Category: Accounting

In a world that is swiftly changing day by day, your firm requires soft skills to hold up against the evolution of technologies which are causing massive changes to the workplace (Also see Ways Technology is Shaping the Future of Accounting). The future becomes uncertain with the presence of advanced robotics as well as artificial Read More

As a freelancer or a small entrepreneur, you may face a great deal of overlap between your personal finances as well as business finances. Apparently, having only one bank account may seem to be easier. Nevertheless, there are many reasons why you should split your business finances from your finances. Besides being able to separate Read More

The importance of the accounts payable procedure or function should not be underestimated because it includes almost everything about an organisation’s settlements other than payroll. An entrepreneur or maybe a bookkeeper in a small company, an ordinary employee in an average-sized firm, or accounts payable unit in a big company can execute this process. Despite Read More

Working capital allows a business to continue its everyday operations. Inadequate working capital might lead to interruptions in company operations. Hence, working capital is an essential part of operating a company effectively. Three Elements of Working Capital Inventory + Receivables – Payables = Working capital Accounts receivables are cash invoices due from clients. Inventory is Read More

As a restaurant operator, you play a crucial role in keeping track of the revenue sources and probably the expenses (Also see What You Need to Know About Record Keeping). Indeed, you have to keep an eye on all the expenditures of sales such as ingredient purchases, food-wasting, restaurant marketing costs. One of the most Read More

From the multi-national, huge enterprise down to the corner barbershop, a company financial position is affected by every single business transaction. The assets, liabilities and equity determine the economic status of a business. The accounting equation, known as the basic accounting equation, explains the relationship between these three elements. For sole proprietorship, the accounting equation Read More

The law necessitates every business to keep its accounts and records accurately. You will need them to corroborate your company transactions and for income tax purposes (Also see Accounting Tips for Restaurant Operators). You have to take the risk of having your claims disapprove and face difficulties with the authorities if you do not keep Read More

Being a small company owner is challenging. Small business owners assume that their service is only a small scale; they could deal with the accounting efficiently by themselves. While a few of them can do it, however, for the others, engage with accounting service would be the favoured alternative. These accounting firms helps you devise Read More

Plant, property, and equipment (PPE) are also known as fixed assets and are used in the production process or supply of goods and services, administrative purposes, or any other activities in the business. The Singapore Financial Reporting Standards, FRS 16 – Property, Plant and Equipment allows business the accounts preparer to measure the value of Read More

The significant changes in IFRS16 Lessees recently took place has change the entire landscape in the subject. Since 1 January 2019, the IFRS 16 Leases are in full effect and superseded the IAS’s 17 Leases, introducing a unprecedent way of accounting for leases in Singapore. The new Standard (Also see Accounting Standards in Singapore) require Read More