{"id":565,"date":"2024-01-02T03:23:30","date_gmt":"2024-01-01T19:23:30","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/new.3ecpa.com.sg\/?page_id=565"},"modified":"2024-11-29T01:29:48","modified_gmt":"2024-11-28T17:29:48","slug":"setup-of-accounting-system","status":"publish","type":"page","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/services\/accounting\/setup-of-accounting-system\/","title":{"rendered":"Setup of Accounting System"},"content":{"rendered":"<h2>Setup of Accounting System Services in Singapore<\/h2>\n<p><strong>Package Fee for Setup of Accounting System <\/strong><\/p>\n<table border=\"1\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\" width=\"70%\"><strong>Package Available<\/strong><\/td>\n<td valign=\"top\" width=\"30%\"><strong>Fee (SGD)<\/strong><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\">Setup of Accounting System<\/td>\n<td valign=\"top\">From $400 (W\/GST $436)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-75329 size-full\" title=\"Setup of Accounting System Services in Singapore\" src=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2024\/04\/photo-setup-of-accounting-system-400x300-1.png\" alt=\"Setup of Accounting System\" width=\"400\" height=\"300\" srcset=\"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2024\/04\/photo-setup-of-accounting-system-400x300-1.png 400w, https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-content\/uploads\/2024\/04\/photo-setup-of-accounting-system-400x300-1-300x225.png 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/>So you&#8217;re ready to start using a computerized accounting program! Before you can begin creating invoices and writing checks, you need to create a company file with accurate vendor and customer balances, a complete list of products and services sold, and all the necessary financial account balances. Sound challenging? Well, that&#8217;s because it is. Yet, once you set up your accounting system, you can then realize all the benefits of accounting software: increased efficiency, ability to track, analyze and improve your financial health, and the opportunity to add services such as payroll and credit card processing.<\/p>\n<p>&nbsp;<\/p>\n<h3>How to Set Up a Small Business Accounting System<\/h3>\n<h4>Accumulate Financial Documents<\/h4>\n<ul>\n<li>Keep all documents relating to your business including invoices, bills, bank statements, receipts, government documentation and assessments.<\/li>\n<li>When in doubt about the relevance of document to your business, hold on to them and ask your accountant (or someone else who can help) at a later date.<\/li>\n<li>Invest in a stamp that indicates the received date of the documents.<\/li>\n<\/ul>\n<h4>Create Filing System for Documents<\/h4>\n<ul>\n<li>Use file folders and labels to organize financial documents<\/li>\n<li>Maintain bank statements, customer invoices, vendor bills, government assessments etc. in separate files<\/li>\n<li>Investing in colour coded file folders can greatly facilitate file retrieval<\/li>\n<li>File regularly to avoid scrambling at the end of the year<\/li>\n<li>Maintain separate folders for outstanding invoices, bills and other documents which require follow up.<\/li>\n<\/ul>\n<h4>Determine Accounting Requirements<\/h4>\n<ul>\n<li>Review volume of transactions and complexity of business as well as your budget and time constraints.<\/li>\n<li>Depending on your requirements either hire a bookkeeper (full or part time), do it yourself or outsource to a third party<\/li>\n<li>Usually a good idea to have access to a professional accountant to help out with setup of accounting system, and ongoing questions as well as financial reporting and analysis and tax preparation.<\/li>\n<\/ul>\n<h4>Select Accounting Software<\/h4>\n<ul>\n<li>Accounting requirements i.e. whether you hire a bookkeeper or DIY will determine if you need software.<\/li>\n<li>MYOB is good for many small businesses and freelancers. Speak to an accountant if unsure<\/li>\n<li>Free software also available , although functionality is limited<\/li>\n<li>If doing it yourself, select software that is user friendly. Many small business software have free trials.<\/li>\n<\/ul>\n<h4>Enter Financial Transactions into Accounting Software<\/h4>\n<ul>\n<li>Important to enter transactions on a timely basis including customer invoices, vendor bills, deposits and cheques.<\/li>\n<li>Reconcile bank statements monthly to track balances and reduce potential errors<\/li>\n<li>Month end adjustments like depreciation, foreign exchange, accruals etc. help improve accuracy and reliability of financial statements, but can be done by accountant at year end.<\/li>\n<\/ul>\n<h4>Generate and Analyze Reports<\/h4>\n<ul>\n<li>Accounting software will generate reports based on data entered. Review Accounts Receivable and Aging Reports, accounts payable to vendors, inventory balances etc.<\/li>\n<li>Financial statements can be generated monthly reflecting Profit and loss of the business as well as Balance Sheet.<\/li>\n<li>Analysis of financial statements can help improve sales, reduce expenses and ensure that customer balances are being collected and loan covenants are being met.<\/li>\n<\/ul>\n<p>More information about the Accounting Software, please visit <a title=\"IRAS Accounting Software Register\" href=\"https:\/\/www.iras.gov.sg\/irashome\/Businesses\/Self-Employed\/Getting-it-right\/IRAS-Accounting-Software-Register\/\" target=\"_blank\" rel=\"noopener noreferrer\">IRAS&#8217; Accounting Software Register<\/a><br \/>\nPaying a firm like 3E Accounting to correctly set up an accounting system upfront is a cheap investment compared to what it will cost you to fix your accounting problems later on. Make the investment and call us today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Setup of Accounting System Services in Singapore Package Fee for Setup of Accounting System Package Available Fee (SGD) Setup of Accounting System From $400 (W\/GST $436) &nbsp; So you&#8217;re ready to start using a computerized accounting program! Before you can begin creating invoices and writing checks, you need to create a company file with accurate&hellip;<\/p>\n","protected":false},"author":22,"featured_media":75329,"parent":4126,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[11],"class_list":["post-565","page","type-page","status-publish","has-post-thumbnail","category-accounting-service","description-off"],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/comments?post=565"}],"version-history":[{"count":1,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/565\/revisions"}],"predecessor-version":[{"id":92834,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/565\/revisions\/92834"}],"up":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/pages\/4126"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media\/75329"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/media?parent=565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/www.3ecpa.com.sg\/wp-json\/wp\/v2\/categories?post=565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}