Good afternoon, this is Tilkoblet Singapore.
According to ACRA’s 2022/2023 Annual Report, as of March 2023, there are 575,000 businesses operating in Singapore, managed by 1,210 certified public accountants and 720 public accounting firms.
https://www.acra.gov.sg/docs/default-source/default-document-library/acra-annual-report-2022-2023.pdf
Among the Commonwealth nations in East Asia, Hong Kong still holds the top position in terms of the number of registered businesses. However, Singapore is rapidly catching up, with an annual increase of 66,000 new businesses.
In Singapore, most businesses outsource their bookkeeping to specialized firms. To maintain their books, companies need to submit bank statements. Depending on the accounting firm, this can be done monthly in advance or all at once before the reporting deadline.
Popular banks in Singapore include DBS, OCBC, UOB, and Aspire.
When obtaining bank statements from these banks, there may be associated costs. Additionally, if these statements are provided to the accounting firm in formats such as PDF, they need to be manually entered into the accounting software, which can be quite troublesome.
By adopting Tilko’s DTT solution, you can eliminate these inconveniences.
As shown below, the first step is to request bank statements for a specific period from the customer.
Upon receiving the request for bank statements, the customer submits their internet banking login details through the provided DTT link. This information is encrypted and submitted directly to the respective bank’s internet banking website and is not stored anywhere.
Furthermore, since most banks in Singapore use physical or software OTPs, logging in with just the ID and password is not possible.
Once the customer submits their login information, the specific period’s transaction history is downloaded from the bank’s internet banking website and stored in DTT’s database. The stored transaction history can be accessed at any time by the customer and the responsible Corporate Service Firm. It can also be downloaded as a CSV file, which can then be easily uploaded into accounting software.
Implement DTT to effortlessly achieve workflow automation.
Thank you.
https://dtt.sg
help@tilko.sg
Tilkoblet Pte. Ltd.
9 Straits View, #05-07 Marina One West Tower, Singapore 018937
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