Accounting
Outsourced accounting services for Singapore SMEs
Monthly bookkeeping and management reporting in Xero, with access to your company’s accounting records. Your fee is based on your transaction volume, reporting requirements and the scope of work. We confirm the fee before work begins.
The Xero subscription is your account with Xero. It is not part of Octo’s fee. You keep the login, and we work in that file.
What the monthly engagement covers
| Deliverable | Frequency | In this engagement |
|---|---|---|
| Sales, purchases and the bank, coded in Xero | Through the month | Included |
| Profit, the balance sheet and cash | Once the month is closed | Included |
| Access to the Xero file for your team | Ongoing | Included. The Xero subscription stays in your name. |
| Xero setup, bank feeds, training and six months of support | At the start, when the file is new or moving | Included when setup is part of the scope. See Xero setup. |
| GST coding and GST returns | On the filing cycle | Optional. Quoted when GST is in the scope. |
| Payroll | Each pay run | Optional. See payroll. |
| Tax computation and Form C-S or Form C | Annual | Not part of the monthly books. See corporate tax. |
| Company registers and the annual return | When the record changes, and yearly | Optional. See corporate secretarial. |
Every business has different accounting needs. We provide a tailored quote based on your transaction volume, reporting frequency and compliance requirements.
Transaction processing
Sales, purchases and bank activity are coded in Xero as they come in, so the year does not arrive as a pile of unreconciled months. Payroll can be added to that same monthly rhythm.
Monthly deliverables
After the month is closed you receive profit, the balance sheet and cash. That is the management report. The detail of those three statements is on the financial reporting page.
Software setup
If the company is new to Xero, or moving from another system, setup is a separate piece of the scope: chart of accounts, bank feeds, training, and six months of support after the file is live. It is described on the Xero page. It is not the same job as keeping the following months current.
Ongoing support
Once the monthly numbers exist, questions about cash, pricing and the next hire sit with advisory. That conversation uses the report. It does not replace the bookkeeping.
The first month
- 1
What we need to quote
Approximate monthly transactions, the software or spreadsheets you use now, how many months are behind, and whether GST, payroll, tax or the company record should be in the scope.
- 2
Switching, or catching up
We start from the file or spreadsheets you already have, and the last set of accounts if one exists. Months that are behind are quoted as catch-up before the regular monthly work begins.
- 3
The first closed month
The bank feed is connected, the chart of accounts is checked, and the first month is closed in Xero. Your team is shown the file if they will use it.
Questions owners ask
Is the Xero subscription included?
No. The subscription is your account with Xero. Octo’s fee covers the bookkeeping and reporting in that file. You keep the login.
How often are the books updated?
Sales, purchases and the bank are coded through the month. Profit, the balance sheet and cash are delivered once the month is closed.
Are GST and tax filing included?
Not unless they are in the agreed scope. GST returns are optional. The annual tax computation and Form C-S or Form C are a separate engagement.
What do you need to quote?
Transaction volume, current software, how far behind the books are, and which of GST, payroll, tax and secretarial work you want included.
What if we are switching accountants?
We continue from your current file or spreadsheets. Catch-up for overdue months is quoted first. The monthly engagement starts once that period is closed.
Outsourced or in-house?
An in-house hire does the daily processing on your payroll. Outsourced accounting keeps that processing and the monthly report with Octo, while your team still opens the same Xero file. The useful choice depends on volume and whether you want a bookkeeper on staff.
Next step
Tell us how the books work today.
We will reply with a proposed scope and a fee. Work starts after you confirm it.