OUR THOUGHTS

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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...

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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...

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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...

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Why Cloud Accounting Matters to SME Companies and owners?

Posted by on Jan 23, 2019 in Our Thoughts | 0 comments

The process of bookkeeping has always been tedious and prone to lots of duplication of effort. The traditional role of the bookkeeper can be seen as an aggregator of financial information captured in disparate and separate systems. Sales data is captured in POS while salaries and wages are captured in human resources systems. Bank transactions can only be seen from bank statements. The process of bookkeeping to present an overview financial picture of the Company is filled with data extraction and entry which means the decision maker will only...

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