Getting accounting software may seem like a huge investment especially for some small and medium-sized enterprises in Singapore. Initially, a number of startups opt to use a spreadsheet to track their finances. However, as the business expands, the business owner must be one step ahead of the company’s financial record. [...]
Accounting Standards Council or ASC is a governing body that formulates and promulgates accounting standards in Singapore. These standards include the Singapore Financial Reporting Standards (International), Financial Reporting Standards (FRS), and Singapore Financial Reporting Standards for Small Entities (SFRS for SE). A brief history of accounting standards in Singapore In [...]
In accounting terms, the meaning of accounts payable (AP) is the amount of money owed by a business to its creditors that needs to be paid back in a short period of time. It includes vendor bills and records short-term debts in the general ledger (GL). Accounts payable is listed [...]
Accounts Receivable (AR) is the amount of money your clients owe you for goods or services delivered but has not been paid yet. Good knowledge of accounts receivable enables a business owner to improve the cash flow, manage capital on financial opportunities, and sustain flexibility. What is the Meaning of [...]
The Accounting and Corporate Regulatory Authority (ACRA) is a Singapore government body that regulates businesses, public accountants, corporate service providers, and financial reporting. While maintaining the Lion City’s status as an excellent business hub in Southeast Asia, it is also responsible for enforcing statutory requirements to create an environment that [...]
Management accounting, also known as managerial accounting, is the process of collecting, organising and reporting the company’s financial data. It is commonly used for recording internal financial information (for internal review purposes) and decision making by business owners and company executives. The focus of managerial accounting is to inform the [...]
Starting a business in Singapore is a complicated process that some company owners decide to engage with accounting firms. These third-party firms help organise their company’s financial records and keep them updated with the current market trends. There are many reasons why letting accounting firms handle your compliance work is [...]
Business owners are bombarded with different responsibilities, and as a result, learning accounting terms comes last on their to-do list. However, one thing that start-up business owners forget is the importance of knowing how to communicate with the team, especially understanding accounting jargons. To help get you started, we compiled [...]
All companies in The Lion City are still facing the threats brought by the COVID-19 pandemic. But regardless of these challenges, the reality is that it is still their responsibility to track all kinds of financial transactions to comply with government regulations and determine how they can grow. This is [...]
Large businesses, SMEs and entrepreneurs have different needs from providers of accounting services in Singapore. They will need assistance when it comes to tax filing, payroll, incoming and outgoing transactions, and many more. In this article, we explore the price range of accounting services. But first, let’s answer one question. [...]
