Business Process Outsourcing

What other commonly known as routine accounting services or book-keeping, what we do is not.  We bring greater depth to this function.  Understand your financial information needs is our starting point.

We are not number crunchers, but your business partners.  We inject meanings to the financial information by sharing the implications of your financial figures and alert compliant issues like GST and withholding tax.

Our Routine Accounting Services includes:

• Account control planning and set up;
• Bank reconciliation;
• Upkeep of fixed assets register;
• Maintain receivables and payables aged listings;
• Profit and loss statement;
• Balance sheet;
• Management reporting packs with supporting schedules for management reporting and financial analysis; and
• Prepare head-office reporting packs, if applicable.

Some businesses may have the misconception that payroll process is the easiest to handle.  Payroll administration encompasses all the tasks involved in paying the business’ employees.  The actual payroll process can be time consuming and complex.  Increasingly, businesses find outsourcing their payroll administration function an obvious choice because of various factors amongst others:

• management will be able to focus on improving rather than managing existing operation, allowing valuable resources to be directed to more productive and profitable tasks;
• the risk of exposing confidential payroll information to unauthorized personnel is reduced;
• the payroll process will be performed by qualified, experienced staff;
• accurate and timely payroll information will be produced for accounting purposes; and
• management no longer need to worry over leaves coverages and replacement of payroll staffs

InTrust understand the complexity of current payroll processes and legislation and are dedicated to support your business with the full range of payroll administration service.

Our Payroll Administration Service includes:

• Set up of payroll system, including employee’s information and registration with the Central Provident Fund (“CPF”) Board;
• Process monthly payroll processing, including statutory contributions;
• Provide monthly payroll reports for management’s review and approval;
• Generate payslips to be distributed to each individual employee;
• Prepare annual remuneration return to each individual employee for submission to the tax authority;
• Submit ad-hoc statutory claims such as NS men, maternity or child care; and

Process settlement of staff salary and CPF.

With the recent amendments to the Singapore Companies Act, a private company used to require statutory audit may no longer need to do so.  The revised audit exemption criteria introduces the concept of “small company” and “small group” classifications in determining if a company/group qualifies for audit exemption for a particular financial year.

With effect from financial years commencing on or after 1 July 2015, a company is qualifies as a small exempt private company and is exempted from statutory audit if it meets at least 2 out of the 3 following criteria:

• Total revenue ≤ S$10 million;
• Total assets ≤ S$10 million; and
• Number of employees is ≤ 50.

A small group is one that meets at least 2 out of the 3 quantitative criteria mentioned above on a consolidated basis for the last two consecutive financial years.

Your company still needs to prepare unaudited financial statement in accordance to the Companies Act and Singapore Financial Reporting Standards for statutory filing requirements.

We can assist you to compile annual unaudited financial statements of the Company including Statement of Comprehensive Income, Balance Sheet, Statement of Cash Flows, Statement of Changes in Equity and notes to the accounts.  We can also assist to file your company’s tax returns and lodgement of the annual returns, if required.

Every business is obliged to file its corporate tax annually.  We can assist you in all aspects of your statutory tax filings.

We are able to:

• Filing of estimated chargeable income;
• Prepare tax computation, Form C / Form C-S and relevant Appendices to the Form C for submission to IRAS;
• Replying to IRAS queries on behalf of management in respect to company’s tax matters
• Verification of Notice of Assessment for any discrepancies with tax computation

As a business owner, you concentrate on marketing and running the business.  It is not unusual that non-core business functions like accounting and administrative areas are overlooked.  Over time, these uncompleted tasks ballooned and turn into backlogs.

InTrust is able to act at short notice to assist in these ad-hoc accounting and administrative functions that required a quick turnaround.

We are able to:

• Clear accounting backlog and “messy” accounts
• Assist in preparing the financial statements and supporting documents to meet audit or statutory deadlines

Reconstruct accounts from incomplete records