Accounting Services in Singapore

Under SFRS and IRAS requirements, Singapore companies must maintain a profit and loss account, balance sheet, cash flow statement, and equity statement. Supporting documents such as receipts, invoices, bank statements, etc. must be kept for a minimum of five years. We manage all record maintenance as part of our standard accounting service.

GST registration is mandatory when a company's taxable turnover exceeds or is expected to exceed S$1 million within a 12-month period. Voluntary registration is also available for businesses below the threshold. Once registered, quarterly GST returns must be filed via IRAS's myTax Portal. We advise on registration timing and manage all filings.

XBRL (Extensible Business Reporting Language) is the format required by ACRA for financial statement submissions via the BizFinx portal. Most Singapore-incorporated companies are required to file in XBRL format. We prepare and submit XBRL financial statements as part of our statutory reporting service.

Bookkeeping is the day-to-day recording and categorisation of financial transactions such as invoices, receipts, and bank entries. Accounting encompasses bookkeeping but also includes financial analysis, financial statement preparation, GST compliance, statutory reporting, and strategic financial management. We provide both as part of a single, integrated service.

Yes. For startups and SMEs, outsourcing removes the cost and complexity of building an in-house finance function from scratch. For larger businesses and MNCs, it provides a full-service accounting team that manages everything from daily transactions to statutory financial statements and audit liaison, without the overhead of a full internal team.

Cloud accounting such as Xero gives real-time financial visibility and integrates with banking and payroll, so reporting is current rather than reconstructed at year-end. Traditional bookkeeping relies on periodic manual updates. Ascentium implements and runs Xero, including migration and training.

We implement and manage Xero as our primary accounting platform, which is a cloud-based system that provides real-time financial visibility, integrates with payroll and banking, and is well-suited to Singapore businesses of all sizes. We handle implementation, data migration, and staff training as part of our onboarding process.