Small Entities and IFRS
Companies limited by guarantee
Filing of Financial Statements
Full set of XBRL Financial Statements
Exempted from filing Financial Statements
but encouraged to file full set of XBRL Financial Statements or Financial Statements Highlights (FSH) in XBRL format
Option of :
Full set of XBRL Financial Statements; or
FSH in XBRL format + PDF copy of Financial Statements
PDF copy of Financial Statements (XBRL filing not required)
FS in XBRL format + PDF copy of Financial Statements
FS in XBRL format + PDF copy of Financial Statements
PDF copy of Financial Statements (XBRL filing not required)