Explore essential Accounting and Bookkeeping services for Start-Up Founders in Singapore. Master financial management for success. Learn more!

2. A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore
• Starting a new business in Singapore is an exciting journey full of opportunities, but it also comes with some
challenges, especially regarding financial management. As a startup founder, understanding the intricacies
of accounting and bookkeeping is critical to the success and sustainability of your business.
• This comprehensive guide aims to provide accounting and bookkeeping for start-up founders in
Singapore with a detailed overview of these practices, including the distinction between accounting and
bookkeeping, essential services, and practical tasks.
Distinction Between Accounting and Bookkeeping
• Accounting and bookkeeping are an integral part of financial management, but they serve distinct purposes.
• Bookkeeping involves the systematic recording and organization of financial transactions, such as payments,
payroll, and day-to-day transactions. It lays the foundation for accurate financial reporting. Also,
bookkeeping ensures meticulous record keeping, bookkeeping provides insight into a business’s financial
health and performance, thereby guiding long-term growth strategies and plans.

3. • On the other hand, accounting has a broader scope, focusing on the interpretation and presentation of
financial information to support strategic decision-making. This includes tasks such as budgeting, paying
taxes, preparing financial reports, and evaluating financial statements.
What is Accounting Services and What It Deals With?
• Accounting services concentrate on the interpretation and presentation of financial data to support strategic
decision-making. They include a wider range of financial management duties.
• It deals with:
 Budgets
• Create, manage, and analyze budgets to allocate resources effectively and achieve financial goals. Budgeting
includes forecasting income and expenses, identifying potential areas for cost reduction, and monitoring
financial performance against goals.
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

4.  Tax Returns
• Ensure compliance with tax laws and regulations by accurately preparing and completing tax returns.
Accounting services involve understanding complex tax codes, maximizing available deductions and credits,
and minimizing tax liability while remaining compliant with all legal obligations.
 Financial Report Preparations
• Prepare, organize, and present financial reports such as balance sheets, income statements, and cash flow
statements. These reports provide stakeholders with insight into a company’s financial health and
performance, facilitating strategic decision-making and investor relations.
 Evaluating Financial Statements
• Analyze financial statements to evaluate the company’s profitability, liquidity, solvency, and efficiency. This
involves identifying trends, anomalies, and areas for improvement, allowing management to take corrective
action and optimize financial performance.
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

5. What is Bookkeeping Services and What It Deals With?
• The daily organizing and recording of financial transactions is the main emphasis of bookkeeping services,
which provide the framework for accurate financial reporting.
• It further deals with:
 Invoicing
• Creating and managing invoices is an essential aspect of accounting. Accounting ensures that invoices are
accurately created and sent to customers for goods or services provided. Invoice tracking helps maintain a
steady cash flow and ensures timely payments.
 Payrolls
• Accountants manage payroll processes, including calculating payroll, withholding taxes, and issuing
payments to employees, contractors, and freelancers. This ensures employees are paid accurately and on
time while meeting regulatory requirements.
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

6.  Audits and Assurance
• Accountants maintain meticulous records to facilitate internal and external audits, ensure compliance with
regulatory standards, and ensure the accuracy and reliability of financial information.
 Recording Daily Transactions
• Perhaps the most basic aspect of bookkeeping is recording daily transactions. Accountants meticulously
record all financial activities, including sales, purchases, receipts, and payments, ensuring that financial
records accurately reflect the financial position of the business.
Essential Financial Records for Start-Up Founders in Singapore
• For accounting and bookkeeping for start-up founders in Singapore, tracking essential financial records is
crucial to maintain financial transparency, make informed decisions, and ensure compliance with regulatory
requirements. Here are some important financial documents that startup founders should prioritize:
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

7. 1. Bills: Document all invoices received for expenses incurred, including money Rent, utilities, supplies, and
services.
2. Bank and credit card statements: A record of all a business’s bank and credit card account transactions, deposits,
and withdrawals, providing insight into cash flow and patterns of spending.
3. Canceled checks: Evidence of payment for expenses or services rendered, used to verify financial transactions.
4. Invoice: Documentation of all invoices issued to customers for goods sold or services provided, including details
such as invoice number, date, amount, and payment terms.
5. Proof of payment: Receipt or confirmation of payment of expenses paid by cash, check, or electronically,
confirming the completion of financial transactions.
6. Form IR8A: Annual tax form issued to employees detailing income, deductions, and Central Provident Fund (CPF)
contributions for tax reporting purposes.
7. Previous tax returns: Copies of tax returns filed for previous financial years, providing historical data for tax
planning and compliance.
8. Accountant/Bookkeeper Financial statements: Reports prepared by accountants or bookkeepers, such as
balance sheets, income statements, and cash flow statements, provide a comprehensive overview of the
financial performance of the ‘business’.
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

8. • Maintaining accurate and organized financial records not only ensures compliance with regulatory
requirements but also facilitates financial analysis, strategic planning, and decision-making. By prioritizing
these essential financial documents, startup founders can manage their finances effectively and position
their businesses for success in the dynamic business landscape of Singapore.
Tasks: Weekly & Monthly Accounting And Bookkeeping For Start-Up
Founders In Singapore
• Singaporean start-up owners should use an organized strategy with weekly and monthly activities to
manage accounting and bookkeeping tasks:
 Weekly Tasks:
• Categorize All Transactions
Guarantee fastidious organization of monetary exchanges by categorizing them suitably into salary, costs, and
resources. Utilize either a bookkeeping program or spreadsheets to streamline this preparation. Legitimate
categorization encourages precise monetary detailing and examination, empowering educated
decision-making for the budgetary well-being of your trade.
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

9. • Digitize All Receipts
• Move to a Paperless Record-Keeping Framework by Digitizing Receipts. Capture pictures of physical receipts
utilizing filtering or photography instruments and store them electronically. This phone guarantees simple
access to budgetary records lessening clutter and the hazard of losing critical records.
 Monthly Tasks:
• Firstly, accommodating all commerce bank accounts is foremost. This includes fastidiously comparing bank
explanations with bookkeeping records to pinpoint any disparities, guaranteeing exactness in money-related
announcing, and straightforwardness in money-related administration.
• Following, the convenient planning and dissemination of solicitations play a significant part in cash stream
administration. By expeditiously producing and sending out solicitations to clients, originators speed up
installment preparation and progress liquidity, subsequently supporting the monetary soundness of their
wanders.
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

10. • Similarly vital is settling exceptional bills and solicitations already. By proactively tending to budgetary
commitments, start-up authors can maintain a strategic distance from late expenses, cultivate positive
connections with providers, and maintain a sound cash stream, which is significant for commerce coherence
and development.
• Lastly, conducting a careful survey of the company’s money-related position is basic. Analyzing budgetary
explanations, cash stream projections, and budget reports gives priceless experiences into the business’s
financial well-being. This comprehensive appraisal engages originators to create educated choices, recognize
zones for change, and capitalize on openings for vital development and extension.
In Summary
• Within the energetic scene of Singaporean start-ups, proficient budgetary administration is foremost for
victory. This comprehensive directly explains the qualification between accounting and bookkeeping,
advertising important bits of knowledge into fundamental administrations and down-to-earth errands.
Originators must comprehend the complicated part of bookkeeping in vital decision-making and the
essential work of bookkeeping in everyday money-related exchanges.
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

11. • In addition, the direct diagrams vital monetary records and depict week-after-week and month-to-month
errands to guarantee fastidious monetary administration. From categorizing exchanges and digitizing
receipts to accommodating bank accounts and issuing solicitations instantly, originators are prepared with
an organized approach to optimize monetary well-being.
• By grasping these hones, accounting, and bookkeeping for start-up founders in Singapore can explore the
complexities of budgetary administration with certainty, cultivating development, supportability, and
compliance in their entrepreneurial endeavors with the assistance of the best accounting and bookkeeping
services providers like Bestar. Contact Bestar today at admin@bestar.com.sg or give us a call at +65
88364489, if you’re looking for accounting and bookkeeping for start-up founders in Singapore.
A Detailed Guide To Accounting And Bookkeeping
For Start-Up Founders In Singapore

12. Work With Us
Website
www.bestarservices.com.sg
Email
admin@bestar.asia
Contact Number
T : +65 62994730
M : +65 97236684
F : +65 66318594
Follow us