General / short description of the service :
No business is set up to incur losses. Active directors that view management accounts as a financial dashboard of their company are always interested in keeping updated on the performance and position of their business. At one glance, they need to know whether they have enough cash to fund their operation, and whether their company is incurring too much debts.
Due to the requirements from the director, the accounts can be prepared monthly, quarterly or yearly. We can assist to generate the management accounts as listed below in many different ways :
Scenario | Company A has just operated their business for less than a year. They had engaged a freelance bookkeeper who handles their accounting needs annually. Company A wanted to know more about the performance of their business but the freelance bookkeeper is unable to provide them useful insight. |
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YTK Action | Company A approached our firm and showed us their management accounts. They wanted more insights about the performance of the company so as to make decision to improve the business. We interpreted the accounts and pointed out the critical areas that the management should focus on. Since then, we not only took over as their accounting agent because of the insights that we gave them but also provided them with the accounts on a monthly basis so that they can easily keep track of the performance of their business. |
Benefits to Client | The client is able to know the performance of the company and make changes to their pricing of their goods to keep pace with the mass market. |
General / short description of the service :
All Singapore incorporated companies will have to prepare their financial statements in accordance with the Financial Reporting Standards. A complete financial statement includes Statement of Financial Position, Statement of Comprehensive Income, Statement in Changes of Equity, Statement of Cash Flow and notes to accounts.
The difference between management accounts and financial statements is that management accounts provide the “numbers” for the management to make decision whereas the financial statements are for the public to know about the company. As such, the focus on the financial statements is not only on the numbers but also on the notes to the accounts whereby the public can know about the company through these notes.
In compiling the financial statements, we present information that is the “representation of management” and express no opinion or assurance on the statements.
Generate the unaudited financial statements within 1 month.
Scenario | Company A is due for ACRA filing within a month and has yet prepared their financial statements. Failure to file their accounts and hold their Annual General Meeting will attract penalties. |
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YTK Action | We took over the job and generated the financial statements within a month. |
Benefits to Client | The client is able to comply with the necessary law and thus saving them from paying the penalties. |
General / short description of the service :
Registration for Goods and Services Tax (GST) is compulsory for a company, if the taxable supplies are expected to exceed or exceed S$1million.
Non-GST registered companies need to have their taxable supplies monitored so that they do not exceed the threshold. In the event that their taxable supplies exceed the S$1 million and they have not registered GST, the company will have to bear the GST amount from the GST-exceeding date and pay the tax to our tax authority, IRAS when IRAS finds out. An alternative to prevent this from happening is to voluntarily register for GST. However, the entity will need to stay GST registered for at least two years.
GST registered companies has to ensure that their submission is in accordance to the requirements imposed by IRAS. Failure to do so will also attract unexpected penalties. One commonly overlook point is when the company does not follow the “time of supply” rule in reporting the GST to IRAS. This means the GST may be understated and IRAS may charge penalties for the delay in reporting.
Each GST submission is tallied with the accounting records to ensure no leakage of tax under-reported.
Scenario | Company A has been accounting for the GST based on excel records. They have three employees to separately handle the accounting. One employee handles the accounts receivables, one handles the accounts payables and the director holds on the bank statements. At each submission, the two employees submitted their excel spreadsheets separately, and the director is responsible for filing to IRAS based on their spreadsheets. At the end of the year, they discovered that there was a huge difference between amount stated in their GST records and the financial statements. |
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YTK Action | We took over the job and reconciled the GST. The process is tedious as we compare the two listings and detect the mistakes made by the two employees. However, we are able to complete the work within a month and assist the company to rectify the issue before IRAS slaps them with a fine. |
Benefits to Client | The client is assured that GST submission is correct and every error has already been rectified, preventing any impositions of late penalties. |
General / short description of the service :
All employees in Singapore should be given a pay slip. In addition, CPF has to be contributed for and by Singapore citizens and Singapore Permanent Residents.
Save time.
Scenario | A foreign company employs Singapore citizens to carry out work in Singapore. They are unaware of the Singapore labor law and payroll obligation. |
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YTK Action | We took over as their payroll agent and processed their payroll monthly. We also informed them when there were any adjustments in the contribution rate. |
Benefits to Client | The client save time in processing the payroll and is able to stay focused on their core business. |
YTK Management Consultants Pte Ltd
8 Jalan Lembah Kallang
#06-01 Min Ghee Building
Singapore 339564