Accounting & Finance

Payroll Management in Singapore: All You Need to Know

As soon as a business transits from being a one-person affair to one that hires people for different services in the production process, the owner must pay the employees’ wages or salaries as and when due. Unlike other countries, Singapore has no minimum wages for workers, and people can typically work more than the standard…

Are Bookkeeping And Accounting The Same?

No, bookkeeping and accounting are not the same. While it is correct to view bookkeeping as a subset of accounting, they are not the same. Both are essential practices for any business, and if you’re about to establish your company in Singapore, it would be necessary to know how both differ. So, let’s begin by…

Do I need an Accountant or an Effective Accounting Software?

It’s no secret that computers play a huge role in businesses, as they are becoming widely popular both at workplaces and in homes. They can be used to manage sales and stocks and even handle finances and staff. Accounting is the detailed recording of a business’s financial transactions. It is used in many forms, from…

Differences Between Financial Statements and Annual Reports

All firms are required to produce financial statements and yearly reports. Business analysts, financial analysts, financial analysts, and financial managers use financial reports and statements to acquire information about a company’s financial standing. Both financial statements and annual reports provide helpful information on various economic subjects, including profitability, cash flow, and equity. Because these two…

Points To Keep In Mind When Hiring An Audit Firm

As a business owner, one of the necessary steps in ensuring your company is maintaining its visions, goals, and profit is through the process of auditing. By annually evaluating the company’s financial documents, an audit helps validate the company’s financial standing. In addition, it allows investors and shareholders to know the company’s current value. In…

Why Should Your Company Engage an External Financial Auditor?

In addition to having permanent in-house auditing staff members, many Singapore firms embrace external auditing to appraise their financial documents. And it’s not just the big companies or corporations doing this; even small firms owned by individuals or family members now seek external audits from independent auditing firms. But why is an external financial auditor…

What is the Difference Between Internal and External Audits?

Several factors determine the continued success of businesses over time. To ensure the company is always on track to achieving its objectives and goals, there is a need to audit the processes and activities in the business occasionally. On a larger scale, auditing can be described as critically analysing the effectiveness and efficiency of a…

All You Need to Know About Central Provident Fund (CPF)

The Central Provident Fund (CPF) is pervasive and perhaps a little perplexing for Singaporeans. However, because your CPF contribution is so significant at so many different points in your life, it’s critical to understand what it is, what you can do with it, and what changes have occurred in recent years. Therefore, we’ll go through…

Is It Wise To Outsource My Accounting & Bookkeeping Functions?

Outsourcing has become a global trend and a standard solution for organisations and small businesses. Businesses are adopting it as it is cost-efficient and helps companies focus more on core activities. However, every decision you make has pros and cons; the same applies to outsourcing your accounting and bookkeeping functions. Although there are pros and…

New Business Owner in Singapore: Know About the Important Records You Must Keep.

If you are just starting your business, a good recordkeeping practice can be highly beneficial to your company. Recordkeeping may not be the first thing that comes to mind when starting a business, but you will realise its importance as you move along. It can help you manage your cash flow, file taxes smoothly, monitor…