It is impossible to account for inventory properly without first having accurate inventory records. The accounting staff cannot create a proper inventory balance unless it has reliable inventory information. In this article, I will describe the nature of inventory errors, factors that cause the errors, data entry methods that mitigate errors, and similar issues. …
What is the role of data analysis in the accounting world? Introduction Data analytics is the science of conveying raw data to make it understandable, and to draw genuine conclusions from the information. Accountants usually report huge amounts of information by examining and interpreting data effectively with the aim of improving business decisions. Accounting for …
We have all heard the term “working capital”, but what is it exactly? How can you best utilize it for your small business? Working capital refers to the short-term financial health of a business to fund its day-to-day operations, including recurrent expenses and paying short-term debts. It is a financial metric or a formula that …
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Living a financially secure life after retirement is the best way to enjoy old age since it is an unravelling reality. The main objective of having a secure retirement plan is to help you maintain a preferred lifestyle even after you have left the job market. However, it can become challenging if you don’t start …
5 Guaranteed Tips for a Secure Retirement in Singapore Read More »
Bookkeeping is a tedious task. It’s a monotonous responsibility, and as a fellow business owner, I’m sure you agree with me. Bookkeeping is more than keeping records and receipts organised; it also involves managing and reconciling these records the accurately. Even though bookkeeping is rarely anyone’s favourite task, you should never neglect the importance of …
5 Key Tips for Efficient Bookkeeping in Singapore Read More »
Are you currently freelancing as an accountant or thinking of working for yourself? Everyone’s freelancing these days – accountants and bookkeepers included. And why not? Freelancing is an excellent career opportunity for you to advance your accounting career. Whether you want to be your own boss or would like to make some extra money, becoming …
Top 5 Tips on How to Be a Successful Freelance Accountant Read More »
Running a small business requires wearing many hats: Problem solver. Communicator. Financial whiz. Marketing genius. You name it! Why not take some of the load off with business apps? Apps are changing the face of business. They’re becoming more prevalent and more powerful, as they help businesses manage a number of tasks, including viewing documents …
If you are a business owner, you will agree with me that most of your everyday decisions are typically operational. For example, how to arrange your store, how many product/service units to sell, how much to charge your customers, how many employees to schedule, etc. Yet, in the background, you are subconsciously making decisions to …
Normally, first-time entrepreneurs in Singapore start a business by registering a sole proprietorship. This business structure is the most preferred among new entrepreneurs because when compared to others: It has less strenuous registration procedures It has much lesser administrative expenses, It has no burdensome compliance requirements to fulfil. However, a sole proprietorship setup also has …
Converting Sole Proprietor to a Private Limited Company Read More »
Aristotle once said, “The whole is more than the sum of its parts.” Your business is just like the human body. A human will always be greater than the sum of ears, eyes, mouth, nose, legs, hands, etc. Holistic marketing integrates this philosophy of holism of systems where a business and its parts are considered …
What is Holistic Marketing and Why Does it Matter? Read More »
It’s a big decision to recruit a third party to manage any part of your business, and you shouldn’t take it lightly. If you choose the right outsourced specialists, your business has the potential to improve significantly. On the other hand, if you select the wrong outsourced service provider, you risk causing irreversible damage to …
The Ultimate Guide to Outsourcing Accounting & Bookkeeping Processes Read More »
Globally, Singapore is one of the most favourable countries to set up a profitable business. Establishing your company in this location comes with many key benefits, such as a stable political system, tax incentives, futuristic banking technology, open-minded foreign policy, etc. Furthermore, the company registration process in Singapore is perfectly automated and business owners can …
The Ultimate Guide to Hiring a Nominee Director in Singapore Read More »