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Singapore GST Accounting & Reporting by Value Accounting.

GST Accounting & Reporting Services – Frequently Asked Questions

Find answers to commonly asked questions on our GST accounting and bookkeeping services.

1. What are your responsibilities as a GST-registered business?

A GST-registered business is one whose annual taxable supplies exceed $1 million. Once you register your business for GST with Inland Revenue Authority of Singapore (IRAS), you must file your GST return to IRAS regularly and report both your output tax and input tax in your return.

2. What is the scope of our GST accounting services?

The scope of our services includes accounting for GST, e-filing accurate GST returns on time and keeping business & accounting records for at least five years. It is important to e-file GST returns on time within one month from the end of each accounting to do so. Failure to do so may cause you a fine up to $5,000 or imprisonment. To know more details on fees and services, please refer to this page.

3. What is the difference between accounting and bookkeeping?

Accounting and bookkeeping are both essential business functions. These two, however, are different. Accounting means the process of providing financial information in various forms, such as income statements and balance sheets. The accounting process likewise includes preparing financial statements, analyzing operation costs, and completing income tax returns.

On the other hand, bookkeeping refers to the method of keeping records of business and financial transactions such as invoices, receipts, and more. The bookkeeping process also includes balancing the general ledger, completing payroll, and posting credits & debits.

4. What types of business record does your company need to keep?

Your company is required to keep records and accounts of all your business transactions, and these include accounting ledgers, journals, invoices, receipts, vouchers, and any other relevant document. If you’re a GST-registered business, you must keep income records, business expense records, and purchase records.

5. Why seek accounting and bookkeeping services?

Getting our accounting and bookkeeping services gives you access to a wider range of professionals. Our team comprises highly experienced and trained accountants & specialists who can address your accounting needs efficiently. They are at all time ready to handle any intricate task for your business.

Moreover, outsourcing allows you to focus more on your core business. Your internal team and resources can pay more attention to your core activities.

Connect With Us Today

If you have further questions on our accounting and bookkeeping services, just call or text us at +65 6438 8858/+65 9783 9675/+65 8182 5888. We’d love to discuss how we can help you stay compliant with the ACRA and IRAS requirements.

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