Accounting Services tailored for Singapore SMEs
WeCount provides the following services:
- Preparation of accounts in accordance to Singapore Financial Reporting Standards;
- Performing bank reconciliation
- Provision of trial balance, balance sheet, profit & loss statement and general ledger
- Preparation of fixed asset with depreciation schedule, accruals schedule and prepayment schedule, and any other related schedule
- Evaluate overall adequacy of financial information presentation
- Liaising with auditor for year-end statutory audit, if any
Goods and Service Tax (“GST”)
- Performing quarterly check on transactions prior to GST submission
- Preparation of Form 5 for GST submission
- Preparation of documents and liaise with Inland Revenue Authority of Singapore (“IRAS”) for GST audit, if selected by IRAS
- Performing quarterly e-submission of GST, upon approval as “representative” through EASY authorization
- Preparation of unaudited annual report for the financial year ended in accordance to Singapore Financial Reporting Standards
- Submission of the unaudited annual report to company secretary
- Preparation of tax computation
- Estimated Chargeable Income submission within 3 months after the Company’s financial year ended
- Filing of annual tax return (Form C/Form CS)
- Liaise with IRAS on queries related to taxation
How Financial Reporting Can Help or Hurt Your Business
Wecount provides accounting services, accounting training for your employees, as well as training on state-of-the-art accounting system software programs.
Well-informed business decisions that have been thoroughly researched may have a profound and beneficial impact your company’s future. However, can you trust the information provided to you? If your company makes a false move, then the long-range effects can be quite serious.
If You Don't Hire WeCount's Services:
Your Competition May Gain the Upper Hand
You may simply lose ground against your competitors. It may not look very serious to have one or two customers decide to use another company, but a satisfied customer will tell two or three associates. They will tell two or three others, and so on. You will lose business income, and customers whom are very difficult to re-engage.
Even if you don’t go under, your company would not look as appealing to potential buyers, investors, and partners. The other party might decide to go with a company who looks better on paper. So you have missed an opportunity for growth.
With less revenue, you simply have less money in the bank. You can’t make purchases if something of value to your company becomes available. Or you need to finance more of the purchase than you’d like. Again, you look worse on paper, if you have more debt.
So this effect “snowballs.” You look worse on paper because you have fewer customers, less revenue, carry more debt, and have little cash-on-hand. Investors will look at your overall financial health and will not be as impressed as they could be. Simply because your company made a wrong turn financially.
On a day to day basis, not having accurate, up-to-date financial information means you may not be able to expand your business and your debts have to stay on the books longer while you pay interest on them. Your customers might be lagging in paying their invoices, while creditors are breathing down your neck.
You MUST Start
Hiring and Training Accounting Staff
Installing and using modern accounting practices will help you make sound business decisions. You can hire well-trained employees that are excellent bookkeepers. However they may not understand the nuances of your business. They will need time to learn your business and may need training on the accounting software you are using.
Your other option is to train existing employees, who are already familiar with your business. If you provide them with training on bookkeeping and accounting practices they can become more efficient. Their data entry skills may become more accurate and timely and troubleshooting accounting errors will be easier.
In both cases, your employees and your company will benefit the most from training for specific software programs that are state-of-the art and have standardized accounting practices already built into the software. Online help and tutorials will smooth the way for employees who are less familiar with modern accounting practices.
The best part of this approach is that the government’s PIC program will reimburse you generously for your investment in your company and your employees!
Get Reimbursed for Every Dollar You Spend
It is a win-win situation. Your employees will gladly take you up on the opportunity to enhance their job skills; and you will benefit from happy, well-trained employees who will do their jobs efficiently and accurately. You also have peace of mind knowing that there are checks and balances built into your software that help prevent fraud and embezzlement. And it won’t cost you a dime!
Take advantage of the limited time that the PIC program will be in place to train your staff and purchase the highest-quality, popular software programs available to businesses: QuickBooks and MYOB. The PIC program has extremely generous incentives for just this type of situation.
Long-Term Positive Impacts
As your business productivity increases you will notice positive feedback from your customers when they have receive accurate, timely statements and invoices. You will feel safer knowing all your company’s transactions and history can be securely backed up within the software to a cloud-based server.
If you act quickly you will be able to maintain or gain a competitive advantage over similar companies. Customers like to know that they are doing business with a modern, tech-savvy company. They provide return and referral business, which increases your revenue.
Your ability to make intelligent decisions regarding your company’s direction and growth, tax shelters and liabilities, investment opportunities, and more.
Your company’s overall financial health status will look much better and you will be well positioned to take advantage of opportunities for growth and investments when they arise, whether they are real estate acquisitions or movement into a new market or geographic location.
The PIC program will not be around forever and there is no other entity offering your business a “hand up” like this one. It may be a once in a lifetime opportunity and you can be sure your competitors are taking advantage of it! Take the first steps as soon as you can to upgrade your accounting systems software and have your employees trained on it.