Are you confused with the tangled and tedious accounting activities you need to perform every month?
Do you want to have an organised monthly accounting activity?
Then firms providing cheap monthly accounting Singapore can save you from all the accounting tortures.
Monthly Accounting Services:
Accounting firms are impeccable in their jobs. The years of practical experience and updation with the latest regulations happening in ACRA and IRAS gives them an edge over the regular accounts department set up in a company.
The Usage of Checklist Aids Monthly Accounting Services:
These accounting companies work in a very structured and organised manner. This is the reason why they follow the check-list method a lot. Now, what is a checklist?
For different accounting scopes, different checklists can be prepared to avoid confusions. Say for handling all accounting works like the below activities one type of checklist will suffice:
- Accounts receivables
- Accounts payable
- Adjusting entries
- Monthly Reconciliation
- Preparation of Financial Statements
- Analysis of Financial Statements
But for a specialized accounting work involving the below activities another set of the checklist will be applicable:
- Accounts receivables or Accounts payable
- General Ledger or Financial Statements
The checklist can be grouped in various categories by the companies providing cheap monthly accounting Singapore services. You can work on different worksheets to separate the checklists. The following categories can be used to make assorted checklists:
- Accounts Receivables: This checklist primarily includes noting the customer’s monthly recurring transactions and sending regular monthly statements of accounts. This also involves analyzing the reports of the unpaid customer invoices and unused credits as per the date. This report is extensively used by the collections personnel for payment overdue.
- Accounts Payable: This checklist comprises statements sent to the suppliers to confirm the month end. Also analysis of ageing
- Accruals: This recording is essential to identify any mismatch between revenues and expenses for the month incurred. Like, petty cash restoration, unbilled payables, and invoices.
- Settlements: This checklist contains all the routine settlements accomplished like, cash on hand, cash in accounts of banks, general ledger, subsidiary ledger, etc.
- Trial Balance: Reviewing Trial balance can pinpoint errors and its omission in the routine monthly transactions.
- Balance Sheet: This checklist consists of the settlements, the fixed assets, accounts payable, etc. Have an eye on the errors in recording transactions which gives rise to negative balances. Or else be responsible for answering the causes of these negative balances.
Comparing this month’s balance sheet with the previous month is a good way of identifying increases or any variations in balance sheet accounts.
- Income Statement: Comparing the income statement of the previous month makes it easy to identify variations or increase in profit and loss. Thus, having a better analysis of operations of the business.
With the help of the checklists cheap monthly accounting Singapore services coordinate better with the startup company. Thus, the company can focus better on the requirements of their own business. They reconcile and record all the transactions in the month. This ensures that your books of account at any given time is balanced in every single month.