2008 December | Accounting Tips For You

Does Your Singapore Registered Business Require Audit Services?

Wednesday, December 24th, 2008

Have You Recently Just Registered a New Company Or Set Up a Business?

As you reach the end of the financial and work year, have you taken a closer look at your accounts?

And if so, have your business met your target of your financial and sales volume for the year?

One of the key requirements of running a business is to ensure that all financial transactions in your daily business operations are constantly recorded and updated. A new business start-up may not have a lot of transactions of income and expenses yet.

What is most important however – the recording of all transactions needs to be done from Day One your business commences.

Bookkeeping is undeniably a necessary expenditure to keep track of how well your business doing.

By generating regular accounting reports of quarterly performance and monthly cash-statements – then only the success of the business are accurately measured.

As your business grows and expands, do you think you require your accounts and financial statements to be scrutinized even more deeply and carefully?

The answer is YES. In a world of accountability, such activities are necessary to ensure compliance with the law and for the protection of shareholders. This is where auditing comes in.

We can liken the relationship between accounting and auditing like a relationship between an author and an editor.

Just like the author, an accountant creates the material which in this case refers to financial statements and reports.

And just like the editor, the auditor examines the material and suggests changes and corrections that must be made.

These corrections recommended by the auditor are usually necessary changes in order to meet the reliability and credibility requirements specified by the company and outside agencies, such as the International Financial Reporti Read the rest of this entry »

Posted in Uncategorized | Comments Off

Factors of Accounting Services

Tuesday, December 23rd, 2008

While some companies can easily afford paying accounting services to handle their figuring, others think that any expense that can be eliminated is a wise move. This decision is not always clear cut. Factors involved include: experience with accounting in the company, cash flow, available time, potential work elsewhere, etc.

There is really only one draw-back to paying to have accounting services done by someone else. Money invested, is still money not able to be spent somewhere else. This detractor is a big one because the whole reason of running a business is to make as much money as you can, not spend it.

There are many valuable benefits to spending money for accounting services that may make it worth the expense. When another group of people calculate income and expenses, you don’t have to spend time doing it. This allows more time to either spend in relaxation or developing other areas of your operation.

If you are ambitious and want to spend that extra time in your company, there are many productive things to do. More time allows focus to be used on more important tasks to make procedures and processes more efficient. Developing new customers or solidifying existing customers is a wise objective. In this decision implicit costs, also called opportunity costs, must be considered. If your time is worth $40/hr then is spending 5 hours a week worth doing it yourself, equaling $200. Could you be doing something more valuable with those 5 hours? An accountant may make more per hour, but consider that it would take them half the time.

With an accounting service, the accuracy of the figures does not have to be questioned. Correctly calculating accounting numbers quickly for a client is their sole purpose. In most cases, expensive software is utilized to ensure proper formulas calculate correctly every time.

Because double Read the rest of this entry »

Posted in Uncategorized | Comments Off

Home Accounting Software – Money Saving Secrets

Monday, December 22nd, 2008

The secrets for eliminating debt and saving money aren’t new. Home accounting software is one of the tools that can help reveal the secrets. You already know the secrets don’t you?

Secret 1: Know Where It Goes?

Where does all that money go anyway? It goes here and there and everywhere! Your mission, should you choose to accept it, is to figure out where it goes! That calls for tracking your spending. That’s just a matter of recording each and every expenditure you make. Then you can see how much money disappears for little nothings.

Secret 2: Where Do YOU Want Your Money To Go?

See you get to decide where your limited funds should go? You decide based on where you’re spending your money now. Where do you want to change and what do you wish to accomplish? Decide on some financial goals. That’s really all a budget is?

Secret 3: It’s Really A Game

Spending your money can be a game. Who says spending money is more fun than saving money? Who saves having trinkets is more fun than having money in the bank? You get to decide what you want your finances to look like. Want more savings? Want to take a trip? You can do it, but you must decide.

Secret 4: Organize For Peace

Financial disorder is stressful and paralyzing. If you can organize your financial affairs and make a plan, life becomes simpler. You can do this with a pencil and a notebook. You also can use home accounting software. The software lets you include online banking and bill paying too which may save you some time and frustration. Even free software like from Quicken is a first step.

Home accounting software may help you bring order and peace to the chaos of your family finances. The secrets to eliminating debt and saving money can be revealed with a pencil and paper or with accounting software. Either one will work. The software works better Read the rest of this entry »

Posted in Uncategorized | 1 Comment »

Accounting Tips For You

Archive for December, 2008

Does Your Singapore Registered Business Require Audit Services?

Factors of Accounting Services

Home Accounting Software – Money Saving Secrets

Categories

Recent Messages

Recent Post

Blogroll

Recent Comments