Comparing Accounting Software: SAP vs. Xero When discussing accounting software, Xero is often one of the first names mentioned—thanks to its strong reputation as a leading solution for small businesses. At the other end of the spectrum, SAP is also widely recognized, especially for its dominance in large, complex enterprise environments. Both are powerful in … Read more
Claiming Back GST on Non-Residential Property Purchases in Singapore Acquiring non-residential property in Singapore involves significant investment, including expenses such as stamp duty and agent’s fees. Fortunately, businesses can recover some of these costs by claiming the 9% Goods and Services Tax (GST) paid on the property purchase, provided certain conditions are met. If the … Read more
GST on Rental or Sale of Commercial and Industrial Properties – Are They Claimable? Unlike residential properties, commercial and industrial properties are generally subject to Goods and Services Tax (GST) on both rental and sale transactions—provided the landlord or seller is GST-registered. Can You Claim These GST Charges? If your company is GST-registered, then yes—GST … Read more
Workflow for Preparing and Filing XBRL Financial Statements There are two main methods to prepare and file your company’s financial statements in XBRL format (XBRL FS) as part of your annual return: Use ACRA’s BizFinx Preparation Tool to prepare your XBRL FS and file the annual return via the BizFile+ portal. Detailed steps are outlined … Read more
How to Choose the Right Payroll Provider for Your Business Ensuring that employees are paid accurately and on time is crucial for any business, which is why many companies opt to outsource payroll management to professional services. The reason behind this decision is simple: managing payroll in-house can be time-consuming and requires expertise. You either … Read more
A Beginner’s Guide to Reading and Understanding Financial Statements Being able to assess the financial health of a company is an essential skill for investors, entrepreneurs, and business managers. This knowledge enables investors to spot promising opportunities while minimizing risk, and it helps professionals at all levels make more informed, strategic business decisions. Financial statements … Read more
Consolidation of Financial Statements in Singapore: Importance, Requirements, and Challenges Consolidating financial statements is crucial for businesses with multiple subsidiaries, associates, or joint ventures. This process involves merging the financial information of a parent company with that of its controlled entities to provide a unified and comprehensive picture of the group’s overall financial performance and … Read more
Statutory Audit Services in Singapore What is a Statutory Audit? A statutory audit is a mandatory external audit required by law, aimed at ensuring transparency and compliance with regulatory standards. In Singapore, all companies must appoint a qualified auditor within three months of incorporation, unless they meet specific criteria for exemption. This requirement ensures that … Read more
Understanding Group Audits in Singapore What Are Group Audits? A group audit refers to the examination of the consolidated financial statements of a group of companies, which typically includes a parent company and its subsidiaries. These audits are crucial for ensuring the consolidated accounts accurately reflect the overall financial position and performance of the entire … Read more
Gross Turnover Audit (GTO Audit) – Ensuring Compliance and Accuracy A Gross Turnover Audit (GTO Audit) is a specialized audit focused on a Licensee’s gross sales turnover, as outlined in the Lease Agreement for operating a business under the Licensor’s terms in Singapore. This audit is mandatory for retailers and commercial real estate agents in … Read more