Accounting Services

OS1 Enterprise – the Accountants for Your Peace of Mind

We Offer Accounting Services in Singapore from S$100/month or S$300/quarter or S$600/year!

Do You Want to Take Your Business To New Heights? So Do We!

Take Your Business To New Heights
You may not have realized that poor accounting or bookkeeping can easily destroy your business; or how having a precise reference point on your financial position can significantly influence the decisions you make for your business. Without a full understanding of your finances, you could quickly find yourself a statistic in the ‘failed-businesses’ list.

When you choose to work with us, we become more than your accountant, we become your trusted business partner. We will help you with the nitty-gritty detail of setting up your accounting system and make sure your records are properly kept and always up to date. We will also help you with all the statutory filings of accounts and returns necessary to satisfy the Inland Revenue Authority (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA) and other relevant government authorities.

The key to getting it right lies in the initial review and setup. Yes, we know – this requires some appropriate investment in time and resources, but once we are over the initial phase the rest for you is plain sailing. And the benefits to your business will keep mounting – year after year.

And whatever suits your business best – whether you want to keep the control in-house or you feel it more practical that we undertake all the work off-site – we will guide and support you every step of the way.

You may have a bookkeeper to keep track of your debit and credits, but you need tax advice to make sure you pay everything that you must pay, but no more. An experienced accountant can help you in this regard.

OS1 Enterprise provides you with the experienced accountants you need, whether your business is small or mid-size; just starting out, struggling to survive or wishing to expand.

Take the first step to peace of mind –

Contact Us Today

Alternatively, you can click and fill up the form below for us to generate a more accurate Quote for you.

 

Why Us?

Competitive Pricing

Competitive Pricing
Accounting services from experienced accountants for as low as $100/month! Need we say more?

Cost Savings

Cost Savings
Hiring an in-house, full-time accountant will have you paying extra in overhead costs; costs that include benefits, trainings, and salaries. Hiring us eliminates all these extra expenses. The money saved can then be allocated to other important aspects of your business.

Expert Advice

Expert Advice
Get sound financial management advice from experts who have years of experience in the industry. We are a team of professionals that know, through experience, what works and what doesn’t; and this information will aid you in your pursuit of making your business a success.

Convenience

Convenience

Hiring us gives you one less thing to do – a major thing at that. In addition, whenever you need any financial information of your company, it will just be within your reach. This allows you to focus getting your business to the top.

Tailored Solutions

We have a solution for all your accounting need, no matter what it is. We adopt a straightforward and simple approach thereby eliminating the unnecessary components that obstruct efficiency.

Our range of Singapore Accounting Services includes:

  1. Setting up proper accounting system
  2. Cloud accounting services
  3. Compilation of financial statements
  4. XBRL services

We offer valued-added Business Services Packages. Talk to us - don’t forget we offer a FREE initial consultation.

1. Setting Up Proper Accounting Systems

Gather Together and Sort Out Your Financial Documents

When we work with you, we will guide you every step of the way. Here are a few guidelines that will help you to streamline your processes, and get you on the road to the elusive peace of mind you are seeking.

  1. Keep all documents relating to your business safe and in one place. This includes goods and services invoices, receipts, bills, bank statements, receipts, government documentation and assessments. Empty your pockets, bags and briefcases.
  2. Do not dispose of any document – it may be useful or relevant – we will advise you. Don’t forget, you are required by law to keep any relevant document for 5 years.
  3. Purchase a rubber stamp, and stamp every document with the date you obtained it.

Establish a Simple Filing System

  1. Use a selection of coloured files or folders and label them correctly. It helps enormously.
  2. Always keep old bank statements, customer invoices, vendor bills, government assessments etc. in separate files.
  3. If you have unpaid invoices or bills, keep them separate so as to avoid confusion.
  4. Make up and keep an ‘Active File’ handy, and put all the documents that need your attention in it – and go through it each day. That way you won’t fall foul of a creditor or the government.
  5. File all your accumulated pieces of paper regularly. Don’t leave it until the period or year end!

What Accounting System Do I need?

To help you (and us) select the best for you, follow these simple guidelines:

  1. Assess how many transactions you do a day/week/month (both sales and purchases) and consider the complexity of the transactions
  2. Have in mind a budget
  3. Think about your business week/month and set aside time for the nitty-gritty that must be done.
  4. Talk to us – don’t forget we offer a free initial consultation

2. Do you Want/Need a Cloud-Based Accounting System?

Stop! Before you invest in accounting software take a step back. We have seen the same problem time and time again – enthusiasm leading to inertia.

Consider using OS1 Enterprise to assess and recommend the right software for your business needs – a solution that will meet the needs of today, and still do the same in the future when your business has grown. And we will set the system up and train you in how to get the best from it and how it can help you grow.

Cloud Accounting Services

We are proud to offer our clients the most sophisticated accounting software available –

Xero Cloud Accounting


This software is designed to be simple and intuitive that all business owners can use it to keep their books. And because your accounting records are hosted securely in the cloud – both you and we can access them ease from any location.

OS1 Enterprise sets up the Xero Cloud Accounting system for you at no extra charge and teaches the appropriate employees how to use it.

TAKE ADVANTAGE OF THE CLOUD TO IMPROVE YOUR BUSINESS

Establish a robust and reliable financial system is not an easy task. Whether you're an established business or a start-up, choosing to adopt intelligent cloud tools can save yourself headaches and a lot of money.

3. Compilation of Financial Statements

Non-Audit Services – a viable option

Under certain circumstance it becomes a very viable choice to opt for a Non-Audit Service. Instead of having their annual accounts audited by an independent auditor (which can cost up to S$10,000 and take 2-3 months depending on the complexity) many SMEs are choosing to go the route of a Compilation Report, which covers all of the compliance requirements, but is less intrusive, costs between S$300 and S$1,000, and can take as little as 3 days to compile.

What is a Compilation Report?

It is a complete set of financial statements that is prepared in compliance with the Singapore Financial Reporting Standards (SFRS) and includes the following:

  1. Directors’ Statements
  2. Statement of Comprehensive Income
  3. Statement of Financial Position
  4. Statement of Changes in Equity
  5. Accounting Policies
  6. Notes to Financial Statements
  7. Detailed Income Statement

A compilation report produced by OS1 Enterprise will be compiled by specialists, to professional standards. It will conform fully to all SFRS requirements, and is perfect for income tax and annual return filing purposes.

Is My Company Exempt for Audits?

Your company may be exempted from audit requirements (and can file unaudited accounts) and become classified as an Exempt Private Company (EPC) if it meets any of the following conditions:

  1. For the financial period commencing on or after 1 June 2014 it is a company with no corporate shareholders and not more than 20 individual shareholders, and with annual revenues of less than S$5 million. (Where the financial year is less than 12 months, the amount must be apportioned pro-rata).
  2. It is a dormant company with a financial period commencing on or after 15 May 2013
  3. An audit is not required by:

Shareholders holding not less than 5% interest in the company’s share capital; or ACRA; or other government authorities/financial institutions/ creditors.

OS1 Enterprise offers the most cost-effective method of preparing your Compilation Report.

4. XBRL- Information You Need to Know

ACRA announced that revised XBRL filing requirements will be implemented from 2 December 2013. A new offline tool – BizFinx – will be used for preparing financial statements and the BizFinx Portal will be used for submitting Annual Returns together with prepared financial statements.

Why the Need for XBRL?

You probably don’t need to know about this. It’s basically so that it’s easier for ACRA to operate and distribute/share financial information.

Who is Affected By The Revised XBRL Filing?

Almost every Singapore incorporated company (unless exempted).

Who is Responsible for the Correct Representation and Accuracy of Information?

As with previous financial statements, company directors are responsible – so it’s worth getting a specialist firm like OS1 Enterprise to compile everything and make certain it’s accurate.

What are the Advantages of Preparing the XBRL Voluntarily?

If you operate in a particularly competitive business environment and have need of a range of comparative reference material, XBRL filing gives access – via the BizFinx portal once a year – to comprehensive data analysis.

The information will allow you to:

  1. Benchmark your business against that of your peers
  2. Compare your performance against your competitors
  3. Potentially gain a competitive edge by using the improved analytics
  4. Understand and monitor industry trends
  5. Help achieve cost savings and make accurate decisions

The advantages of outsourcing XBRL filing to OS1 Enterprise

In theory, filing financial statements by XBRL is not a difficult process to undertake. However, it is vital that the information submitted is wholly accurate, and the director is ultimately legally responsible for this accuracy. XBRL filing can be complex and time consuming, especially as it only has be compiled and submitted infrequently.

OS1 Enterprise will give you peace of mind knowing that your company’s XBRL filing is accurate and compliant.

Charges for our XBRL services start from S$500, depending in the complexity of compilation, and we are generally able to complete the job within one business day. For us to compile your XBRL lodgement we require your financial statements in either Word or PDF format – we do all the rest.

So What Are You Waiting For?

Get yourself the most cost-effective and comprehensive accounting service available in Singapore today!

Schedule a Free Consultation!

Call/SMS us now at +65 6873-2886 or +65 9889-4776 or fill out our contact form and let us know how we can help you.

Let's build your business, Together!

Take a few minutes and send us your requirements and we will be back with a solution.

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