Accrual vs Cash Accounting

In general, there are two accounting methods commonly used in business.   Cash basis accounting: The first method is cash basis accounting, which is a relatively straightforward approach where transactions are recorded at the time when cash is received or paid. In this method, income is recognized when cash is received, and expenses are recognized [...]

By |2023-06-28T13:51:10+08:00June 28th, 2023|Accounting Bookkeeping Tax and XBRL|

The principle of accrual accounting

The principle of accrual accounting is a method of accounting that recognizes revenues and expenses when they are incurred, rather than when cash is received or paid. This means that transactions are recorded when they happen, rather than when money changes hands. In accrual accounting, revenues are recognized when they are earned, regardless of when [...]

By |2023-04-04T16:49:28+08:00March 31st, 2023|Accounting Bookkeeping Tax and XBRL|

How to determine the tax residency of a company

According to tax law in Singapore, a company's tax residency is determined by where its business is managed and controlled. This status can change on a yearly basis. Typically, a company is considered a Singapore tax resident for a specific Year of Assessment (YA) if its business was controlled and managed in Singapore during the [...]

By |2023-03-02T13:06:26+08:00March 13th, 2023|Accounting Bookkeeping Tax and XBRL, Running a Company|

What is Goodwill?

In accounting, goodwill is an intangible asset that represents the excess of the purchase price paid for a company over the fair market value of its net identifiable assets (such as tangible assets, liabilities, and intangible assets like patents or trademarks). Goodwill can arise from various factors, including a company's reputation, brand name, customer relationships, [...]

By |2023-02-17T12:19:09+08:00February 21st, 2023|Accounting Bookkeeping Tax and XBRL|

Why it is important for a company to have regular management reports

Management reports are important to a company because they provide decision-makers with valuable insights into the performance and financial health of the organization. These reports allow managers to: Monitor performance: Management reports provide real-time information about key performance indicators such as sales, expenses, and profitability. This enables managers to identify trends and track progress towards [...]

By |2023-02-07T12:20:16+08:00February 17th, 2023|Accounting Bookkeeping Tax and XBRL, Running a Company|

Should I outsource my company’s accounting?

The decision to outsource your company's accounting depends on several factors, including the size of your company, the complexity of your financial operations, and the cost of in-house accounting staff. Outsourcing accounting can be beneficial as it can provide access to specialized expertise and technology, reduce overhead costs, and free up internal resources for other [...]

By |2023-02-07T12:15:22+08:00February 16th, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

What will happen if I don’t prepare my Singapore company’s financial statements according to the Singapore Financial Reporting Standard?

If a company in Singapore fails to prepare its financial statements in accordance with the Singapore Financial Reporting Standard (FRS), it may face several consequences, including: Legal non-compliance: The Companies Act in Singapore requires companies to prepare accurate financial statements and file them with the appropriate authorities. Failure to comply with the FRS may result [...]

By |2023-02-07T12:09:13+08:00February 15th, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

The key features to take note of the Singapore Financial Reporting Standard (SFRS)

The Singapore Financial Reporting Standard (FRS) sets the accounting standards for companies in Singapore, and outlines the requirements for the preparation and presentation of financial statements. Some key features of the Singapore FRS include: Compliance with International Financial Reporting Standards (IFRS): The Singapore FRS is largely based on IFRS, and companies in Singapore must comply [...]

By |2023-02-07T12:04:42+08:00February 14th, 2023|Accounting Bookkeeping Tax and XBRL|

What is the difference between Personal Income Taxes and Corporate Taxes?

We constantly get clients coming to us for clarification on this particular question. This is especially so during corporate tax filing season, of which the deadline is on the 30th of November, and personal income tax filing season, of which the deadline is on the 18th of April. Let us first understand the difference between [...]

By |2022-10-13T12:03:04+08:00October 13th, 2022|Accounting Bookkeeping Tax and XBRL|
Go to Top