Counto

NOVEMBER 2, 2024

Effective Management of Large Numbers of Invoices for Singapore SMEs Managing a high volume of invoices can be a daunting task for small and medium enterprises (SMEs) in Singapore. However, with the right strategies and tools, businesses can streamline their invoicing processes and improve efficiency.

Invoicing 52

Invoicing Invoice Processing Accounts Receivable Accounts Receivable 52

Counto

NOVEMBER 10, 2024

Example : If a restaurant charges S$25 for a meal and the GST is 7%, the total bill would be S$26.75. The total bill will show the price of the dish (S$30) plus 7% GST (S$2.10) , making the total S$32.10. Service Charge Considerations Many restaurants add a service charge (typically 10% ) to their bills.

Record Keeping 52

Record Keeping Billing Invoicing Tax 52

Counto

JANUARY 9, 2025

For example, if your business is paying S$100 a month for cloud-based software, the additional GST will add S$7 to your monthly bill. That being said, if your business is GST -registered (with an annual turnover exceeding S$1 million), you can claim back the GST you pay on these imported services through input tax credits.

Tax 52

Tax Collections Budgeting Record Keeping 52

Counto

NOVEMBER 7, 2024

Improve Invoicing : Use invoicing software to streamline billing and ensure payments are collected promptly. Engage Professional Advice : Seek advice from tax professionals familiar with Singapore’s tax landscape to optimise your tax efficiency and ensure full compliance with corporate tax regulations.

Financial Statements 40

Financial Statements Accounting Accounting Payroll 40

Counto

DECEMBER 13, 2024

Its not just about your profits; its about ensuring your business can pay its bills, invest in growth, and weather unexpected challenges. Example: If a restaurant business owner consistently delays invoicing for catering services, they may experience delays in receiving payment, affecting their ability to pay staff or suppliers on time.

Invoicing 52

Invoicing Billing Financial Reporting Accounting Software 52

AvidXchange

NOVEMBER 3, 2021

In a PYMNTS survey of AP pros, 25 percent said duplicate invoices or payments “create noticeable pain points in manual AP operations. Something as simple as receiving a second notice for a bill and trying to determine if it has already been paid can quickly turn into a lengthy time-eating detour.” Is it Right for Your Business?

AP 52

AP Invoicing Accounts Payable Accounts Payable 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. Zero-Rated Supplies: Transactions such as exports are zero-rated at 0%.

Bookkeeping 52

Bookkeeping Accounting Software Corporation Tax Tax 52