Accounting is like a financial report card for your business. Your bookkeeper keeps track of any money you spend, lose or make, and your accountant uses this information to create reports. The government (IRAS and ACRA) needs these reports to calculate how much tax you owe and whether you're eligible for any exemptions.

Keeping accurate accounting records is super important! First, the government requires businesses to report their accounts so they can calculate taxes and incentives. Second, accounting helps management make informed decisions about the future of their business. Mistakes can be costly - wrong reports can result in hefty fines from the government, and inaccurate information can lead to bad business decisions.

Singapore has its own set of rules for accounting called Singapore Financial Reporting Standards (SFRS). It's similar to International Financial Reporting Standards (IFRS) and it's based on accrual-based accounting. This means transactions are recognized when they happen instead of when money changes hands (cash accounting). At Aptvise, we comply with all SFRS requirements.

Switching to ATHR is painless and easy! Our team of experts are ready to help make the transition as smooth as possible. We'll connect with your previous accounting provider, transfer and audit your financial documents for compliance, and guide you on applicable tax exemptions. With our quick and convenient online registration process, you can rest easy knowing your company is in good hands.

ECI stands for Estimated Chargeable Income. It refers to the estimated taxable revenue for the past year. All companies in Singapore are required to file their ECI within three months from the end of their financial year-end.

GST stands for Goods and Services Tax which applies to most goods and services sold in Singapore at a rate of 7%. This tax system aims at ensuring fairness among taxpayers while generating revenue for government spending programs. GST replaces older sales tax systems used in other countries also known as VAT (Value Added Tax).

This is an Income Declaration form that all companies need to submit annually. Small name businesses will not use this form; instead they will use Form C-S which has a simplified version suitable for smaller companies.

If you employ non-Singapore Citizen employees (foreigners or Permanent Residents), then when they cease employment with you in Singapore or leave on overseas postings longer than three months duration requires seeking tax clearance purposes using Form IR21 filed by employer withholding monies due until clearance granted before payment release.

IR8A is an annual document that all Singapore employers must submit to IRAS regarding their employee earnings or income throughout the year. Supporting documents such as Appendix 8A/B may be required alongside Form IR8S.

IRAS stands for Inland Revenue Authority of Singapore. It is a statutory board under the Ministry of Finance that collects taxes on behalf of the Singapore Government. IRAS ensures that individuals and businesses pay their taxes accurately and on time.

XBRL is an open international standard for digital business reporting used around the world. It replaces older paper-based reports with more useful, effective and accurate digital versions. With XBRL, businesses can easily share financial information in a structured format that can be analyzed by computers.

AIS refers to Annual Information Statement which provides taxpayers with comprehensive information displayed in Form 26AS about their income tax payments made during the fiscal year along with TDS (Tax Deducted at Source) details concerning salaries paid by employers or banks interest income earned etc.

AGM stands for Annual General Meeting. This meeting brings together all shareholders and directors of a company to discuss important matters such as financial statements, election of directors or auditors, or any other relevant issues related to the company's operations. In Singapore, all companies are required to hold an AGM unless they have passed a resolution dispensing with them.

ACRA stands for Accounting and Corporate Regulatory Authority. It is a government agency that regulates business entities, public accountants and corporate service providers in Singapore. As a statutory board under the Ministry of Finance, ACRA ensures that businesses in Singapore operate legally and transparently.