Establish Your Accounting
with One IBC
Set up a reliable, compliant, and efficient accounting system from the ground up with the guidance of One IBC’s experienced professionals.
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Why Use One IBC for Accounting
Why Use One IBC for Accounting
Legal Compliance
Ensuring all accounting practices strictly follow local and international regulations, minimizing legal risks and building trust with stakeholders.
Promptly & Efficiently
Delivering accounting solutions with speed and precision to keep your business running smoothly, without delays or disruptions.
Trusted Financial Standards
Adherence to top-tier accounting and auditing standards ensures your financials are accurate, transparent, and globally compliant.
How to Set Up Accounting
Transaction or Event
Start by identifying every transaction or event that affects your finances. This forms the foundation of your accounting setup.
Source Documents
Collect original documents such as invoices, receipts, and contracts to verify and support each transaction recorded in the accounting system.
Analysis
Examine each transaction to determine its impact on accounts, ensuring accurate classification before recording.
Recording & Posting
Record each analyzed transaction in the journal and post it to the appropriate ledger accounts to maintain accurate financial records.
Trial Balance
Summarize all ledger balances to ensure total debits equal total credits, helping detect errors before preparing financial statements.
Reporting
Prepare financial statements that reflect the company’s performance and position, supporting informed business decisions.
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Frequently Asked Questions
There are mainly 3 types af tax returns, you need to file to the IRD: Employer’s Return, Profit Tax Return and Individual Tax return.
Each entrepreneur is obligated to file these 3 tax returns each year since the first return is received.
- Income Tax
- National Insurance
- Corporation Tax
- Capital Gains Tax
- VAT
You can still e-File the ECI if no assessment for the YA has been issued to your company. However, you cannot pay by instalment. Instalments are only granted by IRAS when a company files its ECI within three months after its financial year end and is on GIRO.