When you run a business in Singapore, sending out invoices is key. These documents tell your clients what they must pay you. They also keep your accounts clear and correct. In Singapore, certain details must be on your invoices. This makes sure they meet legal standards. Singapore uses the SFRS. So you need to make sure that your books are kept up to the SFRS standards and not other accounting standards. We advise you to check with a professional accounting firm for help!
Essential Details
Every invoice should have your company’s name and contact information. This includes your address and phone number. You should also add your client’s name and details. Make sure to put an invoice number too. This helps track payments.
Dates and Descriptions
Include the date you send the invoice. Add the date the goods or services were provided, too. Describe what you’re charging for in simple words. Be clear so your client knows what they are paying for.
Payment Terms
State how much the client should pay. Include the currency if dealing with international clients. Also, tell them how to pay you. List your payment methods. Don’t forget to add when the payment is due.
You can do all of this in minutes using Xero. Xero is an accounting software that’s easy to use. Xero is the perfect accounting system to do SME accounting. Xero is cost effective and covered by the PSG Grant (subject to approval of application). Many accountants are familiar with Xero accounting software so you won’t have problems finding someone to help do bookeeping.
Tax Information
If you charge GST, show it on your invoice. List your GST registration number. Explain how much GST you’re charging. This is needed for tax purposes.
Final Notes
End with a thank you note. It shows good manners. Also, give information on who to contact if there are questions. This can help solve issues quickly.
Invoicing correctly is important in Singapore. It helps your business and satisfies legal needs. Use this guide to make sure your invoices have all they need.
