Accounting & Financial Reporting
From reliable records to clearer business insight
Accounting should do more than keep your records up to date. It should give you confidence in your numbers, a clearer view of business performance and a dependable foundation for financial reporting.
From day to day bookkeeping and periodic management accounts to consolidation, unaudited financial statements, XBRL preparation and audit liaison, we provide accounting support that works with your business, its systems and its reporting requirements.
Financial records are not simply a year end requirement. When maintained properly and reviewed regularly, they help management understand performance, identify issues earlier and make decisions with greater confidence.
Bookkeeping establishes the foundation by recording transactions and reconciling balances. Accounting organises and reviews that information, while financial reporting presents the company’s financial position and performance in a meaningful form. Each stage depends on the quality of the work that comes before it.
Singapore companies are required to maintain proper accounting records that sufficiently explain their transactions and financial position. These records must support the preparation of financial statements, be retained for the prescribed period and, where applicable, enable the company to meet its financial statement and XBRL filing requirements.
Whether we manage the accounting cycle or support particular reporting requirements, our focus is to provide a consistent process, clear deliverables and financial information that is ready when your business needs it.
Our accounting and financial reporting services can be structured around the size, complexity and existing capabilities of your finance function. We support:
Establishing reliable accounting records and reporting processes from an early stage.
Requiring consistent bookkeeping, management accounts and year end reporting support.
With consolidation, multi-entity and group reporting requirements.
Requiring dependable accounting and reporting support for their Singapore operations.
Requiring additional capacity, specialist support or assistance with reporting timelines.
Requiring unaudited financial statements, XBRL preparation or audit liaison.
Support can be provided on a recurring basis or for defined reporting requirements, according to the needs of the business.
We can support the complete accounting and financial reporting cycle or selected areas, depending on your internal resources and requirements.
We maintain accounting records, post transactions, reconcile bank and balance sheet accounts and prepare supporting schedules. We can work with familiar systems such as Xero, QuickBooks and Jaz, as well as larger ERP systems such as Microsoft Dynamics and other client platforms where the required access, training sessions and working instructions are available.
We prepare periodic management accounts with supporting balance sheet schedules and can update client templates, group reporting packs and internal management information system (MIS) reports in the required format.
We support groups in bringing together financial information across entities, reconciling intercompany balances and preparing the consolidation adjustments and schedules required for group reporting.
We prepare annual financial statements under the applicable financial reporting framework, based on finalised accounting records and the information provided by the company.
We prepare and validate the applicable XBRL filing format for submission to ACRA, based on the directors authorised financial statements and the company’s filing requirements.
We coordinate with your appointed external auditors, prepare supporting schedules and assist with accounting related queries and information requests throughout the audit process. Statutory audit and assurance services remain independently provided by the appointed auditor.
Reliable accounting depends on more than preparing the numbers. It also requires clear timelines, consistent processes and communication with the people responsible for the business.
We establish a reporting calendar covering information cut off dates, review points and expected delivery dates, and manage the work against that timetable.
We can maintain accounting records and prepare reports involving multiple transaction or reporting currencies, using the capabilities available within the agreed accounting or ERP system.
Outstanding information, unusual transactions and unreconciled balances are identified and raised with the relevant contacts so that matters can be resolved before the accounts are finalised.
Where required, review calls can be incorporated into the engagement to walk management through the accounts, explain material movements and address questions arising from the reports. The frequency and scope of these sessions will be agreed and separately reflected in the engagement fees.
This gives management a dependable reporting rhythm, clearer visibility over the books and a direct channel for discussing matters that require attention.
Outsourcing your accounting can strengthen financial visibility and control while giving your business access to dependable support, broader reporting capabilities and additional capacity as its needs evolve.
When moving your accounting to us, we review the existing records, systems, reporting arrangements and outstanding matters before agreeing on a transition plan. We coordinate the handover, confirm the reporting cut off and opening information, and establish clear responsibilities and timelines for the work ahead.
Whether we are taking over from another provider or working alongside your internal finance team, our experience across accounting, reporting and finance operations helps us manage the transition with clarity and minimal disruption.
Your accounting provider should be able to move comfortably between transaction level detail and the information expected by management, parent companies, auditors and local authorities, adding value through informed review, interpretation and coordination. Orovia’s leadership brings more than 15 years of finance and business experience across multinational groups, professional services firms, family offices and entrepreneurial businesses.
We combine an understanding of local bookkeeping and financial reporting requirements with experience supporting businesses across jurisdictions, currencies, reporting calendars and group structures.
Our experience spans transaction processing, balance sheet schedules, management accounts, consolidation and year end financial reporting. This allows us to consider how work completed at one stage affects every stage that follows.
We can manage the agreed accounting cycle, work alongside an internal finance team or support a regional or group finance function using its existing systems, policies and reporting formats.
Where review sessions form part of the engagement, we explain the accounts in practical terms, discuss significant movements and address questions with the people responsible for the business.
The people working on your accounts retain an understanding of the reporting history, recurring transactions and matters requiring attention, reducing the need for management to repeatedly explain the same context.
Fees are scoped after we understand how the work flows through your business, not simply by applying a standard package.
Scope considerations. Fees will reflect the number of entities, transaction volumes, currencies, reporting frequency, group structure, systems used, condition of the existing records and the level of review or coordination required.
What the proposal confirms. Before work begins, we will set out the deliverables, reporting timetable, responsibilities, assumptions and fee basis in the engagement proposal. Any material work outside the agreed scope will be discussed and approved before it is undertaken.
Both arrangements are possible. We can manage the agreed accounting and reporting cycle or provide support in selected areas such as bookkeeping, management accounts, consolidation, financial statements, XBRL preparation or audit liaison. The scope can also be structured to complement an internal finance team or regional group finance function.
Management accounts can be prepared monthly, quarterly, semi-annually or according to another agreed reporting timetable. We can also follow reporting dates established by a parent company or group finance team. The appropriate frequency will depend on the complexity of the accounts, management’s requirements and when the necessary information becomes available.
Yes. We can work with platforms such as Xero, QuickBooks and Jaz, larger ERP systems such as Microsoft Dynamics, and other established client systems where the required access, training sessions and working instructions are available. We can also maintain existing management reporting templates, group reporting packs and internal MIS reports.
Yes. We can support accounting records, management reporting and consolidation involving multiple entities, transaction currencies and reporting currencies. The agreed process will consider the systems used, group accounting policies, exchange rate requirements and reporting timetable.
Yes. We can support international companies with bookkeeping, management accounts, group reporting, consolidation, financial statement preparation and audit coordination across their operations. Where a statutory filing or regulated activity must be completed by a locally authorised provider in another jurisdiction, we can work with the company’s existing advisers or coordinate with an appropriate local professional.
Management accounts are prepared primarily for internal use and can be tailored to the information management requires. They may include performance comparisons, departmental information, supporting schedules and other business specific reports. Annual unaudited financial statements are formal year end statements prepared under the applicable financial reporting framework. They may be used for statutory, tax, shareholder, banking or audit purposes.
Yes. We can support consolidation across Singapore and overseas entities, including intercompany reconciliation, consolidation adjustments, currency translation and alignment with the group’s reporting format. The process requires complete entity level accounts, supporting schedules and information on the group structure and accounting policies.
All Singapore incorporated companies must generally prepare financial statements unless they qualify as dormant relevant companies. Whether those financial statements must also be filed with ACRA, and in which format, depends on the company’s ownership, solvency, size and public accountability status.
A solvent exempt private company generally does not have to file financial statements. To qualify, a private company must have not more than 20 members and no corporation may hold a beneficial interest in its shares, directly or indirectly. A company with a corporate shareholder would therefore generally not qualify for this exemption. Insolvent exempt private companies are required to file financial statements.
Among companies required to file, smaller and non-publicly accountable companies generally file Simplified XBRL together with a PDF copy of the directors authorised financial statements. Most other Singapore incorporated companies required to file use Full XBRL. Different requirements apply to certain regulated entities, companies limited by guarantee and foreign companies with Singapore branches. We can review your company’s circumstances and help determine and prepare the appropriate filing format.
Audit liaison involves coordinating with the appointed external auditor, preparing supporting schedules and responding to accounting related questions and information requests. We do not perform the statutory audit or provide an audit opinion. These services must remain with the independently appointed auditor.
Yes. We can coordinate a structured handover from an existing provider or divide responsibilities with your internal finance team. We will review the available records, opening information, systems, outstanding matters and reporting deadlines before agreeing on the transition and ongoing division of work.
The provider should understand both the transaction level work and how that information flows into management, group and statutory reporting. Companies should also consider the provider’s experience across jurisdictions, ability to work with existing systems, approach to deadlines and review, clarity of scope, communication practices and capacity to support the business as its requirements develop.
IFRS are global accounting standards developed by the International Accounting Standards Board. SFRS are Singapore’s financial reporting frameworks, issued by the Accounting Standards Committee and based on IFRS Accounting Standards. The appropriate framework depends on where the company is incorporated, its profile and any group reporting requirements. We can support the preparation of financial statements under the applicable IFRS or SFRS framework agreed for the company or group.
