Send us your receipts and invoices in any format they have them, like emails, scans or phone pictures. If anything is amiss, Hub platform highlights the transaction and sends a notification straight away. You won’t have to spend hours at the end of the month trying to find long-forgotten documents.

We collect all supporting documents and categorise them into corresponding accounts. Every day we connect to accounting software and your banks to reconcile incoming documents with transactions. If a document is missing, we reach out to you on the same day. This way you won’t have to wait for the books to be ready at the end of the month: you can always rely on the data we provide.

To begin your bookkeeping journey, you’ll first need to make some key decisions:

1. Choosing Between Single-Entry and Double-Entry Bookkeeping

Single-entry bookkeeping is straightforward, with one entry per transaction. It’s suitable for small businesses with simple finances. On the other hand, double-entry accounting records each transaction with two entries (debit and credit) and is ideal for larger businesses with more complex finances.

2. Deciding Between Cash or Accrual Basis

Your choice between cash and accrual basis depends on when you recognize revenue and expenses. Cash basis recognizes them when cash is received or paid, while accrual basis recognizes them when they are earned or incurred, regardless of cash flow.

Considerations When Choosing

• Transaction Volume: Consider the volume of your daily transactions and the amount of revenue you earn.
• Revenue and Asset Complexity: Think about the complexity of your revenue streams and the assets you own.
• Credit Transactions: Determine whether you primarily deal in cash transactions or engage in credit transactions.
• Inventory and Physical Assets: Consider the amount of inventory and physical assets your business holds.
• Regulatory Compliance: Ensure your chosen method complies with regulatory requirements.

In summary, carefully consider your transaction volume, revenue, complexity of finances, and regulatory requirements when choosing your bookkeeping method and basis. This will help ensure that your financial records are accurate and compliant, setting a solid foundation for your business’s financial health.

Accounting tracks all your business activities and assets. Any time you spend, lose or make money, your bookkeeper adds it to the books. Your accountant then builds reports using these numbers. The government requests these reports to calculate how much tax you owe and whether you are exempted from some of it.

First of all, you have an obligation to report your accounts to the government: that’s how your tax is calculated. Second, accounting is crucial for internal planning and management. Mistakes could be costly: the government punishes wrong reports with fines. Not to mention, you probably base your evaluations and plans on the same numbers. So, making sure your accounting is accurate is crucial.

Singapore has its own system called Singapore Financial Reporting Standards (SFRS). It’s similar to IFRS and it’s accrual-based accounting. Which means transactions are recognised when they take place and not when the money is paid. Outsourced accounting services in Singapore must comply with SFRS requirements.