MontBlanc

Accounting

Section 199 of the Companies Act of Singapore requires the directors of the company to ensure that
the company keeps proper accounting and other records to sufficiently explain the transactions and
financial position of the company. At AGM, directors are also required to present to its shareholders
the company’s accounts in compliance with the requirements of Accounting Standards which gives a
true and fair view of the state of affairs of the company.

CSL Management offers a complete suite of accounting and bookkeeping, corporate and taxation
services at an affordable fee that allows you to meet the statutory requirements imposed by ACRA
(Accounting and Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore)
while you dedicate your resources on your core business with peace of mind.

At CSL Management, our operational process is optimised through technology. Our team of
dedicated and customer-focused professionals ensures the services are delivered efficiently and
always on time. In addition, through expertise knowledge and accumulated years of hands-on
experience, our superior accounting advice, assistance and innovative solutions will aid in your every
business dilemma for sound decision-making and served to you at no hidden cost!

Accounting & Bookkeeping Services

Everything in accounting starts with documenting and maintaining records of transactions and events. CSL Management specializes in maintaining a timely accounting system that allows you to manage your account cost-effectively. For accounting services, we use QuickBooks, one of the most popular accounting software, to do accurate, fast and unbiased records keeping. We fulfil the regulatory requirements of ACRA by maintaining proper and complete documentation.

CSL Management can support you by maintain the books to account for all transactions that your business may face. Depends on your company unique condition, we offer computerised accounting services for your business on a monthly, quarterly, half yearly or annual basis. This means lower cost, higher productivity and greater profit for your business whist keeping a healthy accounting and bookkeeping records for the sake of the company’s reputation.

Our Accounting & Bookkeeping Services include but not limited to the following aspects:

  • Entering all transacted accounting records e.g. sales invoices, payment vouchers
  • General Ledger Maintenance
  • Accounts Payable Ledger Maintenance
  • Accounts Receivable Maintenance
  • Bank Reconciliation
  • Fixed Assets Ledger Maintenance
  • Statement of Cash Flows
  • Management Report i.e. Profit & Loss Statement and Balance Sheet
  • Provide awareness of the company’s financial position

Contact us at +65 6482 4892 to discuss your unique requirements and how we can support you in managing your accounts to fulfil the requirements stipulated by ACRA and IRAS. We don’t believe in one-size-fits-all solution for our clients!

Financial Statement Preparation & Compilation of Reports

Financial statements of a company provides information that reflects the company’s financial position, performance and cash flow to help stakeholders make decisions in their dealings with the company. The stakeholders include shareholders, employees, creditors and the public.

The Companies Act has provisions for certain types of companies, such as dormant company and exempt private company (“EPC”), to be exempted from audit. If your company fits the requirements hence need not have to be audited, the directors still have a legal responsibility to ensure that proper accounting and other records are kept to enable the unaudited financial statements to show a true and fair view, and be prepared in compliance with the Companies Act and Singapore Financial
Reporting Standards. In addition, section 201 of the Companies Act requires the directors to present the said company’s unaudited financial statements to its shareholders at AGM. The unaudited financial statements or compilation report is to be tabled during AGM, Annual Return Filing with ACRA and income tax filing with IRAS.

The Compilation Report or Unaudited Financial Statements consists of the following items.

  • Directors’ Report
  • Statement of Directors
  • Statement of Comprehensive Income
  • Statement of Financial Position
  • Statement of Changes in Equity
  • Statement of Cash Flows
  • Accounting Policies
  • Notes to Financial Statements
  • Detailed Income Statement

CSL Management offers full accounting services and drafting of unaudited financial statements for exempt companies. We also provide audit services through our associated audit firms in case of audited financial statements that will include all financial statements designed specifically to comply with ACRA’s and IRAS’ statutory requirements.

Contact us at +65 6482 4892 to arrange for an appointment. We are passionate to help you in achieving your business goals.

GST Registration, Computation & Submission

There are two types of GST registration: Compulsory Registration and Voluntary Registration. If your business has a turnover exceeding $1million per year, it is mandatory for you to register for Goods and Services Tax (GST). You will then enjoy claiming 7% of input tax from IRAS for business expenses or purchase incurred while collecting output tax from your clients for revenue generate by sales of your goods and/or services. If you would like to enjoy the benefits of being GST registered despite not meeting the requirement of exceeding $1 million per year in turnover, you may apply for voluntarily GST registration.

GST reporting is normally done on a quarterly basis. If you do not have the capability in this area, preparation and filing of GST returns can be daunting and you may risk exposing your company to unnecessary penalties from IRAS for erroneous GST submission.

As provider of professional services and tax agents, CSL Management is committed to provide you with top notch services needed for compliance with the GST standards. Don’t worry about the hassle of preparation and meeting the quarterly GST submission deadlines – leverage on our expertise and experience and let us do the job for you. We strive to assist you in getting your GST refund credit back from IRAS in the shortest possible time.

Engage our GST Services which includes the following functions:

  • GST Registration
  • Application for exemption from GST Registration
  • GST Computation and Submission
  • Deregistration from GST

If you are interested in our GST Reporting Services, contact us at +65 6482 4892 immediately!