Why statement of accounts is important for SP and from vendor
As we also provide out-sourced bookkeeping services to managing agent, we had recently, took over a set of mcst accounts from an out-going managing agent.
Our advice to all council members is that to make the out-going managing agent to request from all vendors a statement of accounts as at the last day of the date of service.
We had a rude shock when a vendor came chasing for their payment with their statement of account for an invoice that was issued five months ago.
During the 5 months gap, the earlier managing agent was replaced by a second managing agent for 3 months and we were the 3rd managing agent within one financial period.
The invoice escaped from the earlier 2 managing agents, and we ended up picking up the pieces of what was left behind, to verify the work done and proof of delivery etc.
We also questioned the vendor why statement of accounts was not sent monthly to the MCST to remind them of the amount owing?
All MCST must have a good system in place to make all reported figures verifiable and reliable.
We request our vendors to submit their invoice online on our platform so that it will flow to the respective mcst accounting system without a miss.
As for SP, sending statement of accounts on a monthly basis clarify the amount outstanding, regardless of amount is zero or negative balances.
We give both parties to correct any errors or omissions from the statement of accounts.
We would like to hear from you your comments or share your views of the above discussion.
We can also support your finance team to ensure that your MCST financial reports and schedules are in good order, on a retainer basis
Contact us for more information via our sales WhatsApp +65 8148 8824 for more information.
Writer : Choo Hong Peng,
Chartered Accountant, Singapore
Email : sales@realtimme.net
20/11/2024
