Financial reporting
Monthly financial reporting for Singapore businesses
The monthly pack is management accounts: profit and loss, the balance sheet, and cash-flow visibility. These are not the statutory financial statements. They are issued once the month is closed.
What you receive
| Deliverable | When | In this engagement |
|---|---|---|
| Profit and loss for the month and the year to date | Once the month is closed | Included |
| Balance sheet at the month end | Once the month is closed | Included |
| Cash-flow visibility: money in, money out, and the cash balance | Once the month is closed | Included |
| Bank reconciled to the bank feed, and the month’s sales and purchases coded, before the pack is issued | Before the reports | Included. The balance sheet is then reviewed against those records. |
| Questions on that month’s reports | After you receive them | Included, with the same team, by phone or email. |
| A working session on cash, pricing or a hire | When you want one | Separate. See advisory. |
| Bookkeeping for the month | Through the month | Required. The reports are not prepared from books Octo has not kept. See accounting. |
| Statutory financial statements, the tax computation, or an audit file | At year-end, or when required | Separate. See corporate tax. |
Your reports are prepared from your monthly accounting records, giving you a consistent view of performance, financial position and cash flow.
Bookkeeping, management accounts and statutory statements
Bookkeeping is the month’s sales, purchases and bank, coded as they come in. Management accounts are the monthly reports prepared from those records: profit and loss, the balance sheet, and cash-flow visibility. Statutory financial statements are the year-end statements used for the tax computation and, where ACRA requires them, the annual filing. Octo’s monthly reporting service is the management accounts. The year-end statements and the tax return are quoted separately.
Monthly management reporting is included in the monthly accounting engagement. If earlier months are still open, that catch-up is quoted before the first report is issued. The fee for the engagement is confirmed before work starts.
Questions owners ask
Is bookkeeping included?
The reports are part of the monthly accounting engagement. They are prepared only after that month’s sales, purchases and bank have been coded. Months that are still open are quoted as catch-up before the reports start.
What do I receive, and how often?
Once the month is closed: a profit and loss for the month and the year to date, a balance sheet, and cash-flow visibility for money in, money out and the cash balance. Questions on those reports go to the same team by phone or email. A working session on a decision is advisory, and is quoted separately.
What is checked before the reports are issued?
The bank is reconciled to the bank feed, and the month’s sales and purchases are coded. The balance sheet is then reviewed against those records. This is not an audit.
How is this different from statutory financial statements?
These are management accounts for running the month. Statutory financial statements for the year, and the tax computation, are a separate engagement.
Can the reports support a tax filing?
A year of monthly reports gives the tax computation a cleaner starting point. The computation and the IRAS return are quoted separately.
Next step
Tell us whether the books are already kept each month.
We will confirm that the reports sit inside that engagement, and the fee, before work starts.