Package Fee for Setup of Accounting System
|Packages Available||Fee (SGD) *|
|Setup of Accounting System||From $300|
* All price stated are exclusive of GST
Ready for digitalisation? What is important is creating a company file with accurate vendor and customer balances, a complete list of products and services sold, and all the necessary financial account balances. However this will be a challenge without experience and proper knowledge. Here at Accpacco we assist to provide solution so that once you set up your accounting system, you can then realize all the benefits of accounting software: increased efficiency, ability to track, analyze and improve your financial health, and the opportunity to add services such as payroll and credit card processing
Small Business Accounting System Guidelines
Gather Financial Documents
Have all documents relating to your business including invoices, bills, bank statements, receipts, government documentation and assessments.
Indicates the received date of the documents for validation and timing.
Create Filing System for Documents
Use file folders and labels to organize financial documents
Maintain bank statements, customer invoices, vendor bills, government assessments etc. in separate files
Maintain separate folders for outstanding invoices, bills and other documents which require follow up and label them accordingly.
Determine Accounting Requirements
Review volume of transactions and complexity of business as well as your budget and time constraints.
Depending on requirements and complexity either hire a bookkeeper (full or part time), do it yourself or outsource to a third party
Usually a good idea to engage Accpacco to help out with setup of accounting system, and ongoing questions as well as financial reporting and analysis and tax preparation.
Accounting Software Selection
Accounting requirements and complexity i.e. whether to engage a bookkeeper will determine if you need software.
Free software also available , although functionality is limited
Enter Financial Transactions into Accounting Software
Important to enter transactions on a timely basis including customer invoices, vendor bills, deposits and cheques.
Reconcile bank statements monthly to track balances and reduce potential errors
Month end adjustments like depreciation, foreign exchange, accruals etc. help improve accuracy and reliability of financial statements, but can be done by accountant at year end.
Generate and Analyze Reports
Accounting software will generate reports based on data entered. Review Accounts Receivable and Aging Reports, accounts payable to vendors, inventory balances etc.
Financial statements can be generated monthly reflecting Profit and loss of the business as well as Balance Sheet.
Analysis of financial statements can help improve sales, reduce expenses and ensure that customer balances are being collected and loan covenants are being met.
Partner with us at Accpacco to set up an accounting system upfront is a cheap investment compared to what it will cost you to fix your accounting problems later on. As a partner we resolve your issue together.