Sophia Fu

maintaining inventory accuracy

Maintaining Inventory Records Accuracy

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.   …

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7 Reasons Why Working Capital Is Important For Your Business

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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5 Key Tips for Efficient Bookkeeping in Singapore

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 …

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Top 5 Tips on How to Be a Successful Freelance Accountant

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 …

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Converting Sole Proprietor to a Private Limited Company

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 …

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