Setup of Accounting System
The right accounting software, configured correctly from day one.
Getting ready to start using a computerised accounting system is exciting — but before you can begin raising invoices and paying bills, you need a company file set up with accurate opening balances, a complete list of products and services, and the right chart of accounts behind it. Skipping this groundwork is one of the most common (and costly) mistakes small businesses make. Done properly from the start, a well-set-up accounting system pays for itself many times over: better efficiency, clearer financial visibility, and the ability to add features like payroll and card processing as you grow.
Package Fee for Setup of Accounting System
Package
Setup of Accounting System
Fee (SGD)
From S$400
How To Set Up A Small Business Accounting System
Whether you set this up yourself or have our team handle it for you, here’s what actually goes into doing it properly.
1. Accumulate Your Financial Documents
- Keep every document relating to your business — invoices, bills, bank statements, receipts, and government correspondence
- When unsure whether something's relevant, keep it and ask your accountant later rather than discarding it
- A simple date-received stamp on incoming documents saves a lot of guesswork down the line
2. Create A Filing System
- Use folders and clear labels to keep financial documents organised by type
- Keep bank statements, customer invoices, vendor bills and government assessments in separate folders
- File regularly rather than leaving it all for year-end — it's far less painful in small batches
- Keep a dedicated folder for anything still outstanding or requiring follow-up
3. Determine Your Accounting Requirements
- Consider your transaction volume, business complexity, budget and available time
- Decide whether to hire a bookkeeper, do it yourself, or outsource to a firm like Pointer Services
- Having a professional accountant on hand is valuable even if you handle day-to-day entries yourself
4. Select The Right Accounting Software
- Your chosen approach (DIY vs. outsourced) will determine what software actually suits you
- Xero and QuickBooks Online are strong choices for most small businesses
- Free software exists but usually comes with limited functionality as you grow
- If doing it yourself, prioritise software that's genuinely easy to use — most offer free trials
5. Enter Financial Transactions Consistently
- Record customer invoices, vendor bills, deposits and payments on a timely basis, not in a backlog
- Reconcile your bank statements monthly to catch errors early
- Month-end adjustments like depreciation and accruals improve accuracy — your accountant can help with these
6. Generate And Actually Use Your Reports
- Review your Accounts Receivable and Aging reports regularly to stay on top of collections
- Monthly Profit & Loss and Balance Sheet reports give you a real-time view of business health
- Use this analysis to improve sales, control expenses, and stay ahead of any loan covenants
Paying to have your accounting system set up correctly from the start is a small investment compared to the cost of untangling a poorly set-up system later on. If you’d rather have this handled properly the first time, that’s exactly what we’re here for.
What's Included
System Selection
Guidance on the right cloud accounting platform for your business.
Chart of Accounts Setup
A chart of accounts built around how your business actually operates.
Team Training
A short walkthrough so your team can use the system with confidence.
Why It Matters
- Avoid costly restructuring of your books later
- A system that's ready for GST, tax and statutory reporting from day one
- Faster monthly closes once everything is set up correctly
Frequently Asked Questions
Yes, we can migrate your existing data into the new system as part of the setup.
It depends on your business size and needs — we typically recommend Xero or QuickBooks Online for most SMEs.
No. Once your chart of accounts and opening balances are configured correctly, day-to-day use is designed to be manageable without formal accounting training.
Setting Up A New Accounting System?
Let’s get it configured correctly, the first time.