Goods and Services Tax (GST) is a fundamental component of Singapore's tax system. For business owners, the question is not if they will have to deal with GST, but when and how. The decision to register for GST is a significant milestone, with two distinct paths available: compulsory registration, which is a legal requirement, and [...]
In today's digital-first economy, your company's accounting data is one of its most valuable and vulnerable assets. From payroll details and revenue figures to client information and supplier contracts, these digital records are a goldmine for cybercriminals. With the increasing adoption of cloud accounting platforms, the convenience of access must be balanced with robust security [...]
Proper record-keeping is a cornerstone of good corporate governance and financial hygiene. For businesses in Singapore, it’s not just a best practice—it's a legal obligation with specific timelines dictated by the authorities. But with piles of invoices, receipts, and bank statements, many business owners are left wondering: exactly how long do these documents need to [...]
In an era of digital transformation, the way businesses manage their finances is evolving. Gone are the days of being tied to a single desktop computer, manually entering data into spreadsheets, or sending cumbersome files to an accountant. Today, cloud accounting software offers a more dynamic, efficient, and secure way to manage your company’s books. [...]
For any business that buys or sells physical goods, inventory is one of the largest and most significant assets on the balance sheet. How you track and value this inventory has a direct impact on your company’s financial health and profitability. Proper inventory management accounting is not just a bookkeeping task; it's a critical business [...]
Financial statements are more than just a collection of numbers; they are the narrative of your company's financial health and performance. For business owners, managers, investors, and other stakeholders in Singapore, understanding how to read and interpret these statements is fundamental to making informed decisions, assessing performance, and ensuring compliance with regulatory requirements. In Singapore, [...]
Understanding which business expenses are tax deductible is crucial for accurate tax reporting and minimising your company's tax liability in Singapore. While many costs incurred in the course of running a business are deductible, the Inland Revenue Authority of Singapore (IRAS) has specific rules outlining expenses that cannot be claimed against your income. Knowing these [...]
In the world of business finance, the terms "bookkeeping" and "accounting" are often used interchangeably. While they are closely related and both crucial for financial health, they represent distinct functions with different scopes, objectives, and skill sets. Understanding the difference is vital for any business owner aiming for effective financial management and sustainable growth. [...]
Meeting tax obligations is a fundamental requirement for individuals and businesses operating in Singapore. The Inland Revenue Authority of Singapore (IRAS) oversees tax administration and enforces strict compliance. Failure to file tax returns or pay taxes on time can lead to significant penalties and other serious consequences. Understanding these potential penalties is crucial for [...]
Filing your personal income tax in Singapore might seem daunting, but understanding the required fields and inputs can simplify the process. This guide will walk you through the essential information you'll need to ensure a smooth and accurate filing. 1. Personal Particulars Identification Details: Your NRIC (National Registration Identity Card) or FIN (Foreign Identification Number) [...]