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Accounting is different from bookkeeping.

Bookkeeping is concerned with recording, data entry and the administration of keeping the records. The person who does the bookkeeping would require basic knowledge of the principles of accounting especially the functions of double entries, accounting rules and tax rules and how to apply them specific to certain simple businesses.

However, with modern-day accounting systems, especially those AI-driven systems, the double entries are usually taken care of by the system. The bookkeeper would rely on the accounting system to generate the profit and loss, balance sheet and trial balance of the company.

The Accountant’s role is to ensure that the accounting system is using the right accounting standards (given powers by the companies act and recognised by the income tax act) to apply to the Company’s business.

For e.g. a company investments in properties for her own use or for rental income purposes will be treated under different accounting standards (FRS 16 or FRS 40). A company that sells goods with warranty and without warranty would have to apply FRS 115, and if they have inventories, how to deal with them in FRS 2 or 41 etc.

The Accountant would have to also consider how the accounting entries would affect Income tax rules. For e.g. Director fees can be approved at the AGM and accrued in the accounts. However, if they are not paid within a year, the Income tax rules will disallow the deduction of such fees.

The Accountant has to consider GST rules. For e.g. if Trade payables are not paid within 1 year, the trade payables will continue to be outstanding in the accounts, but the GST input tax claimed has to be returned back to IRAS.

The FRS standard demands that there are certain disclosures (for e.g. related party transactions) in the notes to the accounts. A cash flow statement (FRS 7) is mandatory. However, the management accounts and almost all the accounting system does not have such a function.

Hence, accounting is usually for reporting (internal and external stakeholders) and bookkeeping is usually for recording purposes only.

Usual accounting needs of small businesses (SMEs):

  1. Unaudited FRS compilation report for ACRA and IRAS reporting
  2. Consolidated report for non-official subsidiaries
  3. Business valuation statements
  4. Advisory on treatment on certain accounting transactions.
  5. Cash flow budgeting
  6. Business forecasting

We can do A LOT more than the above-mentioned. Contact us today!

Our Accounting Services

The Companies Act requires that companies prepare a financial statement to be approved by their directors and presented to their shareholders at the AGM or if exempted from holding the AGM, to send it out to the shareholders on time. These financial statements are in accordance to the financial reporting standards (Your Xero, MYOB… more likely than not does NOT meet the requirements). We usually call this the compilation report.

The report can be audited or unaudited depending on the companies act rules and the management decision (for e.g. your company is exempted from audit, but you can still submit audited accounts). IRAS requires certain companies to file their compilation report while others (currently less than $5M revenue) need not upload the accounts but is still required to prepare the FRS report.

Financial reporting is very important for any company, even if it running at loss, the reports should be indicative of the current growth and the spending of the company. Why is the company experiencing low cash flows even though revenues and profits are high? Should the company invest or lease in an asset? How would the company be affected by certain GST rules? How can the company apply the correct GST rules (for e.g. international supplies)?

There are many ways an Accountant will be able to assist you. ET Management is here for you! Contact us today!

Efficient accounting is very important. Not everyone knows the best accounting practices that are available in the industry. ET Management has professionals that are very proficient in the art of accounting. We can provide valuable advice to companies regarding the accounting practices of the company and in the application of these recommended accounting practices.

When the books of a company are in order, analytics of the company’s growth, of the company’s profits and losses become more easier to identify. Management can also find out which departments are up to date and are bringing in profits and which departments are lax. This will help the company to bring in better practices for business and enable it to bring in more profits.

As a company is scaling up it’s expansion, the amount of transactions of the company also increase exponentially. Book keepers who have been maintaining the books for small businesses often find it difficult to cope up and that is when errors start creeping up in the books. We can help the by giving valuable advice regarding the most efficient and fast ways of bookkeeping that are used by large companies that your business can adopt.

We are able to guide and tutor directors and bookkeepers on how they can do their accounts on their own! Contact us now!

  • Vast experience when it comes to bookkeeping. They have worked for many different types of companies and can handle the books of all types of companies.
  • ET Management services stays in sync with the latest methods of accounting and hence can give your company the best advice.
  • The professional bookkeepers at ET Management services are very fast. They can analyse and find out errors in very short time.
  • ET Management services has the best customer service when it comes to bookkeeping services. All your queries will be answered as soon as possible.

A Team of Chartered Accounts & Accredited Tax Advisors.

We provide value for money services with our very reasonable rates.

A Team of Chartered Accounts & Accredited Tax Advisors.

We provide value for money services with our very reasonable rates.