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 [...]
Entrepreneurs who want to close their business in Singapore can either apply to strike off their company through the Accounting and Corporate Regulatory Authority (ACRA) or wind up with the help of a professional liquidator. The business should have a reasonable cause and must be able to satisfy the set [...]
In accounting, the meaning of liquidation is the process of selling off all the company’s assets to generate cash. These funds will be used for paying creditors and other debts. Liquidation is often a possible outcome of bankruptcy, but there are other situations as well. Sometimes, a business can liquidate [...]
In Singapore, all companies registered with the Accounting and Corporate Regulatory Authority (ACRA) are mandated to appoint a corporate secretary within six months from the date of incorporation. The corporate secretary ensures that the company complies with the established legislation and regulations. Additionally, it is the secretary’s responsibility to keep [...]
When starting your business, one of the most crucial decisions to make is selecting a suitable individual as your company secretary in Singapore. There are two ways to go through this process: hiring in-house and outsourcing. The appointment of a company secretary, whether you choose to outsource or hire someone [...]
Foreign entrepreneurs and business owners who do not have connections with any Singaporean, permanent resident, or Entrepass holder typically use a nominee director service provided by firms such as CorpXervices. Using such service is imposed under the Companies Act, Section IXA. The appointment of a nominee director in Singapore goes [...]
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 [...]
In Singapore, a company can either be closed by Court Order or by the decision of its owners. The former may result from a creditor filing a petition for winding up. In this article, we discuss the key details about the liquidation of a Singapore company. Once a company becomes [...]
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 [...]
