Whether setting up a new business or expanding into new territories, business corporations need great accounting support. With organisations facing the complex requirements of regulatory authorities and the applicable accounting standards, efficiency and the ability to manage complexity is critical.
With competition intensifying on all fronts, in order for business corporations to meet these challenges and competitions, they need to focus and concentrate on enhancing their core competencies. In this environment, businesses allocate their time and effort where it is most needed and do not attempt to carry out accounting function in-house but outsource this accounting function to other accounting firms' team of specialists, whose special competencies and expertise allow this function to be carried out efficiently, effectively and economically.
Bestar is well positioned to assist clients carry out services that are a management distraction if performed in-house. At Bestar, we offer a range of services to help meet their accounting needs, so they can focus on keeping their business running smoothly.
How Bestar can assist
We offer clients experience, accuracy and timeliness. They have access to skilled accounting resources with local expertise, from a team who is familiar with local accounting compliance requirements and keeps abreast of any changes in local regulations.
Our dedicated team delivers on your accounting needs by using accounting software to enhance and improve workflow by simplifying, standardising and streamlining financial accounting processes.
As Asia’s leading accounting firm, you can expect a team of accounting professionals to keep your business compliant in the face of complex requirements stipulated by the regulatory authorities and the applicable accounting standards.
Our scope of accounting services includes:
1. Bookkeeping and Statutory Accounting Services
Setting up the chart of accounts
Recording all accounting transactions
Processing documents relating to sales, collections, payments and other transactions, and posting to General Ledgers, cash books and subsidiary accounts
Preparing monthly bank statements and analysis reports
Preparing monthly management financial reports to the format required by clients and service tax returns
Presenting reports in currencies other than functional/presentation currencies
Preparation of Trial Balance, Profit and Loss Account, and Balance Sheet at periodic intervals, either monthly, quarterly, half yearly, or annually
Financial statements compilation (drafting statutory financial statements) that complies with Financial Reporting Standards, preparation of deferred tax computation at financial year end and XBRL Tagging
Liaising with auditors and tax agents for the year-end accounts to be audited and corporate tax returns to be filed
2. Consolidation of Group Accounts
Completing consolidation of group accounts and head-office reporting packages
3. Accounts Payable Management, Payment Facilitation, Cash Management and Treasury Services
Paying of vendor invoices and employee expense claims
Issuing of payment vouchers and payments through electronic banking or using traditional modes i.e. cheques/telegraphic transfers
Mailing of signed cheques to payees, or remitting funds by telegraphic transfer
Notifying payees through email
Maintaining of common or an exclusive bank accounts where clients’ funds are received or disbursed
Bank reconciliation on monthly basis for exclusive bank accounts
4. Secondment of Interim Accounting Professionals to Support Client's Business
Providing short term accounting professionals to assist in accounting and payroll service to relieve clients when faced with unexpected staff turnover or staff leave problems
Assisting clients with the reconstruction of accounts because of incomplete, lost or damaged documents
Need help? To find out how Bestar's expertise can help you and your company, do not hesitate to contact us.