Accounting
Setup of Accounting System Services in Singapore
Package Fee for Setup of Accounting System
Setup of Accounting System
From $400(W/GST $436)
You’re ready to use a computerized accounting program! Before you can start generating invoices and making payments, you’ll need to create a company file that includes accurate vendor and customer balances, a complete list of your products and services, and all relevant financial account balances.
While this setup may seem challenging, it’s essential for maximizing the benefits of accounting software. Once configured, you’ll enjoy increased efficiency, improved tracking and analysis of your financial health, and the option to add features like payroll management and credit card processing. A solid setup will streamline your operations and enhance your financial insights.
Setting Up Your Small Business Accounting System
Gather Financial Documents
Start by collecting all business-related documents such as invoices, bills, bank statements, receipts, and tax assessments. If you’re unsure about a document’s relevance, keep it for future reference and consult your accountant later. Consider using a stamp to mark the received dates on important documents.
Organize Your Files
Create a structured filing system using labeled folders. Separate financial documents, such as bank statements, customer invoices, and vendor bills, into distinct files. Color-coded folders can make retrieval easier. Regular filing will prevent end-of-year chaos, and ensure you have dedicated folders for outstanding invoices and bills needing follow-up.
Assess Your Accounting Needs
Evaluate your transaction volume, business complexity, budget, and time constraints. Depending on your situation, you might choose to hire a full-time or part-time bookkeeper, handle it yourself, or outsource to a professional. Consulting with an accountant during setup can provide invaluable guidance and support.
Choose the Right Accounting Software
Your choice of accounting software will depend on your accounting requirements. Options like MYOB are popular among small businesses, but free alternatives are also available with limited features. If you prefer to manage your accounts independently, select user-friendly software that often comes with free trials.
Record Financial Transactions
Timely entry of financial transactions—customer invoices, vendor bills, deposits, and checks—is crucial. Monthly bank reconciliations will help track balances and minimize errors. You can also make month-end adjustments for improved accuracy, although these can be handled by an accountant at year-end.
Generate and Review Reports
Leverage your accounting software to generate essential reports like Accounts Receivable, Aging Reports, and financial statements that reflect your business’s profit and loss as well as the balance sheet. Analyzing these reports will help identify opportunities to boost sales, cut costs, and ensure efficient cash flow.
Get Professional Help
Investing in professional assistance from a firm like Pointer Services to set up your accounting system can save you time and money in the long run. Avoid costly mistakes by making this smart investment today! Contact us to get started!