Counto

NOVEMBER 2, 2024

Live Updates : Sync sales data and invoices in real time, ensuring financial records are always current. Complete Financial Overview : Having all financial data in one place provides clarity and aids in informed decision-making. This integration saves time and keeps data accurate.

Invoicing 52

Invoicing Financial Records Tax Corporation Tax 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. 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

Counto

DECEMBER 16, 2024

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. External auditors are typically certified professionals who are not affiliated with the company and provide an unbiased opinion on the financial records.

Auditing 52

Auditing Financial Statements Financial Reporting Financial Records 52

Counto

MARCH 23, 2025

Statutory Filings Startups are required to file annual returns and maintain proper financial records in accordance with the Companies Act. Tax Filing and GST Compliance Accurate tax submissions and, where applicable, GST filings are mandatory. Non-compliance can lead to fines and legal issues. Your books should work as fast as you do.

Bank Reconciliation 52

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Counto

MARCH 23, 2025

Error Detection and Alerts AI systems can identify anomalies or errors in financial records, helping SMEs avoid costly penalties. Supporting Scalable Growth As SMEs grow, their financial needs become more complex. Impact for SMEs: Reliable compliance with reduced risk of late filings or errors.

Bank Reconciliation 52

Bank Reconciliation Data Entry Accounting Accounting 52

Counto

MARCH 6, 2025

Delegate responsibilities such as bookkeeping, payroll, or financial record-keeping to trusted professionals. Automation can also help manage repetitive financial tasks, freeing up your time to focus on business growth and reducing procrastination in maintaining accurate financial records.

Payroll 52

Payroll Financial Records Bookkeeping Financial Reporting 52

Counto

FEBRUARY 22, 2025

Simplified Insolvency Processes As of January 2025, Singapore’s Parliament has enacted legislation to simplify insolvency procedures, making it more cost-effective for companies undergoing financial distress. How Automation Helps: Maintains accurate financial records to ensure compliance with new insolvency regulations.

Accounting 52

Accounting Accounting Financial Statements Financial Reporting 52

Counto

MARCH 23, 2025

Professional accounting services provide the financial documentation and credibility needed for these next steps. Loan and Investment Readiness Well-maintained financial records and projections are essential when applying for funding or presenting to investors. Ready to upgrade your accounting?

Accounting 52

Accounting Accounting Financial Reporting Financial Statements 52

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

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Counto

NOVEMBER 2, 2024

Smooth Integration with Accounting Systems Real-Time Updates : Instant synchronisation ensures financial records reflect the latest expense submissions, promoting accurate financial statements. Data Integrity : Integration reduces discrepancies, ensuring all financial data remains consistent and reliable.

Financial Reporting 52

Financial Reporting Data Entry Budgeting Financial Analysis 52

Counto

MARCH 23, 2025

Accuracy and Compliance Timely and accurate financial records help you avoid penalties from IRAS or ACRA and support better business decisions. The Value Behind the Cost While cost is an important factor, the value of professional accounting services should also be considered. Ready for accounting that actually gets your business?

Bookkeeping 52

Bookkeeping Accounting Accounting Payroll 52

Counto

MARCH 23, 2025

Support for Funding and Expansion Accurate financial records and statements are often required when applying for business loans, attracting investors, or exploring partnerships. Here are some articles you might find helpful: How Much Do Accounting Services Cost in Singapore? Ready to upgrade your accounting?

Accounting 52

Accounting Accounting Record Keeping Bookkeeping 52

Counto

FEBRUARY 23, 2025

Proper financial management can enhance profitability, improve compliance, and support long-term growth. By aligning accounting practices with their chosen sales strategy, businesses can make informed financial decisions and maintain healthy financial records. Ready to upgrade your accounting?

Accounting 52

Accounting Accounting Bookkeeping Financial Records 52

Counto

NOVEMBER 2, 2024

Organised Record-Keeping: Accurate invoices are essential for maintaining clear financial records, providing auditors with the documentation they need to assess compliance. Example: For instance, if your business issued a $2,000 invoice for consulting services, this document serves as evidence of your revenue during an audit.

Invoicing 52

Invoicing Auditing Record Keeping Corporation Tax 52

Counto

FEBRUARY 22, 2025

Poor record-keeping, lack of budgeting, and financial missteps can jeopardise business operations. Many small businesses in Singapore fail due to underestimating tax obligations and financial planning. How to Address It Maintain Accurate Records: Keep detailed financial records and review them regularly.

Record Keeping 52

Record Keeping Bookkeeping Budgeting Bookkeeping Services 52

Counto

MARCH 23, 2025

Value Over Cost Consider the benefits of accurate financial records, timely compliance, and strategic advice these often outweigh lower upfront costs. Transparent Pricing Look for clear pricing structures with no hidden fees. Understand whats included in each service package. Ready for accounting that understands your business?

Accounting 52

Accounting Accounting Bank Reconciliation Bookkeeping 52

Accounting Tools

JULY 19, 2023

Related Articles Financial Records Records Management For example, a schedule shows the activities required to complete a construction project, along with task assignments, expected task durations, and milestones reached.

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General Ledger Accounting Accounting Accounts Payable 75

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

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 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.

Financial Statements 40

Financial Statements Accounting Accounting Payroll 40

Counto

MARCH 6, 2025

b) Meeting Due Diligence Requirements Investors will scrutinise your financial records, legal compliance, and operations. Maintaining organised financial statements and a sound company structure can streamline the fundraising process. Research potential investors’ industry experience and support for similar ventures.

Financial Statements 52

Financial Statements Corporation Tax Bookkeeping Financial Records 52

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

These procedures can indicate possible problems with the financial records of a client, which can then be investigated more thoroughly. Analytical procedures involve comparisons of different sets of financial and operational information, to see if historical relationships are continuing forward into the period under review.

Auditing 75

Auditing Financial Records Accounts Payable Accounts Payable 75

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? 6) Bookkeeping and Data Entry Bookkeeping and data entry are essential tasks for businesses to maintain accurate financial records. Artificial intelligence in accounting is currently transforming the industry.

Data Entry 96

Data Entry Accounting Accounting Invoice Processing 96

oAppsNet

DECEMBER 17, 2024

Regularly auditing your AP function protects your company from financial mismanagement and ensures that your vendors are paid accurately and on time. In this article, well guide you through the steps to conduct an effective AP audit, discuss best practices, and highlight key areas to focus on. What Is an Accounts Payable Audit?

AP 52

AP Auditing Purchase Order Accounts Payable 52

Counto

DECEMBER 16, 2024

Heres how SMEs in Singapore can use ChatGPT to improve efficiency, particularly in managing financial and operational tasks. Streamlining Financial Reporting and Documentation For many SMEs in Singapore, managing financial records and preparing reports is a time-consuming task.

Financial Reporting 52

Financial Reporting Financial Statements Bookkeeping Tax 52

Counto

FEBRUARY 23, 2025

MAS regulates payment systems and promotes transparency in financial transactions, which helps maintain trust in the industry. The Accounting and Corporate Regulatory Authority (ACRA), which oversees business entities in Singapore, requires businesses to maintain accurate and up-to-date financial records.

Billing 52

Billing Customer Service Bookkeeping Services Bookkeeping 52

LedgerDocs

AUGUST 21, 2023

In this article, we explore a few ways that LedgerDocs will allow you to navigate the challenges and seize opportunities in the modern work environment. To address this need, LedgerDocs offers integrations with popular accounting software such as Quickbooks , Freshbooks and Xero to offer a comprehensive view of financial data.

Data Entry 98

Data Entry Financial Records XERO QuickBooks 98

CapActix

FEBRUARY 7, 2025

Certainly, it is difficult to go through all the errors within this article. Neglecting Accurate Bookkeeping The foundation of a successful tax return preparation process is keeping organized and precise financial records for your business. The Problem Disorganized financial records make it difficult to report income accurately.

Tax 40

Tax Auditing Financial Records Bookkeeping 40

Accounting Tools

OCTOBER 20, 2023

Internal auditors will examine issues related to company business practices and risks, while external auditors examine the financial records and issue an opinion regarding the financial statements of the company. Internal audits are conducted throughout the year, while external auditors conduct a single annual audit.

Auditing 75

Auditing Financial Statements Financial Records CPA 75

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.

Auditing 75

Auditing Financial Statements Accounts Payable Accounts Payable 75

Future Firm

SEPTEMBER 27, 2023

In this article, I’ll run through some of the more modern options that might make the most sense for your firm at the moment. Botkeeper manages the financial records with the help of a financial software such as Xero or QuickBooks Online. Outsourcing can provide consistent and reliable record-keeping.

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Outsourced Bookkeeping Bookkeeping QuickBooks Bookkeeping Services 98

Accounting Tools

AUGUST 19, 2024

Some CPAs specialize in forensic accounting services, where they reconstruct destroyed financial records or investigate whether fraudulent activities have occurred. Financial planning. Many CPAs specialize in this area, and perform no other services. Forensic accounting.

CPA 75

CPA Financial Statements Auditing Financial Records 75

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

Nanonets

MAY 21, 2024

This process helps identify discrepancies, resolve outstanding balances, and maintain a clear understanding of the company's financial position. This reconciliation aims to ensure the accuracy and completeness of accounts receivable transactions recorded in the company's financial records.

Accounts Receivable 52

Accounts Receivable Accounts Receivable Account Receivables General Ledger 52

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