Introduction to GST in Singapore
What is GST? GST stands for Goods and Services Tax, which is a broad-based consumption tax levied on the supply of goods and services in Singapore, as well as importing of goods into Singapore. In other countries, GST is known as the Value-Added Tax or VAT. GST Rates Standard-Rated Supplies: Most goods and services […]
Tax Season Strategies for Individuals and Businesses
Tax season can be a stressful time for both individuals and businesses. Efficiently navigating this period requires careful planning and a good understanding of tax regulations. In Singapore, the taxable period operates on a calendar year basis, with income earned in the previous year being assessed in the current year. This article provides essential tips […]
Mastering Financial Management: Unveiling the Secrets of Budgeting and Forecasting
Budgeting and forecasting are indispensable skills for businesses striving for success and longevity. They are more than helpful. They are essential for navigating business complexity and achieving growth. These strategies provide a financial planning roadmap. They also help organizations track performance, divide resources well, and manage risks. Advantages of Budgeting Businesses must recognize the benefits […]
Small Business Accounting: 12 Essential Basics You Should Know
Despite its importance, small business accounting is often neglected. Time to apply the essentials to drive your business towards success. Learn here.
It’s an unfortunate event that many small businesses often neglect their accounting. Most of them believe in the misconception that accounting is a complex task; thus, they won’t bother implementing it in their operations.
The bad news is that neglecting accounting puts small businesses at risk of financial losses. Without any factual data, they have no real metrics for how their businesses perform. After all, they could only rely on gut instincts until unprecedented financial turbulence arises.
Thankfully, you can always prevent business pitfalls by understanding and implementing accounting the right way. Here, we have you covered with 12 essential basics of small business accounting.
By the end of this article, you should understand how to do basic accounting and make well-informed decisions to scale your business.
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A Comprehensive Guide to XBRL Filing: What You Should Know
Learn about XBRL filing, its benefits, how it works and how you can navigate the XBRL filing process in Singapore with our detailed guide.
Back in the 1980s, financial reporting was very complicated: dense, paper-based documents filled with complex numbers, accessible only to a selected few. Although businesses had software for payroll, inventory and taxes, the reports were just walls of numbers and texts—something indecipherable for computers.
It encouraged US accountant Charles Hoffman to find a more streamlined approach. He found a tool called Extensible Markup Language (XML), a code that gave computers the power to understand and organise data.
Using XML and a group of CPAs & tech experts, they created a standard language that lets businesses share financial info easily on computers without needing lots of human work: the XBRL (eXtensible Business Reporting Language).
This paved the way for XBRL filing, a method that transformed how financial reporting works. But what exactly does it mean? How does XBRL filing benefit companies and change the financial reporting landscape in Singapore? Learn more about them below!
