How it works
From first upload to a closed month
Eight steps, in the order they happen. Onboarding takes days rather than weeks, and the monthly rhythm settles quickly into something predictable.
What the month looks like
Every step below leaves a paper trail on the same page: a receipt, an invoice, a ruled account line, a report. Here is the material a Singapore business actually handles between day one and the accountant's file.
The operating sequence, in order
What actually happens at each step, including the parts that depend on you. The rail on the left names each line; the ruled row below it is the detail.
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01
Step one: onboarding and scoping
Onboarding starts with a short conversation, not a document request. We need your entity type, whether you are GST-registered, how many bank accounts and cards the business uses, and roughly how many transactions a month. That takes about ten minutes and it determines everything downstream.
From there we agree a chart of accounts. This is where most implementations go wrong: a default template with 140 rows nobody understands produces reports nobody reads. We build something closer to twenty or thirty categories that match how you think about your own spending.
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02
Step two: bank feed setup
Bank feeds connect your accounts to the ledger so transactions arrive automatically, typically daily. Where an institution is supported, setup is a connection flow rather than a data migration. Where a feed is not available, we work from statements, which is slower but not a blocker.
Expect to handle the authentication yourself, because it is your bank and your credentials. Beyond that, the setup work is ours. Once feeds are live, you stop exporting CSV files, which is a small change with an outsized effect on how often reconciliation actually gets done.
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Step three: data migration from your current setup
If you are moving from another bookkeeper, a spreadsheet, or a different accounting file, we bring across what matters: opening balances, outstanding receivables and payables, fixed asset registers, and any prior-year positions your accountant needs. We do not bring across a decade of resolved history just because it exists.
Migration is also where we find things. Duplicate supplier entries, payments recorded twice, a bank account that was never reconciled in eighteen months. Better to surface all of it during migration than during year-end.
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04
Step four: receipt submission
Once you are live, receipts go in by WhatsApp, email, or app upload. Staff photograph the receipt when they pay, send it, and the system matches it to the card or bank transaction. Submitted items are checked, categorised, and flagged if something does not line up.
The practical rule worth setting on day one: submit the same week. Receipts submitted the same week get matched automatically and cost almost nothing to process. Receipts submitted three months later get chased, and the receipt nobody can find is the one that turns into an adjustment.
Same week -
05
Step five: monthly reconciliation
Each month, bank feeds are reconciled against submitted documents. Most items match automatically. The remainder sits in a review queue where the exceptions are visible: a payment with no receipt, a duplicate, a transfer between your own accounts that should not be treated as income or expense.
Reconciliation is continuous rather than ceremonial, so by the time the month closes the queue is short. You review the exceptions and confirm anything ambiguous. Everything else has already been handled.
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06
Step six: GST filing preparation
GST-ready records mean tax codes are applied during categorisation, and the GST report reconciles to the ledger. Preparing the return becomes a review of numbers that already exist rather than a reconstruction exercise. IRAS is the reference point for what those records need to contain.
If you are not GST-registered, this step is dormant but the structure is already in place. When revenue crosses the threshold, you register and file from clean history rather than retrofitting two years of untagged transactions.
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07
Step seven: monthly management reports
After each close, you receive management reports: revenue against cost, cash movement, outstanding receivables, and notable category shifts. These are written for an owner or manager, not for an accountant. Plain numbers, and a note when something moves more than it should.
This is the step founders underrate at the start and rely on by month six. The statutory accounts arrive once a year and describe the past. A management report arrives twelve times a year and still has time to change a decision.
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08
Step eight: year-end close and financial statements
Year-end brings the formal outputs: profit and loss, balance sheet, supporting schedules, and the documents your accountant or tax preparer needs. Because the monthly closes were kept current, year-end is a consolidation rather than a rebuild. That distinction is the entire reason monthly discipline exists.
If you have an external accountant, they get access to the file and the statements. If you need one, we can work alongside yours rather than replacing them. The aim is a clean handoff in either direction.
The monthly management report
Delivered after each close, written for the owner rather than the accountant, and short enough to read before the next month starts.
What is inside it
- Revenue against cost
- By month and by category
- Cash movement
- In, out, and the closing balance
- Outstanding receivables
- Who owes what, and how late
- Category shifts
- A note when something moves
The reason monthly discipline exists
A management report is a working document. It answers the questions an owner asks mid-month: did we make more than we spent, is the money actually in the bank, and which customers are slow. It is built from the same ledger the bank feeds and receipts already filled in, so nobody has to reconstruct a month that has already been kept.
The statutory accounts and the financial statements arrive once a year and describe what already happened. A monthly report arrives twelve times a year and still has time to change a decision — a price, a supplier, a hire. That is why the cadence matters more than any single document.
If you already work with an accountant, the reports are written to hand over cleanly: the file, the statements, and the supporting schedules travel together. Nobody has to start again from a shoebox.
What is not in it
No forecasts nobody asked for. No dashboard charts for their own sake. A number appears only when it came off the ledger or a document that was filed, so every line on the report can be traced back to the receipt or statement behind it.
Where InvoiceNow fits into the sequence
InvoiceNow and Peppol connectivity sits across steps five and six rather than as a separate stage. Outgoing invoices are issued in structured form, incoming ones post directly to the ledger, and both land in the same reconciliation queue as everything else. Fewer manual entries means fewer exceptions to review.
Invoices typed in, emailed as PDFs, or scanned after the fact. Amounts, dates and supplier names are keyed by hand, and every entry is a chance for a mismatch that shows up later in reconciliation.
Invoices issued and received in structured form over the Peppol network. The fields arrive already separated, so an incoming invoice posts to the ledger without anyone retyping the supplier, the amount, or the date.
If you want to adopt InvoiceNow, the readiness question is mostly about volume and counterparties. Businesses sending or receiving large numbers of invoices from larger suppliers and customers see the benefit fastest.
The month closes when the last line reconciles.
Nothing here runs on ceremony. It runs because a receipt was filed the week it was paid, a feed landed the day the bank posted it, and someone on our side sat on the other end of the same page.
Steps five and six, kept current through the year, are what make year-end a consolidation rather than a rebuild.
Ask what migration involvesPick the month you want kept.
Tell us your entity type, your GST status, and how many accounts and cards the business runs on. We will tell you what migration involves before you commit to anything.
Where the sequence goes next
The platform
Working with us
Get in touch
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120 Robinson Road, #12-01
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