Updated: Jan 26
Meeting statutory accounting and bookkeeping compliance in today’s highly complex economic and regulatory environment is no easy task. Whether you are a small and medium-sized enterprise, a multinational corporation, startup company or an established business, organisations continue to face new and complex events both locally and globally.
Regardless of size, location and nature of your business, every company has the same common challenges – regulatory, compliance and productivity. We help you take care of your accounting function efficiently and effectively. As your outsourced accounting service provider, we help manage your local compliance obligations and more.
How we can help
Do you face these challenges - a lack of trained and knowledgeable staff to handle day-to-day accounting functions in-house, late management accounts, difficulties fulfilling group reporting requirements, greater need for control over costs and expenses, a lack of time due to managing of other core business operations yourself as business owner, unfamiliar with Singapore’s financial reporting standards and its compliance requirements, find yourself spending a lot of time on administrative areas, lacking resources to process voluminous payment / multiple payments
Our team of compliance professionals have worked with clients in multiple countries. We are committed to continuously improve the accounting compliance function to help meet your business goals. Not having to worry about your accounting function and compliance with statutory requirements means that you can focus on what really matters - growing your core business.
Bestar offers a full range of accounting services to growing and evolving businesses. Services include organizational, analytical, and recording services for the financial activities of a business, and the preparation of various materials covering the financial transaction life cycle (i.e., collecting source documents, recording transactions, closing books, and preparing reports for internal and external stakeholders).
- Implementation of accounting system
- Accounts payable (A/P) processing
Reviewing and processing supplier and vendor invoices and receipts (soft and hardcopies) using OCR tools, recording of payments in the systems, and maintaining A/P aging reports. Process payment of approved invoices and employee expense claims directly from your accounting software
- Accounts receivable (A/R) processing
Processing of bill, credit, and debit notes based on the organization’s management instructions, recording these in the system, and maintaining collection reports
- Maintenance of fixed assets registers, debtors and creditors control and aging
Recording of transactions for all balances in the financial statements. This may include collecting customer invoices and employee expenses, and recording taxes/provisions on various business transactions to enable the preparation and maintenance of general ledgers, journals, supplier and vendor lists, bank statements, inventories, and books of accounts required by local and international standards.
- Preparation of periodic management reports
Preparation of financial statements and reporting packages for internal and external requirements with a focus on management and corporate requirements.
- Preparation of cash flows reports for business decisions making
- Statutory accounting, and financial statements compliance
Preparation of annual financial statements in accordance with Singapore FRS (or equivalent GAAP) and reporting packages for internal and external requirements with a focus on statutory requirements.
- Prepare audit schedules for annual audit
- Liaison with auditor for the audit of financial statements
- Group consolidation
Preparation of the consolidated financial statements that are ready for audit.
- Compilation of group reporting package
- Conversion of financial statements to XBRL format and preparation of XBRL tagging for filing with ACRA
- Treasury support
Uploading payments in the system, generating payment reports and preparing checks/transfer letters.
If you would like to learn more about how Bestar can help, please contact us.