In contrast to numerous conventional accounting services available in Singapore, we provide transparent pricing with no hidden costs for our professional accounting services from the beginning to the end. At Grof, we adopt an expense-based pricing model, ensuring that our solutions are customised to meet the specific needs of your business, offering you exceptional value and peace of mind.
Expenses refer to all the business spendings incurred by the company in a year. It can include purchases, salaries, rental, marketing and travel costs. If you do not have the exact figures, you can provide an estimate to help us tailor a plan that suits your needs.
If the actual expenses exceed the plan, we will get in touch with you to discuss upgrading to the next tier. This ensures you do not have to pay more than what is needed.
Our accountant is readily available via email, phone, and in-app messaging, ensuring easy and efficient communication. Moreover, all our clients will receive dedicated support, meaning you not only have an accountant managing your books but an entire team to back you up!
What are the accounting records I should keep in order to pass them to Grof?
Do keep your bank statements, customer invoices, bills, payroll, and other accounting records in the year. It'll be great if they are in digital format so our team can access them readily.
I have not set up a corporate bank account for my company yet, but I have already incurred certain business-related expenses, such as the cost of incorporating the company. How should I record this in the bookkeeping?
You can record this as the amount due to you. It is quite common for startups to cover expenses personally in their initial stages. Once the company's business account is set up, you can seek reimbursement for the expenses you paid earlier.
Do my financial statements need to be audited?
Since 1st July 2015, companies can be exempted from auditing their financial statements if they qualify as a small company.
There are 2 conditions for a company to qualify as a small one. Firstly, a company has to be private in the financial year in questions. Next, a company has to meet at least two of the following three criteria for the immediate past two consecutive financial years:
What is the tax rate in Singapore?
The current tax rate is 17%. In addition to the low tax rate, there are also generous tax exemption schemes for all companies, subject to meeting IRAS’s (Inland Revenue Authority of Singapore) conditions.
Does my accounting profit = taxable income?
Accounting profit is usually not the same as taxable income. The principle is that accounting profit follows Generally Accepted Accounting Principles (GAAP), while taxable income follows the rules set in the Income Tax Act. Some significant differences are:
What is an ECI, and when do I need to submit it?
Estimated Chargeable Income is due to IRAS 3 months after your Company’s Financial Year End. Example if your Financial Year End is 31 December, the ECI is due the 31 March of the following year. ECI is an estimate of your company's taxable profits (after deducting tax-allowable expenses) for a Year of Assessment (YA).
If my ECI is nil/negative, do I need to file ECI?
If your ECI is nil/ negative, and your revenue is less than $5M, you do not need to file ECI. You are still required to submit the Form C/ C-S by 30 November every year.
What is the GST rate in Singapore?
The GST rate is currently 9% as of 1 January 2024.
Can I claim GST?
You can claim back GST if your company is GST-registered and meets the following conditions:
When must I register for GST?
You must register for GST if your taxable turnover reaches $1M in a calendar year (based on past performance) or if you anticipate your taxable turnover to reach $1M in the next 12 months.
Can Grof help me manage my GST accounts?
Yes, Grof has helped hundreds of clients manage their GST reporting, ensuring they stay in line with the rules and submit on time.
I am a shareholder—how do I account for the money I have deposited or withdrawn from the company bank account?
As a shareholder, you will typically contribute shareholders’ capital, which will be reflected by the shareholdings you hold in the company. Additionally, you may choose to lend the company money through an interest-free loan, and this transaction will be recorded with an accounting entry to reflect the amount the company owes you.
Can I pay monthly or yearly salary to shareholders?
A shareholder can be employed by the company and paid a salary. Please ensure that all social fund contributions are properly paid. If you have any questions, feel free to speak to our payroll service team.