Accounting & Book Keeping Company in Singapore
Good accounting and bookkeeping provides insights for sound business decision making. We believe that the difference between a flourishing business and an average business is ability to take correct critical decisions, and this ability is only possible with high-quality accounting data.
Our Accounting Firm’s Scope Of Work For Book Keeping
We customize our scope for each client’s needs, and here are some of the common accounting services which help our clients to grow in competitive environment:
- Bookkeeping & Transaction Recording: Tracking sales, purchases, returns, and all financial transactions in your retail system.
- Bank Reconciliation: Regular reconciliation of bank statements with your internal records to identify discrepancies.
- Annual Financial Statements: Preparing financial reports for audit and tax filing purposes.
- Accounts Payable & Receivable Management: Managing invoices from suppliers and ensuring timely payments, as well as tracking incoming payments from customers.
- Online Software & Financial Data Management: Managing access & accurate records in selected accounting software or ERP platforms.
- Inventory Tracking: Keeping accurate records of stock purchases, sales, and losses, integrating with your inventory system.
- GST Filing: Preparing and filing Goods and Services Tax (GST) returns based on accurate transaction data.
- Payroll Management: Recording payroll expenses, statutory deductions (e.g., CPF contributions), and ensuring compliance with local regulations.
- Financial Reporting: Generating monthly, quarterly, and annual reports, including balance sheets, profit and loss statements, and cash flow statements.
- Compliance Management: Ensuring compliance with Singapore’s tax regulations, including GST, corporate tax, and other relevant financial legislation.
Our Firm’s Responsibilities For Bookkeeping & Accounting
We take on key responsibilities for our clients businesses’ and our staff training and processes focus on achieving the “Excellent Essentials” of servicing:
- Accurate Data Entry: Ensuring all financial transactions are recorded accurate and promptly.
- Compliance with Singapore Accounting Standards: Strict adherence to the Singapore Financial Reporting Standards (SFRS).
- Timely Reporting: Providing financial statements and reports within agreed schedule.
- GST and Tax Compliance: Ensuring that all tax-related filings, including GST And corporate taxes are completed on time.
- Regular Communication: Keeping open lines of communication with your team, especially regarding any discrepancies or issues.
- Advisory Availability: Proactively watching out for, and providing recommendations on cost control, financial efficiency and compliance.
Metrics & KPIs For Management Accounting & Financial Reporting
Financial Advisory work is complex, and the responsibilities for both the client and the accounting firm are constantly changing. Here are some of the key metrics we monitor for the entire working group so that we’re constantly making the business more effective:
- Book-keeping Accuracy Rate: Monitoring our number of errors found in financial records, and identifying their original causes in operations quickly.
- Timeliness of Financial Reports: Delivery of monthly or annual financial reports within the agreed timeline (typically 3-7 business days after receipt of raw data).
- Accounting Services Compliance Rate: Percentage of tax filings, GST returns and payroll filings submitted on time, targeting 100%.
- Bank Reconciliation Turnaround: Time taken to reconcile bank statements, aiming for it to be completing within the agreed timeline (typically 3-7 days after receipt of raw data).
- Accounts Receivable Turnover: Average time to collect payments from customers, aiming to improve it each quarter to improve cashflow.
- Accounts Payable Turnover: Average time to pay suppliers, finding the balance between keeping vendor relationships healthy and creating maximum operating cashflow room.
- Cost Efficiency: Keeping accounting costs within the agreed budget, with a quarterly review of service value.