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.”
Frequently Asked Questions
Here’s a list of frequently asked questions about virtual CFO services from our web visitors.
What does a virtual CFO do?
A virtual CFO performs various finance-related tasks to boost a company's financial health. Here are the core duties of a remote CFO:
- Bookkeeping & Accounting
- Preparation of Management Reports
- Cash Flow Management
- Budgeting & Forecasting
- Business & Risk Advisory
- Tax Planning
- Strategic Consultation
- Financial KPI Planning
Know More: "What does a virtual CFO do?"
What are "outsourced CFO services"?
You can hire a third party to manage the CFO operations. Hiring an on-site CFO is quite costly for startups and SMEs, so it is better to find a virtual CFO to save up your admin and HR costs.
But you cannot ask any accountant or freelancer to be your CFO as it requires solid expertise and experience to be an efficient CFO. The best solution is to look for an accounting & finance firm like Octa Accountants to provide you with a dedicated Virtual CFO.
Difference between virtual and traditional CFO?
The core duties of virtual and traditional CFOs are the same. A virtual CFO works remotely and part-time, while a traditional CFO manages things on-site. But the virtual CFOs are more cost-effective for small and medium-sized businesses as most on-site CFOs demand fairly handsome salaries.
A bookkeeper may perform many other tasks for a business:
- Invoice management
- Payables (bills & expenses)
- Preparation of Tax Returns
- Monitoring KPIs
Who needs a virtual CFO?
Any growing business needs a finance expert more than anyone who can update their books & accounts and provide financial consultation. If you are a small or medium-sized company, then an on-site CFO can be quite hefty for your budget. You should hire a remote CFO to save your time and cost to work on growing your business. Virtual CFOs are ideal for small companies, startups, and SMEs with increasing financial compliance needs.
But Octa Accountants understand the client's needs first before charging them. Discuss your requirements with us, and we will try to bring the best accounting rates to the table.
Benefits of hiring a virtual CFO?
The benefits of hiring a virtual CFO are far more than a traditional CFO. That’s why many companies outsource their books and accounts management to third parties. Here are the key benefits of outsourcing CFO services:
- Cost-effective solution
- Diverse experience (as they have worked with more companies than a traditional CFO)
- Shorter learning curve (the diverse experience simplifies the learning curve to understand a business)
- Work flexibility
- More Credibility
- Better client support
When should I outsource CFO services?
A business should outsource CFO services as soon as they realise the overwhelming burden of managing the company's financial matters. You can let us handle the financial work and do what you do best, i.e., growing your business.
Every business has different needs when it comes to managing finances. That’s why we prepare bespoke bookkeeping & accounting according to a client’s requirements.
Book a Meeting to discuss your needs and get a fully personalised plan!
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