How can I work with your Accountants?
Stop stressing about your numbers and gain a dedicated team of accounting professionals.
Explore our packages here! After signing up, Grof's team will reach out to discuss your specific requirements.
Can you assist with GST account management?
Absolutely! We have a proven track record of assisting hundreds of clients with their GST reporting on time and within regulations.
What are the accounting records I should keep in order to pass them to you?
Do keep your back statements, customer invoices, bills, payroll, and other accounting records from the past year. It'll be great if they are in digital format so our team can access them readily.
Am I eligible to claim GST?
If your company is GST-registered, you can claim GST provided:
The goods and services are imported or bought by your company.
They are intended for business use.
They aren't excluded by GST (General) Regulations 26 and 27.
When should I register for GST?
Register for GST when your annual turnover hits or is expected to hit $1M within the next 12 months.
What is Singapore's current GST rate?
As of 1st January 2024, the GST rate in Singapore is set at 9%.
What about this ECI thing, and when's the deadline?
ECI, or Estimated Chargeable Income, is due to IRAS 3 months post your company's Financial Year End. Say your year wraps up on December 31st; you'll need submit ECI by March 31st the following year. ECI's your best guess at your company's taxable profits after accounting for tax-allowed expenses.
Is my Accounting Profit the same as taxable income?
Not exactly. Your accounting profit, which follows Generally Accepted Accounting Principles (GAAP), might differ from your taxable income, which plays by the Income Tax Act's rules. Here's the lowdown on the differences:
Some gains in your books won't be taxed.
Tax rules don't always recognise depreciation like accounting does.
Certain expenses you might write off, like some car costs and penalties, aren't tax-deductible.
Do my financial statements need to be audited?
Since 1st July 2015, companies can be exempted from auditing their financial statements if they qualify as a small company.
There are 2 conditions for a company to qualify as a small one.
Firstly, a company has to be private in the financial year in question.
Next, a company has to meet at least two of the following three criteria for the immediate past two consecutive financial year:
Total annual revenue is not more than $10 million.
Total assets are not more than $10 million.
The number of employees is not more than 50.
I have not set up a corporate back account for my company yet, but I have readily inccured certain business-related expenses, such as the cost of incorporating the company. How should I record this in the bookkeeping?
You can record this as the amount due to you. It is quite common for startups to cover expenses personally in their initial stages. Once the company's business account is set up, you can seek reimbursement for the expenses you paid earlier.
How should I record the funds I deposit or withdraw as a shareholder?
Deposits are typically recorded as shareholders' capital, and withdrawals are treated as loans to shareholders, both reflected in the company's bookkeeping.
What is Singapore's tax rate?
The tax rate stands at 17% in Singapore. Businesses can benefit from generous tax exemptions provided they align with the Inland Revenue Authority of Singapore (IRAS) stipulations.
Is it possible to pay shareholders a monthly or yearly salary?
Certainly, shareholders may receive salaries if employed by the company, ensuring all social contributions are settled. For detailed assistance, our payroll service team is at your service.
What is an accounting record?
An accounting record is any document related to a sale, purchase, bank transfer, payroll or claim.
Why is accounting important for my business in Singapore?
Why Accounting Matters for Your Singapore Business:
Clear Performance Insights: Accurate financial statements provide a clear picture of your business's profitability, cash flow, and overall financial health.
Informed Decision-Making: Reliable accounting data empowers you to make strategic decisions about pricing, investments, and operational efficiency.
Securing Funding: Investors and lenders rely on sound financial records to assess risk and make informed decisions about providing capital.
Regulatory Compliance: Adhering to Singaporean accounting standards and filing requirements (like ACRA and IRAS) is essential to avoid penalties and maintain good standing.
Growth Management: Understanding your financials allows you to track progress, identify areas for improvement, and plan for sustainable growth.
Our Comprehensive Accounting Package ensures you have these crucial benefits by providing:
Meticulous bookkeeping and accurate financial statement preparation.
Expert handling of payroll and tax compliance.
Comprehensive financial reporting for clear insights.
Why should I start outsourcing my accounting?
Outsourcing your accounting can lead to significant cost savings by eliminating the need for a full-time in-house accounting team. You avoid expenses like salaries, benefits, office space, and accounting software subscriptions.
Instead, you gain access to expert services at a predictable and often lower overall cost, allowing you to allocate resources more strategically to core business activities.
How can I transition from my current accounting firm to you?
We will facilitate a smooth transition process for you!
Once we connect, we'll coordinate with your current accounting service provider, seamlessly take over all your financial documents, and conduct a thorough audit to ensure your company's compliance. We'll review essential reports and transfer all your data securely.
Additionally, we provide continuous expert guidance on relevant tax exemptions, enabling you to navigate the tax system effectively. With your accounting entrusted to us, you can focus on what you do best: running your business.
What is a Tax Identification Number?
Understanding the ins and outs of the Tax Identification Number (TIN) is crucial. Basically, TIN is a vital component of the taxation system in Singapore, and being well-informed about it can help you navigate the country's tax landscape with ease.
In Singapore, the TIN is the same as the Company’s UEN.
I've just expressed interest for your packages via the online form. What happens next?
You should receive an email from Grof's team within a day! We will reach out to you to understand more about your requirements.
Why is Bookkeeping Mandatory?
Bookkeeping is mandatory because:
Legal Requirement: The law in Singapore mandates businesses to maintain proper accounting records under the Companies Act and the Income Tax Act.
Tax Compliance: Accurate bookkeeping is essential for fulfilling tax obligations, including filing tax returns and paying taxes on time.
Regulatory Compliance: Regulatory bodies such as the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS) require businesses to maintain records for regulatory purposes.
Financial Reporting: Proper bookkeeping ensures the preparation of accurate financial statements, which are required for statutory reporting and compliance.
Transparency and Accountability: Transparent financial records promote trust and confidence among stakeholders, including shareholders, investors, and creditors.
Audit Requirements: Businesses may be subject to audits by regulatory authorities or external auditors, and comprehensive bookkeeping facilitates these processes.
Business Decision Making: Maintaining organised financial records enables businesses to make informed decisions based on financial analysis and insights.
Avoiding Penalties: Failure to comply with bookkeeping requirements can lead to penalties, fines, or legal consequences imposed by regulatory authorities.
Do you have any tools to help me manage my expenses effectively?
Effectively managing expenses is a critical aspect of sustaining a healthy bottom line. Many businesses struggle to keep their expenses in check, leading to financial strain. Our approach to expense management involves identifying every dollar's journey and ensuring control, simplifying cash flow.
The Grof App, is a game-changing solution designed to empower you in automating bill payments and managing cash flows. If you're currently facing the daunting task of managing bill payments and expenses, especially during this period of business growth, the Grof App is a transformative tool. This solution eliminates the complexities of manual financial management, allowing you to improve the flow of your business operations.
Where can I find Grof's Terms and Conditions?
You can find them here.