Specific accounting requirements we assist with include project performance tracking, inventory, fixed assets, long-term contract billing, multi-currency, consolidation of branches, subsidiary companies, timesheets & payroll, goods & services tax, forecasts, budgets, scenario planning and management reporting packs for HQ.
As Xero Singapore Partners, we customize Xero for Singapore’s taxation requirements and weave together integrated cloud solutions such as SimplePay for payroll, Receipt Bank for expense receipts, Shopify for e-commerce, TradeGecko for inventory, PayPal & Stripe for online payment processing, Chaser for automating payments collection and Spotlight Reporting for forecasts, into a nimble ERP-like system which is just perfect for your small business or startup.
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Xero Singapore is on the Inland Revenue Authority of Singapore’s (IRAS) register of compliant accounting software. SimplePay, the payroll add-on we recommend, is on the IRAS approved payroll software vendor list and also meets the Central Provident Fund (CPF) e-submission requirements.
Xero is actively working on partnerships with local banks in Singapore such as UOB, DBS, OCBC as well as international banks such as Citibank, Standard Chartered, ANZ, HSBC to enable bank feeds. Currently we are very pleased to announce that bank feeds are active for UOB & DBS bank.
Xero operates on a single ledger system, which means, data needs to be input only once. This system can then produce powerful reports customized to the requirement of government departments, your parent company and investors. Reports provided include the Income Statement (Profit and Loss), Balance Sheet, Cash Flow Statement as well as Project/Product based profitability, Receivables/Payables report and bank reconciliation summary.
The reports out of Xero are compatible with management packs as they can be exported in the flexible CSV format.
Xero just recently announced their direct bank feeds in Asia with UOB & DBS Banks. Xero users who bank with UOB & DBS can now automatically sync their banking transactions into Xero every day. All they need to do is set up their UOB / DBS bank account in Xero, and post the completed form to UOB /DBS. It can take up to ten (10) working days for the feed to start. You may click on videos below for more details on Xero bank feeds.
Xero and DBS Bank Feeds
Xero and UOB Bank Feeds
RELATED QUICK FACTS
Financial Statement Preparation:
Directors are required to present accounts that comply with the Accounting Standards and which give a true and fair view of the state of affairs of the company to its shareholders. Our accountants would ensure that your Financial Statement is prepared according to the required Accounting Standards for filing to ACRA (Accounting and Corporate Regulatory Authority). We can also assist you with preparation of AUDITED financial accounts, if required. Check out our Financial Statement Preparation Service.
GST Computation & Submission:
If you are a GST-registered trader, you would need to submit quarterly GST returns to IRAS (Inland Revenue Authority of Singapore). If you need assistance with computations and to avoid missing filing deadlines, check out our GST Computation & Submission Service.
Tax Computation/ Filing:
All companies/ individuals are required to pay corporate tax or income tax to IRAS (Inland Revenue Authority of Singapore) for all income earned or received in Singapore. If you need to understand how to reduce your tax liabilities legally, to compute and file your tax returns on time to avoid penalties, check out our Tax Computation/ Filing Service.