Finding the best practices for document storage in Singapore can be a daunting task. There are a few key things to consider when looking for a storage solution for your business.

 

What are some best practices for document storage in Singapore?

There are many best practices for document storage in Singapore. Some of the most important ones include choosing the right storage facility, using the correct storage equipment, and keeping your documents organized.

When choosing a storage facility, make sure it is climate-controlled and has security features like cameras and alarms. The facility should also be clean and have good ventilation.

When storing your documents, use the correct storage equipment. This includes boxes, acid-free folders, and shelving. Make sure to label your boxes and folders so you can easily find what you need.

Finally, keep your documents organized. This will make it easier to find what you need and will help prevent any damage to your documents.

 

How can you ensure that your paper documents are safe and secure?

There are a few things you can do to ensure that your paper documents are safe and secure. You can seal your document in boxes, and store them in a secure location. You can also use a document scanning service to scan your documents and store them online. This will make them accessible from anywhere and will ensure that they are safe and secure. Store physical documents in a secure, controlled environment, protected from environmental factors like humidity and temperature.

 

What are some common storage solutions for documents in Singapore?

There are a few different storage solutions for documents in Singapore. One popular solution is to store documents in a secure storage facility. This can be a great option for businesses that need to store a lot of documents or for individuals who need to store documents for a long period of time. Another option is to store documents in a safe deposit box. This is a good option for individuals who need to store a limited number of documents. Finally, some people choose to store documents in a safe. This is a good option for individuals who need to access their documents frequently.

 

Dispose of Unnecessary Documents Securely

Establish protocols for secure disposal of outdated or redundant documents in compliance with Singapore’s data protection laws. Once the documents are no longer required, do make sure that they are securely disposed of, for example, shredding.

 

How can you make sure your documents are accessible when you need them?

Making sure your paper documents are accessible when you need them is a process that can be done in a few simple steps. The first step is to make sure your documents are properly labeled. This means that each document should have a title and a description that accurately represents the content of the document. The next step is to make sure your documents are organized in an easily accessible format. This could mean organizing them in a file cabinet, on a laptop, or even on a cloud storage service. The final step is to create a backup plan in case something happens to your original documents. This could mean keeping a copy of your documents in a different location or backing them up onto a storage device. following these steps will help you make sure your documents are always accessible when you need them.

 

When it comes to confidential accounting documents in Singapore, there are a few things you can do to keep them under wraps. First and foremost, make sure you have a secure and confidential document storage system. This could be a locked cabinet or filing system, or a password-protected electronic document storage system. Secondly, make sure that all accounting personnel are aware of the importance of confidentiality and understand the consequences of violating this policy. Finally, be vigilant in enforcing confidentiality policies and promptly addressing any breaches. By following these simple tips, you can keep your accounting documents confidential in Singapore and protect your business interests.

 

 

Understand the types of accounting documents that must be kept confidential in Singapore.

Accounting documents that must be kept confidential in Singapore include, but are not limited to, the following:

1.  Tax returns
2.  Company accounts
3.  Financial statements
4.  Minutes of directors’ and shareholders’ meetings
5.  Contracts or other business agreements
6.  Personnel files
7.  Credit card statements
8.  Loan agreements
9.  Insurance contracts
10.  Any other document that is categorized as confidential by law.

 

Follow best practices to protect the confidentiality of your accounting documents.

When it comes to accounting, confidentiality is key. You want to make sure that your documents and financial information are kept confidential and safe. Here are a few tips to help you protect the confidentiality of your accounting documents:

-Make sure you have a strong password to protect your documents.

-Do not share your documents with anyone who does not need access to them.

-Store your documents in a secure location.

-Destroy any documents that are no longer needed.

Following these tips will help keep your accounting documents confidential and safe.

 

Use secure storage and communication methods to protect your documents.

When it comes to storing and communicating your documents, you want to be sure to use secure methods. This means using methods that are both encrypted and password protected. This will help to ensure that your documents are safe and secure.

One way to do this is by using a secure file-sharing service. These services encrypt your files before they are sent, so that no one can access them without the proper password. This is a great way to share sensitive information with others, without having to worry about it being compromised.

Another way to protect your documents is by using a secure email service. These services encrypt your emails, so that they can only be read by the intended recipient. This is a great way to keep your communication confidential.

By using secure storage and communication methods, you can rest assured that your documents are safe and secure.

Once the documents are no longer required, do consider getting a shredding service company to help you securely shred and recycle the documents.

 

Understand the consequences of violating Singapore’s confidentiality laws.

Singapore’s confidentiality laws are strict and violations can lead to serious consequences. Anyone who discloses confidential information without authorization can be fined up to $100,000 and imprisoned for up to two years. It is therefore important to understand the consequences of violating these laws before taking any action that could potentially lead to a disclosure.

Disclosing confidential information can have serious consequences for both the individual and the organization. The individual can be fined and imprisoned, and the organization can face financial penalties and a loss of trust. It is therefore important to take care when handling confidential information and to only disclose it when authorized to do so.

Organisations in Singapore are doing enough to protect their data, but there is always room for improvement. Many organisations have adopted data protection policies and procedures, but many people are still not aware of the importance of data protection.

 

What are some of the common data security threats organisations in Singapore face?

There are a number of data security threats that organisations in Singapore face. One of the most common threats is malware, which can damage or steal data. Another common threat is ransomware, which can encrypt data and hold it ransom. Hackers can also steal data, or even sabotage systems. Organisations need to be aware of these threats and take steps to protect themselves against them.

What are some of the measures organisations in Singapore are taking to protect their data?

Since the SingHealth data breach in July 2018, where the personal data of 1.5 million patients was stolen, organisations in Singapore have been stepping up their data protection measures. Some of the measures that have been put in place include the use of stronger passwords, two-factor authentication and data encryption.

Organisations have also been increasing their investment in cyber security solutions, in order to better protect their networks and data. In addition, they are also increasing their staff’s awareness of cyber security threats, and providing them with training on how to protect themselves online.

While these measures are important, they are not foolproof. As such, it is important for individuals to also take steps to protect their personal data, such as using strong passwords and not sharing their personal information with strangers.

Are these measures effective?

This is a question that has been asked many times over in the past, and it is a question that will continue to be asked in the future. Are the measures that have been put into place to help the economy effective? This is a difficult question to answer, as there are many factors that go into determining the effectiveness of economic measures.

One of the most important factors to consider is how the measures are affecting the people. Are the people who are being impacted by the measures able to get back on their feet? Are they able to find jobs and support their families? Another important factor to consider is how the measures are impacting the businesses in the country. Are businesses able to stay afloat and continue to operate? Are they able to hire new employees?

It is difficult to say whether or not the measures are effective, as there are many factors that need to be considered. However, it is clear that the measures are having an impact on the people and the businesses in the country, and it is important to continue to monitor the effects of the measures to see if they are helping or hurting the economy.

What else can organisations in Singapore do to protect their data?

While organisations in Singapore have been doing a lot to protect their data, there are still additional steps that can be taken to further safeguard their information. For example, organisations can consider implementing data loss prevention (DLP) tools, which can help to identify and prevent the accidental or malicious loss of data. They can also employ user behaviour analytics (UBA) to monitor user activity and detect suspicious or malicious behaviour. By taking these additional precautions, organisations can help to ensure that their data is kept safe and secure.

Another effective method would be to use companies like Arkiva to physically destroy data bearing equipment like hard disks. This will ensure that the data is no longer retrievable.

 

If you are looking for a secure and confidential way to dispose of your confidential documents in Singapore, you should look into secure document disposal services. These services will securely shred your documents and recycle them, so you can rest assured that your confidential information will not be compromised.

Secure disposal of documents in Singapore

In Singapore, it is a legal requirement to securely dispose of confidential documents. This means that the documents must be shredded or incinerated so that the information cannot be accessed by anyone who is not authorized to see it. Typically, these also includes company accounting documents, receipts, or personal letters.

There are a number of data destruction companies in Singapore that offer secure document disposal services. They will shred your confidential documents and provide a certificate of destruction to prove that the documents have been destroyed. The certificate will typically suffice for audits.

What to do with your confidential documents

The methods to deal with these documents highly depends on what are their uses. You may need to keep them for a certain period of time, like accounting documents need to be kept for 5-7 years, or you may need to get rid of them right away. Here are some tips on what to do with these documents.

If you need to keep your documents, you should find a safe place to store them. For companies, they can usually be stored in a locked document storage room or outsourced to specialized document storage companies.

A safe place can be a safe, a locked drawer, or a safe deposit box. For personal documents, you should keep your documents in a place where it is not easily accessible. 

If you need to dispose your old documents, the best way is to shred them. Shredding means to cut the document into very small pieces so that it can no longer be deciphered. You can either purchase a shredder for smaller quantity or engage a professional shredding service company to get it securely shredded. Some of these companies do provide certificate of destruction as proof and are licensed by local authorities like the National Environment Agency (NEA).

 

 

How to dispose of your documents in Singapore.

As a company or even and individual, you would have accumulated a great deal of paperwork over the years. You will need to find a way to dispose of it properly. Here are some tips on how to do that.

1. Make sure you shred all confidential documents. This includes bank statements, client information, and employee records.
2. Recycle all paper that can be recycled. This includes newspapers, magazines, office paper, and junk mail.
3. Place all other documents in a secure trash container. Make sure to remove all personal information before throwing it away.
4. If you have a lot of documents to dispose of, you may want to consider hiring a professional document disposal service. They will make sure that all of your documents are destroyed properly and securely. The shredded paper will also be recycled, contributing greatly to carbon reduction.

Shredding paper is a process that is often done to protect personal or confidential information. In Singapore, there are a few options when it comes to shredding paper. This guide will provide an overview of the different ways to shred paper in Singapore, as well as the benefits and drawbacks of each option.

 

What is the process of shredding paper in Singapore?

The process of shredding paper in Singapore is a relatively simple process. The first step is to remove all files or folders, this is to ensure that the final shredded particles are 100% recycled. Staples and paper clips do not have to be removed. Once this is done, the paper is placed into the shredder and shredded into small pieces. The smaller the pieces, the more difficult it is for someone to piece the paper back together. Once the paper is shredded, it is placed into a bag or container and recycled.

 

What are the benefits of shredding paper?

There are many benefits of shredding paper. First, when you shred paper, it makes it much more difficult for someone to steal your personal information. Secondly, shredded paper is a great way to recycle unwanted paper products. Finally, shredding paper is a great way to reduce clutter in your home or office.

 

How can you ensure that your documents are securely shredded?

There are a few ways to ensure that your documents are securely shredded. One way is to use a professional shredding service. These services often have industrial-strength shredders that can quickly and efficiently shred documents. Another way is to use a home shredder. Home shredders can be purchased for a relatively low price and can be used to shred documents quickly and easily. However, home shredders are not as powerful as industrial-strength shredders and may not be able to shred documents as quickly. A third way to securely shred documents is to tear them into small pieces by hand. This is the most time-consuming method, but it is also the most secure.

 

What are the risks of not shredding your documents?

There are a few risks to not shredding your documents. The first is that someone could potentially steal your information. They could use your personal information to open credit cards in your name, or even to take out loans. Additionally, if someone gets their hands on your personal information, they could use it to scam you or even stalk you. Another risk of not shredding your documents is that someone could find them and learn about your personal life. If you have confidential information or personal information about others, it is important to keep it safe by shredding it.

 

Where can you find a professional shredding service in Singapore?

Singapore is a small country, but it is a big city. It is home to many businesses, both small and large. If you need to find a professional shredding service in Singapore, you have many options.

One of the best ways to find a professional shredding service is to do a quick online search. You can find many services listed on directories and review websites. Simply type in the keywords “professional shredding service Singapore” and you will get a list of results.

You can also ask your friends and family for recommendations. If they have used a professional shredding service in the past, they can recommend a good one to you.

 

Arkiva Shredding Service is a i-SIGMA, bizSAFE3 & NEA certified shredding service provider in Singapore. You can get more information on our services by contacting our specialists today!

 

Are you moving your office to a new location in Singapore? If so, you’re likely looking for ways to make the process easier on yourself. After all, moving is always a hassle, and when you’re dealing with a office full of equipment and supplies, it can be even more difficult. Fortunately, there are a few things you can do to make the office moving process a bit easier in Singapore.

 

Planning your office move in Singapore

If you are moving your office to Singapore, it is important to plan the move carefully to ensure a smooth transition. Here are some tips to help you get started:

1. Start by estimating how much space you will need and researching office locations that meet your needs.
2. Once you have chosen a location, reserve the space and start planning the layout of your new office.
3. Moving your office can be a lot of work, so be sure to plan ahead and allocate enough time for the move.
4. Work with a professional moving company to make the move as easy as possible.
5. Make sure to stock up on office supplies and furniture before the move to avoid any delays.
6. Once you are in your new office, take some time to organize and settle in. It may take a little time to get used to the new space, but with a little planning, you should be up and running in no time.

What to do before the move

Now that you have decided to move, there are a few things you need to do before the big day. First, start by packing up all of your belongings. Make sure to pack everything you will need for the move, including boxes, packing materials, and a tape gun.

Next, you will need to schedule the move. Work with your moving company to find a date that works for you. Be sure to factor in enough time for packing and for the move itself.

Finally, you will need to start preparing your office for the move. begin by cleaning out your cabinets and getting rid of any unnecessary items. Then, start packing up the furniture and other large items. Once everything is packed, make sure to labeled boxes clearly so that you know where everything goes when you get to your new office.

Packing your office belongings

The process of packing up your office belongings can seem daunting, but with a little planning it can be a relatively easy process. Start by making a list of the items you will need to pack, and then create a packing schedule that fits your timeline.

Pack heavier items first, and use packing boxes and crates that are the right size so that you don’t have to pack or unpack boxes more than once. Label each box with the room it is going to, and use packing tape to secure the box lid.

When packing fragile items, use packing peanuts or bubble wrap to protect them from damage. Make sure to pack these items in a box that can be easily transported, and mark the box as fragile.

Finally, don’t forget to pack your office supplies! Make sure to pack items like your computer, printer, and desk lamp in a box that can be easily transported.

By following these tips, you can make the process of packing up your office belongings a breeze!

Moving your office furniture

If you’re moving your office furniture, you’ll need to take a few steps to make sure it’s done properly. First, remove all of the furniture from the room. Next, measure the room and mark the placement of each piece of furniture. Once you have it marked, you can start moving the furniture into place. Make sure to use a dolly or furniture pads to avoid damaging the furniture. Finally, reassemble any pieces that were taken apart.

Tips for a smooth office move

Moving to a new office can be a hectic process, but with these tips it can be a lot smoother.

1. Plan Ahead

Planning ahead is key when it comes to a office move. Make sure you know what you need to take with you and what needs to be left behind. This will help to make the move go a lot smoother.

2. Label Everything

When you are packing up your office, make sure to label everything. This will make it easier to unpack once you get to your new office.

3. Have a packing party

If you have a lot of things to pack, it can be helpful to have a packing party. This way you can get it done quickly and efficiently.

4. Use a Moving Company

If you are not comfortable with packing up and moving your office yourself, you can always use a moving company. This will take the stress off of you and make the move a lot easier. Reputable moving companies like Vimbox or Shalom Movers are some of the options you can consider.

5. De-Clutter

Before you move, take the time to de-clutter your office. This will make the move a lot easier and less stressful.

By following these tips, you can make your office move a lot smoother.

What to do with documents that do not need to be moved to the new office?

If you have a large stack of documents that do not need to be moved to your new office, the best solution is to engage a shredding service company. This will ensure that your confidential information is disposed of in a secure manner. Shredding service companies can often be found online, and they typically offer a variety of services. Be sure to ask about the company’s security measures to ensure that your information is protected. Contact Arkiva for a discussion on how we can assist with this.

There are many reasons why document shredding in Singapore is important. For one, it helps protect your privacy. When you shred your documents, it destroys them so that they can’t be read or pieced back together. This means that your personal information is kept confidential. Additionally, document shredding is a great way to protect yourself from identity theft. When third parties get their hands on your personal information, they can use it to commit fraud or other crimes. By shredding your documents, you can make it much more difficult for them to do this.

Finally, document shredding is also a great way to reduce your environmental impact. When you simply throw your documents in the trash, they can end up in the landfill where they will take centuries to decompose. By shredding them, you can help reduce the amount of waste that is produced each year. This is because most companies recycles the shredded paper.

1. What is document shredding?

 

Document shredding is the process of destroying sensitive or confidential documents so that they cannot be read or accessed by unauthorized individuals. This can be done by shredding the documents into small pieces, or by burning them. Document shredding is an important security measure to protect against identity theft and other forms of fraud.

2. Why is document shredding important?

 

There are many reasons why document shredding is important. For one, it protects your personal information. If someone got a hold of your personal information, they could use it to steal your identity or even worse. shredding also protects your business information. If someone got their hands on your company’s confidential information, they could use it to hurt your business.
Shredding also helps keep your business compliant with the law. There are many laws that require businesses to keep certain information confidential. One example in Singapore is the PDPA. A data protection law, established by the PDPC, includes a number of regulations controlling the gathering, utilising, disclosing, and handling of personal information.

By shredding your documents, you are ensuring that that information is protected.
Overall, shredding is an important way to protect your personal and business information. It helps keep you compliant with the law and it helps keep your information safe.

3. How is document shredding done in Singapore?

 

Document shredding is a process whereby confidential or sensitive documents are destroyed so that they cannot be read or pieced back together. In Singapore, there are a few ways that this can be done:
The first is by using a regular office shredder. This is a machine that cuts the documents into strips. The second is by using a cross-cut shredder. This is a machine that cuts the documents into small pieces, and also cuts them at an angle so that they cannot be put back together. The third and most efficient method is by engaging shredding service company. Most of these companies in Singapore have a secure chain of custody and protocols they follow to ensure that our confidential documents are securely shredded without being compromised.

Document shredding is an important process to protect the privacy of your documents and to ensure that they cannot be read or used by anyone else. If you are looking for a document shredding service in Singapore, please contact us for more information.

4. What are the benefits of document shredding?

 

Document shredding is a process where documents are destroyed so that they cannot be read or reconstructed. There are many benefits to document shredding, including protecting your privacy, preventing identity theft, and protecting your company’s confidential information.

Privacy is a huge concern for many people, and document shredding can help protect your personal information. By destroying documents, you make it much more difficult for someone to access your information illegally. Identity theft is also a major concern, and document shredding can help prevent this crime from happening. Thieves often try to piece together shredded documents in order to get personal information that they can use to commit fraud.

Finally, document shredding is important for businesses. Confidential information can be leaked if documents are not destroyed properly, which can damage the company’s reputation. Document shredding can help keep your company’s information safe and confidential.

Arkiva Pte Ltd
13 September 2022

Arkiva Pte Ltd has been awarded the Singapore SME 500 Award 2022

13 September 2022, Singapore – We are pleased to announce that Arkiva Pte Ltd has passed all assessments and have made it to the Singapore SME 500 Award 2022. The Singapore SME 500 Award 2022 is significant for our business as it affirms our business standards, qualities and performance.

The Singapore SME 500 Award continues to be one of Singapore’s highly regarded business accolade that recognises local enterprises for its business qualities, excellence and capabilities. The assessment is conducted by the Association of Trade & Commerce (Singapore) and part of the process includes evaluating enterprises in its quantitative and qualitative aspects, including the ability to further develop the business and scale its market.

Being awarded the Singapore SME 500 Award is an achievement for us and we will like to thank our partners, colleagues and clients who have made this possible.

 

About Arkiva Pte Ltd
Arkiva helps compliance with PDPA by providing secure document shredding & media destruction services in Singapore.

About the Association of Trade & Commerce (Singapore)
The Association of Trade & Commerce (Singapore) (ATC) is a business association that
represents and advocates for the interests and development of Singapore enterprises across all
industries and business sectors.

 

The management team at Arkiva would like to sincerely thank all staff and clients for their continuous support and will continue to improve as Singapore’s #1 shredding service company!

Image by mohamed_hassan on Pixabay

‍

The shredding of documents is a critical component of an organization’s information security program. Once a business has decided which type of shredding it wants, it must choose the service provider. There are so many shredding services providers out there that it can be difficult to know where to start. The right partner will understand your needs and be able to offer you a bespoke solution that matches them. You should ask the right questions in order to ensure you end up with the right information security partner. Here are six questions you should ask when choosing a shredding service provider:

What is your auditing procedure?

The first thing you should ask your shredding service provider is about their auditing procedure. Although there are strict privacy regulations for the shredding industry, you need to understand what data your service provider is able to access. Once you know this, you can determine which company is best for your organization. For example, a cross-cut shredding provider can operate a central facility and monitor the shredding activity of all customers. This allows them to check the number of records shredded. You should also make sure that the shredding service provider operates with GPS tracked vehicles. If your organization deals with sensitive data, you will want to choose a shredding service provider that can comply with your strict data protection needs. You need a partner that can issue a Certificate of Destruction for your audit purposes, and comply with the latest regulations, including PDPA.

What is your shredding process?

Before you choose your shredding service provider, you need to understand their shredding process. There are two types of shredders used in the industry: cross-cut and strip-cut. Cross-cut shredders produce small pieces of paper that can’t be reassembled. They are the most secure form of document shredding. Strip-cut shredders, however, produce large pieces of paper that can be pieced back together. It isn’t recommended that you use a strip-cut shredder for an organization’s records unless they are only housing non-sensitive documents. The next step in the shredding process is collecting the document. Depending on the type of shredding service you choose, you may be able to drop off your documents at their facility or they may visit your office to collect them. The last step is disposing of the shredded documents. You will likely have to pay for this service, as it is not environmentally friendly to dispose of shredded paper in your business’s trash.

Can you guarantee data destruction?

No matter which shredding service you choose, there is no guarantee that your data will be permanently destroyed. However, there are some shredding service providers that provide a guarantee of data destruction. This means that a Certificate of Destruction is issued upon completion of service. A good shredding service provider will be able to guarantee that your documents have been destroyed beyond repair. This means they’ve been shredded into such small pieces that no one would be able to piece them back together. If you are dealing with sensitive data, it is critical that your data is 100% destroyed. You can’t risk it falling into the wrong hands again. Choose a shredding service provider that can guarantee data destruction and provides you with proof that the documents have been destroyed.

Do you offer environmental initiatives?

Another question you should ask your shredding service provider is if they offer environmental initiatives. It is important to consider the environmental impact of your organization’s paper shredding needs. A number of shredding service providers have made it a priority to reduce their carbon footprint. You may want to choose a shredding service provider that offers paper recycling, uses eco-friendly shredders, or participates in other initiatives to reduce its carbon footprint. This will help you reduce your organization’s carbon footprint, too. When selecting a shredding service provider, look for partners that offer these types of initiatives. It will help your business make a positive impact on the environment. Some shredding service providers even make donations to charity organizations for a certain quantity recycled.

How much will your shredding service cost?

The final question you should ask when choosing a shredding service provider is how much their services will cost. It is important that you find a shredding service provider that matches your budget. There are a variety of pricing models used by shredding service providers. There are also seasonal variations, so you need to make sure you understand how the pricing model works before selecting a shredding service provider. It is best to get multiple quotes from different shredding providers so you can find the one that best meets your needs at a price you can afford. Once you’ve chosen your shredding service provider, make sure you get a written agreement that spells out all of the terms and conditions of the deal. You also want to make sure that you ask about any additional services that you might need, such as document destruction verification. These are critical components of your information security program.

Conclusion

The shredding of documents is a critical component of an organization’s information security program. Once a business has decided which type of shredding it wants, it must choose the service provider. There are so many shredding services providers out there that it can be difficult to know where to start. The right partner will understand your needs and be able to offer you a bespoke solution that matches them. You should ask the right questions in order to ensure you end up with the right information security partner. The six questions above will help you choose the right shredding service provider for your organization.

According to IRAS, companies in Singapore are required to keep all accounting files, records and accompanying paperwork for five years following the applicable Year of Assessment.

Failure to do so may result in penalties and/or the disallowance of claimed expenses. Stricter penalties may be imposed depending on severity.

 

Importance in Record Keeping of Company Accounting Files in Singapore.

For your businesses in Singapore, maintaining accurate company accounting records allows you to:

 

1. Improve the way you decide on the business moving forward.
2. Maintain your reputation while adhering to Singaporean laws. For instance, you can be at ease knowing that your records are kept in order and are current when it comes time to file your annual reports to IRAS or ACRA.
3. Know the state of your business’s performance and financial health (for example, profit or loss position for a certain period, or even identify the possibilities of internal fraud or theft).

 

What are The Records to Verify Income & Claims?

 

Sales/Income

Records can include the daily sales record book, cash register tape, and invoices.

For GST registered businesses, tax invoices and evidence that payment has been received like bank statements will also be required.

 

Expenses/Claims

Receipts and a journal of daily purchases & expenses. This also includes employee’s salary and CPF contributions.

You are not required to submit these documents unless asked to. The trade and profit and loss accounts, as well as the balance sheets, are all referred to as “accounts.”

To easily determine the money produced and business expenses claimed, you should keep accurate records for the duration to keep accounting records in Singapore. You must be able to back up your claims for how long accounting records should be kept in Singapore using invoices, receipts, vouchers, and other proof.

 

Purchase Records
(Records of each purchase transaction)

 

These includes the tax invoices or receipts received as well as documents related to imports. For GST registered companies, payment evidence like bank statements will also be required.

It will be beneficial if all of these documents are accurately categorised into various files and folders so they can be quickly retrieved when needed during an audit, or general checking.

 

How Long Should Company Accounting Files Be Kept For in Singapore?

 

Company records must be preserved for a minimum of five years following the end of the fiscal year in which the pertinent transactions occurred. Some companies opt to keep them for up to 7 or 10 years.

For instance, if your company’s fiscal year finishes in December, you must keep the records for the 2010 fiscal year—that is, the period from January 1 to December 31, 2010—until at least December 31, 2015.

A person who served as an officer of a corporation just before it was struck off and dissolved is responsible for making sure that all of the company’s records are kept for at least five years following the date of the dissolution.

When a company is being wound up, the liquidator of the firm must make sure that all of the company’s records are kept for at least five years (instead of the prior two years) following the date of the company’s dissolution.

 

 

How Should We Dispose of These Files After 5 Years?

Some businesses do preserve these accounting records for an additional 2 years for their own operational needs after the required 5 years have passed.

If your firm has made the decision to discard these files, it is advised that you do so in a secure manner because it may be detrimental for your business in Singapore if company information is leaked.

Shredding is a safe approach to get rid of confidential accounting records from your company. If you have a lot of documents, you should think about outsourcing the shredding to a Singaporean company. Prices are quite reasonable, and employees have more time to devote to their actual work because of the time saved.

 

Arkiva is a shredding company that focuses on the privacy of its customers. Arkiva offers secure shredding and destruction services to help you safely dispose of documents and materials, keeping your data private. The company also offers secure recycling collections, making it easy for businesses to balance their waste stream with the environment.