- 01Agree the work
- 02Keep good records
- 03Review and approve
Getting professional help can make the process easier and catch avoidable mistakes. It does not mean you can stop checking. The useful question is: who owns each step, and how will you know it is done?
01Match the duties to your business
A company, LLP and sole proprietorship do not have identical obligations. For companies, ACRA says directors must meet their duties even if they are non-executive or nominee directors. ACRA: directors' duties.
Sole proprietors and partners have their own record-keeping and tax responsibilities. Do not use a company's compliance checklist as your only guide. IRAS: self-employed records.
02Give each step an owner
| Step | Agree this clearly |
|---|---|
| Prepare | Who gathers records and drafts the document? |
| Check | Who resolves gaps and questionable items? |
| Approve | Who gives the required approval? |
| File | Who submits, and sends the acknowledgement? |
| Pay | Who checks the amount and makes payment? |
The person preparing a return may not be the person authorised to submit it. A submitted return is also not proof that the tax has been paid.
03Read before you approve
Ask about balances you do not understand, missing invoices and assumptions in estimates. You do not need to be an accountant to ask why a large payment is recorded as an expense or why a loan balance changed.
ACRA's financial-reporting guidance says directors remain legally responsible for financial statements when external help is used. It recommends reviewing the statements and questioning treatments that do not match the transaction. ACRA: financial reporting duties.
04Check the finish, not just the handover
Keep the acknowledgement, approved documents and payment evidence together. IRAS states that a company director remains responsible for filing and payment issues even where a tax agent fails to deal with them promptly. IRAS: filing and payment responsibility.
If something is late or wrong, contact the relevant professional and authority early. Do not assume a reminder email or engagement letter has resolved it.
05Know what your professional is engaged to do
Agree the scope, deadlines and information you must supply. Good support can reduce avoidable errors through organised records, checks and follow-up. Nobody can promise penalty immunity or transfer every statutory duty away from you.
JM Atelier handles accounting and tax, and coordinates company administration with your appointed secretary and registered CSP. JM Atelier is not a registered CSP. Keep those roles clear when agreeing the work.