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Common Mistakes SMEs Make When Analysing Financial Statements and How to Fix Them

Counto

Common Mistakes SMEs Make When Analysing Financial Statements and How to Fix Them For SMEs in Singapore, analysing financial statements is a crucial but often daunting task. Mistake: Waiting until tax season to review financial statements can be risky, as trends or issues may go unnoticed until its too late.

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Different Types of Accounting Methods (And How to Choose the Right One for Your Business)

Analytix Finance & Accounting

It determines WHEN you recognize income and expenses on your books a seemingly small detail that creates massive ripple effects across your financial statements, tax returns, and business decisions. In other words, your accounting method establishes exactly when financial transactions “officially” happen in your business.

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How SMEs in Singapore Can Use ChatGPT for Everyday Work Tasks

Counto

Generates a list of questions or topics related to financial matters such as tax filings or cash flow. Example Prompt: Help me prepare for a meeting to discuss quarterly financial results. Summarise the key points from the financial statements and suggest questions related to tax filings.

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How an Accountant for Ecommerce Business Helps You Prepare for Tax Season

CapActix

The best eCommerce accounting services reconcile your platform payments with real-life bank deposits and expenditures. They reconcile what’s reported and what’s real through methods such as using A2X or exports from all platforms. This leads to more accurate tax filings and robust financial statements throughout the year.

Tax
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The Matching Principle Meets A/R Automation: Best Practices for Financial Accuracy

Gaviti

This principle ensures financial statements reflect the true profit for the businesses, and the true ROI of the expenses that are incurred by the businesses. Failing to adhere to the matching principle can distort financial statements, leading to misinformed decision-making and compliance issues.

AR
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Top 6 Benefits of Outsourcing Accounting Services for Your Business in 2025

Analytix Finance & Accounting

Bookkeeping Services Bookkeeping serves as the foundation of your financial management system, and it’s one of the most outsourced accounting functions. Accounting Services Beyond basic bookkeeping, monthly accounting services provide you with regular financial reports and analysis that help you understand your business performance.

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The Importance of Accurate Bookkeeping for Tax Season

Less Accounting

These systems can track income and expenses, generate financial reports, and integrate with other financial tools, ensuring accuracy and efficiency. Regularly Reconcile Accounts Reconciling accounts involves comparing financial records with bank statements to ensure they match.