Accurate, up-to-date bookkeeping is the foundation of every finance function. Outsourcing Wise provides bookkeeping services for Singapore businesses, covering the accurate and timely recording of all financial transactions, bank reconciliations, general ledger maintenance, and correct GST treatment so your accounts reflect what’s actually happening in the business, month by month.
Whether you need bookkeeping support for a new business with a small transaction volume, or a more established company where the books have fallen behind, our team works to your reporting calendar. We use cloud-based accounting platforms primarily Xero and set up your chart of accounts and tracking categories to match how your business is structured, so the data is useful for management reporting, not just compliance.
For businesses that are GST-registered, we apply the correct GST treatment to each transaction and prepare GST returns on a quarterly basis, so your filing is accurate and on time. For businesses approaching the GST registration threshold, we flag it as part of our regular bookkeeping work so there are no surprises.
Catch-up bookkeeping and ongoing GST compliance for a Singapore professional services firm
A Singapore-incorporated professional services firm had let its bookkeeping fall approximately eight months behind, partly due to staff turnover and partly because the business had grown faster than its finance processes could keep up with. The firm was GST-registered and approaching a quarter-end, with no reconciled records to file from.
Outsourcing Wise completed the catch-up bookkeeping across all eight months — reconciling bank statements, recording all transactions with correct GST treatment, and clearing a backlog of unallocated receipts and payments. The GST return was filed on time. From that point, Outsourcing Wise took on the ongoing monthly bookkeeping, delivering reconciled accounts and a management reporting pack within five business days of each month-end.
Having a single provider managing bookkeeping and GST has reduced the time the founder spends on finance administration from several days per month to a short monthly review.
Similar bookkeeping engagements have supported clients across e-commerce, technology, hospitality, and healthcare sectors — including businesses filing quarterly GST returns and those with multi-currency transaction volume.
Most engagements are structured around a monthly bookkeeping cycle, with books updated and reconciled by an agreed date after each month-end. For businesses with higher transaction volumes or a need for more current reporting — for example, weekly cash flow visibility — we can work to a shorter cadence. We agree the reporting calendar at the start of the engagement.
Yes. For new businesses, we begin by setting up the chart of accounts and Xero configuration to match how the business is structured — including tracking categories for departments, projects, or cost centres if needed. Getting this right at the start means the bookkeeping data is immediately useful for management reporting, not just year-end compliance
Yes. Catch-up bookkeeping is a common starting point. We scope the remediation work based on the volume of transactions and the state of the existing records, and work through it alongside an agreed catch-up timeline — so you know when the books will be current and what the process involves.
Yes. For GST-registered businesses, quarterly GST return preparation can be included as part of the bookkeeping engagement. We apply the correct GST treatment to each transaction as we record it — so the return is an output of accurate bookkeeping, not a separate exercise done in a rush at the end of each quarter
We work primarily with Xero, which we also implement and configure for clients who don’t already have it. If you’re already using another platform — QuickBooks, MYOB, or another cloud-based system — we can assess whether to continue on it or migrate to Xero, depending on what makes sense for your business. We don’t use desktop-based accounting software
Bookkeeping covers accurate, timely transaction recording and GST — the foundation of your finance function. Managed Accounting Services builds on that foundation to include accounts payable and receivable management, payroll processing, and monthly management reporting prepared to a level suitable for board or investor review. Many clients start with bookkeeping and add managed accounting services as their reporting needs grow.