Being a leading Accounting Services provider, a key factor that differentiates us is our ability to add value and customise. Our outsource team are experience in servicing companies of all sizes and needs that span across various industry segments.

Benefits of Outsourcing

By outsourcing the accounting function to Ecovis Bizcorp Singapore, you can:

• Leave the routine accounting work to us and spend your time on more strategic issues
• Reduces fixed overheads and hassles on recruitment, training and other staff cost
• Keep up with changes in accounting standards
• Receive professional advice and financial reports on timely manner with confidentiality

Our 4-Step Process

1. Understanding Your Needs to Customise Our Services

   Our consultants will discuss with you your requirements for a better understanding of your situation.

2. Dedicated Accountant & Backup Arrangement

   We will assign a dedicated and back-up accountant and manager to accompany you even in the case of unforeseen events.

3. Customised Bookkeeping Work

   We will customise our bookkeeping services to ensure that they are tailored to your specific needs. We work on flat fees to help you stay on your budget.

4. Annual Review & Feedback

   We will conduct an annual review to collect constructive recommendations on how to improve our service processes.

Our Capabilities in Helping our Clients

Our Accounting Team can work on short notice to attend to non-routine accounting work requiring a quick turnaround. Speed is of the essence.

We are capable of helping business to:

• Set up and maintain a proper full set of accounts that tailor to meet the management reporting requirement
• Ensure the accounts maintained comply with relevant standards and audit requirement
• Close accounts on monthly, quarterly, half-yearly and yearly basis
• Clear accounting backlog and “messy” accounts
• Prepare financial statements, reporting package and schedules to meet audit deadlines
• Reconstruct accounts from incomplete records
• Crunch numbers in preparatory work for Initial Public Offer assignments
  1. Tracing of all differences & reconciliation of all items
  2. Review and rectification of accounting & GST errors with preparation of the necessary supporting documents
  3. Reconciliation of all bank and major suppliers’ accounts
  4. Review of inventory costing
  5. Review of system flow and recommendation on improvement

Allow us to provide our expertise in routine accounting work, urgent accounting assignment, simple data entries, complex accounting issues, the need for clearing up accounting mess or even providing high-level advice on accounts restructuring.

Contact us to find out more on how we can assist you.

Our dedicated Payroll Team assists clients range from small to very large enterprises all of which expect high quality and professional services from us. We deliver accurate, timely payroll services leaving management free from the hassle of dealing with payroll matters and giving them a peace of mind in running their business.

Benefits of Outsourcing

By outsourcing your payroll function to us, you enjoy the following benefits:

• Time saving and cost effective without the need to employ a HR manager
• Keeping payroll information confidential to all staff
• Frequent update to changes in statutory legislation and payroll software
• Strong technical support by a pool of professional in back office
• Offer Direct Deposit for employee

Our Capabilities in Helping our Clients

At Ecovis Singapore, we offer comprehensive payroll and HR administrative services to suit the needs of your company.

Our Routine Payroll Work

• Maintaining the payroll file for each employee of the Company
• Computation of net salary and contribution (both employer and employee) to Singapore Central Provident Fund
• Provision of electronic pay advices
• Generate payroll reports on a monthly basis for management’s review
• Preparation of year end IR8A and IR8S (hardcopy) and Notice to File Employment Income of Employees Electronically (electronic copy)
• Disbursement of monthly salary payment into employees’ bank accounts
• Advisory on Compliance Requirement on employment, payroll and CPF matters
• Process increments and bonuses
• Prepare IR21 for foreigners leaving the country

Payroll Report and Deliverables

• Payroll summary and detail reports
• Overtime summary report
• Headcount report
• Bank listing report
• Printed or electronic pay advice
• CPFD, SDF/FWL and FUND report
• IR8A/IR8S Form
• Other payroll reports customised to management requirement

HR Administration

• Registration with CPF Board
• Employee insurance administration
• Handling of adhoc childcare claim, NS claim and maternity leave claim
• Application of Employment Pass, Dependent Pass and Long-Term Social Visit Pass
• Employee personal tax service (including expatriate tax computation and submission)

For further information about our services, please contact us.

Compilation reports are unaudited financial statements. Companies may opt for non-audit services if they fulfil the statutory requirements. Compilation reports are inexpensive, and they serve as a better option for companies to meet the same compliance requirement for proper record keeping.

A compilation report will give you the level of comfort that the information is compiled with professional competence and due care. It is sufficient for income tax filing to the Inland Revenue Authority of Singapore (IRAS) and annual return filing to the Accounting and Corporate Regulatory Authority (ACRA).

What a Compilation Report Includes

A full set of compilation reports should include explanatory notes and accompanied by the Directors’ Report and the Statement by Directors. The reports are prepared in compliance with the Singapore Financial Reporting Standards (“SFRS”).

Audit Exemption Criteria

Companies with financial years that started on or after 1 July 2015 may be exempted for an audit if it meets at least 2 of the 3 following criteria for the immediate past two consecutive financial years:

• Total annual revenue of less than or equal to $10M
• Total assets of less than or equal to $10M
• No. of employees of less than or equal to 50

For a company which is part of a group:

• The company must be qualified as a small company
• The entire group must be a “small” group

For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

Contact us to find out more on how we can assist you.

Extensible Business Reporting Language (XBRL) is an internationally recognised language for the electronic communication of business information.

The following companies need to file their financial statements in XBRL format:

• Non-Exempt Private Limited Companies (“Non-EPCs”), normally refer to companies with corporate shareholders
• Insolvent Exempt Private Limited Company (“EPCs”), normally refer to companies with deficit equity or the current liabilities exceed current assets.

Certain companies need not file XBRL. These companies include solvent exempt private limited companies, companies limited by guarantee, foreign companies and their local branches, banks, insurance companies and finance companies regulated by the Monetary Authority of Singapore and companies that are allowed by law to prepare accounts in other accounting standards.

Why Outsource XBRL Reports?

Directors are responsible for the correct representation and accuracy of the information filed. The online filing process can be time-consuming and difficult for someone who does not do this every day. Outsourcing this to a professional firm helps to eliminate the hassle of figuring out how to use the online filing system and the potential filing errors.

Contact us to find out more on how we can assist you.