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Why Accrual Basis Accounting Matters for Singapore SMEs

Counto

Why Accrual Basis Accounting Matters for Singapore SMEs For SMEs, the importance of maintaining accurate, compliant financial records cannot be overstated. Here’s why we recommend accrual accounting, the risks of cash basis accounting, and how Counto’s expertise can help safeguard your business.

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Bookkeeping Basics for Small Business: What Every Owner Should Know

Remote Quality Bookkeeping

Bookkeeping is the process of recording and organizing all financial transactions for your business. It involves tracking every dollar that goes in and out of your accounts, ensuring your financial records are accurate and up to date. While bookkeeping and accounting are often used interchangeably, they are different.

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Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMB Accounting and Consulting

Privately held companies may choose a non-GAAP reporting method, but when working with the federal government and the Defense Contract Auditing Agency (DCAA) GAAP must be followed. There is no complete set of principles since different industries must report financial data differently.

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Accounting entry definition

Accounting Tools

Accounting entries are also needed by an organization’s auditors; they cannot conduct an audit without having a complete set of financial records, and those records are created with accounting entries. This type of accounting entry is used under both the accrual basis and cash basis of accounting.

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Avoid These Costly, Yet Common Small Business Bookkeeping Mistakes

Remote Quality Bookkeeping

Knowing what to watch for is the first step toward maintaining clean, accurate financial records that support smart decisions and long-term success. Poor Bookkeeping Foundations Building a business on shaky financial ground makes sustainable growth nearly impossible. Call us at (866) 567-4258 or contact us online.

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Types of accounting

Accounting Tools

There are several types of accounting that range from auditing to the preparation of tax returns. Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports. This career tends to attract auditors.

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Filing Requirements for Sole Proprietors: All You Need to Know

Counto

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).