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Common Mistakes SMEs Make When Analysing Financial Statements and How to Fix Them

Counto

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.

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Bookkeeping vs. Accounting: Here’s how they differ

Intuit

What’s the difference between bookkeeping and accounting? We’ll define each, explore the differences between bookkeeping and accounting, and discuss what it takes to pursue roles in the fields. Bookkeeping involves categorizing each transaction, specifying the amount involved, and tracking it in the relevant account.

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Financial statement preparation

Accounting Tools

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.

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How to reconcile accounts receivable

Accounting Tools

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook The reconciliation of accounts receivable is the process of matching the detailed amounts of unpaid customer billings to the accounts receivable total stated in the general ledger. The two information sources for this reconciliation are noted below.

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Financial statement review definition

Accounting Tools

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.

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How to reconcile an account

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook When you reconcile an account, you are proving that the transactions that sum to the ending account balance for the account are correct. Usually, this means moving an expense into a different account.

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How to reconcile the general ledger

Accounting Tools

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook The general ledger is the master set of accounts that aggregates all transactions recorded for a business. The reconciliation process at the account level typically comprises the following steps: Beginning balance investigation.