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Outsourced Accounting Service

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Why handle paperwork? Leave the matters under the care of professionals.

Why use outsourced accounting services?

Avoid errors in your books or incurring late filing fees

Save hours spent on paperwork

Business owners spent countless hours every month or year rushing through bills and receipts on last minute before filing deadline.

Better Clarity of your Books

Many business owners are not accounting trained and not able to ensure quality work from staffs in this area. Under the care of qualified accountants ensure proper allocation of transactions and help paint a clearer picture of the company's financial position.

Be confident for scrutiny by 3rd party

There will come a time when you need to show financial statement to third-parties or statutory body for various reasons.

Be confident of your numbers when the time comes.

Accounting is much more than just for statutory purposes

Business owners feel that accounting is not important as they are involved in their business and they can estimate their numbers. 

But here are the important benefits that you are missing out on without proper accounting.

1.  Help to compete and plan for your business

With accurate financial information, your business is able to derive the sales price of your products/services confidently.

The information also enables your business to react promptly to price competition by identifying opportunities to minimise costs so as to stay competitive.

A proper workout from accounting to budget will help the owner set realistic targets for the business and anticipate the impact more clearly.

2. Help to pay liabilities (eg creditors, employees)

This is especially important for small business with limited funds or for growing businesses
with more liabilities to handle. 

Without cashflow planning derived from the updated accounts, your business may run into liquidity problems and affect creditors’ trust or even interrupt your supply due to late payment.

This can be detrimental for your business.

3. Makes it easier to raise capital, get loan or sell the business

With accounts and cash flow plan in place, your business is able to know clear when should your raise funding and how much you need.

Getting loans or capital will require presentation of financial statement for the assessment and some may require forecast of your financial position.

This will give you a better chance for your business to get approval for loans application or capital injection with more favourable terms. 

4. Enable tax planning and meet the statutory requirements

Some business prepares their accounts only after the financial year for tax obligations. 

These businesses who prepare late may have no clear idea of the tax payable amount and by then, it will be too late to plan your expenses or capital investments for tax reduction or exemption purposes.

Also, there is great complexity in meeting the statutory requirements. 

In Singapore, companies must prepare accounts that are in compliance to Accounting Standard. 

In GST, an updated account will ensure your business pay the GST amount correctly to avoid penalties for paying late and meet the obligations to register for GST. 

Failure to register for GST in time will result in additional liabilities due to penalties, late payment interests and GST amount
supposed to pay the tax authority computed from the expected date to register.

5. Makes it easier to distribute profits to shareholders as dividends or for partnerships with profit sharing.

With updated accounts, businesses are able to confidently ascertain the amount of money to
distribute as dividends to the shareholders or profit sharing with partners and at the same
time ensure adequate cash flow is available to run the business.

Reliable Outsourced Accounting Service Package

Requirements of our services can be due to :
Prepare full sets of accounts for compliance to statutory requirement (eg GST reporting to IRAS, closing of accounts for fiscal year)
To engage on periodic basis for management reporting
For third party usage such as potential investor, loan application
"Overall, the experience with the staff is good in all services. Keep it up!"
MSV Systems & Services Pte Ltd
Mr Tan Teck Huat, Director
"The team are knowledgeable and friendly. Definitely will recommend them!"
Hupfarri Enterprise Pte Ltd
Irene Chia , Sales manager
"Good service. Very responsive and knowledgeable, especially on the accounting service."
Magnesia Solution Pte Ltd
Ivyne Lee, Director

Fee Structure

Less than 50 transactions
S$200
51 to 100 transactions
S$220
101 to 150 transactions
S$350
151-200 transactions
S$480

Other services we provide

Here are the list of services we providing for accounting matters

Preparation of Full Set XBRL Service

From 03 March 2014, Singapore-incorporated companies (unless exempted), which are limited or unlimited by shares and required to file their financial statements with ACRA, are required to file a full set of financial statements in XBRL with ACRA.

XBRL stands for eXtensible Business Reporting Language. This is the language for the electronic communication of business and financial data worldwide.

Consultation on Cloud Accounting

We provide consultation, setup and training for Xero and Intuit Quickbooks cloud accounting software.

Cloud accounting is accounting using software accessed over the internet that is hosted remotely on the cloud. All functions are performed off-site and users access the applications remotely through the internet.

Learn more about the benefit of cloud accounting software right in the article below.

What are the benefits of cloud accounting?

In this article, we explore how you can use cloud accounting to make accounting a breeze in your company. 

Fee Structure

Active Company XBRL
S$300- S$500
Company with Consolidation XBRL
From S$400
Consultation for cloud accounting
Call for quotation

Frequently asked questions for our Outsourced Accounting Service

Do I really need it?

What is the different between book-keeping and accounting?

Bookkeeping refers to the recording of financial transactions whereas accounting extended the scope to interpreting, classifying, analyzing, reporting, and summarizing the financial data. For example, an accountant can generate reports on the company's current financial condition for management to make business decision

What is a financial plan for the company?

1. What is the strategic plan?

Financial requirements depends on the business strategic plan of the company. For instance, an expectation of future increase in sales (eg: New projects/extra marketing efforts in coming months) would require you to get more funds for higher productions. How clear is the financial plan will depend on the clarity of strategic plan.

2. Prepare forecast

A strategic plan would allow you to make projections about your company's finance, which in turn allows you to gain valuable insights about potential financial impacts, with and without adjustments for potential uncertainties/change. By having a financial forecast, the management will then be able to present weaknesses of the company (egL Over cost for some expenses) and make timely decisions to reduce costs.  Another projection would be a cashflow forecast, which is paramount because liquidity can hinder the development of your company even when there is profit.

3. Manage financial needs

With financial planning, a company can make the best profit maximising decision, whether it is to seek financing from loan or equity at a strategic timings at favourable terms, or cut unnecessary new loans if cost control exercise in place makes the cash flow healthy.

4. Cater for emergency

The financial forecast can be further worked out based on best, normal and worst case scenarios in order to prepare financially for all these cases, especially the worst scenario.

5. Continue to monitor

Such monitoring not only allow companies to know when and how to react and adjust promptly based on the actual situation, but also improve future forecasts.

Why engaged FMD for outsourced accounting?

Currently servicing more than 300 companies, our team are led by qualified accountant to ensure we have the expertise to account business transactions properly under different situations. Our service can be value-added to the company at economical value like removing duplication of work done by us and the company. 

Here is what our clients say about our service:

“Thank you to FMD team again. Appreciate your good work and patience” 
- Purpose Coaching & Learning Incubator Pte Ltd

"Overall, the experience with the staff is good in all services. Keep it up!"
- MSV Systems & Services Pte Ltd

"The team are knowledgeable and friendly. Definitely will recommend them!"
- Hupfarri Enterprise Pte Ltd

"Good service. Very responsive and knowledgeable, especially on the accounting service."
- Magnesia Solution Pte Ltd

Do I need to register GST?

You must register GST if

a.) Your taxable turnover at the end of calendar quarter (i.e 3 months ending Mar, Jun, Sep or Dec) prior to 1 Jan 2019 and the past 3 quarters is more than S$1 million

b.)Your taxable turnover at the end of any calendar year on or after 1 Jan 2019 is more than S$1 million

Do I need to file GST if there is no business activity?

Yes. GST registered businesses must file a ‘NIL’ GST return even if here is no business activity during the accounting period.

What is solvent company?

A solvent company is one whose assets exceed its liabilities and one that can pay its creditors in full, within 12 months of a debt falling due.

Get your accounting done by experts today

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FMD group started in 1999 with the goal to provide quality service at fair price to assist SMEs in their journey towards success
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