Having to work with start-ups in Singapore might make you think that it doesn't need any accounting system at all, but it is a fact that most start-ups who usually end up down the drain are the ones who have not adapted any accounting service at all.
But whether you are planning to get your own accountant or just hire a third party provider to help you with your accounting and bookkeeping services, then it’s a must to look into these services that are considered some of the most basic services you can get to make your business more profitable and effective in the long run.
One of the things that you can get is someone who can do the following services:
Handling the General ledger – this document should indicate all the transactions at any given period, but more of a summarized account of all the company’s assets and liabilities, equity, expenses, revenue, etc. This is what makes up and summarizes the company’s financial position, and this includes the assessment of targets for the next working period if ever. A general ledger is used to post all of the company’s accounts, whether big or small, and the person in charge of this should see to it that everything is recorded and in order.
Purchasing – knowing all transactions that is acting on acquiring any type of goods or services is considered purchasing. A lot of people think that these are just the hardware or actual assets in the office or workplace, but this is also considered when other groups or organizations are able to provide you with their services.
Accounts Payable – is one side of the accounts system where money is being owed by a company which is scheduled to be paid at a given time or schedule. As accounting specialists, they should be responsible of reminding another group to deal with these transactions before their given deadlines. All approved payments should also be included in the General Ledger because if this is not done, then there will be discrepancies that the transaction has indeed been paid but on record it’s not. Singapore accounting services providers, of all people, should be wary of these kinds of incidences because it can affect their work in the long run.
Accounts Receivable – as much as accounts payable is concerned, this is the opposite of it. Like paying other organizations on how much you owe them money, when it comes to accounts receivable, you as an organization should also be following the standards of giving official receipts when it is needed. If possible, it should always be implemented to prevent further problems with outflowing costs.