Scope of Services
iServe is committed to provide high quality financial services to our customers. The financial services will be delivered by competent staff with the necessary knowledge and skills. The delivery will also be supervised and managed by accountants and executives with relevant financial or accounting training and experience.
iServe financial services cover the following:
Brief descriptions of the key processes of each service cluster are presented in the following:
Accounts Payable
Accounts Payable (AP) manages payments to suppliers to support the diverse and time-sensitive operations of the Organisations. This includes payments related to operations and capability development, with suppliers located both locally and overseas.
Accounts Payable commonly comprises the following key processes:
Supplier Payment |
Reimbursement |
Matching of Invoices, Purchase Orders with Goods Receipts
Paying suppliers promptly within payment terms
Posting of Expenses
Monitoring Payables Aging |
Reimbursing employees who have made payments on behalf of the Organisation
Reimbursing Employee Benefits claims
Posting of Expenses |
Cash Advance |
Petty Cash |
Issuance of approved cash amounts to designated individuals
Posting of Expense
Clearing of Advance Account |
Monitoring petty cash float
Topping up
Posting of Expenses |
Regardless of the type of payable transactions, iServe shall ensure timely payments and accurate accounting.
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Accounts Receivable
Accounts Receivable (AR) refers to transactions dealing with all receivables and income owing to the Organisations.
Accounts Receivable commonly consists of the following main processes:
Billing |
Collection |
Creating timely the receivable transactions via Ad-hoc / Recurring Bills
Monitoring outstanding bills
Generating and sending Reminders |
Managing collection channels: Cash / Cheque / Electronic
Generating Receipts & Statement of Accounts
Posting of Income
Bank Reconciliation |
Arrears Management |
Monitoring Receivables Aging
Sending Letter of Demand
Processing Write-Off |
These processes support the Organisations in the prompt creation of income transactions, timely recognition of income and ensure all aged receivables are monitored for recovery. Efficient management of these processes would result in better budget forecast and expenditure management, effectively supporting the Organisation’s activities that benefit their targeted communities and beneficiaries.
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Assets Management
The Statement of Financial Position provides a snapshot of the Organisations’ assets and shows the amount of resources available for the Organisations’ use. In this section, assets refer to those assets and properties which cannot easily be converted into cash, as compared with cash or cash equivalents which are liquid assets.
The Assets Management process primarily comprises the four distinct lifecycle phases:
Acquisition (including donated assets) |
Management |
Verifying the data in the purchase order & invoice
Capturing details of asset
Generating Asset Identification Tag
Posting to General Ledger |
Scheduling and initiating annual stock-take & inspection (by the Organisation)
Maintaining FAR
Provision for Depreciation
Posting to General Ledger |
Transfer |
Disposal |
Recording changes in the location of the asset
Updating FAR |
Updating of record
Posting of sale proceeds
Computing gain/loss from disposal
Posting to General Ledger |
iServe shall maintain effective and robust processes, supporting the Organisations’ compliance of the financial standards required for asset reporting.
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Journal Adjustment
A journal adjustment is a transaction posted in the General Ledger (G/L). Unlike typical transactional posting in AP and AR, journal entries are made directly to the G/L. Although journal entries should not be used frequently, they fulfil an important need to maintain accurate financial reporting.
Journal adjustments are typically used for transfers, or other approved purposes. Journal adjustments directly change the account balances in the G/L by recording unique items or recurring items such as Depreciation or Accruals, Provisions which are all non cash items.
These journal entries are generally classified as follows:
Depreciation for Non current Asset |
Accruals & Provisions |
Interest receivable |
Amortisation for grants |
| Ad hoc journal adjustments |
iServe shall post these journal adjustments timely and accurately.
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Financial & Management Reports
Organisations have both internal and external reporting requirements. For external reports, these are mandated by law, usually governed by regulatory bodies and/or a set of Financial Reporting Standards. For internal reports, they are generally used to facilitate management decision making and do not need to comply with any financial standard nor regulation.
iServe shall configure the accounting system to capture all the required financial data and codification upfront when transactional postings are made at the respective tracks in AR, AP and Journal Entry.
The reports provided by iServe include the following:
Financial Reports |
Management Reports |
Statement of Financial Position
Statement of Income
Statement of Cash Flows
Trial Balance |
Statement of Expenditure Reporting for Funded Program / Event / Project
Monthly Balance Sheet Schedule
Monthly Aging Reports for Payables and Receivables
Monthly Asset Register |
Statutory Reports |
IPC Return of Tax-Deductible Donations
Return of Tax-Deductible Receipts Issued for the Period (General Return)
Return of Tax-Deductible Receipts Issued for the Period (Building/Specific Return)
Quarterly GST Submission |
Based on the reporting schedule or upon request from the Organisations, iServe shall extract the data, verify, analyse, prepare and submit the reports.
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Audit Management
Audit Management refers to assistance provided to Organisations in responding effectively to auditors and other external reporting agencies. This includes provision of advice and assistance on the audit process, assistance to Organisations in reviewing and responding to draft audit findings, recommendations, and draft reports.
The audit management services provided by iServe comprise:
Audit Liaison |
Document Provision |
| Audit Response |
iServe shall be the point of contact for the overall audit process including preparing and routing management's response to the auditors.
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