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

Accounting Today

JULY 22, 2025

No more: a look at sales tax and streaming services. Taxjar ( [link] ): Why manual sales tax tools dont always scale. Sovos ( [link] ): Part 2 of the blog series with KPMG continues to look at global e-invoicing. Jeff Stimpson Freelance writer For reprint and licensing requests for this article, click here.

Corporation Tax

Accounting Today

AUGUST 8, 2025

However, AI image generation has essentially poured gasoline onto the fire, particularly with the launch of OpenAIs image generation update in March, when people found that, with just a simple prompt, they could produce realistic-looking receipts, invoices and other records, sometimes even adding wrinkles or smudges for extra verisimilitude.

Corporation Tax

Counto

NOVEMBER 14, 2024

Seamless Tracking for Your Essential Documents Imagine this: you’ve just uploaded a batch of invoices, some requiring special handling. With live tracking, you’ll see the progress of invoices, bank statements, and more as they move through each stage of processing. Let’s say payments to Caesar Inc. No more guesswork, no more waiting.

Accounting

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. Audit Trail : Accurate records are required for input tax claims and to ensure smooth filing during any tax audits.

Record Keeping

Counto

NOVEMBER 10, 2024

Supporting Your Claims Why it’s important: Detailed documentation of purchases, employee wages, and other expenses allows you to substantiate your tax claims, reducing the risk of disputes with the tax authorities. Get accounting plans that combine bookkeeping with corporate tax filing to help you stay compliant at an affordable price.

Tax

Counto

JANUARY 9, 2025

Input Tax Credits : When you’re GST -registered, you can recover the GST you pay on imported digital services by offsetting it against the GST you collect from your customers. This ensures that the tax doesnt unnecessarily eat into your profits. Compliance : To avoid penalties, make sure you comply with all GST regulations.

Tax

Counto

JANUARY 9, 2025

You must also notify your customers that you are now a GST -registered business and include the GST on invoices. These returns provide the IRAS with details of the GST you have collected and paid, and they ensure that you remain compliant with Singapores tax laws.

Collections

Counto

JANUARY 7, 2025

Automation : Automate routine tasks like invoicing and payroll to free up time for strategic growth. Experience the Counto advantage Counto is the trusted outsourced provider of accounting, tax preparation and CFO services for startups and SMEs. Embracing technology ensures smoother operations and more informed decision-making.

Corporation Tax

Counto

NOVEMBER 7, 2024

Improve Invoicing : Use invoicing software to streamline billing and ensure payments are collected promptly. Here’s how you can keep your tax planning on track: Understand GST Requirements : If your revenue exceeds the threshold, ensure you’re registered for Goods and Services Tax (GST) and comply with filing deadlines.

Financial Statements

Counto

MARCH 23, 2025

Anytime, Anywhere Access Business owners and finance teams can log in from any device to monitor cash flow, track expenses, and manage invoices. Automated Data Entry Transactions from bank feeds, invoices, and receipts are captured and recorded automatically. Cloud-based accounting services automate many of these tasks, reducing risk.

Data Entry

Counto

MARCH 23, 2025

AI-Powered Data Capture Financial data from invoices, receipts, and bank statements is automatically extracted and entered into the system, reducing human error and saving time. Automated Tax Calculations AI ensures your corporate tax and GST filings are accurate and up to date, helping you avoid penalties.

Data Entry

Counto

DECEMBER 7, 2024

Example: Bens construction company in Singapore didnt track overdue invoices, leading to cash shortages just before payroll. Experience the Counto advantage Counto is the trusted outsourced provider of accounting, tax preparation and CFO services for startups and SMEs.

Financial Statements

Counto

MARCH 24, 2025

Leverage Cloud-Based Accounting Solutions Accounting firms that use cloud platforms often offer: Automated bank feeds Real-time financial dashboards Easy invoicing and expense tracking Faster reporting and fewer manual errors These tools reduce labour costs, allowing firms to pass cost savings to clients and saving you time.

Accounting

Counto

MARCH 23, 2025

Tax Accounting Staying Compliant, Avoiding Surprises Singapores tax system is efficient, but compliance still requires attention. Corporate Tax Filing Timely and accurate submission of Form C-S or Form C ensures compliance with IRAS regulations. Professional accounting services take the burden off your shoulders.

Bank Reconciliation

Counto

MAY 18, 2025

If you’re looking to build smarter systems, adopt new technology, or improve operations, this scheme could significantly reduce your corporate tax burden or offer immediate cash support. But like any tax incentive, the benefits depend on how well you understand the rules and structure your claims.

Corporation Tax

Counto

JANUARY 9, 2025

Be mindful of this requirement to avoid incorrect invoicing. Experience the Counto advantage Counto is the trusted outsourced provider of accounting, tax preparation and CFO services for startups and SMEs. Get accounting plans that combine bookkeeping with corporate tax filing to help you stay compliant at an affordable price.

Corporation Tax

Accounting Today

JULY 7, 2025

However, this powerful technology, capable of autonomously managing tasks such as account reconciliation, invoice processing and much more, demands careful and responsible implementation. All rights reserved. Its often said time speeds up as we age. In the technology world, and especially in AI, its practically sprinting.

Accounting

Accounting Today

JULY 29, 2025

Similarly, within CFP, activities such as AP forecasting, expense management, invoice generation and vendor contract reviews can be greatly enhanced. Deepankar Mathur Associate director, Searce For reprint and licensing requests for this article, click here. All rights reserved.

Accounting

Accounting Today

JULY 10, 2025

They may receive invoices that have hundreds of lines or only have a total, and they have to rely entirely on other teams to break down, translate and itemize that total cost. They may even have a way of acquiring and comprehending the needed invoices, and using them in forecasts. All rights reserved.

Corporation Tax

Counto

OCTOBER 3, 2024

Here are some strategies for leveraging working loans effectively while considering corporate tax implications. Invoice Financing: This enables businesses to borrow against unpaid invoices, improving immediate cash flow without waiting for customer payments, thus avoiding potential tax liabilities from delayed cash inflows.

Corporation Tax

Counto

SEPTEMBER 12, 2024

Automation: Automated systems streamline invoicing, expense tracking, and reconciliation, saving time and reducing errors. The system enabled real-time access to financial data, automated invoicing, and efficient reconciliation, improving their overall financial management.

Budgeting

Counto

OCTOBER 3, 2024

Documentation: Export permits, travel records, and invoices must be maintained. Maintaining Compliance with GST Regulations Record keeping: Ensure export permits and invoices are in place. Example: A chocolate business exports its products with proper permits and invoices, passing IRAS audits without GST liabilities.

Record Keeping

Counto

OCTOBER 7, 2024

Maintain Detailed Records Keeping organised records is crucial for claiming ITCs: Retain all pertinent documents, such as invoices and receipts. Example: A startup might adopt a digital filing system for its invoices and receipts, ensuring they are readily accessible during an audit. Easily generate tax invoices.

Tax

Counto

JANUARY 7, 2025

Changes to Corporate Tax Rates Adjustments to corporate tax rates may be introduced in 2025 as part of government measures to promote economic growth and address fiscal needs. What to Expect: Possible changes to existing tax incentives. Implement automated solutions for payroll, invoicing, and reporting.

Corporation Tax

Counto

MARCH 19, 2024

Tax Deadlines Resident sole proprietors generally need to file their personal income tax returns by April 15th each year. Non-residents have varying deadlines based on their tax residency status. Record Keeping Maintain meticulous financial records, including income statements, receipts, invoices, and expense records.

Record Keeping

Counto

OCTOBER 3, 2024

Example: A medical equipment seller should keep receipts and invoices organised to facilitate GST filings. Ensure GST Compliance Accurately reflect GST on invoices and file returns promptly to avoid penalties. Get accounting plans that combine bookkeeping with corporate tax filing to help you stay compliant at an affordable price.

Record Keeping

Counto

DECEMBER 13, 2024

Understanding Common Cash Flow Mistakes Small business owners should be aware of common mistakes that can worsen cash flow issues: Inefficient Invoicing Systems: Delayed or inaccurate invoicing can slow down the cash inflow process. Use automatic invoicing tools to streamline the process.

Invoicing

Counto

SEPTEMBER 12, 2024

Keeping Accurate Records Documentation Requirements: To claim input tax, agencies must maintain detailed records such as invoices and receipts that clearly show the GST amount charged. Example: An invoice for SGD 2,000 worth of office equipment with clear GST details allows you to claim the input tax credit.

Collections

Billah and Associates

SEPTEMBER 10, 2018

As a first-time entrepreneur, starting a small business enterprise in Canada has its fair share of financial challenges which include controlling business costs, hiring employees, and generating sales invoices. Identifying tax deductions and credits which are specific to your business, thus enabling you to save corporate tax.

Small Business Accounting

Counto

OCTOBER 16, 2024

By harnessing the power of spend analytics, businesses can enhance their cash flow, ensure precise GST reporting, and uncover potential tax savings. This article delves into how spend analytics can serve as a valuable asset for small businesses in optimising cash flow in relation to GST.

Purchase Order

Counto

SEPTEMBER 28, 2024

Example: A company that deferred a claim on a low-value asset last year can still write it off in the current year if it meets the eligibility criteria, ensuring they don’t miss out on potential tax benefits. Record-Keeping Maintain comprehensive records, including: Invoices: Clearly document all asset purchases.

Computation

Counto

JUNE 13, 2023

While many businesses are able to successfully file their returns, whether on their own or with the assistance of a tax preparation company in Singapore , certain circumstances can increase the likelihood of your tax return being flagged by IRAS. To stay ahead and prevent potential issues, accurate record-keeping is crucial.

Financial Statements

Counto

SEPTEMBER 20, 2024

Automate with Accounting Software Efficiency through Automation: Utilising accounting software designed for SMEs can automate GST calculations and invoicing, reducing human error. Experience the Counto advantage Counto is the trusted outsourced provider of accounting, tax preparation and CFO services for startups and SMEs.

Bookkeeping

AvidXchange

NOVEMBER 3, 2021

“These numbers might seem small, but keep in mind they reflect the percentage of disbursements that are duplicate or erroneous, not the amounts of the disbursements themselves,” according to an article about the survey in CFO.com. When that invoice arrives, you can’t be sure it’s legitimate. Check into it – carefully and immediately.

AP

Counto

SEPTEMBER 12, 2024

Automated Services: Tools for invoice processing and financial management. Experience the Counto advantage Counto is the trusted outsourced provider of accounting, tax preparation and CFO services for startups and SMEs. Digital Banking Innovations Digital banking solutions from wholesale banks enhance operational efficiency for SMEs.

Corporation Tax

Counto

SEPTEMBER 7, 2024

Fieldwork: The auditor reviews your financial records, such as invoices and bank statements, and interviews key personnel. Consider the following tips: Maintain Organised Records: Keep your financial documents, such as invoices and bank statements, well-organised and up to date.

Auditing