Completing statutory and non-statutory reporting for each nation in which you operate may be a time-consuming and difficult task. It is sometimes a time-consuming task for global corporations to prepare financial statements in accordance with a range of local customs.

Global Link Incorporation is here to guide you through the process of preparing your own financial reports, as well as providing a complete outsourced solution. Let’s find out how Global Link Incorporation can support you with our all-in-one annual financial statements package!

1. Benefits for businesses to have proper financial statements

1.1 Better assess the impact on the bottom line

As a business owner, you must have a way of measuring your efforts’ impact on your firm’s bottom line. Examine your company’s income statement and note the direct costs tied to revenue for that period.

Perhaps you purchased software, requested more ad spending, or engaged an expert for a large project. Did your costs result in the net income you hoped for? Moving future, you may learn from your failures and double down on profitable investments.

1.2 Better define business budgets

Financial statements are also important for budget management and planning. Because the financial situation is always changing, John Wong, Senior Associate Director of Financial Planning and Analysis at HBS Online, advises against using prior financial statements as a starting point for future budgeting.

“Historical data is vital for budget development, but it should be utilized as a reference point rather than a beginning point,” he says in a recent blog post. Budgeting requires an awareness of your company’s financial health and history and a forward-thinking perspective.

Analyzing your company’s spending line by line on both the income and cash flow statements might indicate cost-cutting opportunities. Perhaps you’ve been paying a monthly subscription for a service you no longer want, or your team trips could be reduced in favor of more affordable activities. Seeing a breakdown of all expenses and how they affect your company’s net income may be an eye-opening opportunity to save money and reallocate spending where it is most required.

1.3 Better observe the big picture of the business

When managing your business, it is critical to keep the overall health of your business in mind. Analyzing your company’s balance sheet, income statement, and cash flow statement may help you understand the ins and outs of its finances and provide you with big-picture clarity to drive your goal-setting and decision-making processes.

2. The requirements to better prepare a financial statement

To prepare a full set of financial statements, a global company needs:

  • Preparation of yearly financial statements in compliance with the financial statements standard. Because each country’s legislation differs, the standard may vary, however several reports, such as:
    • Profit and Loss Statement
    • Balance sheet
    • Consolidated Statements of Cash Flows
    • Financial statement footnotes
  • Creating and reporting Estimated Taxable Income (ECI) and submitting tax returns
  • The preparation of audited financial accounts (if required).

3. Global Link Incorporation help global business produce their financial statements

Step 1: Contact us right away for additional assistance and advice on how to arrange yearly financial services for Singapore companies:

Step 2: Send us your company’s information so that we can provide you with an accurate quote. The following information is required:

Compilations of financial accounts created by your company (if any) Compilations of invoices, accounting vouchers, bank statements, and sale contract forms generated during the fiscal year under review. Global Link Asia Incorporation will provide you with an estimate based on the information supplied by the companies.

Step 3: After receiving your approval to use our yearly financial statement services, Global Link Incorporation will provide guidance on invoice management/accounting archives. You must also supply all invoices and receipts of your firm.

Step 4: Global Link Incorporation will create the yearly financial statements based on the information supplied.

Step 5: Once the preparation is complete, Global Link Incorporation will deliver the yearly financial statements to the Company for additional evaluation and approval. Please note that the yearly financial statements will be delivered to you at least one week before the Singapore financial statements filing date.

Step 6: Upon receipt of your consent, Global Link Incorporation will file the Company’s yearly financial accounts with IRAS on its behalf.

Step 7: Once the yearly financial statements have been successfully filed, Global Link Incorporation will notify the business Company of the submission outcome.

4. Top reasons to partner with Global Link Incorporation to file your financial statements

We offer accurate & timely financial statement preparation services, including cash flow statements, balance sheets, and profit & loss statements. Global Link Incorporation recognizes that generating financial accounts is sometimes seen as a dreadful and scary undertaking. Cash flow statements, balance sheet reports, and corporate financial reports are all buzzwords that might make an inexperienced start-up firm nervous. Our accountants at Global Link Incorporation have enough knowledge to realize that this frightening chore is actually just about placing the balance amounts into structured statements.

We view financial reports as dashboards that provide updates on your organization’s current financial situation. Our skilled accountants are available to relieve your financial team’s workload and allow them to focus on more critical issues. With Global Link Incorporation, save so much time because you no longer need to invest in any particular accounting software or spend hours teaching your personnel how to create financial statements.

Our key service advantages:

  • Aside from handling all of your day-to-day bookkeeping needs, we can also generate monthly and quarterly income statements to provide you with a snapshot of your company’s financial condition.
  • If you manage your own records, we can propose the best accounting software to help you work more efficiently, and we can even tailor the software package for you.
  • Our finance and accounting solutions are completely error-free since we only hire certified and experienced accountants to handle our clients’ accounting duties.
  • Following the conclusion of a project, we provide continuous maintenance and administration of your financial data for easy auditing and analysis at any time.

Global Link Incorporation – your trusted one-stop business service provider

Global Link Incorporation is here to help you bring your business to the next level. We aim to be your trusted long-term business partner. Our team of professionals offers the following services:

  1. Set up companies in various countries around the world such as Singapore, Hong Kong, the USA, the BVI, Seychelles, and so on: we leverage our rich experience to help you choose the best location for your business needs and budget.

  2. Open bank accounts: we work directly with world-class banks to help you select the best banking option and increase your chance of successfully opening a bank account.

  3. Optimize payment solutions: we work directly with multiple international payment solution partners to help you integrate various payment solutions, get better transaction fees, and optimize your business’ international cash flow.

  4. Handle tax and accounting: we help you keep accounting records in accordance with international standards. We make complying with international regulations neat and seamless.

  5. Register US Trademarks, Copyright, US Office Address, phone number, website domains: we can help you handle them all so that you can focus on your core business.

Why wait? Contact us now!