Monthly closing and review

Accounting Services

At Tianlong Services, we believe that every business has a number of differences or accounts that need to be reconciled, and overlooking them may slowly become a burden, meaning, redoing prior transactions can be challenging in the end. We ensure that our recurrent accounting processes will help you detect errors and allow you to take prompt actions to correct any emerging issues.

Monthly management report

In any business, monthly financial statements stand out as the most vital strategic tools for monitoring whether you controlled and coordinated activities well throughout the month. Accurate and timely statements provide key data to support fiscal monitoring and decision making, prevent costly mistakes, and prepare you for tax time.

As such, one of the central processes for any business in Singapore is the monthly accounting close and review stage. Ata the end of every month, it is important to review your financial books to ensure everything has been accounted for properly. If some specific process were not strictly followed as desired, the consequences can be very painful in the long run.

What Do We Prepare for the Monthly Closing and Review?

Bank reconciliations

We carry out weekly bank reconciliations to make sure that the cash balance in your books matches the cash balance in your bank accounts.

With respect to our experience, most of the differences usually arise from outstanding checks or deposits that are yet to clear.

Furthermore, the transactions frequency may vary with the volume of your cash transactions. Conduction weekly reconciliations has been the best way to help our clients remain accurate.

Financial Statements

While Tianlong Services produces financial statements on demand, your company will still need to review them in order to ensure that all the accounts are reconciled.

As soon as we have reviews your financial statements, we usually carry out a comparison analysis of the current financial period with the prior period with the intention of finding any unprecedented changes and understand the numbers comprehensively.

Tax schedules

When it comes to filing tax reports to IRAS, we prepare tax reports and our accounting department reviews them to ensure that no errors are made.

Furthermore, we go into the system of the tax authority to ensure that your company has no alerts, for example, if IRAS didn’t record a certain document as received. The idea is to catch anything before another more serious problem arises.


Our business improvement experts can help your business to establish budgets for each department at the beginning of the month/year with projections on the expenditures on various operations.

At the end of every month, we also engage each department manager to review all the expenses that were charged to each department in order to crosscheck that all the transactions were properly recorded. Any variances should be monitored and explained to ensure that your costs don’t gradually increase without cause.

Financial Analysis Reports

Finally, we delve into your company’s financial health by creating a report that examines your exposure to loans, the cost involved as well as the current cash flow, among others. In addition, we analyse the ongoing trends and future obligations that your company must consider.


Successful monthly closing and review reports are critical to developing financial statements as well as other data to support the reporting needs of your management. In a nutshell, we carry out the process in the following eight steps:

  • Record daily operational financial transactions
  • Reconcile accounting system modules and subsidiary ledgers
  • Record monthly journal entries
  • Reconcile balance sheet accounts
  • Review revenue and expense accounts
  • Prepare financial statements
  • Management review of each department
  • Close accounting systems for the month

How Can We Help?

We can help you sort through accounting software systems, and review your monthly work flow to help you produce reports that can be used to obtain a complete picture of your organization’s financial status.





No Obligation

Request a free trial

You will get a month’s worth of bookkeeping. Whether or not you continue with us, your reports for the month are yours to keep.