Xero. The ideal accounting partner for small businesses.

Xero is excellent for small businesses. It  is an application to do your account which enable fulfilling most accounting tasks  required for  your small businesses. It is built on a true double-entry accounting framework. It allows business owners to track and manages sales, purchases, inventory and payroll by creating records for customers, suppliers, employees and [...]

2020-11-14T12:46:03+08:00July 16th, 2020|

Implementation of Section 121 of Companies (Amendment) Act 2014

Section 121 of the Companies (Amendment) Act 2014 which introduces new sections 202A and 202B of the Companies Act (the "Act") took effect on 20 April 2018. Concurrently, the Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance-Sheet) Regulations 2018 (the “Regulations”) has been issued to operationalise sections 202A and 202B. The [...]

2020-11-14T12:47:36+08:00July 16th, 2020|

Corporate Tax Filing

Singapore is a very attractive place to do business. It is safe, corruption-free, has a highly-skilled workforce and a very attractive corporate tax system. Singapore has a single-tier corporate tax system. There is no double taxation on the monies received by shareholders. Tax paid by a company for its chargeable income is final and all dividends [...]

2020-11-14T13:09:40+08:00July 15th, 2020|

How to authorise a third party to file your company corporate tax

Tax filing season is here and for some companies, that means looking for a third party with the relevant expertise to file the company's corporate taxes with the Inland Revenue Authority of Singapore. Here is a step by step guide on how to authorise a third party entity to file your corporate tax. Note: You [...]

2020-11-14T13:17:09+08:00July 14th, 2020|

Does my company need to appoint an auditor?

If your company qualifies as a small company, then it does not need to appoint an auditor. The company qualifies as a small company if: 1) For a particular financial year, it is a private company; and 2) If it meets 2 of the 3 following criteria for the immediate past two consecutive financial years [...]

2020-11-14T13:18:12+08:00July 13th, 2020|

Guide To Balance Sheet For Small and Medium Business Owners

A Balance Sheet, taken along with the Profit & Loss Statement and Cashflow Statement gives you a clear indication of your business’s financial health. You can think of the Balance Sheet as a scorecard that tells you about the financial health of your business at any given point in time. On it, it will have [...]

2020-11-14T13:18:50+08:00July 13th, 2020|

Guide To Statement Of Cash Flow For Small And Medium Business Owners

Keeping an eye on your business cash flow is without a doubt a key component to monitoring the financial health of your business. Running short of cash is one of the most common causes of business failure for start-ups. The statement of cash flows, also commonly known as the cash flow statement, is the report [...]

2020-11-14T13:22:59+08:00July 10th, 2020|
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