The Importance of Accounting Software

We can’t stress enough that accounting software is important in not only helping you to manage your business’s financial transactions but also to comply with financial reporting and tax obligations.

Some software is designed just to do simple bookkeeping while others are designed to manage the entire financial ecosystem of large enterprises. All the same, accounting software plays a very critical role in helping companies accurately record and maintain their business transactions.

Accurate financial records will enable businesses to perform important financial analyses.  Business owners may need answers such as whether are they making/losing money or do they need a loan to finance future projects. It’s easy to know how your business is doing when all this financial information is recorded using accounting software.

Nevertheless, having accounting software to record financial transactions is only one part of the equation. Having the right accountant or CPA (certified public accountant) is also essential as you will have an expert to monitor and manage the financial well-being of your business. Therefore, having the right accounting software and accountant will certainly lead you to successfully grow a strong and healthy business!


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ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

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