Don’t let bookkeeping and admin work distract you from running your business
Imagine how many more clients you could meet if you had 20% more time. This is the figure that our clients typically tell us that they spent on bookkeeping before engaging our services.
Small business owners rarely have the budget to hire full-time accounting staffs. Terra Advisory can help. We are experienced in offering a range of accounting services for small businesses.
We are driven by a set of core values to ensure a positive client experience.
Our highly experienced team will help you manage your accounts while you focus on growing your business.
As the owner of a small business or startup, you have more to worry about than keeping your own books. However, account management is an integral part of business growth. Tasks such as reconciliation of bank accounts, general ledgers, income statements and balance sheets form the foundation of any businesses.
Our experienced bookkeepers are experienced in helping small business owners understand and deal with such aspects. Our services include –
- Account processes setup
- Transaction entries
- Journal entries
- General Ledger
- Assets /Equipment Ledgers
- Expenses Ledger
- Accounts Receivable Services
- Accounts Payable Services
- Bank Account Reconciliation
Preparation of Income Statements
Profit and loss statements are integral aspects of managing a small business. They give you a bird’s eye view of where your venture is and where it needs to be. Each of our professionals is committed to excellence in client service. These includes:
- Prepare quarterly Goods and Service tax reports (GST)
- Have access to your company’s Trial Balance, Profit and Loss Statement and Balance Sheet.
- Review the financial statements and make appropriate allocation of accounts codes.
- Pass journal depreciation, prepayment and accruals
- Prepare detailed Fixed Assets listing
- Accounts Receivables and Accounts Payables listing
- Bank reconciliation and cash book maintenance
- Prepare Balance Sheet items schedules like Hire Purchase.
- Preparation of audit schedules and statements
- Liaise with auditors and clear audit queries
- Prepare management accounts highlight areas to zoom in.
- Prepare annual revenue statements for Estimated Chargeable Income (ECI) submission
Our experienced CPAs can help small business owners become capable of –
- Tracking expenses and revenues so that they can determine how their processes operate
- Determining which processes operate under or over their budget
- Determining possible tax liabilities
- Determining items that might be causing unnecessary expenses
- And more
Maintaining General Ledgers
Your business’s general ledgers are the books of your system. A single error can cause problems in your financial setup. Terra Advisory is here to ensure that this never happens. Our experienced CPAs will fix any discrepancies so that your books are always accurate.
Bank Reconciliation
Let us help you reconcile your checking account on a monthly basis. We will ensure that your accounting, taxes and bank accounts are updated.
Outsourcing to a 3rd party professional services firm will make you capable of –
- Identifying lost deposits, unauthorized transaction and lost checks
- Spotting and preventing fund embezzlement within your company
- Reconciling and alerting your bank about forged, fraudulent or unauthorized checks presented or paid. This way, you transfer your risk to the bank.
- Having peace of mind knowing that your checks, disbursed funds are accounted for and that your bank accounts are reconciled
All Singapore incorporated registered companies must keep proper accounts and documentations as stipulated in accordance to the Singapore Companies Act. Failure to do so is against the Singapore Companies Act and is subjected to penalties being imposed. This is the responsibility of the director.
Small business owners rarely have the resources to compete with larger companies in Singapore. Let us help you process your accounting tasks so that you have more time to focus on your business. Contact Terra Advisory to ask about our accounting services for small businesses in Singapore. We are here to help.