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Every company in Singapore is responsible for determining its financial year end (FYE) at the time of incorporation. But, changing a company’s financial year end (FYE) after its incorporation in Singapore is common. The main reason for changing a company’s FYE is to align this with its operating cycles and business activities. This will ensure…
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…
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…
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…
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…
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…