• Case Studies
Client Background
A Singapore-based real estate company engaged in residential and commercial property leasing sought professional accounting support to improve financial management and ensure compliance with local regulations. Their primary income is generated from rental revenue, and they required SFRS-compliant bookkeeping to streamline operations, manage costs, and strengthen reporting accuracy.
Challenges & Pain Points
1. Complex Expense Structure
The company managed multiple properties with varied operating expenses such as repairs, utilities, property tax, and agent commissions. Categorizing and tracking these costs accurately posed significant challenges.
2. Limited Financial Visibility
They lacked property-specific profit and loss insights, making it difficult to evaluate the financial performance of individual units or projects.
3. Inconsistent Recordkeeping
Manual entries and irregular updates led to inconsistencies in financial data, making year-end compliance with IRAS and ACRA stressful and prone to errors.
Solutions Delivered by Armor Consultancy
Chart of Accounts Setup (SFRS-Compliant)
A structured chart of accounts was created, aligning with Singapore Financial Reporting Standards (SFRS). This included categories for rental income, cost of sales, and general operating expenses across all managed properties.
GST Registration & Filing
The company, being GST-registered, received complete support for tracking output and input GST. Quarterly GST filings with IRAS were streamlined to reduce errors and avoid late penalties.
Detailed Expense Categorization
All operating expenses, including building maintenance, management fees, insurance, and advertising, were consistently categorized and tied to their respective property units for better tracking and analysis.
Property-Wise Profit & Loss Reporting
Customized P&L reports were implemented to evaluate gross profit, operating costs, and net margins on a per-property basis, helping the company optimize its rental portfolio.
ACRA Annual Filing & Tax Compliance
We managed the submission of Estimated Chargeable Income (ECI), Form C-S, and annual returns, ensuring accurate reporting under ACRA and IRAS regulations.
Catch-Up & Corrective Bookkeeping
Backlog entries and discrepancies in past records were resolved through retroactive clean-up, journal corrections, and reclassification to achieve full SFRS compliance.
Key Outcomes & Benefits
Clear Financial Oversight
The company gained accurate, timely insight into property-specific performance, helping them allocate resources and set pricing strategies effectively.
Controlled Operating Costs
Better expense visibility enabled the identification of cost-saving opportunities, especially in outsourced maintenance and legal service expenses.
Full Regulatory Compliance
Timely and accurate filings with IRAS and ACRA reduced compliance risks and improved the company’s audit readiness.
Data-Driven Decision-Making
The leadership team could now make informed decisions regarding new investments, lease restructuring, and budget planning.
Achievements
Gross Profit Insights
The company now clearly understands its profit margins per property and overall, guiding investment and divestment decisions more strategically.
Expense Optimization
Unnecessary spending in areas such as advertising and utilities was identified and reduced, freeing up cash flow for growth initiatives.
Faster, More Reliable Reporting
Monthly financial reports are now generated quickly and accurately, supporting operational planning and timely tax filings.
Financial Snapshot Example
Rental Income by Property
Total Income Across Portfolio
Total Cost of Sales (Repairs, Maintenance, Landlord Payments)
Gross Profit Margin
Total Operating Expenses (Utilities, Staff Salaries, Legal Fees, Insurance)
Net Profit (Before and After Tax)
GST Filing Summary (Input/Output)
Conclusion
With Armor Consultancy’s support, this Singapore-based real estate company transitioned from fragmented financial practices to a fully compliant, efficient, and insight-driven accounting process. The improvements in reporting, compliance, and cost control have significantly enhanced their operational confidence and decision-making capacity.
Client Background
A Singapore-based hardware company specializing in the distribution and servicing of commercial and industrial hardware components required professional financial support to streamline operations. The company was facing challenges with manual accounting, inaccurate reporting, and compliance with Singapore Financial Reporting Standards (SFRS), IRAS, and GST/VAT filing regulations.
Challenges & Pain Points
1. Inefficient Financial Processes
The company relied on disorganized manual accounting systems, which caused delays in invoicing, reconciliation, and reporting. This lack of structure hampered day-to-day financial operations.
2. Compliance Risks
Maintaining SFRS-compliant records and managing GST filings proved difficult, increasing the risk of non-compliance with IRAS regulations and potential legal issues.
3. Inaccurate and Delayed Financial Reporting
The absence of structured reporting tools meant management had limited visibility into profitability, which hindered effective planning and strategic decision-making.
4. Cash Flow Challenges
Weak control over accounts payable and receivable led to delayed collections and supplier payments, resulting in cash flow bottlenecks and strained relationships with stakeholders.
Solutions Delivered
A certified bookkeeper with over 10 years of experience in QuickBooks Online, Xero, and Wave Accounting provided the following solutions tailored to meet Singapore’s accounting and tax compliance standards:
1. Customized Chart of Accounts
A company-specific chart of accounts was developed to align with hardware industry standards, categorizing income streams, COGS, operating expenses, and tax-related entries for better clarity.
2. Bank Reconciliation & Monthly Financial Reporting
Reconciliations were conducted monthly to ensure all financial records aligned with real-time bank transactions, minimizing discrepancies and enhancing reporting reliability.
3. GST (VAT) Compliance & Filing
All GST-related transactions were reviewed and categorized correctly. Accurate quarterly GST reports were generated and filed with IRAS, ensuring full regulatory compliance and avoiding penalties.
4. Invoicing & Payroll Automation
The company transitioned to an automated invoicing and payroll system, reducing human error and enabling timely salary disbursements and client billing.
5. Accounts Payable & Receivable Optimization
Streamlined tracking of payables and receivables led to improved collection cycles, reduced overdue payments, and enhanced vendor and customer satisfaction.
6. GAAP & SFRS-Compliant Bookkeeping
All bookkeeping activities were aligned with Singapore’s GAAP and SFRS standards, reinforcing audit readiness and long-term financial transparency.
Achievements
Reduced Invoice Processing Time by 30% through automation.
Achieved 100% Compliance with IRAS regulations for GST and financial filings.
Improved Cash Flow by 20% through better receivables and payables management.
Eliminated Reporting Errors, resulting in more dependable data for decision-making.
Financial Reporting Snapshot (March–May 2024)
Total Current Assets
Bank Balances
Standard Chartered
Ping An Bank
Total Assets
Total Liabilities: SGD 0 reported (no outstanding liabilities during the period)
Equity Structure: Retained earnings were the primary equity source, contributing to ongoing business sustainability.
The Profit & Loss Reports demonstrated improved financial efficiency, especially after implementing automated systems for accounts management and payroll.
Results & Benefits
1. Enhanced Operational Efficiency
Financial operations became faster and more accurate, allowing the business to focus more on sales and operations rather than manual bookkeeping.
2. Improved Cash Flow Management
Streamlined payables and receivables processes reduced delays and provided the company with healthier liquidity.
3. Full IRAS & ACRA Compliance
The implementation of compliant systems ensured accurate filing of ECI, Form C-S/C, and GST returns, reducing the risk of audits or legal penalties.
4. Accurate & Timely Monthly Reports
Management now receives dependable monthly reports, empowering better budgeting and performance tracking.
5. Time Savings & Reduced Manual Errors
Automated workflows in invoicing, bank reconciliation, and payroll significantly reduced human error and saved administrative time.
Conclusion
Through these targeted improvements, the Singapore-based hardware company successfully transformed its accounting and compliance framework. It now enjoys accurate financial insights, improved cash flow, and full regulatory compliance, enabling confident, data-driven decisions for future growth.
Client Background
A Singapore-based interior design company specializing in bespoke residential and commercial design services sought expert financial assistance to bring order to its disorganized accounting processes. The company was grappling with inaccurate financial records, poor cash flow management, and non-compliance risks related to Singapore Financial Reporting Standards (SFRS), IRAS regulations, and GST filing requirements.
Challenges & Pain Points
1. Inefficient Financial Processes
The company operated with fragmented manual accounting practices, leading to frequent delays in billing clients, reconciling payments, and producing monthly reports. These inefficiencies affected business operations and client satisfaction.
2. Tax & Filing Compliance Risks
The team struggled to maintain accurate, SFRS-compliant records and timely GST filings. This posed risks of penalties from IRAS due to inaccurate returns and filing delays.
3. Inaccurate and Delayed Financial Reporting
Without a structured reporting system, the company lacked visibility into project profitability and overhead costs. This hampered their ability to plan, budget, and manage cash flow effectively.
4. Cash Flow Bottlenecks
Unstructured accounts receivable and payable processes led to delayed payments from clients and to suppliers, resulting in strained cash reserves and operational stress.
Solutions Delivered
A certified bookkeeper with over 10 years of experience in QuickBooks Online, Xero, and Wave Accounting delivered end-to-end financial solutions designed for service-oriented companies like interior design firms, while ensuring full compliance with Singapore tax regulations and filing standards:
1. Customized Chart of Accounts
A tailored chart of accounts was developed based on the company’s service model, enabling clear tracking of project revenues, design expenses, labor costs, and overheads.
2. Bank Reconciliation & Monthly Reporting
Accurate monthly bank reconciliations were implemented to ensure consistency between bank records and the accounting system, minimizing financial discrepancies.
3. GST Compliance & IRAS Filing
All transactions were reviewed for GST applicability. Quarterly GST reports were accurately prepared and filed with IRAS, eliminating previous compliance concerns and aligning with Singapore’s tax code.
4. Invoicing & Payroll Automation
Automated invoicing ensured that client billing aligned with project milestones, while payroll processing was digitized to improve accuracy and ensure timely salary disbursements.
5. Accounts Receivable & Payable Optimization
The company’s AR/AP workflows were streamlined to reduce overdue invoices, expedite vendor payments, and stabilize cash flow.
6. GAAP & SFRS-Compliant Bookkeeping
All bookkeeping practices were updated to comply with Singapore’s GAAP and SFRS standards, preparing the business for potential audits and annual reporting.
Achievements
Reduced invoice processing time by 30% through automation
Achieved 100% compliance with IRAS tax and filing obligations
Improved cash flow by 20% by refining receivables and payables
Eliminated errors in financial reporting, resulting in actionable insights for management
Results & Benefits
1. Streamlined Financial Operations
The company significantly improved the efficiency and speed of financial tasks, freeing up resources to focus on client engagement and creative development.
2. Stronger Cash Flow Control
Faster collections and better payment planning led to healthier cash flow and improved relationships with both clients and vendors.
3. Full IRAS & ACRA Compliance
The business achieved full compliance with IRAS filing (GST, ECI, and Form C-S/C) and ACRA reporting standards, reducing the risk of audits or penalties.
4. Accurate & Timely Financial Reports
Monthly financial statements became reliable and punctual, allowing the company’s leadership to assess project performance and make strategic decisions.
5. Administrative Time Savings
Automation reduced reliance on manual bookkeeping, cut down errors, and saved valuable administrative hours.
Conclusion
By implementing a structured, compliant financial system, the Singapore-based interior design company gained full control over its accounting processes. With accurate reporting, strong cash flow, and complete compliance with Singapore tax and filing regulations, the company is now well-positioned for sustainable growth and strategic expansion.
Client Overview
Client: Singapore-Based Salon Company
Industry: Personal Care & Salon Services
Business Size: Medium Enterprise
Services Provided by Armor Consultancy: Bookkeeping, Payroll, Tax Compliance, Financial Reporting
Challenges & Pain Points
Manual Bookkeeping Practices
The salon relied on outdated, manual accounting methods, resulting in frequent errors, delayed entries, and unreliable records.
Lack of Financial Visibility
Due to poor record-keeping and the absence of structured reports, management struggled to get a clear picture of the company’s financial health, affecting budgeting and strategic planning.
Time-Consuming Administrative Tasks
Labor-intensive payroll and invoicing processes consumed significant staff time, reducing focus on client service and business growth.
Compliance & Tax Filing Risks
The company faced difficulties complying with Singapore Financial Reporting Standards (SFRS) and ensuring timely, accurate GST submissions, payroll filings, and IRAS reporting, risking non-compliance penalties.
Tailored Solutions by Armor Consultancy
GAAP & SFRS-Compliant Bookkeeping
A structured bookkeeping system was implemented in line with Singapore GAAP and SFRS to ensure transparency and audit readiness.
Automated Invoicing & Reconciliation
Digital tools were introduced to automate invoicing and monthly bank reconciliation, reducing human error and saving time.
GST & Tax Filing Compliance
GST transactions were properly tracked and quarterly GST reports were filed on time with IRAS, ensuring full regulatory compliance.
Streamlined Payroll Processing
An automated payroll system was deployed to manage salaries, CPF contributions, and IR8A submissions in line with Singapore employment law.
Monthly Financial Reporting
Regular reports, including profit & loss statements and balance sheets, were delivered to help management monitor performance and plan ahead.
Real-Time Discrepancy Detection
The system enabled early identification of inconsistencies and ensured timely corrections to maintain data accuracy.
Results & Benefits
Financial Efficiency
Automated processes reduced manual workload and operating costs.
Enhanced Reporting Accuracy
Reliable reports supported strategic decisions and investor confidence.
Improved Financial Visibility
Clear insights into cash flow and profitability allowed for better financial planning.
Full IRAS & ACRA Compliance
All GST, ECI, Form C-S/C, and payroll filings were completed accurately and submitted on time.
Stronger Financial Health
The company saw improved net income, cash flow stability, and readiness for future expansion.
Conclusion
By partnering with Armor Consultancy, the Singapore-based salon business transformed its financial operations. The company now operates with confidence, backed by accurate reporting, automated workflows, and full compliance with Singapore’s tax and filing standards. This strong foundation positions the salon for scalable, long-term growth.