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Accounting, Bookkeeping & Financial Reporting

Accounting, Bookkeeping, & Outsourced CFO

As one of the leading accounting firms in Singapore, our team includes Chartered Accountants and ACCA-certified professionals. Moreover, we are dedicated to providing accurate, timely bookkeeping, and accounting services for your business. Additionally, our staff excels in the Singapore Corporate Act and Singapore Financial Reporting Standards (SFRS).

Focusing on emerging businesses, our SSME accounting division specializes in startups and new companies. Furthermore, our expertise extends to family offices and fund management companies, ensuring a comprehensive suite of services tailored to diverse financial needs. In essence, our commitment to excellence and specialization allows us to deliver precise, adaptable solutions.

Why Choose Us for Your Accounting Needs?

Outsourcing accounting services to us instills unwavering confidence in our clients. Consequently, they can wholeheartedly focus on their core business activities. They can place absolute trust in us for their accounts and financial reporting, benefiting from our expertise and dedication.

Tailored Accounting Solutions for Diverse needs:
    • For Startups and New Companies:

      Our SSME accounting division excels in bookkeeping and accounting services. It specializes in serving startups and newly established companies, offering tailored solutions. Specifically, we provide precise financial support, helping businesses thrive.

    • For Family Offices and Fund Management Companies:

      Our dedicated investment accounting division excels in providing highly specialized, industry-specific bookkeeping and accounting services. Specifically, we offer comprehensive fund management, tax compliance, and financial reporting solutions, catering to your unique investment needs.

    • Virtual or Outsourced CFO Services:

      Functioning as your virtual or outsourced CFO, we offer financial leadership, managing your finances adeptly. Our expertise ensures efficient fiscal management

    • Financial Reporting and Management Accounts:

      We prepare management accounts and financial statements in accordance with SFRS or SFRS for small entities, ensuring compliance with the highest international standards. Furthermore, our meticulous approach guarantees accuracy, transparency, and adherence to regulatory requirements, ultimately resulting in precise financial reporting that aligns with your business goals and regulatory obligations.

      Moreover, our proficient team excels in crafting financial statements for your Southeast Asia subsidiaries, showcasing our regional expertise. Additionally, we extend our services, offering virtual or outsourced CFO solutions, ensuring strategic financial guidance personalized to your unique business requirements.

       
    • Regional Financial Coordination:

      Our dedicated team specializes in preparing financial statements for your Southeast Asian subsidiaries. They seamlessly coordinate through our local subsidiaries, ensuring compliance and accuracy. As a result, you receive comprehensive, hassle-free financial reporting services tailored to your needs.

 

Frequently Asked Questions

Known as the "Singapore Financial Reporting Standard for Small Entities” or SFRS for SE, this is a separate set of accounting standards issued by  The Accounting Standards Council (“ASC”) for use by smaller entities in Singapore. 

Furthermore a Singapore-based entity  qualifies to adopt the SFRS for SE if it is not publicly accountable and meets the criteria of being a "small entity" based on the satisfaction of at least two out of three quantitative benchmarks:

i) For instance, total annual revenue should not exceeding S$10 million;

ii) Total gross assets not exceeding S$10 million; and

iii) Total number of employees not exceeding 50.

However, an entity is "publicly accountable" if it meets certain conditions:

i) Its debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for public trading; or

ii) It is a deposit-taking entity, holds assets in a fiduciary capacity for a broad group of outsiders as a primary business (common for banks, insurance companies, securities brokers/dealers, mutual funds, and investment banks); or

iii) It is a public company as defined in the Singapore Companies Act (Cap. 50); or

iv) It is a charity as defined under the Charities Act (Cap. 37).

An entity is qualified to adopt the SFRS for SE if it meets the stipulated criteria consistently over the preceding two consecutive years. Additionally, a newly established company is eligible to apply the SFRS for SE during its initial two years of incorporation, given that it is not considered publicly accountable.

Do not worry about having to find the right tier of accounting firms in Singapore. With our respective divisions, we assure you that our pricing and accounting services can fit your needs and budget, regardless of the size of your operations.

"Outsourcing your accounting function is a strategic choice. It not only saves on overhead costs but also entrusts technical accounting intricacies to experts like us. Audited or listed companies also engage our practitioners for best practices and periodic advice, enhancing their financial operations and compliance."

Our accounting services in Singapore cater to startups through our dedicated SSME division. Additionally, our cost-competitive service package benefits newly established companies. Furthermore, our solutions are tailored for success.

Startups often have straightforward needs, encompassing expense tracking, payroll processing, and grant-related transactions. Nonetheless, managing bookkeeping can be daunting and time-consuming for business owners not trained in accounting or finance. Consequently, many startup owners choose to outsource their bookkeeping and accounting to us. This strategic decision enables them to focus exclusively on their core business operations.

For rapidly expanding startups, we provide a range of additional services and advice. These include stocktaking, support for cross-border transactions (particularly for manufacturing and trading firms), strengthening foundational elements in preparation for future fundraising, and our CFO-as-a-Service offering.

In conclusion, comprehensively understanding the needs at every growth stage, some of our partners were once startup owners themselves. Importantly, we aspire to grow alongside startups, becoming their trusted partners throughout their journey. Our core values include not only building but also nurturing relationships with entrepreneurs. We are truly excited about witnessing their success.

Indeed, our investment accounting division in Singapore serves family office accounting services. Additionally, we provide comprehensive accounting services in Singapore, catering to family offices and fund management companies alike. With extensive experience, we adeptly manage accounts for both family office clients and fund management firms.

Accounting functions within a family office are pivotal. They manage financial affairs effectively and ensure compliance with IRAS and MAS regulations. Furthermore, these functions handle critical tasks. They track income, manage expenses, and prepare financial statements. In addition, they assist in tax planning, wealth preservation, and the achievement of financial goals. These financial experts are dedicated to safeguarding and growing the family's wealth, in line with legal requirements.

Family office clients like Cambridge Adviser’s high level of confidentiality, attention to detail, and expertise in managing complex financial structures. Our panel of chartered accountants and tax practitioners are familiar with investment accounting and complex transactions and ensure compliance with both IRAS and MAS requirements while complying with the conditions of the MAS tax incentives 13O/13U for family offices. Our tax practitioners classify and report FATCA and CRS accurately and on time. They comply with both IRAS and MAS requirements.

An outsourced accounting firm can provide partial to full outsourced accounting and CFO solutions, depending on your company needs and setup.

Companies are increasingly outsourcing CFO functions due to the exorbitant cost of hiring. Today, an experienced CFO's monthly salary can exceed $15,000. As a result, outsourcing becomes a viable solution, ensuring financial expertise without the burden of high salaries.

In essence, the outsourced CFO oversees financial activities within the client's organizations, providing direction and guidance to accounting and finance departments. This ensures effective operations and compliance with relevant laws and company policies, ultimately preparing the company for future growth or fundraising activities. Their role is crucial in projecting a positive company image while also implementing cost-saving measures wherever feasible. Moreover, they play a pivotal role in facilitating strategic decision-making, enhancing financial stability, and fostering a culture of financial accountability. In summary, the outsourced CFO brings expertise and efficiency to financial management, driving success for the organization.

Benefits of Outsourcing

In today’s dynamic and highly competitive business landscape, companies continually seek ways to enhance operational efficiency, reduce expenses, and concentrate on core competencies. One increasingly adopted strategic approach is outsourcing non-core functions, with accounting services emerging as a particularly favored choice. Outsourcing accounting delivers numerous advantages, significantly impacting business success. It streamlines operations, reduces costs, and enables a focus on core competencies. Additionally, it enhances scalability, grants access to specialized expertise, and ensures compliance. As a result, outsourcing accounting services plays a pivotal role in achieving operational excellence and fostering sustainable growth.

Outsourcing accounting services can lead to substantial cost savings for businesses. Hiring and training in-house accountants come with considerable expenses, including salaries, benefits, and overhead costs. On the other hand, outsourcing allows companies to access highly skilled professionals without the burden of long-term commitments. Additionally, outsourcing providers often operate in regions with lower labor costs, providing further financial benefits.

Accounting firms specializing in  outsourcing services employ professionals with diverse expertise. This approach enables businesses to access specialized talent without in-house training investments. Consequently, financial tasks are managed by up-to-date experts proficient in regulations, SFRS, and industry best practices. Thus, outsourcing enhances efficiency and compliance while optimizing costs.

Accounting firms specializing in outsourcing services employ a diverse, skilled team of professionals. Outsourcing allows businesses to access this talent pool without investing in continuous in-house training. Consequently, financial tasks are handled by experts who stay updated on regulations, Singapore Financial Reporting Standards (SFRS), and industry best practices.

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"Businesses often face fluctuations in their accounting needs, especially during peak seasons or growth periods. Therefore, outsourcing provides a scalable solution, allowing companies to adjust accounting services as required. This flexibility ensures efficient resource allocation, enabling adaptation to changing circumstances, unburdened by a fixed in-house team."

"Staying compliant with ever-evolving financial regulations poses an ongoing challenge for businesses. Consequently, outsourcing accounting services to professionals who specialize in compliance and regulatory matters becomes vital. These accounting outsourcing firms are well-versed in the latest IRAS rules, SFRS, and more, ensuring businesses operate within legal frameworks efficiently."

Security is paramount in financial operations. Outsourcing partners enforce rigorous security measures, utilizing encryption technologies to protect sensitive financial data. This level of security often surpasses what most businesses can independently afford, ensuring peace of mind and safeguarding financial information integrity.

 
 
 
accounting services

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Outsourced CFO Services: Strategic Financial Leadership

In today’s fast-paced, ever-evolving business landscape, companies are increasingly embracing innovative solutions to optimize operations. Consequently, a strategic move gaining prominence is outsourcing the Chief Financial Officer (CFO) role. This approach streamlines processes, improves efficiency, and enhances strategic decision-making, ensuring businesses stay competitive.

Objective financial reporting is crucial for informed decision-making.

An outsourced CFO offers unbiased insights, thus enhancing transparency and accountability. Their objectivity, especially crucial during decision-making, ensures bias-free financial information. This approach, significantly valuable, aids in clear, concise reporting. Consequently, it supports informed, strategic choices within the organization.

Strategically outsourcing CFO services empowers businesses by granting access to high-level financial expertise. This cost-effective approach significantly enhances financial performance. Furthermore, the outsourced CFO plays a pivotal role in providing strategic financial guidance, fostering adaptability. Consequently, this contributes to the organization’s long-term success. As businesses evolve, outsourcing CFO services becomes a transformative solution, especially for those navigating financial complexities with precision and foresight. In conclusion, this strategic decision optimizes resources, boosts performance, and ensures a sustainable financial future.

In this segment, we emphasize the vital role of an outsourced CFO in guiding businesses to financial success. Furthermore, we list over ten essential advantages, ensuring concise sentence length.

Outsourcing CFO services involves entrusting financial leadership to seasoned professionals with extensive experience. An outsourced CFO provides strategic financial insight, assisting businesses in making informed decisions that align with their long-term goals. This external perspective is invaluable for navigating complex financial landscapes and identifying growth opportunities. Additionally, outsourcing offers cost-effective solutions, allowing companies to allocate resources efficiently. It ensures access to specialized expertise without the need for full-time hires, resulting in enhanced financial efficiency and flexibility for businesses.

Hiring a full-time, in-house CFO can pose a substantial financial commitment, particularly for smaller or growing businesses. However, outsourcing CFO services offer an alternative that grants organizations access to high-level financial expertise without the burdensome salary and benefits associated with a full-time executive. This cost-efficient model empowers companies to allocate resources more effectively, allowing them to invest in other critical areas of their operations. Consequently, businesses can achieve financial efficiency, bolster strategic investments, and navigate their path to success with greater flexibility and ease.

The financial needs of a business can vary significantly over time, particularly during periods of expansion or economic fluctuations. Outsourced CFO services offer the invaluable advantage of flexibility and scalability, permitting companies to precisely adjust the level of financial support as per their immediate requirements. This adaptability ensures that businesses consistently maintain the right level of financial leadership without the constraints associated with a fixed in-house executive. Furthermore, outsourced CFO services furnish companies with an opportunity to gain specialized financial expertise without the overhead of full-time hires. Consequently, they can stay agile, cost-effective, and responsive in an ever-evolving business landscape.

Outsourced CFOs bring a diverse set of skills and industry-specific expertise to the table. This is especially beneficial for businesses facing unique financial challenges or operating in specialized sectors. Additionally, the ability to tap into a pool of professionals with varied backgrounds ensures that businesses receive tailored financial guidance that precisely aligns with their specific needs. As a result, companies gain access to a wealth of knowledge, experience, and fresh perspectives. Moreover, they can tackle complex financial issues with ease. Furthermore, these experts understand the nuances of niche industries, providing valuable insights and strategic direction. In essence, outsourcing CFO services offers a multifaceted solution for enterprises seeking comprehensive financial support in today's dynamic business landscape.

Strategic financial planning is essential for business success. Outsourced CFOs collaborate closely with leadership teams, crafting comprehensive financial strategies encompassing budgeting, forecasting, and risk management. This proactive approach helps businesses foresee challenges, seize opportunities, and maintain financial resilience. Furthermore, it enhances decision-making, fosters innovation, and bolsters competitiveness.

Outsourcing the CFO function offers a strategic advantage. By doing so, businesses can reallocate internal resources towards their core competencies. Consequently, the leadership team gains the ability to focus on driving innovation, improving products or services, and enhancing overall operational efficiency. The outsourced CFO expertly manages financial intricacies, ensuring compliance and optimizing financial strategies. This transition allows the internal team to excel in their specialized areas, fostering growth and innovation.