The Importance of Reliable Accounting Services

Many small and medium size businesses stagnate or even fail because too often the owner loses a grip on the company’s financial position. In our course of work, we regularly meet entrepreneurs who were flying blind without even bothering to know how well or how bad is their business performing. They tend to become complacent, sit back and relax if the business is doing well or doing something wrong without even realizing it.

Therefore, it is extremely important for you, as the business owner, to certainly have an understanding of the big picture. This is where financial statements can play a crucial role. Thus, the basic reports that can help you in understanding your financial position are Income Statement, Balance Sheet and Cash Flow Statement. We will help you to generate these reports on a regular basis, which helps to determine your firm’s profitability, financial position and cash flow position at any point in time.

Financial statements can be prepared for your business for any given length of time or at any point in time. At the very least, it is required to be prepared at the company’s financial year end for regulatory submission purposes such as income tax filing. The following are some of important the important benefits of regular preparation of financial statements:

  • Enable you to keep a tight handle on the company’s financial performance and position
  • Helps you to decide on operational and strategic decisions
  • A must have component for any business plan preparation and to get investment or loan financing
  • Displays the firm’s Account Receivables and Account Payables position, offering a valuable information in knowing how much cash flows is coming in or out of the company
  • Useful in tax planning preparation to minimize tax liability

Hire a reliable accounting firm in Singapore or a CPA (certified public accontant) now to grow your business!


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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