Setup of Accounting System Services in Singapore

Using an accounting system will definitely not only boost your business efficiency but also ensure accuracy. But you need to set up your accounting system in place to start right. Let our experts give you a hand and you can start fast without mistakes.

Steps to set up an accounting system right

1. Accumulate financial documents

Store all documents relating to your business such as invoices, bills, bank statements, receipts, government documentation, assessments, etc. You may ask your account if you are so sure about any document.
Indicate the received dates of the documents

2. Organize documents

Use file folders and labels to organize financial documents accordingly
Maintain bank statements, invoices, bills, government assessments, etc. in different folders
File regularly to avoid being messed up at the end of the year
Outstanding invoices, bills, and other documents which require follow up should be separated into other folders

3. Identify your accounting requirements

Review your business volume of transactions and complexity
Identify your budget and time constraints

These will lead to requirements either you need a bookkeeper, do it yourself or outsource to a third party using the system. The best solution is to have a dedicated professional accountant helping you in this setup and handling your accounting matters at the same time.

4. Choose a suitable accounting system

Based on your requirements in step 3, you will need to put the top 3 most suitable accounting systems side by side to compare. As the end user is your bookkeeper, your contact or you, the system will need to be user-friendly and have enough functionality for this person.

5. Enter financial transactions into the accounting system

It is very important to enter transactions (customer invoices, vendor bills, deposits, and cheques) on a timely basis
Reconcile bank statements monthly to track balances and minimize errors
Do month-end adjustments (depreciation, foreign exchange, accruals etc.) to improve the accuracy and reliability of financial statements

6. Generate and analyze reports

Accounting system will generate reports based on data input 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 you reduce expenses, improve sales, and ensure customer balances are being collected and loan covenants are being met