Xero

APRIL 28, 2024

Planday customers can export their data at any time to manage their record keeping obligations by following the instructions on the Planday help centre. To sign up for a webinar time that is most convenient for you, please visit this link. We will continue to fully support the Planday product until the retirement date.

XERO 239

XERO Record Keeping Payroll Accounting 239

Xero

JULY 17, 2022

Pristine record keeping makes life easier for you – and your advisor. It may seem like more effort upfront, but taking the time now can save you considerably more in the long run. So, what processes can you make even better in FY23? Here’s a few we suggest: 1. Say goodbye to your shoebox of receipts forever.

XERO 279

XERO Billing Invoicing Data Entry 279

Accounting Today

AUGUST 3, 2023

Business entities subject to the CTA will face significant new reporting and related record-keeping obligations. There are several things advisors should consider.

Record Keeping 130

Record Keeping Financial Reporting Tax Accounting 130

Xero

JULY 20, 2022

Along with helping sole traders streamline the manual, time-consuming elements of online accounting while being self-employed, Xero Go will empower them with the tools they need to meet digital record keeping requirements as part of the upcoming overhaul of the UK tax system: Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). .

XERO 264

XERO Bookkeeping Invoicing Record Keeping 264

Counto

JANUARY 11, 2025

Financial Record-Keeping and Audit Requirements ACRAs compliance requirements for financial record-keeping and audits continue to be stringent. ACRA encourages companies to use digital tools for record-keeping and financial management to streamline the filing process and stay compliant with the latest regulations.

Financial Statements 52

Financial Statements Financial Records Record Keeping Auditing 52

Xero

SEPTEMBER 7, 2022

This feature helps your clients capture accurate employee timesheets, save time on manual processes for a faster pay run, and support timesheet record-keeping requirements. We also showcased our recently-added start, end and break times functionality in the Xero Me app. Managing Australian payroll in the digital economy.

XERO 264

XERO Payroll General Ledger Bank Reconciliation 264

Nolan Accounting Center

FEBRUARY 15, 2025

Accurate record-keeping and proper expense documentation are critical to avoid the problems of an audit. Self-employed individuals, freelancers, and independent contractors can claim work-from-home expenses.

Tax 78

Tax Record Keeping Computation Payroll 78

Insightful Accountant

AUGUST 28, 2024

Amalgam is productivity software for accounting and finance teams by reducing the time spent with manual record-keeping and data entry.

Data Entry 97

Data Entry Record Keeping Accounting Accounting 97

Xero

NOVEMBER 11, 2022

Here are some steps you can take to prepare them: Educate clients on digital record-keeping. Giving your clients plenty of time to prepare for MTD for ITSA will help them make a smooth transition to the new system. Some of your clients might already be using MTD-compatible software, but others won’t be.

Tax 250

Tax XERO Bookkeeping Record Keeping 250

Counto

FEBRUARY 22, 2025

Poor record-keeping, lack of budgeting, and financial missteps can jeopardise business operations. How to Address It Maintain Accurate Records: Keep detailed financial records and review them regularly. Poor Financial Management Effective financial management is crucial for sustainability.

Record Keeping 52

Record Keeping Bookkeeping Budgeting Bookkeeping Services 52

Counto

JANUARY 10, 2025

Record-keeping for Cryptocurrency Taxation Maintaining accurate records of all cryptocurrency transactions is essential for proper tax reporting. Maintain Detailed Records : Keep thorough records of all cryptocurrency transactions, including dates, amounts, and purposes.

Accounting 52

Accounting Accounting Record Keeping Tax 52

Counto

NOVEMBER 10, 2024

Documentation and Record-Keeping Proper documentation and record-keeping are essential for GST compliance: Invoices and Receipts : Keep all invoices, receipts, and records of taxable transactions. Example : A café displays its menu prices as S$12 , with a notice that GST and service charges are additional.

Record Keeping 52

Record Keeping Billing Invoicing Tax 52

Xero

MAY 13, 2022

When you keep your accounting records up to date in HMRC-recognised software , compiling your quarterly updates and submitting your EOPS and Final Declaration is a breeze. . While regular, digital record-keeping might sound like more work, in reality, it means you won’t need to gather as much information for each update.

Tax 158

Tax XERO Record Keeping Corporation Tax 158

Nolan Accounting Center

DECEMBER 16, 2024

Accounting is essential to good record-keeping. The Importance of Business Accounting Good accounting is vital to business success in businesses of all sizes because it helps facilitate proper financial planning and financial management. It is an important component of good decision-making.

Accounting 52

Accounting Accounting Record Keeping Financial Records 52

Counto

MARCH 23, 2025

Accurate Record-Keeping Consistent tracking of income, expenses, and transactions provides a reliable overview of your financial position. Establishing Strong Financial Foundations Startups often begin with limited resources, and managing finances properly ensures those resources are used wisely.

Bank Reconciliation 52

Bank Reconciliation Accounting Accounting Record Keeping 52

Counto

NOVEMBER 2, 2024

Organising Records Efficiently Maintaining thorough and accurate records prevents issues like lost payments. Effective record-keeping enhances decision-making capabilities. Example: A digital marketing agency uses automated invoicing systems to improve their billing, allowing them to focus more on client satisfaction.

Invoicing 52

Invoicing Billing Record Keeping Tax 52

Billah and Associates

DECEMBER 11, 2024

Documentation Is Key To claim these deductions, meticulous record-keeping is essential. Consult a Tax Professional : A tax professional can provide personalized advice and help you navigate the complex rules and regulations. Maintain receipts and note the following for each expense: Date and location of the meal or event.

Bookkeeping 52

Bookkeeping Record Keeping Tax 52

LedgerDocs

MAY 18, 2023

Separate Business and Personal Finances One of the fundamental bookkeeping practices for freelancers is to keep personal and business finances separate. This separation not only simplifies record-keeping but also helps you maintain accurate financial statements, track expenses, and analyze business profitability more effectively.

Bookkeeping 98

Bookkeeping Record Keeping Accounting Software Financial Statements 98

Counto

MARCH 23, 2025

Beyond compliance and record-keeping, professional financial management offers insights, support, and structure that help SMEs make smarter decisions and scale with confidence. While many focus on marketing and operations, few realise the critical role accounting services play in achieving sustainable business growth.

Accounting 52

Accounting Accounting Record Keeping Bookkeeping 52

Accounting Tools

JUNE 8, 2023

Record Keeping Much more record keeping is required for job costing, since time and materials must be charged to specific jobs. Process costing aggregates costs, and so requires less record keeping.

Record Keeping 75

Record Keeping Cost Accounting Billing Accounting 75

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.

Budgeting 52

Budgeting Bookkeeping Record Keeping Tax 52

Nolan Accounting Center

MARCH 15, 2024

Second, it is crucial to keep accurate records of all financial transactions. Great record-keeping can be challenging and time-consuming for small businesses. Fourth, tax filing deadlines can be stressful, especially if record-keeping is error-prone, there are delays in record-keeping or problems with data management.

Tax 70

Tax Record Keeping Deposits Payroll 70

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

Accounting Tools

DECEMBER 28, 2023

If a business is still using manual record keeping, then the trial balance has more value, since it is possible to create unbalanced entries in such a system. When a manual recording keeping system is used, the trial balance is also used to create the financial statements.

General Ledger 75

General Ledger Record Keeping Financial Statements Auditing 75

Counto

FEBRUARY 7, 2025

Maintain Detailed Records: Keep payroll documentation, including payslips and tax filings, for at least five years to meet regulatory requirements. Stay Updated on Regulatory Change: Regularly check updates from MOM, CPF Board, and IRAS to ensure compliance with new laws.

Payroll 52

Payroll Deposits Record Keeping Tax 52

Accounting Tools

SEPTEMBER 20, 2023

The capitalization limit is the amount paid for an asset , above which an entity records it as a long-term asset. This limit is imposed in order to reduce the record keeping associated with long-term assets. If an entity pays less than the capitalization limit for an asset, it charges the asset to expense in the period incurred.

Record Keeping 75

Record Keeping Auditing Accounting Accounting 75

LedgerDocs

JUNE 14, 2024

Compliance with Regulations The Problem: Businesses need to comply with several financial regulations and standards, many of which require meticulous record-keeping. The platform has encryption, secure access controls, and regular data backups. Just scanning and saving files may not be enough to meet these regulatory requirements.

Bookkeeping 105

Bookkeeping Data Entry Record Keeping Accounting Software 105

LedgerDocs

JULY 6, 2023

Accurate record keeping can help you to remain organized, compliant and gain insight into the financial position of your business. It also provides your bookkeeper with all of the information they require to effectively manage your finances. But collecting and organizing these documents can be a daunting task.

Collections 98

Collections Bookkeeping Petty cash Purchase Order 98

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

Less Accounting

NOVEMBER 18, 2024

Keeping detailed records ensures that no transaction is overlooked, and it provides a comprehensive audit trail if needed. Using digital tools to scan and store receipts can further enhance record-keeping efficiency and organization.

Bookkeeping 59

Bookkeeping Tax Financial Records Reconciling 59

Counto

MARCH 23, 2025

Common Pitfalls: Inaccurate record-keeping: Failing to maintain proper records can hinder your ability to claim GST back. Ensure that all invoices, receipts, and records are accurate and up-to-date. Avoiding these can ensure your business is fully compliant and that you maximise GST recovery.

Invoicing 52

Invoicing Tax Record Keeping Financial Services 52

Counto

JANUARY 9, 2025

Record Keeping : It’s important to keep track of all your invoices for digital services that include GST. These records will be necessary when filing your GST returns and claiming input tax credits. This ensures that the tax doesnt unnecessarily eat into your profits.

Tax 52

Tax Collections Budgeting Record Keeping 52

Accounting Tools

JULY 6, 2024

The asset is initially recorded in the balance sheet , while the periodic depreciation charges against it appear in the income statement. For example, if you acquire a $25,000 asset and expect it to have a useful life of five years, then charge $5,000 to depreciation expense in each of the next five years.

Computation 98

Computation Record Keeping Financial Analysis Budgeting 98

oAppsNet

DECEMBER 31, 2024

Assign different roles to different employees, such as invoice approval, payment processing, and record keeping. Consider implementing the following practices: Segregation of Duties : To reduce the risk of fraud, ensure that no single individual controls all aspects of the accounts payable process.

Accounts Payable 52

Accounts Payable Accounts Payable AP Purchase Order 52

AvidXchange

FEBRUARY 7, 2025

Using accounting APIs in your organization can help your finance and accounting teams work more efficiently, improve accuracy, and enable better reporting and record-keeping. They enable integration between software systems, automating data exchange and reducing the need for manual input. What is an API?

Accounting 52

Accounting Accounting Data Entry Accounts Payable 52

Accounting Tools

APRIL 24, 2023

The more sophisticated of the two is the perpetual system , but it requires much more record keeping to maintain. The periodic system relies upon an occasional physical count of the inventory to determine the ending inventory balance and the cost of goods sold , while the perpetual system keeps continual track of inventory balances.

General Ledger 75

General Ledger Record Keeping Computation Auditing 75

oAppsNet

DECEMBER 10, 2024

Ensure different employees are responsible for invoice approval, payment processing, and record-keeping. Implement Strong Internal Controls Ensure that no single employee has control over the entire AP process. Segregation of duties is essential for reducing the risk of fraud.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52