JoyTingle's
Success Story
Background
JoyTingle is a local award-winning health-education company in Singapore. Their products are proudly made in Singapore and are being used by many leading hospitals and organizations across different countries.
Problems
The business owner has been using an excel sheet and bank statements to keep track of her expenses.
She has been also been using a part-time bookkeeper over the years. However, inaccurate and incomplete accounts were produced by the bookkeeper. E.g. There is no capitalization of fixed assets/intangible assets, no inventory recording and etc amidst other issues.
With no reliable financial data, there is a lack of useful business advice being provided by the existing bookkeeper.
This leads to business decisions being made based on instincts instead of concrete numbers.
Furthermore, the existing bookkeeper did not offer JoyTingle adequate and timely knowledge on compliance with the regulations and professional standards.
This lead to delays in the preparation and submission of the financial statements. The late submissions could have been subjected to heavy penalties imposed by the regulator.
JoyTingle is also considering to carry out a valuation of the business for fundraising. But with the accounting in a mess now, it is impossible to do it at this stage.
Solution
After understanding JoyTingle’s goals and needs, we prioritized to solve her financial statements issues first.
As a qualified business consultant and chartered accountant, we are able to provide expert opinion on her current situation.
Our team of professional helped her to prepare of a full set of financial statements and adjustments passed to rectify the existing errors.
We are also able to advise her on business valuation relating to fundraising in future.
Results
The finalization of financial statements was done within a short stipulated time frame for a reasonable fee.
Not only did she enjoyed cost-savings, she was able to avoid high penalty costs by submitting the relevant reports to the authorities on time.
She has also gained valuable advice on raising funds for business expansion in future.
