ADVANTAGES OF ACCOUNTING SOFTWARE

Payroll is a significant lifeline that shows business a key role in staff retention and workers morale. Any business with human resources must have a system in place for handling payroll activities, which includes paying employees, filing all necessary government forms, and paying taxes promptly. There are numerous aspects to payroll, particularly in larger companies with full-time and part-time employees plus independent contractors. Here are 10 of the most common payroll mistakes to be responsive to. Missing filing deadlines  It is very important that you mark your payroll chart and report and deposit and payroll taxes to federal and state agencies in a timely manner. Late deposits can result in penalties and interest charges. In order to avoid such payroll mistake, the management, the accounting department or the HR department should keep logs on when these deadlines are. Singapore companies are required to file Forms IR8A and IR8S and Appendixes 8A and 8B before March...

Blockchain makes a decentralized record of all exchanges where all records are upgraded and open to everybody in real-time. It records and verifies transactions without any trusted central authority. The technology itself exists as a file that maintains a continuously growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block using a “fingerprint”. Blockchains are resistant to modification of data and cannot be altered retroactively. Here are some key points to consider about the impact blockchain technology will have on the future of accounting . Smart Contracts With the security of blockchain technology, smart contracts that automatically process invoices, bank balances, and other accounts are also made possible with absolute transparency. Consolidated Bookkeeping Rather than keeping multiple records, companies can log off their transactions into a joint registry. Standardization in Auditing Since blockchain create...

The purpose of an inventory management system is to track the warehouse items through purchase, sales, locate them across one or many warehouses, and price the inventory so you are familiar with the value of items you have in inventory for accounting purposes. Small-business owners face several problems when they are just starting up, such as securing financing, finding customers and managing inventory. As small businesses grow they think they have to leave their accounting solution in favor of a more expensive solution to take their business to the next level. Fortunately, Singapore Accounting Software offers best inventory solution for the small businesses. It is an inexpensive and cloud inventory management system that’s flexible and will grow with you. It offers inventory system in the form of EZ inventory and Sage_Ubs Inventory Software . Integrating Sage_Ubs Inventory Software with Sage_Ubs Accounting Software helps in: Sales and purchase invoices figures are ...

In general, deductible business operating expenses are those entirely and absolutely incurred in the production of income. The Singapore government has allowed for tax deductions on several areas of operations for businesses, and ignoring them is as good as leaving money on the table. Here are some of the most commonly overlooked areas: Office Renovations In Singapore, companies can claim deductions on the cost of renovating business premises, up to a total of $300,000. These costs cover a wide range of applications, from lighting to bathroom fittings and even certain decorations. The deduction needs to be claimed over three consecutive years, starting from when the costs are incurred. You also need to keep supporting documents, including a list of work done and related costs, for five years. Therefore, remember to file these invoices during your accounting . Research and Development Incentives for research and development are considerable in Singapore – up to 100% o...

Social security or Central Provident Fund (CPF) contributions are compulsory for Singapore citizens and permanent residents who are working in Singapore. Foreign persons working in Singapore are not qualified for the CPF scheme. The Central Provident Fund (CPF) is a compulsory savings plan for employees in Singapore. It funds a range of social security schemes, including retirement, healthcare and housing, and is maintained by the CPF Board. Under the Scheme, the employer and employee are required to make monthly offerings at the existing contribution rates which depend upon the wage and age group of the employee. Both are required to make CPF contribution on the employee’s Ordinary Wage and Additional Wage subject to an Annual Wage Ceiling. Prior to 1 January 2016, the wage cap for Ordinary Wage is SGD5,000 per month while the Annual Wage Ceiling is SGD85,000. From 1 January 2016, the wage cap for the Ordinary Wage is revised to SGD6,000 per month while the revised Annual ...

Singapore tax policy is excellent, and this is why the country is often regarded as the tax haven. Factors like low and competitive tax rates, exemption schemes and a series of tax incentives make the nation more attractive for the foreign investors. Most prominently, the government of the country liberalized the Singapore taxation rules on foreign sourced income. As per the Singapore Tax Act, Section 10(1), the Singapore corporate tax is levied on the income earned from Singapore or received in Singapore from outside the country. Specifically, income earned outside Singapore is subject to taxation in Singapore. However, some exceptions are there. Foreign sourced income is only taxable if it has an office or branch in Singapore. Under the Section 10 (25) of Singapore Tax Act, foreign-sourced income is taxed only when the income is received in Singapore in following ways: The income that is transferred, remitted or brought into Singapore Any amount of income received from ...

Once you decided to register company in Singapore, it is essential that you know the type of business entity that you want to incorporate. Your decision can influence the amount you pay in taxes , the image and insight of your business among your clients and suppliers, formalities for your business is required to do, the personal accountability you face, the ability to have a loan of money, and the possibility to expand your business. 1. Limited Liability Company A Limited Liability Company (LLC) is a company limited by shares i.e. its liabilities are limited to the amount of share capital. LLC is a business entity registered under the Singapore Companies Act and a separate legal entity from its members. In a LLC, the liabilities of the owners are limited to the assets in the company and their individual assets are protected from business liabilities. A Singapore LLC can be of the following types: Private Limited Company (Pte. Ltd.): This type of LLC is a first choice for a...