Financial Statements Preparation in Singapore

Maintaining proper records of financial activity in a company is mandatory in Singapore as it is everywhere else in the world. Compilation of financial statements at the end of each year gives a good indication of the financial health of the company. It is important not only for the management to take decisions but also works as a tool to communicate to the shareholders of the company. Consolidated financial statements work for the benefit of all stakeholders of a business and foreign companies that are not familiar with the laws in Singapore can benefit greatly from the financial service firms that operate here. Maintenance of ledgers, managing the cash flow of the company and preparation of the financial statements at regular intervals are some of the services that these firms offer. 

Advantages of Consolidated Financial Statements

The financial statements of a company can be analyzed to draw important conclusions regarding the profit or loss made by it during the given period. The cash flow that has occurred, changes in value of assets and the inclusion of additional capital can also be determined through this. Compilation of financial statements enables better management and enhances the decision making capabilities of those who are in charge of the company. Firms that offer financial services in Singapore provide not only information but also qualified professionals who can do the job for you. Since financial matters are involved, the room for error is absolutely nil and this is why using professional help is important.

Compilation of Financial Statements by Accounting Firms

The government of Singapore has very relaxed laws in terms of foreign investment in order to encourage investment in the country. Many foreign entities have made use of this advantage and started up businesses and companies in Singapore. Advisory firms in Singapore provide professional services like maintenance of general ledger, accounts receivable ledger, accounts payable ledger, fixed assets ledger, budgeting, managing cash flow, bank reconciliation, preparation of financial statements, financial analysis and management reporting. Preparation of consolidated financial statements by these firms has greatly helped companies in the past and they can help you too with your financial service needs.