Why handle paperwork? Leave your accounting matters to the professionals.
Why use our financial statements service?
Get a clearer position of your company's financial position
Save days spent on balance sheet
Preparing your financial statements is very taxing and will take days off your attention on your business.
Comply with Financial Reporting Standards
A 3rd party can give you an unbiased eye on your financial statements which lends better credibility to stakeholders
Save money on taxes
Business owners often make mistakes in their allocation of items in their financial statements that could cost them huge tax savings.
Financial Statement Service Package
In full compliance to the Singapore Companies Act
Under the Company Act, Directors are responsible to prepare the financial statement that comply with Financial Reporting Standards and give true and fair view on profit and loss, and the state of affairs of the company. This financial statement shall be presented to shareholders in an annual meeting of shareholders and such meeting is mandatory. When statutory audit can be exempted, compilation of the financial statement is a less expensive option. Under such a compilation, the Directors instead of an auditor, give assurance that the compiled financial statements fairly represent the results and financial position of a business. Thus, it is usually not preferred by lenders and creditors.
This service package includes:
Preparation of Financial Statements
*According to our fair pricing policy, additional service fee will be charged when there is request for other resolutions.
"I was very pleased with how swift the incorporation process was, everything was a breeze"
Jarvis Web Solutions Ltd.
Price depends on Complexity
S$400 - $S1200
Frequently asked questions for our Financial Statement Service
Do I really need it?
What is financial statement?
Financial statements (audited or non- audited) present the results of operations and the financial position of the company.
A financial statement comprises a Director Statement, Statement of Financial Position, Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Financial Statements.
The objective of financial statements is to provide information about the results of operations, financial position and performance of a Company that is useful to readers in making decision regarding the allocation of resources.
Can my company be exempted to prepare financial statement?
A Company can be exempted to prepare financial statement if:
a.) As at the end of the financial period/ year, the Company has been dormant from the time of its formation or since the end of the previous financial period/ year;
b.) The Company is not required to prepare financial statements for the financial period/ year by any notice under Section 201A(3) of the Companies Act received from the Registrar or members of the Company;
c.) The Company is not a subsidiary of a listed Company;
d.) The Company total assets at any time during the financial period/ year does not exceed $500,000 in value;
e.) If the Company is a parent Company and not itself a subsidiary Company of another corporate, belongs to a group the consolidated total assets of which at any time during the financial year does not exceed $500,000 in value or such other amount as may be prescribed in substitution by the Minister.
Why accurate financial statement is important?
a. Financial transparency.
A company might report a certain number as revenue earned. But how much of it is actual cash and how much of it is accounts receivable has to be accurately stated. Numbers like Profit before Tax, Profit after Tax, and Profit after Interest, Depreciation and Tax are all important numbers that tell shareholders and management a lot.
b. Evaluate tax liability
Corporate tax rates are quite high.
When companies make a lot of profit, the taxes they have to pay are equally high. Can they reduce tax burden? Yes, they need the most accurate financial numbers possible. Otherwise, all their resources could be depleted in a very short time. Conversely, for the government, accurate financial statements are essential because many firms fudge their reports only to avoid paying tax.
c. Mitigate errors
Accurate financial statements are also essential to catch costly mistakes or internal wrongdoing early on in the process. If any illegal activity is taking place, there is no better way to catch it than through discrepancies in the numbers. If an error has been made, reconciliation activities can find them.
d. Build trust
Investors need a sign that a company is doing well and they can put their hard-earned money in its business. It is all very well if the balance sheet shows a profit and is prepared by qualified personnel. But there have been times when the balance sheet of many companies showed a profit, only to be found later that they were actually incurring losses because of inexperienced staff doing and worst if decision has been made based on incorrect financial statements.
e. Improved payment cycles
In order to optimize the Accounts Payable and Accounts Receivable cycles, accuracy of financial statements plays a key role. Other outgoing payments include salaries and daily wages that need to be paid (payroll), dividends need to be given to the shareholders, inventory needs to be managed, and creditors need to be paid. All this cannot be done unless the numbers are in order. If a loan is overdue then the company needs to know how much interest has to be paid or received.
f.Better decision making, planning and forecasting
Financial statements open a window for educated decision-making and strategic planning. The working capital statements, fund flow statements, cash flow statements, and trading account are crucial to evaluating the profit of company, the fund they need and propose how to increase sales and boost financing.
What is SFRS 116?
Singapore Financial Reporting Standard 116 Leases (SFRS 116) is a standard applies for annual periods beginning on or after 1 January 2019. The objective is to ensure that lessees and lessors provide relevant information so to assess the effect that leases have on the financial position, financial performance and cash flows of the entity.
Why engage FMD for preparation of financial statement?
Currently servicing more than 650 companies, our team are prompt and led by qualified accountant to ensure we have the expertise to account business transactions properly under different situations.
“Timely & professional with reports. Good” - Iam Health Pte Ltd
“Well done for the FMD team for providing us the professional service level even we are very late to the filing date. Appreciate the speed and helpful experience” - Uniquestz Pte Ltd
Ready to relieve your compliance headaches with us?
Schedule a free consultation with our consultants.