Completing statutory and non-statutory reporting for each nation in which you operate may be a time-consuming and difficult task. It is sometimes a time-consuming task for global corporations to prepare financial statements in accordance with a range of local customs.

Trade Hub is here to guide you through the process of preparing your own financial reports, as well as providing a complete outsourced solution. Let’s find out how Trade Hub can support you with our all-in-one annual financial statements package!

1. Benefits for businesses to have proper financial statements

1.1 Better assess the impact on the bottom line

As a business owner, you must have a way of measuring your efforts’ impact on your firm’s bottom line. Examine your company’s income statement and note the direct costs tied to revenue for that period.

Perhaps you purchased software, requested more ad spending, or engaged an expert for a large project. Did your costs result in the net income you hoped for? Moving future, you may learn from your failures and double down on profitable investments.

1.2 Better define business budgets

Financial statements are also important for budget management and planning. Because the financial situation is always changing, John Wong, Senior Associate Director of Financial Planning and Analysis at HBS Online, advises against using prior financial statements as a starting point for future budgeting.

“Historical data is vital for budget development, but it should be utilized as a reference point rather than a beginning point,” he says in a recent blog post. Budgeting requires an awareness of your company’s financial health and history and a forward-thinking perspective.

Analyzing your company’s spending line by line on both the income and cash flow statements might indicate cost-cutting opportunities. Perhaps you’ve been paying a monthly subscription for a service you no longer want, or your team trips could be reduced in favor of more affordable activities. Seeing a breakdown of all expenses and how they affect your company’s net income may be an eye-opening opportunity to save money and reallocate spending where it is most required.

1.3 Better observe the big picture of the business

When managing your business, it is critical to keep the overall health of your business in mind. Analyzing your company’s balance sheet, income statement, and cash flow statement may help you understand the ins and outs of its finances and provide you with big-picture clarity to drive your goal-setting and decision-making processes.

2. The requirements to better prepare a financial statement

To prepare a full set of financial statements, a global company needs:

Preparation of yearly financial statements in compliance with the financial statements standard. Because each country’s legislation differs, the standard may vary, however several reports, such as:

  • Profit and Loss Statement
  • Balance sheet
  • Consolidated Statements of Cash Flows
  • Financial statement footnotes

Creating and reporting Estimated Taxable Income (ECI) and submitting tax returns

The preparation of audited financial accounts (if required).

Trade Hub will assist you to prepare a full set of financial statements, including but not limited to:

3. Trade Hub help global business produce their financial statements

Step 1: Contact us right away for additional assistance and advice on how to arrange yearly financial services for Singapore companies:

Step 2: Send us your company’s information so that we can provide you with an accurate quote. The following information is required:

Compilations of financial accounts created by your company (if any) Compilations of invoices, accounting vouchers, bank statements, and sale contract forms generated during the fiscal year under review. Trade Hub will provide you with an estimate based on the information supplied by the companies

Step 3: After receiving your approval to use our yearly financial statement services, Trade Hub will provide guidance on invoice management/accounting archives. You must also supply all invoices and receipts of your firm.

Step 4: Trade Hub will create the yearly financial statements based on the information supplied.

Step 5: Once the preparation is complete, Trade Hub will deliver the yearly financial statements to the Company for additional evaluation and approval. Please note that the yearly financial statements will be delivered to you at least one week before the Singapore financial statements filing date.

Step 6: Upon receipt of your consent, Trade Hub will file the Company’s yearly financial accounts with IRAS on its behalf.

Step 7: Once the yearly financial statements have been successfully filed, Trade Hub will notify the business Company of the submission outcome.

4. Top reasons to partner with Trade Hub to file your financial statements

We offer accurate & timely financial statement preparation services, including cash flow statements, balance sheets, and profit & loss statements. Trade Hub recognizes that generating financial accounts is sometimes seen as a dreadful and scary undertaking. Cash flow statements, balance sheet reports, and corporate financial reports are all buzzwords that might make an inexperienced start-up firm nervous. Our accountants at Trade hub have enough knowledge to realize that this frightening chore is actually just about placing the balance amounts into structured statements.

We view financial reports as dashboards that provide updates on your organization’s current financial situation. Our skilled accountants are available to relieve your financial team’s workload and allow them to focus on more critical issues. With Trade Hub, save so much time because you no longer need to invest in any particular accounting software or spend hours teaching your personnel how to create financial statements.

Our key service advantages:

  • What else can we support you?
  • Advice on providing invoices/contracts to customers
  • Input and output invoice collection and data entry
  • Publish reports on a regular (monthly or quarterly) or ad hoc basis.
  • Advice on various tax and corporate accounting issues (general consultancy).
  • Distribution of the most recent tax information/policies (if any).

Other services not included in Trade Hub’s monthly accounting service are:

  • Aside from handling all of your day-to-day bookkeeping needs, we can also generate monthly and quarterly income statements to provide you with a snapshot of your company’s financial condition.
  • If you manage your own records, we can propose the best accounting software to help you work more efficiently, and we can even tailor the software package for you.
  • Our finance and accounting solutions are completely error-free since we only hire certified and experienced accountants to handle our clients’ accounting duties.
  • Following the conclusion of a project, we provide continuous maintenance and administration of your financial data for easy auditing and analysis at any time.

5. The accounting services pricing for global companies

The service cost for yearly and monthly accounting services for offshore corporations will be calculated based on the following factors:

  • the number of transactions made by the organization,
  • the total volume of incoming and outgoing payments
  • the nature of the business and transactions, and other demands (if any).

For example: If your organization needs Trade Hub’s help sending bills, the service charge would be greater (the limit is 20 invoices per month). Corporations in Singapore/Hong Kong/Malaysia/the United States, like offshore companies in the BVI/Seychelles/Belize, must comply with and meet all tax authorities’ laws. As a result, Trade hub will provide a year-end financial statement service package to any Singapore firms, Hong Kong companies, Malaysia companies, and so on that are looking for a reliable and professional partner at a reasonable price.

Furthermore, in order to aid you in actively managing the company’s operations and finances, we would like to introduce you to QuickBooks Online accounting software. QuickBooks Online is one of the most efficient administrative tools used by businesses. With all of QuickBooks Online’s outstanding capabilities, your global company may take proper management of the firm’s commercial condition without:

  • Accounting expertise is required.
  • Time and location restrictions apply.

6. The most ideal solution for global company

Obviously, producing accounting paperwork for global company is critical. However, few firm understands the needs of record-keeping and business status updating to the government laws and banks in Singapore. As a result, finding an one-stop solution from Trade Hub – a company consultant that understands financial – taxation rules and is capable of providing an ACCOUNTING – FINANCIAL – DIGITAL – is the most timely and best option.

To satisfy your specific demands today and in the future, we provide weekly, bi-monthly, monthly, and quarterly accounting solutions. Your needs will change as your company develops and expands, and we will replace them with you.

  • We cover the fundamentals, such as tax and bookkeeping, but our packages also include frequent face-to-face meetings where we can review how your business is doing and provide suggestions on how to improve and optimize your accounting procedures.
  • It’s also a time to discuss any changes in your business, prepare your tax requirements, and discuss any financial difficulties you might want to bring up, whether it’s as simple as leasing a car, budgeting your cashflow, or making major structural adjustments.