Frequently Asked Questions
Everything you need to know about our core accounting solutions.
What is core accounting and why is it important?
Core accounting involves systematic recording and categorising of financial transactions to produce reliable financial statements. It ensures transparency, consistency, and readiness for any review or audit.
How does CountEssence maintain accurate records and compliance?
CountEssence’s core accounting service covers capturing every financial transaction in detailed journal entries, posting these to organized ledgers, performing systematic reconciliations, and preparing trial balances. This end-to-end flow delivers reliable records, easier review of your ongoing obligations, and compliance with reporting requirements.
What is a chart of accounts?
A chart of accounts is a structured list of account names and codes used to categorize all transactions in the ledgers. It provides a consistent framework for posting entries and generating reports.
How often should reconciliations be performed?
Reconciliations are typically conducted monthly to ensure that bank statements align with internal records. Regular reviews prevent discrepancies from accumulating and support reliable reporting.
Can CountEssence customize reporting schedules?
Yes. We tailor reporting cycles to match your business rhythm, whether that’s monthly, quarterly, or on a custom timetable that fits your operational needs.
Which standards do you follow for core accounting?
We adhere to the Singapore Financial Reporting Standards (SFRS) framework, ensuring that all entries and reports comply with local requirements and best practice guidelines.
How do you handle transaction classification?
Transactions are categorized according to your chart of accounts, with clear labels for each entry type. This systematic approach ensures consistency across your ledgers.
What is the month-end closing process?
The month-end closing process involves finalizing all journal entries, reconciling balances, generating a trial balance, and producing summary reports. This process locks the period and prepares data for the next cycle.
Is data entry manual or automated?
We leverage a combination of automation tools and manual review. Automation reduces repetitive tasks, while our professional team verifies entries for accuracy.
How can I access my accounting reports?
Reports are delivered through our secure client portal at countessence.com, where you can download schedules and summary files at any time.