As a small business owner, do you know that you can make informed financial decisions by consistently following basic accounting practices? Small business accounting is as simple as keeping accurate records of income and expenses, which go a long way in helping business owners extract key financial information from various transactions. This is vital in …
7 Best Accounting Practices for Small Businesses in Singapore Read More »
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. …
Inventory Accounting If you are running an e-commerce or retail business, inventory can be one of the largest assets that you own. It also requires professional judgment, time, and effort by the accountant to properly value the inventory. In most cases, a flaw in inventory accounting represents the difference between the reporting of profits and …
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 …
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 »
Not thinking of outsourcing your bookkeeping? As a business owner, there are many things that take up your time throughout the day. You handle your employees, monitor marketing plans, manage social media accounts, attend meetings, and many other things. While you might think that managing the accounting aspects of your company is one of the …
Why Outsource Your Bookkeeping in Singapore and Dump your Spreadsheets Read More »
A Google search for “Accounting Services Singapore” or “Singapore Accounting Services” will provide you a list of accounting firms you need. For your convenience, we have compiled the list of accounting firms in Singapore that you can find here. Here is a list of 10 accounting firms (other than big 4) in Singapore: In …
For individuals with a non-commerce background, it’s not so easy to distinguish between bookkeeping and accounting. This could have a profound effect not only on the services provided for your business, but also the cost that you incur in terms of hiring the respective services. While all businesses require both services, the scope of each …
Similarities and Differences between Accounting and Bookkeeping Read More »
A common question is whether there is any difference between accounting and bookkeeping. Bookkeeping is essentially a subset of the larger topic of accounting. In essence, a bookkeeper is a person who is broadly responsible for the basic functions of the accounting department. The bookkeeper creates financial transactions, as well as financial reports that summarize …
The difference between Accounting and Bookkeeping Read More »