Bookkeeping (Outbound) Services

Client S- A Singapore Subsidiary of a Japanese Company

Bookkeeping services singapore

PROBLEMS

  • Client S is is an importer and exporter of automobile, industrial, machinery parts based in Singapore. Its products are mainly for the exports market.
  • The accounting and operation staffs, including Accounts Manager in the organization have been replaced with new staffs who are left to take care of the accounting & operation mess, the new junior accounts executive has no full set account experience without guidance of any Accounts Seniors or Accounts Manager.
  • There is also an account backlog of three months at the time they engaged our outsourced bookkeeping services. Therefore leading to delay in monthly financial reporting to their Japan HQ.
  • Their initial accounting software is also expensive costing SGD 1,000++ per month for monthly maintenance fee.

Right now, they need our accounting service in rebuilding their accounting department.

BOOKKEEPING/ACCOUNTING SERVICE OFFERED

  • When we started, we assigned one experienced staff to our clients' office for about 2-3 days to assist them with the accounting issues from the staff turnover and daily accounting tasks.
  • Taking care of the accounting mess that was left by previous staff.
  • Setting up a new accounting system with proper accounting records in place.
  • After 3 months our client was able to build back stable & sufficient headcount for daily operations. From this point onwards, our role was primarily to review their accounts at the office for about 1 day a week. And to close their monthly accounts at end of the month.
  • On top of the monthly onsite visit, we also help them to prepare the yearly consolidation account with their overseas' subsidiary for the Yearly Audit Consolidated Report together with the preparation of XBRL account.

RESULTS

  • A new user friendly & less costly software was set up, avoiding monthly charges for software management.
  • There were no longer accounting backlogs and the cut-off time of financal reporting to Japan HQ was reduced from 30 days to 5 days after month end.
  • The junior accounts executive can now work more independently since the accounting department has been properly restructured.

IMPORTANT HIGHLIGHT OF OUR BOOKKEEPING/ACCOUNTING SERVICE

  • We generally serve companies that are in need of weekly onsite accounting, for about 1-3 days a week.
  • Our job is centered around review of account, preparing full account, handling parts of accounts and clearing accounting backlogs.
  • Customers can choose regular onsite visit which involves weekly preparation, maintenance of accounts, or temporary issues like clearing account backlogs.

Bookkeeping (Inbound) Services

1. Client R- An International Kindergarten

Bookkeeping services singapore

PROBLEMS

  • Client does their own bookkeeping using mainly Excel but only use Freshbook mainly for generating sales invoices.
  • Payment procedures and bank reconciliation functions were done in Excel.
  • Vendor payments, payment from customer and employees’ salaries were covered by different tools thus, became erroneous and inefficient.
  • Finance officer and staff is not communicating well with OS1 resulting in frequent incorrect treatment of transactions.

BOOKKEEPING/ACCOUNTING SERVICE OFFERED

  • Helped in developing new accounting system with proper records according to Singapore FRS requirements.
  • Provide on job trainings to client staff regarding the use of deployed accounting system- Xero.
  • Remove all previous accounting errors and inaccuracies.
  • Helps in improving their accounting systems for smooth flow of working and improve performance.

RESULTS

  • All departmental functions like payment deliveries, sales reports and HR procedures are incorporated into a complete and comprehensive accounting software- Xero.
  • Improved the inter-departmental communication system – Owners, client staff, OS1 accountants were be able to use the common accounting software thus increasing the communication and performance.
  • Information were correct and accurate, no more backlogs, reporting time is improved to 14 days after month end.
  • Finance officer work efficiency increased by decreasing the workload. Now she spends more time in financial analysis.

IMPORTANT HIGHLIGHT OF OUR BOOKKEEPING/ACCOUNTING SERVICE

  • Normally for companies and businesses that need weekly onsite accounting services usually ranging from 1-3 days a week.
  • Our services include rechecking and re-evaluation of company accounts, preparing final accounts and trial balance, and clearing accounting backlog.
  • Client may utilize our accounting services on regular basis or weekly for preparation and maintain ace of books of accounts or clearing the backlogs.
  • Our prime objective is to improve existing accounting system of client’s business, take newer value-added accounting systems to improve the client’s accounting's function.

2. Client M- An online furniture shop

Bookkeeping services Singapore

PROBLEMS

  • The client has recently started an online e-commerce store of furniture selling but has no idea regarding the accounting functions of this business.
  • The client can do its own bookkeeping but does not use any accounting software.
  • Reports of payments and sales were in handwritten form.
  • The client used excel to perform inventory management.
  • Purchase orders and sales receipts were handwritten without any record and this created many problems in cash flow.
  • Right now, they need our accounting service in streamlining the accounting and inventory process.

OUTSOURCED BOOKKEEPING/ACCOUNTING SERVICE OFFERED

  • We help to setup a new accounting system- Xero with proper accounting records in place.
  • Conduct training sessions of using the installed new accounting system to the business owner.
  • Purchase orders and Sales invoice and slips were replaced from handwritten to online electronic form with a proper record.
  • We linked the accounting software to various online platforms like Shopify, PayPal, and Stripe.
  • Inventory management and record maintenance were done in XERO to improve the system performance and have a better control of the inventory.
  • OS1 accountants will be at the client office once monthly to advise on the accounting processes.

RESULTS

  • Cash flows improved by proper management and with proper record of sales invoices and receipts.
  • Using our services, Sales invoices were properly managed and improved the cash receivables.
  • Improved the cash flow system and payments to supplier were done on time. Confidence from supplier improved and credit terms were extended.
  • We had helped to improve the overall accounting procedures with the new accounting software which gives the owners a facility to do more sales. Consequently, Sales increased.

IMPORTANT HIGHLIGHT OF OUR BOOKKEEPING/ACCOUNTING OUTSOURCE SERVICE

  • We can plan and implement the accounting system with improved functions for new business owners to improve their sales by sorting out accounting related issues.
  • Major services include review of accounts, preparing full set of accounts, handling all of the accounts.
  • Provide full support to the clients by logging into the online accounting system.
  • Plan and install a comprehensive accounting system is to improve the accounting process of client’s business, take newer value-added accounting systems to improve the client’s business.

Without a full understanding of your finances, you could quickly find yourself a statistic in the ‘failed-businesses’ list.

 Take the first step to peace of mind –

Testimonials - Happy Client, Happy Business

  • “I confirm that I have dealt with O.S.1 Pte Ltd since Aug 2011, during which time they have provided my business with excellent support in the area of account services. Their work has help us in smoothening the account activities in our company enabling us to have reliable and dependable report to our HQ in Japan on time.”
    Frankie Ong, Senior Manager of Sumiden International Trading (S) Pte Ltd
  • “We look to O.S.1 to take care of our tax preparations and accounting needs. They are highly responsive and a pleasure to work with. We are very satisfied with their services.”
    P.K.Kakoulidis Shipping Singapore Pte Ltd
  • “Nicole has done a fantastic job managing my small business accounts in the consulting and education sector. She works accurately and efficiently, is friendly and approachable, uses the right tools to get the job done and is flexible to meet changes in circumstances.”
    Hugh Terry, Rain Trees Kindergarten Pte Ltd
  • “Nicole (Or One Source Business Service) is one of the few professional accountants whom I’ve come across who is meticulous & detailed in her work. She listens attentively to our company’s needs, and able to advise us on various scenarios & alternatives choices for our company, be it for new set up or expansion. Her patience & valuable experience has also made us feel like she’s part of our business team, instead of just an accountant. Many times, she has extended extra effort to provide us with invaluable-added service, which has once again strengthen her comparative strength over others.”
    Kellin Chan – OIG International Pte Ltd
  • “Ms Nicole, not only get us registered, she’s to do and file our monthly CPF Contributions for our Employee (E-Filing) and update employee contributions when necessary in regards to their age limits and skills development Levy / Benefits. Objectivity to run the company smoothly with less “Paper Work”. If you want the same benefits, you should use O.S.1 Pte Ltd.”
    Mr Eddie H.P.Tan , Gloss & Glow Pte Ltd
  • “Nicole provides a very professional accountancy service. She’s extremely helpful, efficient, pleasant to do business with, goes above and beyond, and is prompt in returning e-mails. I would not hesitate to recommend her services.”
    Maimunah Alhabshi, Project Spirituality
  • “Nicole has always handled her work with responsibility and pride. She is also very neat and tidy with her work. Nicole is also very fast and quick in her all her work and always leave a very good impression in all her work. She is also very hardworking and devoted to her work. Therefore, I would want to thanks her for all her hard works and effort and congratulate for her new company.”
    KK.Teow, Director of Baker Deli One Pte Ltd

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