Book-keeping Services

Every company is required to keep proper books of their accounts in accordance to the Singapore Companies Act. This is to facilitate companies to prepare and file their financial statements as part of the Annual Return submission requirement. Besides meeting legislative requirements, good book-keeping practice also provide insight for sound and efficient business decision and proactive financial management.

Timcole provides you with a comprehensive range of accounting services to meet the needs of both start-ups and the more established Small and Medium Enterprises (SME). We have very experienced accountants who are familiar with the financial regulations and the Singapore Accounting Standards. Therefore, you can rest assured that we will prepare and compile your accounts in accordance to the requirements of ACRA and IRAS. We also provide different price packages to fit your different scope of services and your financial budget.

Fee Guideline for Book-keeping Services

The following table provides you with some estimated for our Accounting Fee Guidelines. As the scope of services can vary, we can only provide you with some indicative basic minimum fees chargeable. For a more accurate estimate, kindly contact us for further discussion.

Monthly Quarterly Yearly
Basic Book-keeping

  • Using Xero Accounting Software*
  • Based on Transaction Volume, Nature & Complexity of client business
From $300 From $500 From $800
Payroll Services

  • Based on number of employees
  • Compute Salary & perform CPF/SDL contribution
From $100
Full Accounts Outsourcing

  • Payroll & Book-keeping Services
  • Sales Invoice Generation
  • Sales Collection Follow-up
  • Monthly Bank Reconciliation
  • Supplier Invoice & Payment Processing
  • Inventory Tracking and Count
From $600
Optional Item
GST Computation & Submission
(Quarterly)
From $150

* Exclude Xero Subscription Fees & GST

Information required for Quotation

In order to facilitate the process, kindly contact us with the following set of information, so that we can provide you with a more accurate book-keeping quotation. Kindly email directly to skng@timcole.com.sg.

Questions Answer
1 Company Name
2 Nature of Business
3 Financial Year End
4

How long have you been in operation?

If Yes, go to Qn (5), else go to Question (6)

5
  • Are you currently using any accounting software to handle your invoicing and other book-keeping needs?
  • Do you do your monthly Bank Reconciliation?
  • How do you handle your payroll?
  • Do you have an internal staff do assist you in handling your basic accounts and admin needs ?
6 Which bank do you open an account with?
7 Expected monthly revenue and no. of sales transactions
8 Expected No. of monthly transactions for expenses and purchases
9 Are you GST registered?
10 Do you trade in other currencies (other than SGD)?
11 Frequency of preparation of accounts – Monthly, Quarterly or Annual basis
12 Do you expect to have a significant inventory balance as at year end and verification may be required for the inventory movement during the financial year?
13 Do your accounts need to be audited?
14 How many staffs do you have? Full Time vs Part Time
15 For existing company, please provide (if any)

  • Last year financial statement filed with ACRA
  • Latest management account
  • Last set of bank reconciliation
  • Last GST Return Filed
  • Last year Tax Fee

A Named Accountant Assigned to You

When you engage our Bookkeeping Services, you will be assigned an accountant who will work with you personally on your accounting needs. This named accountant will work with you on a regular basis and you are able to contact and communicate with this accountant directly on a regular basis. Based on the financial documents we receive from you periodically, your assigned-accountant will also prepare your books and help to draft your financial statements for filling purposes when it is due. He or she will also be keeping abreast with the latest development, new policies or standards imposed by the government, and to communicate these new developments to you, should these new developments have some impact to your business.

Periodic Information / Documents Required for Book-keeping

The following information is required for bookkeeping purposes:

Mandatory Information Option Information (if available)
  • Sales orders/invoices
  • Purchase orders/invoices
  • Expense notes/receipts
  • bank statements
  • payment vouchers
  • payroll summary
  • journal vouchers
  • fixed asset register
  • inventory listing & monthly closing value
  • statement of borrowing/hire purchase
  • debtor and creditor control (unpaid invoices)

What is Our Scope of Work?

Depending on our scope of services we mutually agreed upon, our Accounting Service includes but not limited to the following functions:

  • Core Services
    • General Ledger Maintenance
    • Accounts Payable Maintenance
    • Accounts Receivable Maintenance
    • Bank Reconciliation
    • Fixed Assets Ledger Maintenance
    • Financial Statements & Reports Monthly, Quarterly, Year-End Review
  • Operational Finance
    • Sales Invoice Generation
    • Cash & Credit Card/Digital Collection Management
    • Sending Statement of Accounts to customers
    • Credit Sales Collection and Follow-up
    • Purchase Order Generation
    • Payment Processing for Supplier Invoice, Staff Expense Reimbursement
    • Cheque Issuance/Collection and Cash Deposit Services
    • Monthly Payroll Processing
    • GST preparation and filing (Quarter Basis)
    • Inventory tracking and Cost of Goods Sold Calculation
  • One-time Accounting Services
    • Set-up and configure Cloud based accounting system (Xero)
    • Adjusting data entries and prior year adjustments / clean-up
    • Data Migration services
    • Other Ad-hoc services
  • Analytical Services
    • Management Reporting
    • Financial Analysis & Consultancy
    • Cash Flow / Budgeting
    • Tax Planning

Why Choose Timcole?

At Timcole, we always believe that every client has its unique requirement and its not possible for us to design a one-size-fits-all package for all out clients. Therefore, we are flexible enough to customize an accounting package that will fit your unique needs better. You can start small with us first (when you are just a new start-up), and when your business improves, you can engage a wider scope of services from us to support your expanded financial needs.

Please call us now for a discussion on how we can help you to manage your accounts better, and to be in compliance with ACRA and IRAS.