Book Keeping & Accounting
What is Book Keeping
Book-keeping & Accounting is a basic service offering from Ezee Pte. Ltd. that provides the following
- Subscription to a entry level cloud accounting software. Subscription fees will be charged to the client.
- basic transaction processing that will enable generation of the profit and loss account, balance sheet and cash flow statements.
All businesses are required to maintain an accurate record of their business transactions under the companies act. Proper financial statements need to be prepared to support income tax filings and also filed along-with the Annual Return if required.
What is the difference between Book Keeping & Accounting
Book keeping service is a simple compilation of transactions where the data entry services into an accounting system be provided based on transactional volume based pricing. No additional services, insight or advisory will be included with this service. Accounting services includes additional management reporting where more time is spend on analyzing the transactions, providing value added insight to the business and limited advisory services.
The work will be performed remotely and specific intervals and information sharing will be via shared folders with limited email support.
Book Keeping Process
With a Xero accounting subscription, clients will be expected to email their receipts directly to a dedicated Xero email inbox or upload the supporting documents like vendor tax invoices, sales invoices to customers, bank statements etc. Xero enables a direct link or integration with some local banks. This helps with Bank reconciliations. Ezee will establish a regular routine for updating the information in the accounting systems on a weekly, bi-weekly or monthly basis depending on the transaction volume and business needs.
Ezee will also help with the chart of accounts setup to ensure that the transactions are booked accurately. Transactions will be coded accurately with any tax considerations for disallowable, non-deductible expenses like motor car related expenses, travel and medical related costs based on guidelines from Inland Revenue Authority of Singapore [IRAS].
Clients will also be able to log into Xero Accounting on their own to view or review the financial information as part of our Book Keeping & Accounting services.
For more information on our Pricing services, please refer to this link.