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Industry: Not-for-Profit
Firmwide Headcount: 1-49 Employees
Singapore Headcount: 100-249 Employees
Service Engaged: Outsourced Accounting
Table of Contents
Overview
iC2 PrepHouse is a not-for-profit organisation established to address gaps in support services for individuals with impaired vision, especially children with low vision who need structured programmes to remain in mainstream schools and develop essential skills for everyday living.
As the organisation focused on delivering these programmes and strengthening partnerships across the wider eye-care ecosystem, it also needed reliable accounting support to keep its finances organised, accurate and compliant.
The Challenge
Before outsourcing, the team faced two key challenges:
- Limited knowledge of fund classification and recognition, especially for donations and government grants. The team needed greater clarity on the treatment of restricted and unrestricted funds and how these should be recorded and reported.
- An overly complex accounting structure, with an extensive chart of accounts and numerous general ledger (GL) codes, making it more difficult to maintain consistency and accuracy in day-to-day accounting.
The Solution
We partnered with iC2 PrepHouse to simplify, standardise its accounting processes while improving the reliability of its financial records:
- Fund classification guidance: Provided guidance on the appropriate recognition and classification of donations and grants, including the treatment of restricted funds, which must be used for specified purposes, and unrestricted funds, which may be used for general purposes.
- Streamlined chart of accounts (COA): Reviewed and simplified the organisation’s COA by consolidating accounts where appropriate while retaining essential standalone accounts, reducing unnecessary complexity.
- Simplified general ledger structure: Reduced the number of GL codes to support more consistent posting and easier ongoing management.
- Reliable monthly execution: Supported timely book closures and provided responsive assistance to resolve accounting matters collaboratively as they arose.
The Results
Since outsourcing its accounting function to our team, iC2 PrepHouse has achieved:
- Clearer, more accurate reporting, supported by appropriate fund classification and a cleaner account structure
- Reduced administrative burden, allowing the internal team to devote more attention to its operations and programmes
- Timely book closures, improving consistency and confidence in its financial information
- Stronger day-to-day support, with accounting issues addressed promptly and collaboratively
By simplifying its accounting structure and strengthening the treatment of its different funding sources, iC2 PrepHouse now has a more manageable and reliable finance process to support its ongoing operations and programmes.
Client Experience
The client highlighted the responsiveness and collaborative support provided by our team:
“I’ve always appreciated the responsive support from Henny. It’s been a wonderful partnership working with her, as she’s always ready to lend a helping hand and provide valuable advice whenever we need it.”
How AccountServe Can Help
Managing donations, grants and different funding requirements can add complexity to an organisation’s accounting processes.
AccountServe can support non profit organisations with outsourced accounting, fund accounting, grant accounting and financial reporting, helping them maintain accurate records and a more manageable accounting structure.
Speak to our AccountServe team to discuss how outsourced accounting support can help strengthen your organisation’s finance processes and reporting.
DirectorFionnShooPY@rsmsingapore.sg
How Ya Wen
Director
HowYaWen@rsmsingapore.sg
