In Singapore, when we hear the term ‘financial year end’, many of us automatically think of 31st December. After all, that’s the year-end for individual income tax filing. But did you know that you have the freedom to select any date as your company’s FYE? Once you incorporate your company in Singapore, you have the […]
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Understanding Cash Flow Statements
Cash is the lifeblood that keeps your business alive and thriving. However, comprehending the movement of cash can often be challenging, especially for new business owners. That’s where a cash flow statement comes in as a valuable financial document for your business. Interested to discover more about what a cash flow statement is and the […]
Small and Medium Enterprises (SMEs) make up a whopping 99% of all businesses in Singapore. These companies, founded by resilient entrepreneurs, are the backbone of the country. To ensure their success, it is crucial for these business owners to focus on running their operations efficiently. One of the initial steps towards success is maintaining well-organized […]
Finance Minister Lawrence Wong recently announced an increase in Singapore’s goods and services tax (GST) rate. The current rate of 7% will be raised to 9% in two stages. The first increase of one percentage point will take effect on January 1, 2023, followed by another one percentage point increase on January 1, 2024. Originally […]
Accrual accounting versus cash accounting: What’s the difference, and why does it matter for businesses? Join us as we explore the ins and outs of accrual accounting, giving you a clearer understanding of your business’s financial position. Here’s what we’ll cover: Accounting Methods The Importance of Accrual Accounting Cash vs Accrual accounting How Accrual Accounting […]