The Client is a retail store located in Singapore. The SME only has two branches and sells cooked, baked, packaged or fresh food products.
The Challenge
After the death of the business owner, his wife did not have the time and skills to handle the company’s books in-house, which led to the decision to outsource their accounting functions. A new bookkeeper was hired at a reasonable rate of SGD$12/hour, but working two days/week. After 3 months, she noticed that the bookkeeper always played catch up, and failed to send up-to-date financial statements. She was fired and sought advice from a mutual business owner, which resulted in a call to us.
The Solution
We assigned her a team of expert accountants to assess the financial books of the business and they came up with an exhaustive list of areas that needed to be addressed. She was impressed, and decided to commit to an ongoing contract with us, and so we billed her SGD$380 on a monthly basis, a huge cost cutting for the business. Since then, the Client has enjoyed:
- Access to our Client Portal;
- Corporate Secretary;
- Xero Subscription;
- Tax (ECI + Form C/C-S); and
- Other optional Add-on Services:
The Results
Within a few weeks, the Client’s books were completely updated and our accountants sends reports 5 business days after the end of the preceding month. We also deliver revenue reports that explicate the top product sellers of each store. She has an accurate inventory count and when she wanted to invest in a new line of products, we provided the necessary information to facilitate her decision making.