The Story

Delivered By :In Partnership With :

Presented ByBG (NS) Winston Toh

Senior Vice President / General ManagerST Electronics (e-Services) Pte Ltd

Scope

iServe - Key Features

Provision of Finance and Accounting Services

Quality Assurance

VCF Funding Scheme

The Integrated Shared Services for ExcellenceiServe - Key Features

Provide a comprehensive suite of finance and accounting services1

Available to Charities, IPCs and National Sports Associations under NCSS, MOH and SSC2

Charities and IPCs from other sectors are encouraged to participate3

Three-year pilot project commencing from 1 Oct 20094

Supported by VCF Funding5

iServe - Key Features

Scope

iServe - Key Features

Provision of Finance and Accounting Services

Quality Assurance

VCF Funding Scheme

website: www.iserve.sg

Shared Services Delivery Centre

Accounting Software / System

Shared Services Delivery Structure

Front Office

Mid Office

Back Office

Provision of Finance and Accounting Services

Accounts PayableAccounts Receivable

Asset Management

Journal Adjustment

Financial and Management Reports

Audit Management

Provision of Finance and Accounting Services

Provision of Finance and Accounting Services

Provision of Financeand Accounting Services

Accounts Payable

•Matching of invoices / PO / GR

•Paying within payment terms

•Posting of expenses

•Monitoring payables aging

Supplier Payment

•Reimbursing employees for official claims

•Reimbursing employee benefits claims

•Posting of expenses

Reimburse-ment

• Issuing approved cash amount to designated individuals

•Clearing advance account balances

•Posting of expenses

Cash Advance

•Monitoring petty cash float

•Topping up of petty cash

•Posting of expenses

Petty Cash

Accounts PayableAccounts Receivable

Asset Management

Journal Adjustment

Financial and Management Reports

Audit Management

Provision of Financeand Accounting Services

Provision of Financeand Accounting Services

Provision of Financeand Accounting Services

Accounts Receivable

• Creating receivable transactions via ad-hoc / recurring bills

• Monitoring outstanding bills• Sending reminders

• Managing collections: Cash / Cheque / Electronic• Generating receipts & Statement of Accounts• Posting of income• Performing bank reconciliation

• Monitoring receivables aging• Sending letter of demand• Processing write-off

Collections

Arrears Management

Billing

Accounts PayableAccounts Receivable

Asset Management

Journal Adjustment

Financial and Management Reports

Audit Management

Provision of Finance and Accounting Services

Provision of Financeand Accounting Services

Provision of Finance and Accounting Services

Asset Management• Verifying data in purchase order & invoice• Capturing asset details• Generating asset identification tag• Posting to general ledger

Acquisition

• Scheduling and initiating organisation for annual stocktake & inspection

• Maintaining Fixed Asset Register (FAR)• Provision for depreciation• Posting to general ledger

Management

• Recording changes in location of asset• Updating FARTransfer

• Updating of record• Posting of sales proceeds• Computing gain/loss from disposal• Posting to general ledger

Disposal

Accounts PayableAccounts Receivable

Asset Management

Journal Adjustment

Financial and Management Reports

Audit Management

Provision of Finance and Accounting Services

Provision of Finance and Accounting Services

Interest receivables

Provisions

Accrual

Amortisation for grants

Depreciation for

non-current assets

Ad hoc adjustments

Journal Adjustments

Provision of Financeand Accounting Services

Journal Adjustment

Accounts PayableAccounts Receivable

Asset Management

Journal Adjustment

Financial and Management Reports

Audit Management

Provision of Finance and Accounting Services

Provision of Finance and Accounting Services

Provision of Finance and Accounting Services

Financial & Management 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

• Statement of expenditure reporting for funded program /event / project

• Balance sheet schedule• Aging reports for payables and receivables• Fixed asset register

• Statement of financial position• Statement of income• Statement of cash flows• Trial balance• Budget-variance reports

Financial Reports

(Monthly)

Statutory Reports

(Annual / Quarterly)

Management Reports

(Monthly)

Accounts PayableAccounts Receivable

Asset Management

Journal Adjustment

Financial and Management Reports

Audit Management

Provision of Finance and Accounting Services

Provision of Financeand Accounting Services

• Contact point between auditors & Organisations

• Coordinates audit schedules

• Annual financial statements

• Other supporting documents

• Assist Organisations with drafting responses to auditor’s observations

• Journal Adjustments

Provision of Financeand Accounting Services

Audit Management

Audit Liaison Document Provision

Audit Response Follow Up

Scope

iServe - Key Features

Provision of Finance and Accounting Services

Quality Assurance

VCF Funding Scheme

System Checks / Sampling Checks

Maintenance of Vendor Records

Maintenance of Customer Records

Maintenance of Approving Signatories & Financial Limits

Financial Statements

Statutory Reports Management

Reports Budgetary

Reports Bank

Reconciliation Response to

audit queries

Payable transactions

Collections GL Adjustments

Billing Fixed Asset

Register

Quality Assurance

Quality Assurance

Segregation of Duties 2-key Checks Review by

Accountants

ISO certification / Check lists / Standard Operating ProceduresCompliance With Code Of Governance and other regulatory requirements

Comprehensive Quality Assurance Framework

EFFICIENCY

GOVERNANCE

Tangible Benefits

Quality Assurance

ERP Based Accounting

Software

• E-Enabled Solutions• Reliable System Platform• Effective and Efficient Processes

Processes with

Enhanced Controls

• Enhanced Accountability• Effective Checks & Internal

Controls• Streamlined & Defined

Workflows / Procedures

What We Provide

Quality Assurance

Excellence inFinancial Services

Enhanced Governance

Continuous Improvement

of Processes

Professional Administrative

Functions

Scope

iServe - Key Features

Provision of Finance and Accounting Services

Quality Assurance

VCF Funding Scheme

Aims to enhance governance and management capabilities and improve organisational efficiency of Charities

1

iServe is an approved project co-funded by VCF. The funding available is known as Shared Services Grant

2

All exempt, registered charities and/ or Institutions of a Public Character (IPCs) are eligible to apply for the Shared Services Grant

3

VWOs-Charities Capability Fund (VCF)

VCF Funding Scheme

Sign Up Period

VCF Funding Scheme

Shared Services Grant Structure

1 Oct 2009 - 30 Sept 2010

1 Oct 2010 - 30 Sept 2011

1 Oct 2011 - 30 Sept 2012

Subsidised at 75%

of Monthly Charge

Subsidised at 50%

of Monthly Charge

Subsidised at 25%

of Monthly Charge

Subsidy Percentage

Charging Model

VCF Funding Scheme

“Pay as You Use” (Transactional volume-based)

1

Monthly invoicing for full amount

2

Subsidised amount to be reimbursed from VCF

3

• Available as Optional Services• Add-on to Finance & Accounting Base Services

• VCF subsidy available

Payroll

Beyond Financial Services

VCF Funding Scheme

Procurement

Optional

Our aim is to provide a One Stop

Shared Services Centre to support Charities/IPCs/NSAs

in achieving Organisational Excellence

Our Partnership With Charities

VCF Funding Scheme

We Are Multi Functional!

Accounts ManagementAccounts Payable

Accounts ReceivableReporting & Support Services

Financial System Training

Financial Services

Delivered By ST Electronics (e-Services)

Payroll & ClaimsBenefits & Compensation

NSmen Allowances & Make-Up Pay Claims

Staff Welfare Progs & AmenitiesFamily Support & Devt Progs

Overseas Travel

HR Services

Organisational TrainingCompetency Development Training

Training / Education ConsultancyContinuing Education Programs

Language TrainingCareer Transition

Training & Education Services

Mass RegistrationMass Enrolment

Event ManagementDocument Management

Identity Doc/Passes Production

Admin Services

Delivering Positive Experience