Plain answers to the questions Singapore business owners ask about tax, audit, cash and company rules. Newest first.
"My company is profitable, so why is my bank balance low?”
Your accounts show a profit of S$120,000 for the year. You open your bank app and see a balance up by only S$6,225. You feel confused, and you are not alone. Profit and cash measure two different...
Read the article →The Business Environment In Singapore: Taxes, Expenses and Valuation
The latest data from World Bank shows that Singapore ranked 18th globally and 2nd in Asia for ease of doing business. Government policies, the social and economic state of a country are what build up...
Read the article →Five accounting tips for small businesses in Singapore
The government of Singapore requires that privately held firms have annual general meetings and submit annual financial reports. If your small business does not have an accounting system or follows...
Read the article →Essentials of Singapore Tax Returns
The Singaporean tax system is one of the most convenient globally, chiefly because of its low tax rates and the opportunity for deductions under specific conditions. In this piece, I’ll probe some...
Read the article →5 Mistakes Entrepreneurs In Singapore Must Avoid
Singapore is known as one of the common and easiest places to start a business in the world. Singapore has a well infrastructural development, a friendly tax law, high legal protection for...
Read the article →Important Tax laws all small businesses in Singapore must know
Over the years, Singapore has become a top spot destination for startup businesses and enterprises. According to the World Bank's published findings, the country is one of the best places to run and...
Read the article →How To Know When To Let Your Accountant Go
The task of keeping financial records is not an easy one. Either it is your business account, or you are managing the firm on behalf of its shareholders. One thing is sure, the bulk of signing the...
Read the article →5 STEPS TO TAKE TO START A NEW BUSINESS IN SINGAPORE
Starting a business anywhere in the world cannot be underrated. This is because of the need to grow and possess one or multiple income sources. However, starting a business in Singapore comes with...
Read the article →Do Startups Need Partnership To Launch
Why do you think startups need partnerships to launch? You were told it is the only way to find your foot on the ground, right? Well, a partnership is great, at least you have some shoulder to lean...
Read the article →5 Common Tax Deductions for Small Businesses
If you are a small business owner, finding out some standard tax deductions is certainly one of the best things that could happen to your business. As a startup, what you dread is incurring avoidable...
Read the article →Why Small Businesses Need Accountant
If the process of running a business entails that you exchange service or product for a fee to profit from it while experiencing exponential growth, then have you asked yourself why you have been in...
Read the article →Common IRS Email Scams and How to Avoid Them
The IRS is the Internal Revenue Service of the United States federal government. This governmental agency is a bureau of the Department of the Treasury. It is headed by the appointed five-year term...
Read the article →Six Common Tax Mistakes That Startups Face
As a young or fresh startup, your major concern would be things like finding the right investors or hiring the best team and you would be less concerned with preparing for tax seasons. It doesn’t...
Read the article →5 Common Mistakes to Avoid while Creating a Business
A lot of times, people have the urgency to start a business without carrying out proper research on several factors. According to different research, new businesses fail within the first one and a...
Read the article →5 Things To Know Before Starting A Business
Starting a business isn't as easy as it may seem. Although it might look simple thanks to the internet, it requires a lot of planning and consideration. There are so many different factors that you...
Read the article →6 Tips On Executing a Business Project On a Budget
Any company owner or project manager knows first hand the importance of managing expenses. If you have worked in a profitable organization or owned one then you understand the factors that affect...
Read the article →Tax Consideration When Starting a Business
Every business owner will agree that the sole purpose of starting any good business is to make a profit. But what happens when this business turns into a burden and incurs losses instead? This could...
Read the article →Is Your Company's Accounting Process Optimized? How To Tell?
Many positions like the CFO and the accounting sector of a company is a less fun but extremely important aspect of running a business. It is a necessary evil that must be paid due attention to your...
Read the article →5 Tax Deductible Purchases You Didn’t Know Of
There are two unquestionable certainties in this world, which are death and taxes. Benjamin Franklin rightly puts it that “…. but in this world, nothing can be certain except death and taxes.” Taxes...
Read the article →Tax Consideration for E-commerce Business Owners
E-commerce is a strong force to reckon with in 2020. Buying and selling has become seamless but can be quite complex for entrepreneurs because of the ever-changing online sales tax laws. It has been...
Read the article →5 Expert Tips on How to Start A Business During A Pandemic
It is no longer news that the Coronavirus Pandemic has thrown the world into a state of confusion and so many businesses had to suffer along the line. However, while so many people lost their jobs...
Read the article →5 Things That Can Increase Your Business Expenses Overtime
We can all be entrepreneurs. Everyone can become a businessperson at any time that they choose to; that's the kind of world we live in now. It's amazing what opportunities we have these days compared...
Read the article →Occupational Fraud and How to Protect Yourself From It
Running a business demands a high level of trust between the employing organization and the employees. In some organizations, the staff has access to a wide range of valuables, and they will get...
Read the article →Important End of the Year Tax Strategies for Entrepreneurs
For entrepreneurs in all sectors, the end of the year attracts a few must-do tasks in which taxation is included. Your plan for the next business year should be drafted as well as the closure of your...
Read the article →When Do You Have To Cut Business Expenses?
Business expenses are some ordinary and necessary costs that businesses incur for them to function and operate fully. Many businesses need to adequately categorize their expenditures because the...
Read the article →5 Important Accounting Terms You Should Know as a Business Owner
As a business owner, your knowledge extends beyond the services or products you offer. There are more things you need to learn about. The reason is that some aspects of your business which you...
Read the article →The Complete Checklist for A Good Tax Day
We'd agree that filling your tax returns could sometimes take a day or two off your busy weekly schedule. Of course, it makes sense that you make the most of this day or days to avoid rescheduling...
Read the article →5 Practical Tips on Reducing Business Expenses
It is hard to determine, exactly, what the future of world economies hold; we only have predictions here and there. One thing is certain, however, businesses will proceed unending and transactions...
Read the article →Tips on Hiring the Right Accountant
It may seem like your business needs a new accounting firm. It’s either never had one or the previous one didn’t live up to expectations. You’ve got no other option than to get an even better...
Read the article →Tips for Reducing Business Expenses
When it comes to tips for reducing business expenses? Every entrepreneur is always looking for the best tips. Every business, irrespective of its size or type, is established with the primary aim of...
Read the article →Singapore Tax vs Malaysia Tax
Singapore and Malaysia, both nations located in South East Asia, compete with one another to attract business and investment. A key determinant for setting up a business in a given jurisdiction is...
Read the article →How to Get Ready for GST Reverse Charge?
With the advent of technology, businesses in Singapore may increasingly procure services from overseas that in the past could only be supplied by local service providers. Under the current GST...
Read the article →GST: Customer Accounting for Prescribed Goods
Customer accounting for certain prescribed goods will be implemented from 1 Jan 2019 to deter fraud schemes where the seller absconds with the GST collected, but businesses further down the supply...
Read the article →IRAS' Current Area of Focus for Audits: Missing Trader Fraud
IRAS is currently focusing its audit and investigation efforts on businesses involved in Missing Trader Fraud arrangements. Such cases are detected using advanced data analytics. Other sources of...
Read the article →Are You Facing GST Cash Flow Issues as A Major Exporter?
As the owner of a major import and export business, it is somewhat inevitable that at some point, your business will inherit some goods and services tax (GST) cash flow issues. This can be caused by...
Read the article →How to Understand Tax Returns as a New Entrepreneur?
It is not surprising that in today's busy world, Entrepreneurs often get so involved in their daily business operations that they forget the basics of processing their tax returns. A lot of times...
Read the article →Tips on Managing Your Taxes The Best Way In 2020
Most people are always happy to forget about the word TAXES once their returns are sent to the IRS. But taxes are not a once a year event. To be able to fully profit from all the tax credits and tax...
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