In today’s fast-paced, ever changing business environment, there is a constant: “Knowledge is Power.” Making decisions based off outdated, unmaintained records is a disaster in the making. Therefore, swift, punctual and accurate financial analysis is crucial to the well-being of a company. However, this comes at a cost in terms of manpower
Never fear, MAL Accounting is here to help your business to gain competitive edge that it needs. By helping you manage your accounts and bookkeeping, MAL rids you of menial administrative tasks, letting you focus on the big picture: business expansion, operations and high level financial decisions, not small-time administration and documentation.
At any moment, MAL’s professional and talented staff is able to provide clients with a field of established, experienced accounting expertise at their own time and pace. Always passionate in their work, MAL is ready at any time to fill the shoes in the role of your accounts department. Our unrivalled range of comprehensive and specialized industry knowledge and accounting services is always available, letting you relax in comfort knowing that any complicated transactions that you approve of will be accounted for properly in the books and records.
OUR SERVICES INCLUDE:
MAL offers all these services at a very competitive price, well-worth it to rid yourself of the hassle of manual record keeping thus freeing up more time for other important business decisions. Our Account and Bookkeeping package includes:
1. BOOKKEEPING AND ACCOUNTING SERVICES
By law, every Singaporean Company must maintain a book of accounts. As defined by the Singapore Financial Reporting Standard (SFRS), this book of accounts consists of “Profit and Loss Account”, “Balance Sheet”, “Cash Flow Statement” and “Equity Statement.”
Sounds complicated? No problem, our trained accountants will be happy to grant assistance in keeping your company’s Book of Accounts updated. Other services include help in auditing the Book of Accounts and ensuring that any data entered is compliant with the standards of the SFRS.
2. Drafting Audited/Unaudited Financial Statements
It is a lawful obligation that companies with more than 20 shareholders, where one shareholder is a corporate entity or companies with an annual turnover of S$5 million be audited properly and with compliance to the necessary standards. MAL accountants will be glad to provide assistance in this department and take the burden off your shoulders.
As a bonus, auditing has the benefits of upholding shareholders interest and improving investor’s confidence. It also helps keep a “check and balance” on the company’s financial, granting you improved control over the fine details of your business operation.
3. Extensible Business Reporting Language (XBRL)
With effect from 3/3/2014, companies that are incorporated in Singapore are required to file financial statements in full XBRL format due to a new implementation of filing requirements by the ACRA.
What is XBRL? XBRL is a computer language to present financial statements that can be easily stored and distributed to parties such as financial analysts and auditors for business purposes.
Why XBRL? From the beliefs of ACRA, XBRL will facilate the conduct of business in Singapore by enhancing the regulatory environment through increased transparency and providing value-added financial information with quick transfer of financial information.
Who will be affected by XBRL requirements? These companies are required to follow XBRL requirements: Merchant and Commercial Banks, Finance Companies who are regulated by the Monetary Authority of Singapore, Registered Insurers. In addition, companies permitted by law to prepare accounts outside of SFRS (normal and for Small Entitites) and IFRS (International Financial Reporting Standards are required to follow XBRL requirements.
4. Provide routine and non-routine financial and analysis reports
Without proper information, it is impossible to make the right decisions. That is the purpose of financial and analysis reports. An example of one such report is a departmental report, which records the objectives and goals specified by the reporting period and whether or not they are accomplished.
Other such reports include cash flow projections, GST/Corporate/Personal compliance administration, compiling the proprietor’s accounts and setting up accounting procedures and policies. These will go a long way in keeping employees and management updated on important issues so that they can make the right decisions.
5. Highlights on Key Variances and Performance Indicators
How do you know whether your company is achieving its stated goals? This is where Key Variances and Performance Indicators come into action. They are essentially specialized reports.
A Variance is the difference between a planned budget figure and actual performance in the real world. Sometimes this could mean that more money has been spent on an area, while other times money has been saved instead. This allows companies to better budget in the future so as to prevent wastage or under budget. Performance indicators study performance results such as Revenue growth, Return on assets, Total asset turnover and Net profit margin
As you can see, these are vitally important in determining future actions in light of the current financial status. Thankfully, MAL’s accountants are fully trained in these areas in order to weed out the chaff and highlight the important information that you need to make the best choices.
6. Set up proper filing system
During the lifetime of a company, a huge majority of paperwork will be kept for future reference, auditing and other such tasks. Unfortunately, some people and companies do not learn to set up proper filing systems until it is too late – the longer you wait, the more difficult it will be to correct this mistake as your documents build up in a big, disorganized mess.
Avoid that mistake! MAL’s accountants has an established network in place in order to help you set up a proper filing system to help you organize and seek your documents in the most efficient, quick pace possible. Using techniques of categorization, sub-categorization, alphabetical and numerical sorting and so on, with our assistance your filing system will free up much time for other higher business decisions, rather than spending it manually searching through drawers.