CLIENT S- A SINGAPORE SUBSIDIARY OF A JAPANESE COMPANY

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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.
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