Accounting and Payroll Services
Recognizing the need to keep operating costs down while ensuring timely and accurate information for decision-making and reporting, organizations have started to embrace the idea of having their accounting function outsourced to competent professionals. This frees up management time as they do not have to be concerned with staff turnover, training and accounting standards changes.
We are capable of helping business to
Set up and maintain a proper full set of accounts that tailor to meet the management reporting requirement
We computerise your manual accounts using MYOB, Quickbooks, SAGE ERP, PeopleSoft, Navison, SAP Businessone.
Ensure the accounts maintained comply with relevant standards and audit requirement
Close accounts on monthly, quarterly, half-yearly and yearly basis
Clear accounting backlog and "messy" accounts
Prepare financial statements, reporting package and schedules to meet audit deadlines
Reconstruct accounts from incomplete records
Crunch numbers in preparatory work for Initial Public Offer assignments
Tracing of all differences & reconciliation of all items.
Review and rectification of accounting & GST errors with preparation of the necessary supporting documents
Reconciliation of all bank and major suppliers' accounts
Review of inventory costing
Review of system flow and recommendation on improvements
Currently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less. This approach is being replaced by a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an exempt private company to be exempted from audit.
A company qualifies as a small company if:
(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
(i) total annual revenue ≤ $10m;
(ii) total assets ≤ $10m;
(iii) no. of employees ≤ 50.
For a company which is part of a group:
(a) the company must qualify as a small company; and
(b) entire group must be a “small group” to qualify to the audit exemption.
For a group to be a small group, it must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.
Where a company has qualified as a small company, it continues to be a small company for subsequent financial years until it is disqualified. A small company is disqualified if:
(a) it ceases to be a private company at any time during a financial year; or
(b) it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.
Where a group has qualified as a small group, it continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years. There are transitional provisions that applies. Please contact us for more information.