Counto

DECEMBER 16, 2024

Understanding Internal vs. External Audits: A Guide for SME Owners in Singapore Audits are critical tools for evaluating a companys financial health and operational efficiency. While both audits provide valuable insights, they differ in their objectives, scope, and who performs them. What is an Internal Audit?

Auditing 52

Auditing Financial Statements Financial Reporting Financial Records 52

Counto

NOVEMBER 2, 2024

Invoices in Audits: What Every SMEs in Singapore Should Understand As a small business owner in Singapore, navigating the complexities of financial management can be daunting. Among these complexities, understanding the role of invoices in audits is paramount. Discover how we can streamline your taxes and accounting today.

Invoicing 52

Invoicing Auditing Corporation Tax Tax 52

Accounting Today

DECEMBER 13, 2023

Italy's finance police had claimed that the company failed to pay taxes on about €3.7 billion of rental revenue and claimed that the company owed about €779 million after an audit of the tax years from 2017 to 2021.

Tax 189

Tax Auditing Corporation Tax 189

Counto

MAY 4, 2024

Explore Counto’s all-inclusive accounting plans—designed to cover everything from multi-currency bookkeeping to unlimited transactions and corporate tax filing, all without hidden fees. Learn more about our accounting services here.

Corporation Tax 97

Corporation Tax Auditing Bookkeeping Computation 97

Counto

SEPTEMBER 7, 2024

Understanding Audit Requirements for Private Limited Companies in Singapore As a private limited company in Singapore, understanding audit requirements is crucial for maintaining financial transparency and compliance. What is an Audit? Changing auditors can bring fresh perspectives and enhance audit quality.

Auditing 52

Auditing Financial Statements Tax Budgeting 52

SMB Accounting and Consulting

MARCH 8, 2023

One type of accounting that is well-known is tax accounting. According to Investopedia, tax accounting is “a structure of accounting methods focused on taxes rather than the appearance of public financial statements”. Tax accounting applies to individuals, businesses, and corporations.

Tax 52

Tax Corporation Tax Accounting Accounting 52

Counto

OCTOBER 3, 2024

Accounting Principles for Online Sellers Aiming for CAB Status As a small business owner in Singapore, obtaining accreditation as a Conformity Assessment Body (CAB) can elevate your business profile and open new avenues. However, with accreditation comes the need for meticulous accounting practices.

Record Keeping 52

Record Keeping Accounting Accounting Auditing 52

Counto

NOVEMBER 27, 2024

Navigating Account Migrations: Key Considerations for Singapore SMEs For Singapore SMEs , account migrations are crucial to improving operational efficiency, enhancing financial reporting, and keeping up with evolving business needs. Ensuring Data Security During Account Migrations When migrating financial data, security is paramount.

Accounting 52

Accounting Accounting Financial Reporting Payroll 52

Counto

SEPTEMBER 12, 2024

How Business Support Services Can Improve Your Accounting Operations in Singapore? Managing accounting operations can be challenging for small business owners in Singapore. Here’s how leveraging these services can enhance your accounting operations: 1. Streamlined Processes 1.1 Streamlined Processes 1.1

Budgeting 52

Budgeting Corporation Tax Financial Analysis Budgeting Manager 52

Counto

DECEMBER 13, 2024

Opening a Corporate Bank Account Once your company is registered in Singapore , youll need a corporate bank account for business transactions. Example : A newly registered private limited company opens a corporate bank account by submitting the required documents, such as its business profile and shareholder details.

Corporation Tax 52

Corporation Tax Financial Statements Tax Auditing 52

Accounting Tools

JULY 14, 2023

The tax accountant position is accountable for the collection of tax-related information, reporting to taxation authorities at the federal, state, county, and local levels in a timely manner, and advising management on the tax impact of various corporate strategies. Must be detail oriented.

Tax 40

Tax Accounting Accounting Corporation Tax 40

Counto

APRIL 7, 2024

Not paying a salary or fee may increase company profits, leading to higher corporate taxes. Dividends issued after tax are tax-free for shareholders, as taxes have already been paid by the company. Ensure compliance with tax laws and regulations to avoid penalties or audits.

Corporation Tax 52

Corporation Tax Tax Payroll Bookkeeping 52

AvidXchange

MARCH 22, 2024

During the course of a year, certain periods can be stressful within accounting and finance departments, as teams are asked to keep up with their day-to-day responsibilities while taking on extra work. Currently, he’s an account executive for the real estate vertical at AvidXchange, helping AP teams streamline processes with automation.

Accounting 52

Accounting Accounting AP Budgeting 52

Counto

FEBRUARY 7, 2024

Here’s a quick rundown: Output Tax: Registered businesses must charge GST on goods and services sold locally, known as Output Tax. Input Tax: You can claim back GST paid on business purchases, reducing your overall tax liability. Discover a smarter way to outsource your accounting with confidence.

Corporation Tax 52

Corporation Tax Record Keeping Tax Auditing 52

Counto

OCTOBER 3, 2024

GST audits: IRAS may audit businesses using HCES; accurate documentation is essential. Example: A chocolate business exports its products with proper permits and invoices, passing IRAS audits without GST liabilities. Let Counto’s tax specialists handle Singapore’s tax complexities for you.

Corporation Tax 52

Corporation Tax Record Keeping Auditing Invoicing 52

Accounting Tools

MAY 2, 2024

Examples of Sole Practitioners Examples of professions in which sole practitioners are common are architecture, auditing, law, and medicine. Given the specialized nature of many of these jobs, state governments frequently require that sole practitioners obtain a certification and insurance before going into business.

Corporation Tax 40

Corporation Tax Auditing Tax Accounting 40

Counto

MARCH 19, 2024

Proper record-keeping is crucial for accurate tax reporting and to navigate audits or inquiries by the Inland Revenue Authority of Singapore (IRAS). Record Keeping Guidelines Separate Business and Personal Finances: Keep business and personal finances separate with dedicated bank accounts.

Record Keeping 52

Record Keeping Financial Records Accruals Corporation Tax 52

Counto

SEPTEMBER 27, 2024

Conduct an Energy Audit 2.1 Example: A manufacturing SME in Singapore utilised energy audit data to shift its operations to off-peak hours, achieving a 10% reduction in overall energy consumption. Our expert accountants deliver comprehensive services—from bookkeeping to tax filing—at transparent rates.

Billing 52

Billing Auditing Corporation Tax Bookkeeping 52

Counto

NOVEMBER 10, 2024

Filing Deadlines : The GST return must be filed within one month after the end of the accounting period. Example : If a restaurant’s accounting period ends on 31st March, the GST return must be submitted by 30th April. Let Counto’s tax specialists handle Singapore’s tax complexities for you.

Record Keeping 52

Record Keeping Billing Invoicing Tax 52

Accounting Today

MAY 31, 2024

Companies retreat to less risky tax strategies when IRS budgets are robust, according to a new study.

Budgeting 240

Budgeting Tax Corporation Tax Auditing 240

Counto

NOVEMBER 2, 2024

Tired of surprise fees from accounting services? From multicurrency accounting to tax filing, Counto handles it all—with unlimited transactions. Categorise Your Invoices : Use folders or tags to organise invoices by client, date, or payment status (paid/unpaid) to facilitate easier tracking and retrieval during audits.

Invoicing 52

Invoicing Invoice Processing Accounts Receivable Accounts Receivable 52

Accounting Today

AUGUST 23, 2022

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Tax 260

Tax Corporation Tax Auditing 260

Accounting Today

MARCH 28, 2024

The campaign is part of a larger effort by the IRS to increase its scrutiny of high-income taxpayers and large businesses to help close the tax gap.

Tax 235

Tax Corporation Tax Auditing 235

Counto

OCTOBER 16, 2024

Example : A grocery store uses automated checks to verify input tax claims against purchase records, minimising inaccuracies. Let Counto’s tax specialists handle Singapore’s tax complexities for you. Our comprehensive accounting plans seamlessly integrate GST filing—no extra fees, just straightforward expertise.

Purchase Order 52

Purchase Order Corporation Tax Tax Auditing 52

Counto

OCTOBER 16, 2024

Regulatory authorities may request access to this information during audits or investigations. Operational Efficiency: Quick access to BOI information reduces delays during audits. Example: A business with up-to-date BOI records can promptly provide necessary information during an audit, ensuring operational continuity.

Corporation Tax 52

Corporation Tax Auditing Record Keeping Tax 52

Counto

OCTOBER 7, 2024

Navigate tax season with confidence: Our tailored, all-in-one accounting plans optimise your finances year-round. Discover how we can streamline your taxes and accounting today. Strategies to Optimise Your Input Tax Credits 3.1 Maintain records for a minimum of five years, as they may be needed for audits.

Tax 52

Tax Record Keeping Invoicing Corporation Tax 52

Counto

SEPTEMBER 20, 2024

Example: A small IT consultancy firm with a turnover of SGD 500,000 opts for voluntary GST registration to reclaim tax on its equipment purchases, thereby improving cash flow. Ensure your billing and accounting reflect these changes accurately. Let Counto’s tax specialists handle Singapore’s tax complexities for you.

Bookkeeping 52

Bookkeeping Accounting Software Corporation Tax Tax 52

Accounting Tools

AUGUST 7, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is Depreciation? When this charge is made, the entry is a debit to the depreciation expense account and a credit to the accumulated depreciation account. In the firm’s Year 1 tax return, it claimed the $30,000 of depreciation as a tax deduction.

Corporation Tax 40

Corporation Tax Tax Auditing Accounting 40

Counto

NOVEMBER 10, 2024

Navigate tax season with confidence: Our tailored, all-in-one accounting plans optimise your finances year-round. Discover how we can streamline your taxes and accounting today. What to keep: Keep all financial documentation, including receipts, invoices, and contracts, well organised for easy access during audits.

Tax 40

Tax Financial Records Auditing Invoicing 40

Accounting Tools

OCTOBER 19, 2023

Related Courses C Corporation Tax Guide Types of Business Entities What is a Board of Directors? A board of directors governs a corporation. For example, there may be an audit committee , compensation committee, governance committee, and risk management committee.

Corporation Tax 40

Corporation Tax Auditing Tax 40

Counto

JANUARY 19, 2023

If you are one of them, you should know by now that there are two primary government agencies you will be closely working with: the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). ACRA is the regulatory body for public accountants and companies in Singapore.

Tax 52

Tax Corporation Tax Financial Reporting Collections 52

Counto

JANUARY 19, 2023

If you are one of them, you should know by now that there are two primary government agencies you will be closely working with: the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). ACRA is the regulatory body for public accountants and companies in Singapore.

Tax 52

Tax Corporation Tax Financial Reporting Collections 52

Accounting Tools

NOVEMBER 1, 2024

Directors usually serve on committees that focus on specific areas, such as audit, finance, compensation, governance, or risk. Related AccountingTools Courses C Corporation Tax Guide Types of Business Entities Related Article Inside Director Directors evaluate and, if necessary, replace the CEO and other top executives.

Corporation Tax 40

Corporation Tax Auditing Tax 40

Counto

APRIL 14, 2023

Keeping accurate records is not just important for your peace of mind, but it can also help you in case of an audit. The Inland Revenue Authority of Singapore (IRAS) may request documentation to support deductions or other claims made on your tax return. This is where Counto’s tax filing services in Singapore come into play.

Tax 52

Tax Corporation Tax Record Keeping Auditing 52

Counto

APRIL 14, 2023

Keeping accurate records is not just important for your peace of mind, but it can also help you in case of an audit. The Inland Revenue Authority of Singapore (IRAS) may request documentation to support deductions or other claims made on your tax return. This is where Counto’s tax filing services in Singapore come into play.

Tax 52

Tax Corporation Tax Record Keeping Auditing 52

IMA's Count Me

MARCH 10, 2021

IMA's podcast about all things affecting the accounting and finance world. As we listen to this conversation, we first need to acknowledge that many accountants got into the profession because they are really good at crunching the numbers. Accountants now have a very diversified skillset. Let's head over and listen now.

Accounting 40

Accounting Accounting Corporation Tax Auditing 40

Billah and Associates

JANUARY 8, 2019

Tax audit for businesses A corporate tax audit is an efficient and effective mode of scrutiny, especially when done by a primary corporate tax accountant. Tax returns file must include the final copies of the tax returns working papers in addition to the documentation of completed transactions.

Corporation Tax 52

Corporation Tax Auditing Tax Financial Statements 52