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Navigating ACRA’s Compliance Requirements for 2025

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Financial Record-Keeping and Audit Requirements ACRAs compliance requirements for financial record-keeping and audits continue to be stringent. Audit Requirements for Larger Companies : If your company does not qualify for audit exemption, it will need to undergo an audit and submit audited financial statements to ACRA.

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Avoiding Common Financial Mistakes in the Singapore F&B Industry

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Strategic planning for growth : Financial guidance can help you plan for expansion and handle the financial challenges of scaling up your business. Example : A restaurant hires an accountant to manage its financial records, ensuring timely tax filings and maximising available tax credits, ultimately improving profitability.

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Tax Deductions and Incentives Available for F&B Businesses in Singapore

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Importance of Keeping Detailed Financial Records for Tax Deductions and Incentives For F&B businesses, maintaining accurate and organised financial records is essential to maximise tax deductions and ensure full compliance with tax laws. Here’s why it matters: 1.

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Cryptocurrency Accounting for Small Businesses in Singapore

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There are two main methods that small businesses use to value cryptocurrency : Fair Value Method : Under this method, cryptocurrency is recorded at its market price on the transaction date. Given the price volatility, this approach requires regular adjustments to ensure accurate financial records.

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Why Accrual Basis Accounting Matters for Singapore SMEs

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Why Accrual Basis Accounting Matters for Singapore SMEs For SMEs, the importance of maintaining accurate, compliant financial records cannot be overstated. Legal Compliance In Singapore, maintaining financial records on an accrual basis is mandatory. Why Accrual Basis Accounting is the Only Compliant Method 1.

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Invoices in Audits: What Every SMEs in Singapore Should Understand

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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.

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Understanding Internal vs. External Audits: A Guide for SME Owners in Singapore

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An external audit involves an independent evaluation of a companys financial statements, ensuring they reflect a true and accurate picture of the companys financial health. External auditors are typically certified professionals who are not affiliated with the company and provide an unbiased opinion on the financial records.