Financial Singapore

BOOK-KEEPING & ACCOUNTANCY

THE DIFFERENCE BETWEEN ACCOUNTING & BOOK-KEEPING

The line separating both these functions is very thin. Depending on the company size the functions would differ. In smaller companies, both roles would be held by one personnel itself. In larger firms, the responsibilities can be differentiated between one doing daily routine data entry work and the other analysing the data entered.

ACCOUNTING

This role requires more experience. As an accountant is required to be astute and be able to grasp the intricacies of ensuring that the company’s cash flow is never hampered. An accountant looks at the larger picture to ensure all accounting needs are matched on a daily/monthly, yearly basis.

BOOK-KEEPING

A book-keeper’s role albeit similar to an accountants role, but in a large firm it differs. A book-keeper may not be able to understand or see the large picture. A book-keeper would be entrusted with only day to day data entry work, to ensure that all daily receipts/ sales/ payments and bank is updated so the accountant at any given time can generate reports showcasing the overall financial health of the company.

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THE BENEFITS OF OUTSOURCING ACCOUNTING SERVICES

As a newly incorporated company or even an existing small firm, generally its seen that the founders of the firm are busy with generating sales and ensuring that the customers and suppliers are engaged actively. Maintaining accounts, ensuring cash flow, payment to suppliers on time, raising invoices & collecting funds are not priority thus creating negative impact on the company’s financial health.

 So at AccountsGuru we assist such firms in maintaining their daily/monthly/quarterly or yearly book keeping and accounting reports. So at all times the company founders are 100% aware of their company’s financial health.

 At AccountsGuru we offer you a team of experience Chartered Accountants (CA) at the cost lower then the total cost the company would incur to for a single chartered accountant as an employee.

THE SERVICES INCLUDED IN THE ACCOUNTING SERVICES

  • Recording financial transactions
  • Posting credits and debits
  • Producing invoices
  • Balancing and maintaining subsidiaries, historical accounts and general ledgers
  • Completing payroll
  • Preparing the company’s financial statements
  • Analyzing the costs of operations
  • Completing the company’s income tax returns
  • Aiding the owner of the business in understanding the effect of their every financial decision

FAQ

Yes, but with a slight difference. The book-keeper does day to day data entry work. An accountant is responsible for the over-all financial health of the company.

Accounting though the back-bone of a successful company unfortunately is a cost on the company. It is not considered a profit centre. Therefore outsourcing the same helps in reducing not only the cost but an accounting firm like AccountsGuru offer’s an experience team of chartered accountants to oversee the companies accounts on a daily basis. Lastly AccountsGuru will ensure that all ACRA & IRAS deadlines are met and no penalties are paid due to delayed submissions.

Accounting though the back-bone of a successful company unfortunately is a cost on the company. It is not considered a profit centre. Therefore outsourcing the same helps in reducing not only the cost but an accounting firm like AccountsGuru offer’s an experience team of chartered accountants to oversee the companies accounts on a daily basis. Lastly AccountsGuru will ensure that all ACRA & IRAS deadlines are met and no penalties are paid due to delayed submissions.

From day one of operations. The later you do may result in fines being attracted due to delayed filing with the authorities.

So that at all times, the company management is well aware of the financial health of the company. How much money is in bank? How much is to be collected? How much is to be paid to the supplier? How will salary for comparing months be funded? Will the company be able to meet the cash flow needs for how many months? 

To ensure that the company management is able to answer such & similar questions, accurate booking is important.


Yes. At AccountsGuru we offer Accounting as well as Corporate Secretary services separately. But for specific reasons we also offer combine packages so that companies can keep cost in control. 

Are you eligible for it, click on the “meet nline” button and talk to us to find out.


Two simple thumb rules:

1. Does the accounting firm have chartered accountants working on their payroll?

2. Is the accounting team in-house?


We don’t believe that one price fits all. As all companies are unique and their accounting needs also differ vastly depending on their sales volume. So the cost for our book-keeping services range from SGD 100 per month to even SGD 3000 + per month for a full suite of services. 

We accept data in two forms:-

1. For Traditional companies, we accept data in a physical manner, such as paper receipts/invoices and bank statements. Over a period of time we will assist them to become more digital.

2. For newer firms that are more tech savvy, we have a compatible digital platform that makes it easy for companies to submit the data to us at regular intervals.