Press Release (ePRNews.com) - SINGAPORE - Aug 03, 2017 - “Yes! It is more practical for small companies to hire one of the XBRL filing services Singapore, upload their set of financial statements & let it do the XBRL conversion,” quoted Ms. Meena.
It is binding for the Singaporean companies, unless exempted, to file their full set of financial statements in XBRL format. They also need to strictly follow the revised XBRL filing norms, made effective from 3rd March 2014 by ACRA (Accounting and Corporate Regulatory Authority).
The XBRL conversion is a tough task and a big headache for the Small and Medium Enterprises (SMEs). The XBRL financial statements are put together by mapping data from financial statements to the relevant elements in XBRL taxonomy. It is a task more suitable to professionals having familiarity with the accounting concepts and SFRS (Singapore Financial Reporting Standards).
“The accountants working with the top XBRL filing services Singapore like SBS are fully qualified to do justice to the task. A company that is careful about its compliance responsibilities benefits by hiring one of the experienced & proven XBRL filing firm.
ACRA holds directors completely responsible for the accurate and timely filing of their company’s financial statements. However, the task is time-consuming and painstaking which the directors may not find sufficient time for as they are busy with the core-goals of their companies,” added Ms. Meena, the Business Head of SBS Consulting Pte Ltd.
The compliance requirements like XBRL filing puts small companies at a disadvantage. A large majority of them have neither the expertise nor other resources to take it on confidently. When the time comes to discharge the responsibility, it becomes a true balancing act for them.
“On the one hand, they have to worry about being consistent with the quality and delivery of their products and services to their customers. On the other, the small businesses trying to their XBRL filing on their own, have to worry about the breach of compliance and penalties.
It is one of the prominent reasons why numerous Singapore companies are choosing to outsource the task to the top XBRL filing services Singapore. Naturally, they benefit from the move. Most importantly, it keeps the noise at the workplace to the minimum and leaves their mental focus & work-flow unaffected.
“SBS Consulting’s clients do not have to commit themselves to the searching & appointing of the in-house resources or to spend on the infrastructure or the latest software. For an affordable fee, they get access to our knowledgeable accountants & state-of-the-art infrastructure.
The hiring of XBRL filing services Singapore to discharge compliance responsibilities is an acceptable practice. It ultimately, allows companies to be clutter-free, lean, pro-market, and competitive in the fullest,” concluded Ms. Meena.
About SBS Consulting Pte Ltd:
SBS Consulting Pte Ltd is a Singapore-based corporate services provider. It has achieved distinction as one of the leading XBRL filing services Singapore. In addition, it also renders other quality services like company incorporation, bookkeeping, accounting, corporate tax, GST, payroll services, registered address services, and prompt corporate secretarial services to the businesses in Singapore.
SBS Consulting Pte Ltd
High Street Centre,
#17-02, 1 North Bridge Road,
179094 – Singapore
Phone: +65-6536 0036
SBS Consulting Pte. Ltd