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. Legal Compliance In Singapore, maintaining financial records on an accrual basis is mandatory. Why Accrual Basis Accounting is the Only Compliant Method 1.

Accruals 52

Accruals Accounting Accounting Auditing 52

oAppsNet

DECEMBER 31, 2024

Fraudsters are becoming increasingly sophisticated, leveraging technology and exploiting vulnerabilities within AP processes to steal funds and manipulate financial records. This article will explore the typical red flags of AP fraud and provide actionable strategies to help organizations mitigate this risk.

Accounts Payable 52

Accounts Payable Accounts Payable AP Purchase Order 52

Counto

NOVEMBER 10, 2024

Importance of Keeping Detailed Financial Records for Tax Deductions and Incentives For F&B businesses, maintaining accurate and organised financial records is essential to maximise tax deductions and ensure full compliance with tax laws. Here’s why it matters: 1.

Tax 40

Tax Financial Records Auditing Invoicing 40

Counto

FEBRUARY 22, 2025

Maintain Detailed Financial Records Keeping meticulous records of all business transactions is essential for tax filing and compliance with Singapore’s Inland Revenue Authority (IRAS) regulations. Ready to upgrade your accounting? Chat with us now, email hello@mycounto.com or use our contact form.

Budgeting 52

Budgeting Bookkeeping Record Keeping Tax 52

Accounting Tools

SEPTEMBER 29, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is Auditability? Auditability refers to the ability of an auditor to achieve a comprehensive examination of the financial records and financial statements of a client.

Auditing 40

Auditing Financial Records Financial Statements 40

Counto

FEBRUARY 22, 2025

Real-time financial reporting ensures businesses stay compliant without manual intervention. Reduces errors in financial statements, improving audit readiness. How Automation Helps: Maintains accurate financial records to ensure compliance with new insolvency regulations.

Accounting 52

Accounting Accounting Financial Statements Financial Reporting 52

Accounting Tools

APRIL 29, 2024

What is a Statutory Audit? A statutory audit is an examination of an entity's financial records in accordance with the requirements of a government agency. A number of organizations must undergo statutory audits, including banks, brokerage firms, insurance companies, and municipalities.

Auditing 40

Auditing Financial Statements Financial Records Bookkeeping 40

Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. They ensure compliance in financial reporting and can cut discrepancies and inefficiencies. This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process.

Accounts Payable 52

Accounts Payable Accounts Payable Auditing AP 52

Counto

MARCH 23, 2025

Regulatory Requirements Some businesses, especially those near audit thresholds, need additional financial statements or management reports, which can also affect pricing. Accuracy and Compliance Timely and accurate financial records help you avoid penalties from IRAS or ACRA and support better business decisions.

Bookkeeping 52

Bookkeeping Accounting Accounting Payroll 52

Accounting Tools

JULY 11, 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 Audit? A financial audit is the examination of the financial records of an entity by a certified third party examiner.

Auditing 40

Auditing Financial Statements Financial Records Tax 40

Gaviti

MARCH 5, 2025

This article examines the rising threat of fraudulent activities targeting accounts receivable, the necessity of a robust fraud prevention strategy, common fraud schemes that businesses must be aware of, and actionable steps on how to prevent accounts receivable fraud in 2025.

Accounts Receivable 80

Accounts Receivable Accounts Receivable Account Receivables Accounting 80

Accounting Tools

JULY 16, 2023

Related Courses Forensic Analytics Guide to Analytical Procedures Guide to Audit Sampling Guide to Data Analytics for Audits How to Conduct an Audit Engagement What are Analytical Procedures? Analytical procedures are a type of evidence used during an audit.

Auditing 75

Auditing Financial Records Accounts Payable Accounts Payable 75

Accounting Tools

SEPTEMBER 10, 2023

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is a Fraud Audit? A fraud audit is a detailed examination of the financial records of a business, with the intent of finding instances of fraud. Related Articles Eligibility Audit Forensic Audit Types of Audits

Auditing 40

Auditing Financial Statements Financial Records 40

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies.

Bank Reconciliation 52

Bank Reconciliation Auditing Reconciling General Ledger 52

Accounting Tools

JUNE 9, 2024

What is an Audit Report? An audit report is a written opinion of an auditor regarding an entity's financial statements. The report is written in a standard format, as mandated by generally accepted auditing standards ( GAAS ). The different types of audit reports are noted below. The scope of the audit.

Auditing 40

Auditing Financial Statements Financial Records 40

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. These tests are needed as evidence to support the assertion that the financial records of an entity are complete, valid, and accurate. What is Substantive Testing?

Auditing 75

Auditing Financial Statements Accounts Payable Accounts Payable 75

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 Budgeting Tax 52

Counto

JANUARY 10, 2025

There are two main methods that small businesses use to value cryptocurrency : Fair Value Method : Under this method, cryptocurrency is recorded at its market price on the transaction date. Given the price volatility, this approach requires regular adjustments to ensure accurate financial records.

Accounting 52

Accounting Accounting Record Keeping Tax 52

Counto

FEBRUARY 26, 2025

These cards are commonly used for online payments, recurring subscriptions, and supplier transactions, making them an effective tool for maintaining clear financial records and reducing unauthorised transactions. Each virtual card generates unique transaction details, offering greater security and control over spending.

Accounting Software 52

Accounting Software Financial Reporting Bookkeeping Financial Records 52

Future Firm

APRIL 18, 2023

How to Get Started With Accounting Intelligence How AI Was Used to Write This Article What is AI in Accounting? This includes tasks such as financial reporting, audit and compliance, fraud detection, and data analysis. Artificial intelligence in accounting is currently transforming the industry. Can AI Replace Accountants?

Data Entry 96

Data Entry Accounting Accounting Invoice Processing 96

Accounting Tools

AUGUST 19, 2024

Of the following activities, the only one that a CPA is specifically certified to do is the audit. There are limitations on the ability of a CPA to provide services other than audit work to a client, in order to avoid giving the appearance of being too closely associated with the client. Financial planning. Consulting services.

CPA 75

CPA Financial Statements Auditing Financial Records 75

Accounting Tools

NOVEMBER 2, 2023

Related Courses Forensic Analytics Fraud Examination Fraud Schemes How to Audit for Fraud What is a Forensic Audit? A forensic audit involves the examination of a firm’s financial records for evidence to be used in a legal proceeding. The key activities included in a forensic audit are noted below.

Auditing 40

Auditing Financial Statements Financial Records Payroll 40

Accounting Tools

DECEMBER 12, 2023

What is Audit Evidence? Audit evidence is the documentation collected by an auditor as part of his or her review of the financial accounts, internal controls , and other matters needed to certify a client’s financial statements. The types of audit evidence gathered usually encompasses the items noted below.

Auditing 40

Auditing Collections Financial Statements Financial Records 40

CapActix

FEBRUARY 7, 2025

You know what, just a small mistake can lead to penalties, delays, or even an audit. Many taxpayers unknowingly make errors that impact their financial health. Certainly, it is difficult to go through all the errors within this article. The Problem Disorganized financial records make it difficult to report income accurately.

Tax 40

Tax Auditing Financial Records Bookkeeping 40

Nanonets

MAY 8, 2023

If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit. Audit trails can prevent fraud, aid in disaster recovery, and ensure compliance with regulatory agencies.

Auditing 52

Auditing Accounts Payable Accounts Payable Purchase Order 52

Accounting Tools

JUNE 20, 2023

There are several types of accounting that range from auditing to the preparation of tax returns. Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

APRIL 18, 2024

Work papers are the collection of documents assembled by an auditor while examining the financial records of a client. Work papers provide the evidence upon which an auditor's opinion regarding a client's financial records is based. What are Work Papers?

Financial Records 40

Financial Records Auditing Collections Accounting 40

Accounting Tools

DECEMBER 20, 2023

Accounting entries are also needed by an organization’s auditors; they cannot conduct an audit without having a complete set of financial records, and those records are created with accounting entries.

Accounting 75

Accounting Accounting Accruals General Ledger 75

Counto

OCTOBER 3, 2024

Prioritise Compliance and Record-Keeping Proper record-keeping is fundamental for meeting regulatory requirements and preparing for audits. Maintain Detailed Financial Records Every transaction, whether a sale or an expense, should be accurately documented.

Record Keeping 52

Record Keeping Accounting Accounting Auditing 52

CapActix

JUNE 7, 2024

Without proper financial management, a business can quickly run into trouble. A professional bookkeeper ensures financial records are accurate and up to date. Focus on Core Business Activities Outsourcing bookkeeping tasks liberates business owners from the time-consuming responsibility of managing financial records.

Bookkeeping 52

Bookkeeping Outsourced Bookkeeping Bookkeeping Services Financial Records 52

Outsourced Bookeeping

OCTOBER 21, 2024

This article discusses outsourced bookkeeping and the interplay with how SMEs enjoy tax benefits. SMEs Prepare for Tax Season How Outsourced Bookkeeping Works It simply involves delegating financial records keeping to external experts or specialized firms. Maximising Tax Benefits: How Outsourced Bookkeeping Helps U.S

Outsourced Bookkeeping 52

Outsourced Bookkeeping Bookkeeping Tax Bookkeeping Services 52

Counto

OCTOBER 16, 2024

Streamlining Audit Preparedness A strong analytics framework simplifies the audit process. Automation of data collection enhances the accuracy of financial records, leading to smoother audits. Example : Well-organised spend data makes it easier to compile necessary documentation for audits.

Auditing 52

Auditing Financial Reporting Collections Budgeting 52

Accounting Tools

JUNE 8, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook How to Conduct an Audit Engagement Records Management What are Source Documents? Source documents are the physical basis upon which business transactions are recorded.

Petty cash 75

Petty cash Invoicing Bookkeeping Reconciling 75

Counto

MARCH 19, 2024

Record Keeping Maintain meticulous financial records, including income statements, receipts, invoices, and expense records. 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 52

Record Keeping Financial Records Accruals Corporation Tax 52

Nanonets

APRIL 15, 2024

A Bank Reconciliation Statement is a financial document that ensures that the cash balances recorded in the internal financial records align with the financial records presented in the bank statement. General Ledger ) and the bank’s records (e.g. Bank Statement ).

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Outsourced Bookeeping

JANUARY 22, 2025

It is extremely crucial to have proper and accurate financial records, which are important for tax compliance, decision-making in business and cash flow management. Having a well-kept, accurate and up-to-date financial record is a busy and stressful process.

Bookkeeping Services 52

Bookkeeping Services Bookkeeping Outsourced Bookkeeping Financial Records 52

Accounting Tools

JUNE 8, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is an Auditor’s Opinion? An auditor’s opinion is a formal statement made by an auditor concerning a client’s financial statements. There are several types of audit opinions, which are noted below.

Financial Statements 40

Financial Statements Auditing Financial Records 40