BoardRoom + Xero | Making your life easier

BoardRoom + Xero | Making your life easier

How cloud accounting with Xero and BoardRoom is about to make your life easier

The benefits of cloud accounting platform, Xero, are well recognised. Implementing Xero will save your company time, money and effort. It improves your team’s productivity and can even help your company to get paid faster.

However, for most companies, these benefits may take time to achieve. Setting up Xero correctly and migrating your existing financial data into it can be difficult, especially for companies with complex structures. Plus, to truly realise the full benefits of Xero, it’s important to optimise your Xero file to its fullest potential.

It doesn’t have to be hard though. With a partner, such as BoardRoom, your journey with Xero can be a simple and rewarding experience that delivers the power of Xero to your company faster.

Cloud accounting vs traditional accounting

Cloud accounting uses online software and stores the data from your accounts in the cloud. ‘The Cloud’ is a network of remote servers storing vast amounts of data. In contrast, traditional software is installed locally on your computer with data stored on a hard drive or a server on-site.

Traditional accounting has the benefits of not requiring an internet connection and lets you retain individual company control of your security levels and access – providing you continually update everything. However, the advantages of cloud accounting far outweigh these benefits.

Cloud accounting makes it easier for your team to access and collaborate while reducing hardware costs and software expenses. It also offers your company a real-time snapshot of business performance while providing data security and protection. But, maybe most importantly, cloud accounting helps you save time and improve accuracy, which assists your company run more efficiently. This is why many companies use cloud accounting, like Xero.

Xero implementation can be simple with the right partner

Switching to any new accounting system involves effort commensurate with the nature, size and complexity of your company. Unless you have a team who are confident in navigating the set-up and implementation of a new accounting system such as Xero, you run the risk of misplacing data or accidentally limiting essential user access. Additionally, and perhaps most importantly, there may be negative regulatory or financial consequences if these errors occur.

Working with a XeroTM Gold Champion Partner, such as our team here at BoardRoom, will ensure your Xero implementation is seamless. We’re experienced in transferring your company’s data from your existing accounting system to Xero. We also know how to correctly set it up based on your company structure. Additionally, this process doesn’t require hours of input from yourself and your team. We request the data from you, and then work in the background to perfect your Xero file setup. This means your team can continue with business as usual.

In addition, BoardRoom offers training and support services to facilitate the change management process for your team. We work hard to help your team learn how to take advantage of all the features Xero has to offer so they can use Xero more efficiently. And if they do have any questions, they can contact BoardRoom’s Xero support services via phone, email or video conference call.

Risks during Xero set-up and migration for complex company structures

Companies with complex structures are most at risk of errors, issues and potentially expensive faults when moving to Xero. Strategic planning is often needed to ensure your company structure is reflected correctly in Xero and that it meets any regulatory reporting requirements.

Attempting a migration of existing data without an implementation partner can be treacherous. Having the support of a partner, such as our team, means you’ll have experts responsible for ensuring a seamless and certified implementation.

accounting software for small business

Our Xero data migration services ensure a complete data migration, comparative balances migration and porting over of last closing balances. Additionally, our online training modules will guide your team through purchase, sales, bank and reconciliation, inventory, reports and other advanced features.

Customising and optimising Xero to suit your company

In addition to ensuring your Xero file is set up correctly, and existing financial data migrated seamlessly, working with a partner like BoardRoom will ensure your company gets the most out of Xero. We’ll identify the apps and integrations, from the thousands available, which best suit your company’s needs and provide training to ensure a smooth transition for your team.

We also customise your chart of accounts or report templates, incorporate your logo into financial documents, or set-up tracking categories and contacts – plus more.

Remove geographical limitations through BoardRoom’s expertise

When you partner with BoardRoom, you’re not working with a regular accountancy firm. As professional services experts, we operate across multiple jurisdictions and offer a wealth of knowledge on all aspects of company administration. This means that no matter where your offices are located, whether Singapore, Hong Kong, Malaysia, China or Australia, we can assist you seamlessly integrate all of your accounts functions through your Xero.

xero implementation partners

In addition to Xero set-up and migration, we also provide incorporation, share registry, company secretarial, payroll, plus many other administrative services. Therefore, by partnering with BoardRoom, your company gains access to our wide range of skills and expertise to assist your administration and accounts teams operate more efficiently.

Save time, money and stress with Xero and BoardRoom

Minimise the risk when migrating your accounting data and ensure your team can easily operate your new Xero system from day one.

Consultations are available for full scale migration, set-up or integration of systems – such as payroll or point of sale. Regardless of the accounting system you are switching from or how complex your company structures are, our team of experts are available to provide support throughout each step of the process.

Partnering with BoardRoom to implement Xero for your company will save you time, money and stress.

Find out more today.

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5 Reasons Why Your Business Needs Accounting Services

5 Reasons Why Your Business Needs Accounting Services

Accounting is one of the essential functions your business requires for robust financial management. However, many business owners still opt to handle their accounts in-house. This not only takes up their valuable time but also heightens the risk of compliance issues that could cost their business in the long run. 30% of Singapore start-ups fail within the first three years, and poor financial management is one of the principal causes.

A professional accountant goes beyond just bookkeeping. They help facilitate the financial operations and planning of your company, allowing for better management and cash flow.

While looking to outsource your accounting in Singapore, ensure that your accounting company has a team of Certified Chartered Accountants, experienced in serving businesses of your niche and size, and can provide a dedicated account manager to service your account.

In this article, we will take you through the top 5 reasons why you require accounting services (and why it is best to outsource it!).

Reason 1 – Enjoy Cost & Time Savings

Hiring an experienced full-time accountant could set you back not only thousands of dollars a month but also substantial training time and costs to get them up to speed.

You can eliminate these concerns by engaging a professional accounting firm. By paying a monthly service fee, you gain access to the expertise of a team of accountants proficient in various areas of accounting, be it tax management or bookkeeping. This allows you to save hiring costs as well as recruitment training time. Moreover, you will be able to avoid costly errors or employee turnover.

Reason 2 - Fosters Better Business Growth

When your accounting is done right, you will have a clearer picture of your company’s financial health. This allows you to make informed decisions to support your business growth. You will also gain greater insight into the feasibility of critical decisions. These include deciding if the time could be ripe for the opening of another local or overseas branch or maybe to hire a new employee.

A credible accounting firm helps you understand your receivables and collections and paints a clear picture of your company’s cash flow and business seasonality. When you engage a regional accounting firm, you gain access to their advisory services and market analysts.

Through sound accounting practices, you can begin to understand your company’s performance and start to make strategically sound decisions, setting your business up for success.

Reason 3 – Staying Compliant with Statutory Requirements & Regulations

Running a business itself is time-consuming and costly. The last thing you want to happen is to run afoul with the Singapore tax authority (IRAS) and be hit by a potential audit or even worse, suffer financial penalties.

As your company grows, organising the paperwork for tax reporting becomes increasingly complex and tedious as it encompasses many things including payroll and Profit & Loss Statement.

A professional accounting firm is well-versed in tax laws and procedures, helping you avoid potential pitfalls. They can quickly spot any irregularities and ensure your accounting records are faultless, allowing you to stay compliant and enjoy peace of mind.

Reason 4 - Maximise Your Savings & Deductions

While staying compliant is of critical importance, outsourcing to a professional accounting service in Singapore allows you to enjoy tax breaks and exemptions that you might have been unaware of.

To claim these tax rebates and business expense deductions, you must meet a set of qualifying conditions. Many nuances are involved in obtaining these deductions successfully and legally.

Moreover, if you conduct business overseas, there are numerous tax treaties that you may be unfamiliar with. This could lead to double taxation, causing you to pay more taxes than you need to.

A professional accounting firm can advise you on all the tax benefits you are entitled to along with helping you obtain them so that you minimise costs and keep profits high.

Reason 5 - Establish an Organised & Automated Accounting Flow

As we move towards a technological age, it is important that your accounting records are stored in a digital format so that they are well organised and easily retrieved for reference or financial analysis.

A professional accounting service can set up a secure platform with advanced software for your company. Other aspects such as payroll and claims submission can also be integrated into the platform so that the company’s confidential information and records are kept electronically in a secure location.

They can also create digital analytical reports which help you identify the most profitable areas of your business to drive growth.

Looking For A Trusted Accounting Firm In Singapore?

At BoardRoom, we are a regional accounting firm in Singapore and are experts in helping companies, from corporations to fast-growing SMEs, allowing them to focus on what matters – growing their business.

From handling tax accounting to managing statutory compliance reporting for companies across Asia-Pacific, we help companies with our full suite of accounting services, allowing them to stay compliant, maximise their tax benefits and stay organised for better decision making.

Contact us today and empower your organisation with greater freedom through our accounting solutions.

Or you can also learn more about our accounting solutions here.

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5 Accounting Services Your Business Needs In Singapore (And Why)

5 Accounting Services Your Business Needs In Singapore (And Why)

The accounting/finance function forms the backbone of any firm, SME or MNC. However, there are so many types of accounting services to be aware of that it is worthwhile engaging an accounting professional. They are trained, organised, accurate and competent, giving you more time to focus on your business and reach greater heights.

If you are looking to outsource your accounting, there are 5 essential services the firm will need to deliver. To make life easy we have detailed the description of each and why they are important below.

1. Bookkeeping

Bookkeepers in an accounting firm can help you to keep a record of general ledger reports, trial balances, profit and loss statements, balance sheets and schedules.

Bookkeeping also involves bank reconciliations, which compares your accounting data to what the bank has recorded, helping to identify any discrepancies in your records or possible transaction errors.

An accounting firm doing your bookkeeping also ensures that all relevant documents and information (financial statements, tax computation and supporting schedules, comprehensive profit and loss statements) are kept for easy reference. This helps to speed up the retrieval of documents for statutory reporting and filing of taxes.

With thorough and updated bookkeeping, you can swiftly identify problems related to revenue and cash flow early, helping to avoid any adverse impacts on your business if otherwise left unchecked.

2. Statutory & Governmental Compliance Reporting

As your business grows, there will be a myriad of legal obligations your company has to comply with. These obligations include the notification of changes of share capital if new shareholders or directors are added or removed, as well as the meeting of tax and accounting requirements that could change depending on your business model and activities.

Another key obligation is the filing of year-end financial statements and board resolutions that are needed by Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

A credible accounting firm assists you in the understanding of convoluted statutory requirements and ensures that you comply with the laws.

The last thing you want is an audit by IRAS digging through your past records, wasting even more of your resources and time or worse – issuing a hefty fine to your company for non-compliance and/or errors!

3. Tax Accounting & Planning

While paying taxes is part and parcel of running a business, it is unnecessary to pay beyond what is needed. In fact, you might be able to save on quite a bit of taxes, if you only know what look out for!

A good accounting firm not only provides tax accounting services but also helps you develop a long-term strategy to achieve significant tax savings over time.

Effective tax planning strategies help to lower the amount of taxable income, allowing for greater control over when taxes are paid while maximising tax relief.

An accounting firm can also evaluate the tax consequences of cross-border transactions to improve your firm’s tax position. For example, if your business is spread across different countries, taxes on business operations and/or transactions could be difficult depending on the jurisdictions and availability of tax treaties.

4. Payroll Processing & Cash Management

With a multitude of regulations to be met coupled with a growing number of employees, payroll becomes increasingly complex as your company grows.

Ensuring your employees get paid is one aspect that cannot be overlooked.

In addition to computing gross to net salary and CPF as well as the management of your payroll, accountants can help to prepare your year-end IR8A (employee earnings reporting) forms for filing with IRAS.

Vendor payment taking up a significant portion of your time?

Many accounting firms today also help you with the payment of vendor invoices and employee expense claims via cheques, online banking, electronic transfers, telegraphic transfers or other forms of payment.

5. Management Accounting

Accounting doesn’t just keep you compliant with regulations, it is also a component of good business management that can help your company to grow.

A regional accounting firm has management accountants that can conduct a business analysis of past and present accounting data, as well as help analyse different sales channels, products, services, marketing activities and business models.

Management accountants will analyse the basic data and make forecasts, budgets, performance measurements and plans, then present them to senior management to assist in its operational decision making. A management accountant may also identify trends and opportunities for improvement, improvement, analyse and manage risk, arrange the funding and financing of operations and monitor and enforce compliance.

By staying up to date with industry trends, management accounting can provide and advise on long-term strategies that enable you to surpass your competitors and achieve your business objectives.

Looking For A Trusted Accounting Firm In Singapore?

At Boardroom, we are experts in accounting, helping companies from corporations to fast-growing SMEs, with their accounting outsourcing, allowing them to focus on what matters – growing their business and getting more clients.

From handling tax accounting to managing statutory compliance reporting for companies across Asia-Pacific, we help companies with our full suite of accounting services, allowing them to remain compliant, maximise their tax benefits and stay organised in their bookkeeping.

Contact us today and empower your organisation with greater freedom through our accounting solutions.

Or you can also learn more about our accounting solutions here.

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Fine-tuning the Quarterly Reporting regime to save on compliance cost? But who’s counting? (5 February 2018)

Fine-tuning the Quarterly Reporting regime to save on compliance cost? But who’s counting? (5 February 2018)

quarterly-report-imageIn the long-awaited outcome for SGX to reveal its plans for the Quarterly Reporting (QR) framework in Singapore, a Consultation Paper has been issued by the Exchange – worded in a way that seems to leave the decision-making in the hands of the investing public and corporate stakeholders. Some sectors may be comforted that the Consultation has taken into consideration certain options and alternatives which indicate a fine-tuning of the current QR framework, rather than an outright razing of the practice. Perhaps this is in response to the loud detractors of the QR since its inception.


quarterly-report-imageUnless you’re an ice-cream seller, it is near-impossible to please everyone. And I don’t think that SGX is going to find much luck in respect of this Consultation Paper. Some listed companies which hoped to be spared from what they claim to be a burdensome QR regime, citing unnecessary costs of compliance and reporting, will probably continue to gripe about retaining this practice. SGX has also been under pressure with the opinion that the QR regime makes Singapore unattractive to new IPOs. But is this true? Some Singapore companies which have attempted a dual-listing in an Exchange not-far-north have gone through much tighter listing-regulatory regimes and there doesn’t seem to be a lack of other companies trying the same.

One of the suggestions by SGX is to raise the market-cap criterion of listed companies that have to issue Quarterly Financial Statements from S$75 million to S$150 million. This criterion has been perceived as arbitrary and led to the view that this shifts the game towards institutional investors, where the reduction of transparency will further negate interest from retail shareholders and investors.

Although the raised-threshold addresses the reporting burden on smaller companies which may not have the resources for it, these same companies are also more likely to be family-run and do not fare as strongly for investor relations. Some analysts have noted that the Annual Reports of the smaller companies generally lack meaningful disclosure and therefore removing QR for such companies would further negate interest from investors.

Moreover, a “bright-line” criterion based on a market-cap quantum will bring further complications to companies with volatile share prices swinging between a bull and bear market. What if a company’s market-cap were to cross over and under S$150 million between quarters? And what of comparative-period financial information if a company was suddenly hurled above the threshold? Conversely, some minority investors hold the view that more regular information-flow is much needed during a bear-market and the market-cap is shrinking!


Some capital market stakeholders have argued against a blanket-exemption, and for a risked-based approach. It has been suggested that listed companies with poor compliance records, qualified audit opinions, included on the SGX Watchlist etc, should not be exempted. Another suggestion in the SGX Consultation Paper allows minority shareholders to vote every 3 years on whether a Company can opt out of QR. This acknowledges that minority shareholders know best on whether frequent disclosure is important to their investment decisions.

Another critical question to be addressed – is this really about compliance cost? Quarterly financial reports are not required to be audited nor reviewed, and these are often already regularly provided by the Company’s in-house finance team. Most companies will probably have financial systems set up to monitor sales, expenses and receivables on a monthly-basis!

There are also other ongoing Consultation Papers issued by the SGX which indicate a more rigorous compliance regime – especially pertinent is the proposed Listing Rule changes consequential to Code of Corporate Governance review.

Here is my Personal Wish List resulting from this review –


  • The frequency of reporting should not reduce from a quarterly-basis. But the extent of the disclosure should be amended to encourage more transparent information in a simple format.
  • GX RegCo should consider calibrating its approach to queries raised towards the listed companies on their disclosures. Very often, management of listed companies cite SGX-queries as a significant load on their reporting burden.
  • Should the frequency of reporting be reduced (say to half-yearly), the Board and Audit/Risk Committees of listed companies must continue to meet on at least a quarterly basis so as to ensure that business and risk developments are escalated and discussed. Critical developments could then be identified for Continuous Disclosure.

What I really hope to see – is for the QR framework to be enhanced in alignment with Corporate Governance and Continuous Disclosure, so that we address the most critical issues of information asymmetry and market efficiency.

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Ang Lea Lea

Senior Tax Advisor


Chester Leong

Regional Managing Director, BoardRoom Business Solutions

More “Small Companies” will be exempt from audit requirements

More “Small Companies” will be exempt from audit requirements

Related Business Insights


Ang Lea Lea

Senior Tax Advisor


Chester Leong

Regional Managing Director, BoardRoom Business Solutions