With effective from 1 January 2007, all companies in Singapore are required to keep your business records and accounts for a period of at least five years. You must maintain proper records of its financial transactions and retain the source documents, accounting records and schedules, bank statements and any other records of transactions connected with your business.
It is essential for business to maintain accounting records since they provide a record of transactions their business has carried out. By having proper record of transaction you can monitor the activities of the business and measure its performance over time. This will assist you to make decisions that are better informed, and ensure that other stakeholders are provided with accurate information. If accurate records are not kept, the problems will arise such as overpayment of suppliers invoices, overlook on the customers outstanding, partners disagreements, expenses not properly accounted, and it will result the business may pay the incorrect amount, which could impact on their profits.
Regardless of the size of your business, it is critical for ongoing success to ensure the accuracy of financial information and use that data to make decisions for the future of your business. If you see the recording of the business transaction (“bookkeeping”) as the most “mundane” aspects of business and dealing with the paperwork can be a long , gruelling process and not revenue generating core activities, you should get accounting firms to help you keep track and make sense of your business transactions. Outsourcing to accounting firms can prevent this from occurring. Outsourced bookkeeping work will also free up time, allowing you to concentrate on more important aspects of your business.
How Aura Partners Singapore can ease your problems in managing all the paper work and bookkeeping?
We provide comprehensive and full spectrum of bookkeeping services that caters to the individual needs of the Client. Our accountant can advise you on accounting and documentation procedures, train your staff on the proper administration and right procedures that are tailor made for your operation to establish good internal control.
Our bookkeeping services cover the work such as recording daily financial transactions, which include purchases, receipts, sales and payments into our accounting software and is usually done through a general ledger or journal. Bookkeeping services designed to generate data about the activities of your company and our accountant will verify the data entered, and then use that data to generate income statements and balance sheet, analyse the accounts and prepare financial reporting records and tax return. In addition, these reports can provide information for your company to do forecasts, business trends, applying bank loans, government grants, opportunity for growth and when to restrict spending to manage cash flow.
Before commencing our bookkeeping services , we will provide a complimentary health check and face to face consultation to understand your business process, compliance matters, general business matters, documentation and internal control improvement that we think it is necessary for your business.
We can provide bookkeeping services on the monthly/ quarterly / half yearly / yearly basis and we will generate the following reports to the business :-
- Income Statements / Profit and Loss Accounts
- Balance Sheet / Statements of financial positions
- Trade Creditors / Payable Ledger
- Trade Debtors / Receivable Ledger
- Bank Reconciliation
- Trial Balance
- General Ledgers
The following documentation require for bookkeeping :-
- Sales invoices (paid/ unpaid)
- Purchase invoices (paid/ unpaid)
- Payment vouchers
- Petty cash listing supported with invoices
- Cheque butts
- Monthly Bank statements
- Journal vouchers
- Payroll summary / listing / payslips
- Tenancy agreement / Landlord invoices
- Inventory listing
- Bank loan statements / hire purchase statements
- Other agreements / documents to support your transactions
Please feel free to contact us on +65 6221-1768 or book an appointment with us for discussion.