Accounting Advisory Services
Companies today have lean finance functions and are often facing shortage of resources and talent. As accounting standards continue to evolve, it is important to leverage the right advice from professionals when addressing the increasingly complex accounting and financial reporting challenges.
Through services tailored to your business needs, our Accounting Advisory professionals have extensive knowledge and industry experience to provide assistance in these areas.
Implementation of new accounting standards
We assist our clients in implementing new accounting standards and presenting an impact assessment in the financial statements:
- Revenue from contracts with customers (effective from 1 Jan 2018)
- Financial instruments (effective from 1 Jan 2018)
- Leases (effective from 1 Jan 2019)
Interpretation of complex accounting issues
- Consolidated financial statements
- Business combination
- Share-based payment
- Financial instruments accounting
- Tax accounting (deferred tax, uncertain tax positions)
- Others
Digitalisation of finance and accounting
Through our range of specialised services, we have in-depth knowledge of accounting regulations and extensive experience working with companies from various industries. Our team of Accounting Advisory experts work alongside your finance team to ensure success in your finance and accounting digitalisation journey by using technologies in a wide range of activities:
- Document recognition and automated data extraction
- Direct data transfer with customers and suppliers
- Digital payment
- Replacement of excel with innovative tools
Cash flow advisory
Cash is key to the survival and growth of any business, and that is especially important in the current market where businesses are faced with slowing demand caused by the pandemic. Our Accounting Advisory professionals can help in many ways through the following services to enhance your cash flow management positions:
- Analysing level of liquidity and cash needs during crisis period
- Assessing impact of any immediate and near-term funding requirements
- Adopting working capital strategy to improve processes around accounts receivables, accounts payables, inventory and shorten the cash conversion cycle
- Developing robust cash flow forecasting process to give organisation the ability to plan ahead of time.
Virtual CFO
Chief Financial Officers (CFO) today go beyond reporting and compliance oversight. The role of CFOs has evolved into a more strategic role to drive operational gains and provide insights to the company’s growth plans. Many SMEs and start-ups do not have the resources for a full-time CFO. Our virtual CFO service would fill the gap by providing a part-time CFO at a reasonable fee to support businesses in the following areas:
- Review financial health to provide insights on business performance and growth
- Streamline operations to increase efficiencies
- Analyse business drivers to build annual budget and forecasting
- Provide financial expertise on specific projects
FAQs about Accounting Advisory Services
When should I consider accounting advisory services for my business?
For many businesses, it is common to take on administrative tasks that’s outside of your scope of work and that includes accounting. With a limited level of financial knowledge and shortage of qualified talents within the firm, this may inhibit the quality of the accounts and accuracy of the financial reporting of your company. Especially if you are experiencing a rapid growth and expansion phase, it can be difficult to keep up with changing accounting landscape and increasingly complex accounting standards that comes with running a business in Singapore. During such cases, it will then make sense to deploy accounting advisory services to assist you with the digitalisation of finance and accounting function, implementation of new accounting standards or interpretation of potential accounting issues, for instance.
What other accounting services do you provide?
Whether it is to turbocharge your operational efficiency or provide assistance for compliance-related matters, working with Chartsworth can ultimately be a powerful strategy that will benefit your business in the long run. Besides offering tailored advice, we can also assist you with all accounting services. For businesses of all sizes, we handle the accounting transactions at the end of every month or year, prepare management reports for your business decision-making, and compile financial statements for statutory filing purposes. For more information about our accounting packages, you can discover the various pricing options for our wide range of services.
How can I benefit with Chartsworth as my trusted business partner?
When outsourcing complex yet crucial tasks like implementation of new accounting standards, the right corporate service provider can generate the desired outcomes without compromising quality. Here at Chartsworth, our qualified team of experts will handle the necessary processes so that you can focus on the core aspects of your business. To be a trusted business partner for our clients, we also offer accounting, tax and incorporation services to complement our accounting advisory services.
