Our size enables us to form a department providing corporate secretarial services. We designed our in-house Corporate Secretarial database using collaborative online software allowing us immediate access to corporate information on demand by clients and staff. More than three fourths of our secretarial department has more than 10 years of experience with us. These factors give us in depth access and accurate information about our clients. Our service includes advice on instructions based on such knowledge.
IBM Notes also enhances our access and cross reference to Audit and Taxation databases. This is critical in providing us full knowledge of our clients because most issues do not stand alone.
We enforce strict supervisory system in our process to ensure accurate and reliable transactions. Using collaborative online software application, all transactions are approved by our manager and Partner. Our Partner (Qualified Individual) and manager each has more than 30 years and 20 years experience respectively.
We have direct access to a law firm specialising in Corporate Law and litigation. Subscribing to various resource libraries avail ourselves reference materials on various corporate secretarial instructions and matters. These are useful in advising dealings with shareholder disputes, success planning, business strategic alliances, etc.
We also have sufficient staff to form an accounting department. We are now certified ProAdvisor to Intuit's QuickBooks Online software and certified Xero Partner to Xero Online software. Our staff are also familiar with various common desktop accounting software such as QuickBook, MYOB and AccPac.
Both Online Software provide a new platform with which our clients are able to access current data for business decisions. We also use Excel or Openoffice to generate financial data reports for management use, highlighting ratios and findings from the compiled information.
The accounting department reports to the audit managers and partners responsible for their clients. The audit managers are familiar with clients and their issues and with their expertise of the Singapore Financial Reporting Standards, provide for an effective supervisory system. The accounting department staff report to a supervisor responsible for training and guiding them.
Our collaborative online software application also makes it possible for our staff to communicate and share information with our audit, secretarial and tax departments. This enhances early detection of any possible issues.
Our staff are issued with laptops, allowing them to either perform their clients' work on site or, if some of their clients prefer, in our office.
Corporate Secretarial Services
We are an ACRA Registered Filing Agent and Chartered Accountant as one of the prerequisite Qualified Individual. Under the enhanced regime for Corporate Service Providers, we have also implemented Anti Money Laundering and Terrorism Financing guidance toolkit and ethics pronouncement of ISCA. As Registered Filing Agent, we have also implemented the Client Due Diligence procedures. In essence, we are committed to the SSQC requirements essential for the proper conduct of service provision.
Our services include formation of companies, maintenance of Statutory Registers, Register of Registrable Controllers and Nominee Directors, Registered Office, Nominee Corporate Secretary and closing of companies.
Contingent Office Space
With increasing pressure to remain competitive, office space continues to be potentially cost inefficient. We offer on demand contingent needs for office desks and cubicles (CoWorking), and meeting and Board rooms complete with full complements of refreshments, photocopying, teleconferencing, projectors, HD TV screens, stationery, etc. Pricing range from SGD 12 per hour or SGD 60 full day for CoWorking space to SGD 80 per hour or SGD 430 full day for 12 seater Meeting Rooms.
With the increased threshold for audit exemption, more SMEs may request a professional accountant in public practice to assist with the preparation and presentation of financial information of an entity. The value of a compilation engagement to users of financial information results from the application of the practitioner's professional expertise in accounting and financial reporting and compliance with professional standards, including relevant ethical requirements, and the clear communication of the nature and extent of the practitioner's involvement with the compiled financial information. Since a compilation engagement is not an assurance engagement, a compilation engagement does not require the practitioner to verify the accuracy or completeness of the information provided by management for the compilation, or otherwise to gather evidence to express an audit opinion or a review conclusion on the preparation of the financial information. This has the advantages of maintenance cost savings and obtaining confidence of compliance with the financial reporting standards. Our access to taxation and secretarial information adds value to identifying possible issues relating to these aspects.
We provide outsource bookkeeping services for clients requiring privacy to their financial statements from their staff, no requirement for a full time bookkeeper or difficulty in hiring a qualified bookkeeper.
We assist in providing immediate backup support to address backlogs and incomplete accounts or during a temporary absence of their bookkeeper. This work sometimes involves reconciliation exercise to support say parallel runs of new computer application systems.
Management Accounts Review
We assist in providing journal entries to the General Ledger and reconcile transaction items to various sub ledgers. The purpose is to generate financial statements keyed in by either the Accounts Receivable and Accounts Payable staff. This helps to reduce the need to employ a full time qualified bookkeeper and also to provide training to non-accounting staff using part of the accounting software for their typical daily operations. Management gets to use reports generated daily by their staff such sales report, order processing, accounts receivables, etc whilst reducing the need to hire a full time bookkeeper to prepare daily financial statements.
This adds value to our services provided because we spend our time providing important management reports and insights instead of spending our time keying in data.
We have the expertise to assist in the preparation of BizFin files for uploading to ACRA. The BizFin requires verification of information to the approved financial statements and the appropriate classification of various taxonomies in the XBRL format.
Outsourcing payroll function is a common way for SMEs to segregate their staff from the sensitivity of payroll. In addition, we use either the payroll software provided by banks for their clearance or Singapore version of proven payroll software to process payroll. The payroll software provides all the necessary documentation and reports for payroll administration.
Expertise is required in the preparation of consolidated financial statements. Our audit department has the necessary skillsets essential for the preparation of the consolidation worksheet and financial statements. Our knowledge of the Singapore Financial Reporting Standards is essential in the consolidation exercise.