The best accounting firm in Singapore is continuously upgrading its portfolio to meet a high demand from its clientele. While, majorities of the clientele are advised to pursue accounting services Singapore, they are required to learn more about the involvement of ACRA and IRAS across a spectrum of projects.
Recently, it has been reported that the ACRA and IRAS has approached software developers to discuss the requirements of an upcoming project. The requirements of the project require the software developer to make a digital solution that enables company incorporation in Singapore to create draft versions of important document. The launch of the digital solution will simplify the process of preparation financial statements for SMEs, and it would cut costs on other ventures. The initial version of the solution would allow businesses to create draft versions of the given documents:
- Annual Return (AR)
- Corporate Income Tax Return (Form C-S)
- Financial Statements in Extensible Business Reporting Language (XBRL) format
- Corporate Income Tax Computation
The software wouldn’t only allow businesses to view or modify the drafted documents but, it would also allow them to submit the aforementioned documentations to the IRAS without any hassle. Most businesses are required to submit the prerequisites of the corporate income taxation manually. The digital solution is ambitious to eradicate these differences to help businesses focus on its operations and administration tasks. However, the firms will retain the document (D), and it shouldn’t be necessarily filed along with the other documents. The digital software is being launched for small firms with simple tax and accounting transactions, and it will be eventually implemented to medium and corporate businesses.
In the mean time, the target audience for the solution should consider hiring payroll services, secretarial services, and miscellaneous corporate tax services to fulfill their other accounting needs. If the software is successful with its audience then, it will be upgraded to provide the aforementioned services to its audience.
Software developers chosen for this project are rigorously trained to understand the complexity of the project. Furthermore, the ACRA and IRAS will take immediate actions to enhance the security aspect of the digital solution. As well as they are instructing the software developers, to increase software’s application programming interfaces (APIs), as provided by IRAS and ACRA. It will facilitate the process of generating and submitting the documents, which is another plus point of the software. Moreover, another objective of the project would be to enable:
- Filing of AR from December 2019 onwards
- Generation of financial statements in XBRL format issued from April 2020 onwards
- Filing of Form C-S for Year of Assessment, starting from September 2019
- Generating CIT (Corporate Income Tax) Computation for Year of Assessment 2020 under Form C-S
The team of software developers is adamant on helping businesses with improving its productivity, as well as focus on other crucial business management tasks via digitalization. The development of the solution will take place between April 2019-March 2020, and its implementation will take place after a comprehensive user testing.