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Accounting Article Financial Statements 
Accounting Tools
JULY 23, 2024
What are Comparative Financial Statements? Comparative financial statements are the complete set of financial statements that an entity issues, revealing information for more than one reporting period.
Accounting Tools
MAY 13, 2024
What are Budgeted Financial Statements? Budgeted financial statements contain the expected financial results, financial position , and cash flows of a business. These budgeted financials include an income statement , balance sheet , and statement of cash flows.
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Accounting Tools
JULY 5, 2024
What are Financial Statements? Financial statements are a collection of summary-level reports about an organization's financial results, financial position , and cash flows. They include the income statement, balance sheet, and statement of cash flows. Inaccurate basis for forecasts.
Maximizing Profit and Productivity: The New Era of AI-Powered Accounting
Book of Secrets on the Month-End Close
How To Break Digital Transformation Barriers And Accelerate AI Adoption
Forecasting Failures Are Costly: Heres How To Fix Them
The Human Side of Finance: The Intersectionality of People, Culture, Adaptability, and Resilience
Accounting Tools
JULY 14, 2024
What are Pro Forma Financial Statements? Pro forma financial statements are financial reports issued by an entity, using assumptions or hypothetical conditions about events that may have occurred in the past or which may occur in the future.
Counto
DECEMBER 7, 2024
Common Mistakes SMEs Make When Analysing Financial Statements and How to Fix Them For SMEs in Singapore, analysing financial statements is a crucial but often daunting task. Mistake: Waiting until tax season to review financial statements can be risky, as trends or issues may go unnoticed until its too late.
Accounting Tools
APRIL 24, 2024
How to Correct Financial Statement Errors An error correction is the correction of an error in previously issued financial statements. It is not an accounting change. Prior Period Error Corrections Prior period financial statements should be restated when there is an error correction.
Accounting Tools
MAY 7, 2024
The limitations of financial statements are those factors that a user should be aware of before relying on them to an excessive extent. The following are all limitations of financial statements. Financial Statements Are Derived from Historical Costs Transactions are initially recorded at their cost.
Accounting Tools
AUGUST 11, 2024
Who are the Users of Financial Statements? There are many users of the financial statements produced by an organization. In short, there are many possible users of financial statements, all having different reasons for wanting access to this information.
Accounting Tools
OCTOBER 9, 2023
Related Courses Closing the Books The Soft Close The Year-End Close How to Prepare Financial Statements The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials. Accrue the expense for any invoices that have not been received.
Accounting Tools
MAY 9, 2024
What are the Elements of Financial Statements? The elements of financial statements are the general groupings of line items contained within the statements. Examples of the Elements of Financial Statements The main elements of financial statements are as follows: Assets. Liabilities.
Accounting Tools
AUGUST 1, 2023
Related Courses How to Conduct an Audit Engagement How to Conduct a Compilation Engagement How to Conduct a Review Engagement What are Financial Statement Assertions? Financial statement assertions are claims made by an organization's management regarding its financial statements.
Accounting Tools
JULY 8, 2024
What is the Purpose of Financial Statements? The general purpose of the financial statements is to provide information about the results of operations, financial position , and cash flows of an organization. At a more refined level, there is a different purpose associated with each of the financial statements.
Accounting Tools
OCTOBER 25, 2023
Related Courses The Income Statement Public Company Accounting and Finance What are Interim Financial Statements? Interim financial statements are financial statements that cover a period of less than one year. The interim statement concept can apply to any period, such as the last five months.
Accounting Tools
JUNE 14, 2023
Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Review? A review does not require the accountant to obtain an understanding of internal control , or to assess fraud risk , or other types of audit procedures.
Accounting Tools
JUNE 12, 2023
Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Audit? A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor.
Accounting Tools
JUNE 14, 2023
Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows What are the Types of Financial Statements? Financial statements provide a picture of the performance, financial position, and cash flows of a business.
Accounting Tools
OCTOBER 8, 2023
Related Courses Auditing Nonprofit Entities Nonprofit Accounting What are the Key Financial Statements for a Nonprofit? A nonprofit entity issues a somewhat different set of financial statements than the statements produced by a for-profit entity. One of the statements is entirely unique to nonprofits.
Accounting Tools
OCTOBER 22, 2023
Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows The following are all qualitative characteristics of financial statements. Understandability The information must be readily understandable to users of the financial statements.
Accounting Tools
JULY 24, 2023
Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows The key components of the financial statements are the income statement , balance sheet , and statement of cash flows. The key points favoring each of these financial statements as being the most important are noted below.
Accounting Tools
DECEMBER 25, 2023
Where Dividends Appear in Financial Statements There are four components of the financial statements. Simply reserving cash for a future dividend payment has no net impact on the financial statements. This is included in the cash flow from financing activities section of the report.
Counto
MARCH 18, 2025
How Much Do Accounting Services Cost in Singapore? Finding the right accounting services for your Singapore small business involves understanding both costs and value. While prices typically range from S$90 to S$1,500 monthly, what truly matters is finding the right accounting partner who understands your unique business needs.
Counto
MARCH 23, 2025
Are Professional Accounting Services Worth It? ROI for SMEs in Singapore For many small business owners in Singapore, outsourcing accounting tasks can feel like an added expense especially when budgets are tight. Are professional accounting services worth the investment, and what kind of return on investment (ROI) can SMEs expect?
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Counto
FEBRUARY 22, 2025
How Automation is Changing Accounting for Small Businesses The rise of automation is reshaping how small businesses in Singapore handle accounting. With evolving regulatory requirements, increasing digital adoption, and growing financial complexities, leveraging technology is no longer optionalits essential. Break free here.
52 
Counto
MARCH 23, 2025
Why Startups in Singapore Need Professional Accounting Services Starting a business is an exciting journey filled with ideas, ambition, and a drive to succeed. But amidst product development, customer acquisition, and fundraising, many startup founders in Singapore overlook one critical element accounting services.
Counto
MARCH 23, 2025
Why Non-Profit Organisations in Singapore Need Specialised Accounting Services Non-profit organisations (NPOs) in Singapore operate with a mission to serve communities, advance causes, and create positive social impact. While profit may not be the goal, financial management remains essential. Paperwork eating your time?
52 
Tipalti
FEBRUARY 27, 2025
Understanding financial statements is essential for accounting and finance team members, CEOs, business owners, creditors, and shareholders. This article provides financial statement basics and some more advanced concepts for complex companies.
Counto
MARCH 23, 2025
How Cloud Technology Is Transforming Accounting Services for SMEs in Singapore For small and medium-sized enterprises (SMEs) in Singapore, staying competitive means embracing smarter, more efficient ways to manage finances. One of the most significant innovations in recent years is the adoption of cloud technology in accounting services.
52 
Counto
MARCH 23, 2025
How Accounting Services Help SMEs in Singapore Achieve Business Goals Running a small business in Singapore means juggling many priorities from customer satisfaction to operations and growth. Amid all of this, financial management often becomes reactive rather than strategic. Still doing accounting the old way?
52 
Counto
JANUARY 10, 2025
Cryptocurrency Accounting for Small Businesses in Singapore As cryptocurrency continues to gain popularity worldwide, many small businesses in Singapore are exploring its potential as an alternative form of payment or an investment option. Understanding how to account for cryptocurrency is critical.
52 
Counto
DECEMBER 16, 2024
External Audits: A Guide for SME Owners in Singapore Audits are critical tools for evaluating a companys financial health and operational efficiency. An external audit involves an independent evaluation of a companys financial statements, ensuring they reflect a true and accurate picture of the companys financial health.
52 
Accounting Tools
JANUARY 26, 2025
For example, managers could have created false sales , which require that corresponding accounts receivable also be stated on the books. The CEO decides to take a "big bath" in its accounting by taking the following steps: Write off selected assets. A big bath can be employed to write off these receivables.
Counto
MARCH 24, 2025
Cash Vs. Accrual Accounting: Which Method Suits Your Small Business? One of the first financial decisions a small business owner must make is how to recognise income and expenses in other words, choosing between cash basis and accrual accounting. What is Cash Basis Accounting? See the future of accounting here.
52 
Counto
MARCH 24, 2025
How to Find Affordable Accounting Services for SMEs in Singapore For many small and medium-sized enterprises (SMEs) in Singapore, managing finances effectively is essential but hiring a full-time accountant or engaging a large firm may feel out of reach. What Makes Accounting Affordable? See the future of accounting here.
52 
Counto
JANUARY 11, 2025
As we approach 2025, its essential to understand the latest compliance requirements set by the Accounting and Corporate Regulatory Authority (ACRA). The return must include up-to-date details such as the companys financial statements, directors, and shareholders. Discover our all-inclusive incorporation packages here.
Counto
MARCH 23, 2025
How Much Do Accounting Services Cost in Singapore? A Guide for SMEs For small business owners in Singapore, outsourcing accounting tasks can save time, reduce errors, and ensure compliance. But one of the most common questions is: how much do accounting services actually cost? Experience live accounting here.
52 
Counto
NOVEMBER 3, 2024
Why Accrual Basis Accounting Matters for Singapore SMEs For SMEs, the importance of maintaining accurate, compliant financial records cannot be overstated. Here’s why we recommend accrual accounting, the risks of cash basis accounting, and how Counto’s expertise can help safeguard your business.
52 
Counto
NOVEMBER 7, 2024
Essential Accounting Tips for Singapore’s F&B Industry The food and beverage (F&B) industry in Singapore faces unique challenges, especially in terms of financial management. In this post, we’ll cover some essential accounting practices and tips that can help streamline financial management for F&B businesses in Singapore.
Accounting Tools
JULY 21, 2024
What is Intercompany Accounting? Intercompany accounting is a set of procedures used by a parent company to eliminate transactions occurring between its subsidiaries. In short, consolidated financial statements must show results and a financial position as though the intercompany transactions had never happened.
Counto
MARCH 23, 2025
What Are the Different Types of Accounting Services for SMEs in Singapore? Staying financially organised and compliant with local regulations is critical, and thats where professional accounting services can make all the difference. Its a core component of professional accounting services. Your competitors aren’t.
Accounting Tools
JANUARY 2, 2024
What are Accounting Reports? Accounting reports are compilations of financial information that are derived from the accounting records of a business. More commonly, accounting reports are considered to be equivalent to the financial statements. Why are Accounting Reports Important?
Counto
DECEMBER 16, 2024
What Are the Different Types of Accounting Services? Proper accounting ensures that you remain compliant with local regulations, maintain accurate financial records, and make informed decisions. This guide explains the different types of accounting services available and how they can help your business thrive.
Accounting Tools
JULY 24, 2023
Related Courses Business Combinations and Consolidations CPA Firm Mergers and Acquisitions Mergers and Acquisitions How to Account for a Consolidation Consolidation accounting is the process of combining the financial results of several subsidiary companies into the combined financial results of the parent company.
Accounting Tools
JUNE 11, 2023
Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook New Controller Guidebook What is the Purpose of Accounting? The purpose of accounting is to accumulate and report on financial information about the performance, financial position , and cash flows of a business.
Accounting Tools
JULY 26, 2023
Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basic Accounting Concepts? There are a number of conceptual issues that one must understand in order to develop a firm foundation of how accounting works. These basic accounting concepts are noted below.
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