About Accounting services
Although compliance costs is one of the lowest to incorporate a company in Singapore, accounting services in Singapore is absolutely necessary, regardless you are a small business or a multi-national corporation.
The value of accounting services is not just limited to compliance with Singapore regulations and group reporting, but its deeper purpose includes supplementing owners and management with new insights of their business’ performance, and potential insights into areas where performance can be enhanced.
That is where Lee & Hew makes the difference. Lee & Hew accounting services in Singapore are provided by our highly trained and qualified accounting professionals. We work with you and your team closely and clients can always expect better advice, and in unfortunate circumstances, to also raise potential red flags so you can nip any problems in the bud. Lee & Hew accounting services in Singapore essentially helps you save valuable time and money and definitely – undesirable surprises.
The common view for business owners, big or small, towards accounting services, and especially accounting services in Singapore, are commonly “I can just hire a book-keeper to do the same work for a fraction of the price”.
This is a very valid view because as business and Company owners and management, costs forms the base of the Company’s profits and profits is the key reason towards a Company’s existence.
Unfortunately, the accounting standards in Singapore (or Singapore Financial Reporting Standards), which all businesses or Companies in Singapore need to comply with, have become very advanced or different from the past. To illustrate:
With the new FRS115 on Revenue that has come into effect on 1 January 2018, a $100 “Sale” of goods or services may not be accounted for as a Sale in full, due to many reasons such as attaching terms and conditions such as warranty, services to be provided over a period of time and etc. Actually, it takes 5 steps or more to decide whether this $100 is a “Sale” in accordance with FRS115.
The next question is – if this $100 of “Sale” cannot be recorded in full in accordance with the Accounting Standards in Singapore, then what happens to my profits? Yes, you are right, Sales will decrease, and profits will decrease.
Despite having complex accounting standards to comply with and which can affect your business performance, Lee & Hew believes that Business and Company owners and management should stay focused in what they do best – which is to expand and grow their companies and business. Leave the accounting standards and complexity to Lee & Hew. Let Lee & Hew supplement your business acumen with our expertise in numbers and standards.
Lee & Hew Accounting Services Singapore – We have extensive experience working with both Small and Large Companies, Business and Groups from various industries. Be it providing accounting services in Singapore (comprising full sets of accounts) or providing additional support to existing finance and admin teams, Lee & Hew’s qualified accountants are equally adept at it. Let Lee & Hew work with you to bring your business to the next level.
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