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Accruals accounting and why it matters

Posted by on Apr 29, 2019 in Our Thoughts | 0 comments

Most companies and management know that bookkeeping and accounting is essential to making correct financial decisions, however, not all know the importance of properly making accruals in preparing management reports for decision making. Concept of Accruals For companies that provides services or goods over a period of time or are engaged in projects. Most bookkeeping services will result in a distorted view of the business performance. That is because most bookkeeping services will only record sales and invoices based on the document date. Let’s look at an example for a school where...

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Compilation of financial statements and accounting standards

Posted by on Mar 11, 2019 in Our Thoughts | 0 comments

As audit requirements are gradually being relaxed in Singapore for companies, more cloud bookkeepers and cloud accountants have been advising their clients that do not require to perform an audit to do a compilation of financial statements instead. So, what exactly is a compilation and is it necessary? Compilation of financial accounts To put it simply, a compilation of financial statements is preparation of a set of financial statements without doing the same level of verification as doing a full audit. Under the Companies Act, it is necessary for the directors of the company to prepare a...

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Statutory requirements for Singapore incorporated Companies

Posted by on Feb 22, 2019 in Our Thoughts | 0 comments

As a new business owner or manager, one of the first question is what are the reporting requirements that I need to comply with to ensure that my Singapore Company is meeting its compliance requirements. Reporting Requirements for Singapore Companies There are basically two main regulatory bodies in Singapore that require the Company to submit annual returns to. The Company needs to submit two types of returns: Annual returns to ACRA Tax returns to IRAS Let’s take a more detailed look at each of the returns in more details. Annual returns A Singapore Company is required to submit an...

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Change in financial year end and tax planning

Posted by on Feb 14, 2019 in Our Thoughts | 0 comments

One of the questions that business owners ask us as accountants and bookkeepers is what should their financial year end be. Unlike a number of other countries where the companies financial year end hence the tax year is fixed, the management of a Singapore incorporated company is able to decide when the company’s financial year end should be subjected to various guidelines. The main concern of the management is about the tax impact of their decision, hence, this is where good bookkeeping services or accounting services will be able to assist you in making a decision. There are several...

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Improving petty cash claims and expense claims processes

Posted by on Jan 29, 2019 in Our Thoughts | 0 comments

Few bookkeepers or accountants will suggest changes to their client’s internal processes, but our role has been evolving and the current advances in cloud accounting software is enabling us, as Xero bookkeepers or accountants to play a more active role in helping our clients streamline their internal processes. Usual process of expense claims The staff is asked to keep all of their receipts and fill in a claim form once a month. Sometimes the receipts are lost or misplaced before it can be submitted. Unfortunately, once that happens, its not possible for reimbursement to take place as a...

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