Equity Plaza, Singapore -- (SBWIRE) -- 11/24/2010 -- As globalization continues to become the global market trend and soon characterize local economies, the need for accuracy in accounting widens and deepens. Under the Accounting Standards Act, the Accounting Standards Council is empowered to impose accounting standards to companies, co-operative societies, and charities.

The intention of such policy is to adopt the International Financial Reporting Standards prescribed by the International Accounting Standards Boards with goals of attaining greater transparency and comparability of financial information among the companies, mitigating compliance costs for companies that invest in Singapore and local companies expanding offshore.

Accounting has been described as the language of business. It has become an essential part of acquiring knowledge especially in matters relating to corporations.

Among the other professional services, Rikvin through its professional team of accountants provides accounting services within the range of bookkeeping, GST registration and filing, Payroll preparation, and Personal Income Tax filing.

“Based on the financial documents submitted to us,” a representative of Rikvin explains how its bookkeeping service works, “a personal account manager assigned to work with a company-client will review and organize the information from those documents to create and maintain the accounts ledger.”

Also, complying with the guidelines issued by the Financial Reporting Standards, “our account manager can help draft the financial statements for statutory submissions,” Rikvin’s representative added.

Included in the bookkeeping services of Rikvin are maintenance of information from different aspects such as general ledger, accounts payable ledger, accounts receivable, fixed assets ledger; cash flow, financial analysis, management reporting, and books cleanup.

For companies existing in the nature of providing goods and services and which earns more than S$1 million, the government of Singapore requires that such company register with the comptroller of GST, a value added tax that levies against goods and services. However, should the company’s revenues do not exceed the S$1 million limit, the company may still voluntarily register if such registration benefits the company.

GST registration and filing are among the specialization of Rikvin, a private limited company based in Singapore, providing professional services such as company registration, compliance with statutory requirements, and accounting services. Through its competent accountants, the corporate solution provider can register for GST with IRAS in behalf of the client-company.

In addition, Rikvin offers an assessment to determine the impact of GST registration on the company and its clients. Based on that assessment, Rikvin may advise the company on the optimum GST filing cycle.

Part of an accounting function is to prepare the payroll of the company’s employees. For convenience, Rikvin can help create and maintain the payroll ledger.

“Based on the information submitted to us, the personal account manager assigned to that company will review and organize the information for whatever purpose it may benefit the company, like making payments and submitting all necessary payroll taxes.”

Tax filing and payment, obligations of tax residents and non-tax residents, are still a specialization of Rikvin.

“For a tax resident, the income tax rates follow a progressive pattern while a non-tax resident maintains a flat rate,” the representative explains.

For matters relating to company registration, taxation, programs to ease the burden of GST, Rikvin can offer a wise advisory.

About Rikvin
Rikvin has been assisting clients from all over the globe in their Singapore immigration and company registration services. Rikvin operates to offer assistance both to local and foreign business professionals to register a Singapore company. The firm provides a complete corporate solution under one roof for which includes incorporation, Singapore accounting services, opening of corporate accounts, business registration, tax, immigration related to work passes visa such as Personalised Employment Pass and compliance services in Singapore.

Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you are in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours.

http://www.rikvin.com
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com