Discover how we collaborated with Savvy Commune Pte. Ltd. to streamline financial processes, improve accuracy, and deliver comprehensive virtual CFO services, resulting in enhanced financial health and operational efficiency.
Client Background
Savvy Commune is the business entity for “Smthgood”, a fashion startup focused on sustainability and doing good.
Industry
E-commerce Business
Specific Niche
Fashion Marketplace
Company Size
Small-Medium Enterprise
Accounting Platform
Xero
Following Challenges Were Faced By The Client
Disorganized Records & Processes
The client faced challenges in maintaining and organizing transactions, aggravated by irrelevant Charts of Accounts and inconsistent categorization. Additionally, there were issues with non-compliance with IFRS concerning the recognition of accounting entries. These struggles underscored the need for a comprehensive overhaul in financial management practices to align with standards and improve accuracy in recording and reporting transactions.
Inaccurate Financial Statement Filing
The filed financial statements lacked compliance with IFRS standards. The client’s practice of awarding loyalty points and substantial expenditure on website development, common for a startup, was inaccurately recorded within the financial statements. This non-compliance highlighted the necessity for a meticulous review and adjustment of accounting practices to align with IFRS regulations and ensure accurate financial reporting.
Non-compliance With IRAS Filings
As a start-up experiencing financial losses, the company faced challenges in maintaining tax compliance. The incurred losses led to a situation where they were not filing annual tax statements with IRAS, resulting in non-compliance. Addressing this issue was crucial for the company to rectify compliance gaps, navigate financial challenges, and ensure adherence to regulatory obligations with the IRAS.
Solutions Provided By Octa Accountants
Meticulous Financial Assessment
Cleaned Backlog of cloud-based book-keeping software
Automated Transaction Recording
Consistent Financial Reporting
Results Achieved By Octa Accountants:
Categorized Financial Records
We centralized and organized financial records for easy reference and accessibility, implementing a systematic filing system for future transactions. By connecting bank accounts to Xero, we reduced manual bookkeeping time by 40%, achieving cost savings through the optimized efficiency of bookkeeping processes.
Error-Free Bookkeeping
Implementing automated processes resulted in a remarkable 95% reduction in bookkeeping errors. This improvement extended to enhanced accuracy in invoicing and payment receipt processes. Moreover, improved accuracy in financial reporting provided robust support for effective decision-making within the organization.
Compliant Filings
We ensured accurate and timely processing of ACRA-related filings, maintaining compliance. The same commitment extended to timely and accurate filings with IRAS and CPF Board, reinforcing adherence to regulatory requirements and fulfilling statutory obligations punctually.
Conclusion
The collaboration with Octa Accountants LTD showcased the transformative impact of virtual CFO services on Savvy Commune Pte. Ltd. By addressing disorganization, improving precision, and embracing technology, we significantly bolstered financial well-being and operational efficiency. Discover the potential to optimize your accounting processes with our virtual CFO services by scheduling a meeting promptly to explore tailored solutions for your business.
Tony Tan
Founder, Savvy Commune Pte. Ltd.
Octa Accountants LTD has truly transformed accounting process for Savvy Commune Pte. Ltd. Their professionalism and expertise significantly improved our financial organization and accuracy. Their team has helped us in being compliant with all relevant regulatory authorities in Singapore and our financial statements with IFRS. Octa Accountants is our preferred choice for reliable and efficient bookkeeping—we highly recommend their services.”
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