Services

BSL accountants can either take charge of the accounts from our offices, or they can work on-site at your place of business. In both scenarios, your company is guaranteed cost savings in comparison to engaging a full-time accounting team.

Expect from us confidentiality, operating efficiency, and reduced cost alongside professional expertise and advice.

We provide the following:

• Routine accounting services
• Computerized accounting via various accounting software.
• Advice and assist on computerized bookkeeping review and install computerized accounting systems
• Compile quarterly GST submissions
• Liaise with auditors until the audited accounts are finalized
• Review management accounts through the provision of detailed analysis and reports. Highlight areas of inconsistency and prepare recommendations for improvement
• Provide financial statements at short notice
• Reconstruct accounts from incomplete records
• Clear accounting backlogs and ‘messy’ accounts
• Prepare financial statements to meet statutory deadlines
• Preparation of financial statements in XBRL format

BSL offers administrative solutions for companies of all sizes. We ensure that all work performed by our experts will be on time, consistent and be fulfilled according to all your requirements. Additionally, training sessions may also be provided to impart our methods and knowledge to your internal teams.

Our clients stay with us long after they have started to engage our services, testament to our work ethic and efficiency. We are proud of our continued relationships with them and are pleased to provide them with peace of mind and productivity.

We invite you to explore the following administrative functions as an outsourced alternative:

• Sales in receipt cycle (invoicing, bank-ins and reminders)
• Payment cycle (provision of signatories and payment process)
• Maintenance of proper accounting records
• Training staff on how to set up proper accounting systems and how to execute administrative functions
• Preparation and lodgment of statistical returns
• GST registration

It is advisable to outsource the preparation of unaudited financial statements , hiring a professional staff on a full-time basis is expensive especially when their time is not fully utilized. BSL provides timely and accurate financial statements that are compliant with statutory requirements, at a competitive cost. Speak to us to get a consultation and a quotation for this.

What you need to know about submitting unaudited financial statements:

• Companies exempted from statutory audits must continue to maintain proper accounting records and prepare “true and fair” financial statements in accordance with the financial reporting standards (FRS)
• The unaudited financial statements along with the Directors’ Report and Statement by the Directors, must be filed with the Accounting and Corporate Regulatory Authority [ACRA] and the Inland Revenue Authority of Singapore [IRAS].
• The Companies Act imposes penalties on directors for the failure to meet the accounting record keeping and filing requirements.
  • Directors can be fined up to S$2,000 or imprisoned for a term not exceeding three months.
  • Directors could also be fined up to S$50,000 if the financial statements do not comply with the FRS
  • If the noncompliance is committed with the intent to defraud creditors or for a fraudulent purpose, there could be an additional fine of up to S$100,000. If convicted, directors could also be imprisoned for up to three years.

The fast-changing global technological landscape and easy access to software have made it impossible to work without software in all our organizations. We will help you assess and implement any accounting system of your choice.

Our three-step implementation flow is as follows:

• 1. Pre-implementation consultation – thoroughly understanding your workflow and uncovering any unique requirements at an early stage prior to implementation. This prevents future unbudgeted costs during the implementation period.
• 2. Implementation – Chart of accounts and job/project codes are created. Forms are prepared including pro forma invoices, delivery orders, invoices, credit notes and others.
• 3. Training -Training will be provided until your internal team is familiar and comfortable with the new accounting system or software.

If you are thinking of making a switch to cloud-based accounting systems, speak to us at an early stage so that we may help evaluate the options required to meet the needs and volumes of your business.

There is much more to payroll than simply transferring money to employees. For larger organizations, payroll management is a full-time task that generates no income of its own. One person or an entire team is responsible for ensuring the timeliness and accuracy of all aspects of payroll, including CPF submissions and regular reports for management.

BSL provides full confidentiality and integrity when performing payroll functions for you. Our working model enables you to achieve your organization’s goals efficiently and cost-effectively in this mission-critical role.

Our payroll services cover:

• Central provident fund application and monthly submissions
• Maintaining payroll files for each employee
• Computing and disbursement of salaries and reimbursements
• Processing of increments and bonuses
• Processing claims from MINDEF for staff on reservist training
• Preparing annual forms IR8A and IR21
• Providing employee payslips, monthly and annual payroll reports for management
• Tallying annual leave and maternity balances and off-in-lieu checks