Q: What is the difference between bookkeeping & accounting services?

Bookkeeping involves recording and organizing daily financial transactions and maintaining accurate ledgers. Accounting expands on bookkeeping by interpreting and analyzing the financial data to prepare statements, assess performance, conduct audits, and provide strategic advice. Accounting focuses on financial insights and compliance for informed decision-making.

Q: What accounting services do you offer?

Here is a list of services Watershore is offering. Bookkeeping: Transactions, ledgers, financial statements. Financial Reports: Compiling income statements, balance sheets, and cash flow statements. Consolidation: Merging financial data from multiple entities. Tax Services: Tax computation, returns, planning, and compliance. Payroll Management: Wage calculations, deductions, and tax compliance. Financial Advisory: Strategic advice, budgeting, forecasting, and analysis.

Question 1

What is the difference between bookkeeping & accounting services?

Accepted Answer

Bookkeeping involves recording and organizing daily financial transactions and maintaining accurate ledgers.

Accounting expands on bookkeeping by interpreting and analyzing the financial data to prepare statements, assess performance, conduct audits, and provide strategic advice. Accounting focuses on financial insights and compliance for informed decision-making.

Question 2

What accounting services do you offer?

Accepted Answer

Here is a list of services Watershore is offering.

Bookkeeping: Transactions, ledgers, financial statements.
Financial Reports: Compiling income statements, balance sheets, and cash flow statements.
Consolidation: Merging financial data from multiple entities.
Tax Services: Tax computation, returns, planning, and compliance.
Payroll Management: Wage calculations, deductions, and tax compliance.
Financial Advisory: Strategic advice, budgeting, forecasting, and analysis.

Question 3

What accounting services do you offer for small businesses in Singapore?

Accepted Answer

We offer a comprehensive range of accounting services tailored to the needs of small businesses in Singapore, including:

Bookkeeping and financial statement preparation
GST return filing
Corporate tax filing and planning
Payroll processing and reporting
Business advisory and consulting to manage finances effectively and make informed financial decisions

Question 4

How can your accounting services help my small business in Singapore?

Accepted Answer

Our accounting services offer valuable insights into your small business finances, aiding in planning, compliance, and growth. We assist with bookkeeping, payroll, financial statements, tax filings, and regulatory compliance. Proper accounting ensures accurate taxes, eligible deductions, and informed decisions, establishing a solid financial foundation for success.

Question 5

What are the benefits of using an accounting service for my small business in Singapore?

Accepted Answer

Using an accounting service for your small business in Singapore ensures compliance with tax laws, accurate financial statements and tax returns, and professional bookkeeping and payroll services. Expert strategic financial advice helps you navigate local standards and regulations, freeing up time to focus on growing your business with confidence.

Question 6

What are the qualifications of your accountants for small businesses in Singapore?

Accepted Answer

Watershore’s accountants are highly qualified, with over 15 years of experience and necessary regulatory licenses. They are registered public accountants with ACRA and members of ISCA. Our team stays updated on the latest tax laws, accounting standards, and regulatory changes to provide expert advice and support.

Question 7

How can bookkeeping services help my small business in Singapore?

Accepted Answer

Watershore’s professional bookkeepers manage your accounting accurately, ensuring all transactions are correctly recorded, receipts filed, and invoices issued on time. This provides an accurate financial snapshot, aiding compliance, tax filings, and financial planning. They also identify errors, flag issues, and recommend improvements, allowing you to focus on growing your business.

Question 8

What are the benefits of using an accounting service for my small business in Singapore?

Accepted Answer

Watershore’s bookkeeping services offer numerous benefits for your small business in Singapore, including accuracy in financial records and tax filings, ensuring compliance with changing laws, organized financial data, and significant time savings. Additionally, our accountants provide valuable insights to improve cash flow and reduce expenses, allowing you to focus on growth.

Question 9

What are the qualifications of your bookkeepers for small businesses in Singapore?

Accepted Answer

Watershore’s bookkeepers for small businesses in Singapore are highly qualified, holding professional accounting or bookkeeping certifications. They possess extensive experience across various industries and specialize in GST filing and compliance. Our team ensures accuracy, detail, and uses the latest software and technologies for efficient, customized bookkeeping services tailored to your needs.

Question 10

How do your bookkeeper services work?

Accepted Answer

Watershore’s bookkeeping services simplify your finances by handling accounts payable and receivable, expense tracking, bank reconciliation, and financial statements. Our certified bookkeepers use advanced software and cloud tools to securely manage and report on your financial data. Upload or send us your documents, and we’ll handle the rest.

Question 11

What are the different types of tax filings required for businesses in Singapore?

Accepted Answer

In Singapore, businesses are required to file several types of tax returns, including corporate income tax returns (Form C-S/ C), GST returns, and withholding tax returns. Additionally, companies must file annual financial statements and, if applicable, tax residency certificates and foreign income declarations.

Question 12

When should a company register for GST in Singapore?

Accepted Answer

A company should register for GST in Singapore when its taxable turnover exceeds SGD $1 million in the past 12 months or is expected to exceed this threshold in the next 12 months. Early registration ensures compliance and avoids penalties.

Question 13

What documents are required for GST registration services in Singapore?

Accepted Answer

For GST registration in Singapore, required documents include the company’s business profile, identification details of directors and shareholders, proof of business address, and financial statements or projections. Additional documentation may be needed based on specific business circumstances and registration type.

Question 14

How often do I need to file GST returns in Singapore?

Accepted Answer

GST returns in Singapore are typically filed quarterly for most businesses, with each return due one month after the end of the quarter. However, businesses with lower turnover may file annually. Filing frequency can vary based on the company’s GST registration status.

Question 15

What are the deadlines for filing corporate tax and GST in Singapore?

Accepted Answer

Corporate income tax returns are typically due by November 30th, while GST returns must be filed quarterly or annually, depending on the company’s registration status. Quarterly returns are due one month after the end of each quarter, while annual returns are due by the end of the accounting year.

Question 16

What are the penalties for late GST return filing in Singapore?

Accepted Answer

Penalties for late GST return filing in Singapore can include financial fines, interest on overdue amounts, and additional administrative charges. Repeated delays may lead to more severe consequences, such as enforcement actions or loss of GST registration, impacting business operations.

Question 17

What role do we as advisors play in business succession planning?

Accepted Answer

As advisors in business continuity planning, our role includes:

Providing expertise in legal, financial, and operational areas
Offering strategic advice aligned with business goals
Developing personalized solutions for successor identification, ownership transfers, and tax implications
Facilitating communication among stakeholders and implementing training
Ensuring compliance with regulatory requirements and best practices

Question 18

What makes your accounting services the best in Singapore?

Accepted Answer

At Watershore, our accounting services excel with over 15 years of experience in Singapore. We offer comprehensive accounting, tax planning, payroll, and auditing services tailored to your business goals. Our certified professionals ensure compliance and maximize tax savings, supporting your growth with personalized service and strategic insights.

Question 19

What experience do you have in providing accounting and bookkeeping services for small businesses in Singapore?

Accepted Answer

Watershore has over 15 years of experience serving small businesses in Singapore. We provide a full range of services, including bookkeeping, payroll, GST filing, financial statements, and tax compliance. Our team of chartered accountants and tax experts uses advanced technology to deliver accurate and cost-effective solutions, keeping you focused on business growth.

Question 20

How do you stay updated on the latest accounting regulations in Singapore?

Accepted Answer

Watershore stays updated on Singapore’s accounting regulations by monitoring ACRA and MAS announcements, subscribing to industry newsletters, attending ISCA and ACRA seminars, and collaborating with industry contacts. Our team also conducts in-house discussions to ensure we provide the most current and compliant accounting and advisory services.

Question 21

Why should I choose Watershore for my accounting and bookkeeping needs?

Accepted Answer

We ensure the accuracy and reliability of our bookkeeping services through comprehensive quality control measures which include ongoing staff training, utilization of advanced accounting software, regular reconciliations, adherence to best practices, and strict compliance with regulatory standards. This holistic strategy ensures that your financial records are maintained with precision and consistency, providing a solid foundation for informed decision-making and financial transparency.

Question 22

How do you ensure the accuracy and reliability of your bookkeeping services?

Accepted Answer

We ensure the accuracy and reliability of our bookkeeping services through comprehensive quality control measures which include ongoing staff training, utilization of advanced accounting software, regular reconciliations, adherence to best practices, and strict compliance with regulatory standards. This holistic strategy ensures that your financial records are maintained with precision and consistency, providing a solid foundation for informed decision-making and financial transparency.

Question 23

Do you offer a free consultation for accounting and bookkeeping services for small businesses in Singapore?

Accepted Answer

Yes, Watershore offers comprehensive online accounting and bookkeeping services, including accounts payable and receivable, financial reporting, payroll, tax preparation, budgeting, account reconciliation, and cash flow management. With over 15 years of experience, we serve clients of all sizes, from freelancers to enterprises, helping you gain control over your financial data.

Question 24

What are the benefits of using a bookkeeping service for my small business in Singapore?

Accepted Answer

We leverage on advanced cloud-based technology to provide real-time access financial data, enabling seamless collaboration and enhancing efficiency. Having access to financial information wherever and whenever needed promotes transparency, agility and informed decision-making, supporting business growth.

Question 25

How secure are your online accounting and bookkeeping services?

Accepted Answer

We leverage on advanced cloud-based technology to provide real-time access financial data, enabling seamless collaboration and enhancing efficiency. Having access to financial information wherever and whenever needed promotes transparency, agility and informed decision-making, supporting business growth.

Question 26

Do you offer a free consultation for accounting and bookkeeping services for small businesses in Singapore?

Accepted Answer

Yes, we offer free initial consultations for small business owners in Singapore interested in accounting and bookkeeping services. Our experienced team will discuss your needs, goals, and budget to recommend tailored solutions. Contact us to schedule your free consultation and find the optimal level of service for your business.

Question 27

How can I get started with your accounting and bookkeeping services for small businesses in Singapore?

Accepted Answer

Getting started with our accounting services is simple and straightforward. Contact us through our website or call us to schedule a consultation with one of our account representatives. They will discuss your business needs, goals and budget to recommend the right accounting and tax solutions and services for your business.

Question 28

What is the estimated cost for the various accounting & bookkeeping services?

Accepted Answer

Bookkeeping services: Starting from $700

Compilation of financial report: Starting from $700

Consolidation of financial report: Starting from $900

Tax computation and Tax Return: Starting from $700

**Please note that actual costs may vary depending on the complexity and specific requirements of your business. For a personalized quote, feel free to contact us directly.

Our Services

Enter Indonesia Seamelessly

Private Clients

Corporate & Business Solutions

Value-Added & Compliance Solutions

Indonesia Market Entry & Corporate Services

Accounting & Bookkeeping

Accounting & Bookkeeping Services in Singapore

Our Services Include:

Why Choose Us?

FAQ

Accounting Services

Bookkeeping Services

Tax Filings & GST

Experience & Expertise

Online Services

Get Started With Us

Speak with Our Advisory Team

Business Consultancy and Corporate Services Provider in Singapore

Contact

Singapore Office

Indonesia Office

Company

Services