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On the surface, many people believe owning and running a business is all about glamour and fanfare. However, as a business owner, you’re tasked with the day-to-day operations of the business, as well as its other chores like accounting obligations. In all honesty, all of these can prove overwhelming for a small business owner. There’s…
As a business owner, cash flow is the life of your business. Therefore, the cash flow statement is one of the most important financial statements to monitor in keeping the business running. The other essential statements are balance sheets and income statements. Losing track of a business’s cash flow is a major cause of business…
Every business in Singapore is mandated by law to file and pay taxes. The Inland Revenue Authority of Singapore (IRAS) sets the corporate tax filings due date as the 30th of November each year. You can either do this on your own or appoint a corporate tax filing agent to do it on your behalf.…
Small business owners are tasked with making both simple and complex business decisions almost on a daily basis. The success or failure of a business lies primarily in how decisions are made and what steps are either taken or ignored. One of the most crucial aspects of any business is bookkeeping. Hate it or love…
If you’re running a business, we know you don’t have things easy. There is a lot to handle, and there’s a lot to solve, so you need to know the strategic way to do it. Managing the business and staff and making quick decisions can be stressful sometimes. Yet, some business owners might make things…
In the world of finance and business, quality financial reporting is the holy grail. It plays a vital role in understanding a company’s financial standing or integrity. Moreover, with the increasing globalisation of the world, businesses are able to transact and collaborate with partners and clients from anywhere in the world. As a result, many…
SINGAPORE: Loh Chia Wei (“Loh”), 48, a director of Print Orient Pte Ltd (“Print Orient”), has been sentenced by the Court to 9 months of imprisonment and ordered to pay penalties totalling $253,195, after being convicted of offences involving Goods and Services Tax (“GST”) evasion, Corporate Income Tax evasion, money laundering and cheating. Despite Print…
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…
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…
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…