1. Cost of Sales (also referred as Cost of Goods Sold) is generally refers to the direct costs attributable to the production of goods and services sold by the business. 2. Cost of Sales forms the second line of the Profit and Loss statement. By substracting the Cost of Sales from Revenue, the business can… Continue reading Understanding Cost of Sales
1. Revenue is generally refers to the amount of money made from selling products and services. 2. Revenue (also referred as Sales or Income) forms the beginning of the Profit and Loss statement. It is also known as the “Top Line” of a business. 3. Depending on who you talk to (professionals or otherwise), there… Continue reading Understanding Revenue
Singaporean businessman David Yong has been arrested and charged with falsification of accounts. He was one of the personalities featured in Netflix series Super Rich in Korea. Su Hanjin, one of the accused in Singapore’s largest money laundering case, was charged and convicted for submitting forged financial financial statements to IRAS, MOM, ACRA and Singapore’s… Continue reading False Financial Statements
Accounting can be described as the language of business. It’s a system for tracking the financial activities of a company, ensuring accuracy and transparency in reporting. To understand accounting in a better way, one must understand a fundamental concept: debits and credits. These two terms are the building blocks upon which the entire field of… Continue reading Debits & Credits: The Meaning, Purpose, & Application in Accounting
As the eCommerce industry continues to grow, it becomes increasingly important for businesses to maintain accurate financial records, adhere to tax regulations, and manage their finances effectively. In this comprehensive guide, we will provide 30 valuable tips to help eCommerce businesses in Singapore streamline their accounting processes and ensure financial success. Set Up Separate Business… Continue reading 30 Tips for Accounting for eCommerce Businesses in Singapore
Managing accounts receivables & accounts payables aspects effectively is crucial for maintaining a strong cash flow, ensuring timely payments, and sustaining long-term business growth. In this blog, we’ll delve into the intricacies of managing accounts receivable and accounts payable, exploring strategies, best practices, and the benefits of mastering these financial processes. Understanding Accounts Receivable and… Continue reading How To Manage Accounts Receivable and Accounts Payable Effectively
Transforming a privately-held company into a publicly traded entity by going public and getting listed on a stock exchange marks a pivotal moment in its corporate evolution. In Singapore, home to the esteemed Singapore Exchange (SGX), this journey involves intricate processes and rigorous compliance. Companies embarking on an Initial Public Offering (IPO) often… Continue reading IPO Readiness: How Accountants Prepare Companies for Listing on the SGX
Although bookkeeping is one of the most crucial tasks for any business, here is the list of 21 businesses in Singapore that require thorough bookkeeping activities. Property Management Companies Property management companies oversee a portfolio of real estate assets. From rent collection and maintenance costs to financial reporting, precise bookkeeping is essential for maintaining the… Continue reading 21 Businesses in Singapore that require thorough bookkeeping
Managing bookkeeping can be a complex and time-consuming task for businesses of all sizes. Enter the accountant, the financial expert equipped to address various challenges that arise in the world of bookkeeping. In this blog, we’ll explore 11 common bookkeeping challenges and how your accountant can provide effective solutions. 1. Data Accuracy and Entry Errors:… Continue reading 11 Bookkeeping challenges that your accountant can help you with
Whether you’re a startup, a small business, or an established firm in Singapore, finding the right accounting solution is very crucial. When it comes to outsourcing accounting services, you may get several options to hire freelance accountants or accounting agencies in Singapore. If you are confused between hiring a freelancer accountant and an accounting firm,… Continue reading Here’s Why Accounting Agencies Are Better Than Freelance Accountants
