Accounting & Bookkeeping Services

Accounting and Bookkeeping are critical functions of your business. It is however, time-consuming and heavily administrative. At Sprout Asia, we can take over the accounting so that you can focus on what you do best.
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Benefits of outsourced accounting & bookkeeping

Outsourcing your bookkeeping and accounting tasks to experts will allow you more time, energy and resources to run your business operations.

Saving Time

Accounting and bookkeeping is a crucial function in your business. Outsourcing this administrative function will lessen your load and free up your time for the operations of your business.

Expert Accountants and Bookkeepers

Our accountants deal with a high volume of clients. They can provide advice and platforms
to make your company's accounting more efficient. Your Financial Statements will also be reviewed by a Chartered Accountant.

Scaling Accounting Easily

Your accounting and bookkeeping load will grow or shrink depending on your company's activities. Outsourcing this function will give you the flexibility to scale up or down your accounting needs when needed.

“Did you know?

In research done by The Alternative Board, it was found that most business owners work an average of 50 hours per week, with 68 % of that time tackling daily problems such as administrative tasks and just 31 % on strategically growing their business.”

What are the filing deadlines?

  • Filing Deadline for Tax Form C-S/ C – 30 November
  • Estimated Chargeable Income (ECI)
  • Filing Deadline – within 3months from the end of your company’s financial year

Key Taxes that you have to pay and ones you are exempted

  • No Tax on Dividends
  • No Tax on Capital Gains
  • No Double Taxation when operating overseas
  • Corporate tax rate of 17% with many tax deductions and incentives
PRICING

Our accounting service features

We offer Annual and Monthly Accounting Packages Depending on your anticipated business volume with the flexibility to scale up when the need arises.

A50

50 records* per year
S$600/yr
Annual billing
  • Unaudited Financial Statement Compilation
  • IRAS Tax Filing (Form C-S)
  • Estimated Chargeable Income
  • Review by Chartered Accountant

A100

100 records* per year
S$900/yr
Annual billing
  • Unaudited Financial Statement Compilation
  • IRAS Tax Filing (Form C-S)
  • Estimated Chargeable Income
  • Review by Chartered Accountant

M50

50 records* per Year
S$800/yr


  • Unaudited Financial Statement Compilation
  • IRAS Tax Filing (Form C-S)
  • Estimated Chargeable Income ECI
  • Review by Chartered Accountant
  • Xero Starter Subscription & Setup
  • Dext Subscription
  • Optional: Multi-currency accounting
    (additional $300/year)
  • Record Overage
    (additional $25/ 10 records)

M500

500 records* per Year
S$1,200/yr
Annual billing at S$100 per month or
S$120 per month when billed monthly

  • Unaudited Financial Statement Compilation
  • IRAS Tax Filing (Form C-S)
  • Estimated Chargeable Income
  • Review by Chartered Accountant
  • Xero Standard Subscription & Setup
  • Dext Subscription
  • Optional: Multi-currency accounting
    (additional $240/year)
  • Record Overage
    (additional $25/ 10 records)

Customized

Customized Monthly Plan
Contact Sales


“Did you know?

In research done by The Alternative Board, it was found that most business owners work an average of 50 hours per week, with 68 % of that time tackling daily problems such as administrative tasks and just 31 % on strategically growing their business.”
*A record is any document related to a sale, purchase, bank transfer, payroll or claim
More accounting services

Add-ons

XBRL Summary

S$300

Full XBRL

S$500

Payroll (Per Pax)

$20/month
+ $25 One Time Set up Fee

Consolidation

From S$400

GST Filing + Registration

S$250/Q
GST registration fee waived
Details
REVIEWS

What others say about us

“I just experienced possibly the best customer experience of all time. I found Sprout online while I was trying to register my company and it turned out to be a wise choice for me. They are available all means of digital channels and respond quite promptly. Thank you, Weng Leong and team, for the help and support. Great Job!! And if anyone of you is looking for corporate service or any such matter look no further.”
Nihar Ranjan
“It was a wonderful wonderful experience having been served by Sprout Asia. From being able to be contactable by phone and online there were also sound advice given. The transactions were really smooth and everything were done over the internet. Most of all the professionalism was remarkable. I honest rate Sprout Asia 5 stars if I can 6. Thanks Jackson.”
Roy Lai
“Highly recommended based on my personal experience. Weng and team were extremely supportive in helping me navigate through many issues that were new to me. Very responsive and helpful in every way. Working with them gives me the reassurance that someone always has my back. Thanks again!”
Ena Yoo
“Since we got in touch till Registration COMPLETED they are very prompt response and did a good job with a very reasonable cost in compare to others.
Thanks guys. It is just a start for long journey.”
Mohd Hassan

Frequently Asked Questions

What is Form C-S? When do I need to submit it?

Form C-S is a declaration form for companies to declare their actual income. Companies must ensure that the form is correctly completed and gives a full and true account of the company's income. 

The deadline for filing your company’s YA 2021 Corporate Income Tax Return (Form C-S/ C) is 30 Nov 2021. This deadline of 30 Nov will similarly apply to subsequent YAs. For more information, you may refer to this link.

What is an ECI, and when do I need to submit it?

Estimated Chargeable Income (ECI) is an estimate of the company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). All companies must file their ECI within three months from the end of their financial year. For more information, you may refer to this link.

I have not set up a company corporate bank account but I already have some business related expenses (eg. cost to incorporate a company). How should I record this in the monthly bookkeeping?

We will usually recommend companies to set up a corporate bank account as soon as possible once the company formation is done, so as to segregate the personal and company’s bank account. This is because a company is considered a separate legal entity from its shareholders.

If there are business expenses before the company bank account is up, we will classify them as “amount due to shareholders”.



I am a shareholder—how do I account for the money I have deposited or withdrawn from the company bank account?

First cash deposit after a corporate bank account is opened will usually be the paid-up capital. Subsequent cash injection or withdrawal from and to shareholders are considered “amount due to shareholders” and “amount due from shareholders” respectively.

Can I pay monthly or yearly salary to shareholders?

No. As shareholders are not considered employees of the company (they are owners of the company), it is not permitted for shareholders to be paid a salary unless they are also employees of the company.

What is Dext and how is it related to my Xero account or company’s bookkeeping?

Dext is an application integrated with your Xero account and it can help you track your business expenses. Once the company has taken up our bookkeeping services, we will provide a unique Dext email where clients can forward the bills (supplier invoices or receipts) to the email.

What is Xero?

Xero is a cloud accounting software where you can record and track your revenue and expenses. The accounting software can also generate different reports such as P&L statements and balance sheets, where clients can easily track their company’s progress easily and closely.

What do I need to provide or prepare if I am engaging Sprout Asia to do my monthly bookkeeping and how can I play my part in my company’s bookkeeping?

For newly onboarded clients, please provide us with any bank statements of the previous months (if any). In addition, we will also need any bills (receipts or supplier invoices), or all your invoices issued previously, if any.

This is because we will need to import all this information into Xero so that the company’s transactions are up to date.

How can Sprout Asia help me in my bookkeeping and what does this service include?

You will be subscribed to a Xero and Dext account for bookkeeping. We will also provide you with monthly reports (P&L statement and balance sheet) once we have closed off the monthly financials, so that you can monitor your revenue and expenditures closely.

Dext is a reciept management software and Xero is a cloud accounting software where you can record and track your revenue and expenses. The accounting software can also generate different reports such as P&L statements and balance sheets, where clients can easily track their company’s progress easily and closely.


What is XBRL?

XBRL is a form of reporting language adopted by the Accounting and Corporate Regulatory Authority (ACRA) for the purpose of financial statements reporting by companies that are required to be lodged accounts with the authority. To find out if your company needs to file its Financial Statements in XBRL, you may refer to this link.

Should I choose Annual or Monthly Bookkeeping?

If your record volume is not more than 100, you can choose to use Annual Bookkeeping as this will help to minimise your cost. If your volume is more than 100, this is when the cost of manually compiling your books starts to get expensive and you may wish to adopt a cloud accounting software to automate your bookkeeping processes and manage your cost. Our plans include assisting you to implement Xero in your business!

Why is bookkeeping mandatory for your director services?

Nominee directors have the obligations to understand the operations of the company. Subscribing to our bookkeeping services allows Sprout to gain a more intimate understanding of your business.

Do my financial statements need to be audited?

Your company is only required to have its financial statements audited if the company meets any 2 of the following 3 conditions: Total annual revenue exceeding S$10 million; Total assets exceeding S$10 million; or Has more than 50 employees.

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