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. [...]
Start-up company owners in Singapore often face the challenge of deciding between two methods of accounting—cash accounting vs accrual accounting. However, before an individual is able to make the decision, it is important to understand the specifics of both methods. Some businesses hire professional accounting services in Singapore to decide [...]
Outsourcing accounting services for small businesses in Singapore is a tough decision to make for some entrepreneurs. Most company owners do not see accounting as an exciting topic and as a result, it often takes the back seat in running a business. On the contrary, smart business owners know that [...]
ACRA (Accounting and Corporate Regulatory Authority) issued the Practice Direction No. 2 of 2020 to guide companies on the revised XBRL filing requirements and data elements. This move is part of their efforts to streamline the filing of financial statements (FS) using XBRL (eXtensible Business Reporting Language) software. As a [...]
The Accounting and Corporate Regulatory Authority (ACRA) implemented XBRL financial reporting in 2007. XBRL or the eXtensible Business Reporting Language is managed by a not-for-profit organisation—XBRL International—that seeks to improve the accountability and transparency of companies globally. It is used in more than 50 countries providing a more effective and [...]
It is the role of the company secretary and the board members to handle and resolve complex issues faced by the business amid the pandemic. The management works closely with the company secretary, who ensures that the employees are well-informed of the developments within the organisation. This article highlights some [...]
Business owners should not shy away from bookkeeping services in Singapore. In fact, bookkeeping professionals deliver an efficient and cost-effective way to track all of the financial transactions. An excellent business owner concentrates his/her efforts on the expansion of the company. You don’t have to involve yourself on tasks that [...]
The rules for winding up companies in Singapore are set forth in the Insolvency, Restructuring and Dissolution Act (IRDA). This Act was first passed in Parliament on the 1st of October 2018 and commenced on the 30th of July 2020. With its introduction, the Bankruptcy Act has been repealed while [...]
Bookkeeping is the process of keeping track of all financial transactions made by a company. It allows businesses to identify areas of profit expansion and financial challenges early. Read on to find out how practising good bookkeeping techniques can help small business owners. Bookkeeping vs. Accounting Bookkeeping and accounting [...]
Outsourcing accounting services in Singapore amid the coronavirus crisis has become one of the major decisions a business owner must make. Having a team that can help companies understand the pandemic’s impact on the global economy can increase their chances of surviving. Also, teaching business owners how to react accordingly [...]
