Category Archives: General

Innovative Accounting and Bookkeeping Solutions for Savvy Singaporean Businesses

For a business venture to flourish and prosper, its financial system must be backed up with proper measurement and processing through accounting and bookkeeping. Accounting fundamentally looks after all the financial transactions of a business, analyzes and streamlines respective data. Previously, the financial data collection was tedious and manual, with a high probability of error and loss of information. Now, however, this has revolutionized and changed. Likewise some programs and software’s have been invented to ease the hassle. One such software is the accounting solutions program, which completely centralizes all the diverse systems of a business into one. Many companies also offer these solutions to new or old businesses. The major jobs that the accounting solutions looks after are:

  • Business advisory
  • Generation of the monthly financial statement
  • A thorough planning of taxes
  • Payroll services

On the other hand, if as a business owner you prefer a personal human touch, then the other alternative is to look for a bookkeeping services provider based in Singapore. There are a variety of such corporate service providers who offer service solutions ranging from accounting to taxes and business registration.

Accounting solutions being offered by the companies are very innovative and financial record keeping has never been easier and more streamlined. They are being offered in the form of cloud computing as well, which means that the user has access of all the solutions over the internet, at any time and any place. If a particular financial information is required it can be learnt about at any moment. There is a definite ease in the processing of the very companies that use the accounting solutions and it can easily be seen through the revenue that is generated. A business always requires efficiency to flourish. Quality work done in less time guarantees profit.

Singapore is a wealthy country with a competitive market and a well-developed economic structure. Its businesses are well established and invites entrepreneurs from all over the world to invest in their country. The tax policies are friendly and attract business set ups. The government of Singapore is pro-business and encourages its people to start businesses. Accounting solutions are very popular in Singapore and more and more companies offer it to its entrepreneurs and business men. Some of the top companies offering accounting solutions in Singapore are,

  • Accounting Solutions Singapore
  • Total Accounting Solutions Knowledge
  • Netsense Business Solution Pte Ltd
  • Singapore Accountants
  • Elmwood Professional Services

The global business market is very competitive in this age and time, and in order for a nation to be on the top of its game, it has to have innovation where work is involved. The think tanks in the business field keep making faster and better programs that assist in everyday work. More businesses are attracted to these software’s and programs and do not hinder from adopting them into their own business setups. Singapore boasts a very high GDP and in order to keep and maintain this trend, it offers and promotes businesses and young entrepreneurs to invest and start a company. An exemplary nation, which shows that honesty, integrity and hard work always pays off in the end.

The Importance of Appointing a Corporate Secretary after Incorporation

One of the conditions after the incorporation of a company is the appointment of a corporate secretary. The failure of various corporate companies internationally due to various scams and poor management forced many countries to include the appointment of one or more corporate secretaries in the companies act. In Singapore, section 88 of the Companies Act 2014 requires directors of a company to appoint a secretary with the right experience, professional and academic qualifications. Business owners can consider looking for Singapore corporate secretarial services that can fulfill this role and help with all that is required.

The Corporate Secretary Maintains the Statutory Registers

One of the penalties companies face from the Accounting and Corporate Regulatory Authority (ACRA) is the failure to make and maintain updated statutory registers. Some of these registers include the list of shareholders, register of members, and the charges. Companies undergo changes often, and a record of these changes need to be kept for future reference. If there is a need to update these changes in the records held by ACRA, the corporate secretary is tasked with the responsibility of sending in the notification and updates.

Custodian of the Company Seal

The company seal needs to be kept by the corporate secretary. Besides being the custodian, it is only the corporate secretary who can use it on documents that require the seal. When a report has the company seal, it means the management, directors, and even the company board agrees with the content in the documents. The seal also shows that the documents are authentic. This is why the safety of the seal needs to be in the hands of the company secretary. It is also to show the difference between actual company documents from counterfeits.

Sending Notifications for Meetings and Setting the Agenda

Sometimes information can be distorted if it comes from different sources. Therefore, the communication of upcoming meetings and the agenda comes from the corporate secretary. Incorporated companies are required by the Singapore law to hold at least one Annual General Meeting (AGM) with shareholders. This meeting is to keep the members updated of the status of the business in a bid to ensure there is transparency and legitimacy of any meeting held by the company by taking the minutes and maintaining the records.

Ensure the Company and Directors follow the Company’s Constitution

Corporations, especially those with many structures, sometimes get caught up in unpleasant situations because some of the acts and deeds did not comply with the company’s constitutions. Some of these unfortunate decisions are usually made out of negligence or insufficient knowledge. One of the duties of a corporate secretary is to ensure the company and Directors adhere to the constitution.

Prepare the Company’s Accounts and Statements

The corporate secretary is required to follow up with the company’s accountants and auditors to ensure the company’s accounts are prepared as laid out in the company’s laws. The secretary will then file the statements with the registrar. If required, the financial statement can be published in the local papers and other mediums of communication to ensure the shareholders have access to the information.

Although appointing a corporate secretary is a requirement, it is essential to get one that is professional and hardworking enough to meet the demands of the company. If need be, more than one corporate secretary can be appointed, especially for larger corporations.

The Importance of Tax Compliance and Consultation in Singapore

Singapore is the central economic hub of the Southeast Asian region with pro-business initiatives, ever growing and evolving. Mega multinational companies have taken abode in Singapore and attract younger entrepreneurs to play a part in its vivid economy. For such an economic super power to prosper there is a back hand push that makes it what it is. The tax policy of Singapore is not only very flexible for its people but also contributes to the public expenditure vastly.

Tax compliance fundamentally means complying, in all respects, to the payment of the tax in the allotted time e.g. filling forms with the required format and the point to which a taxpayer adheres to it in the allotted time period. In Singapore, it is rare for companies and business owners to not adhere to these requirements. Some file taxes on their own and some outsource it to a Singapore tax consultant firm or service. Compliance of tax is taken very seriously by the Singapore government and is one of the reasons why the economy of Singapore has been flourishing globally. It is no secret that more people want to start businesses in Singapore because of its friendly and flexible tax policies. It is a personal favorite of both entrepreneurs and businessmen alike because of this very reason.

IRAS, or the Inland Revenue Authority of Singapore, is responsible for all tax related matters of the country. It comes under the ministry of finance of Singapore and has single handedly dealt with all tax matters successfully for the last two decades. Singapore follows the fiscal policy, the two branches of which are the government expenditure and tax. The basic objective of the fiscal policy is to boost and sustain the economic growth of the nation. In order to keep the public expenditure running smoothly it is very important to collect the revenue that is generated from these taxes. The different types of taxes that the people pay in the country are:

  • Income tax for Corporates
  • Income tax for personal
  • Tax on Goods and Services
  • Tax on property
  • Stamp duty
  • Betting taxes

IRAS requires the payment of these taxes to be done on time and filled with the asked format. Like in every other nation, failing to do so, is a punishable crime. The tax that is imposed, must be paid by the citizens of the respective nation.

Tax consultation is the advisory role that is taken by people or companies that guide how tax must be paid, what legal requirements are to be made and how the taxpayer can go through the process in the most efficient and straight forward way possible. There are many good companies in Singapore that offer such thorough information about tax payments to both large and small companies. It’s all in the matter of choosing which consultant firm suits the business better. For a tax consultancy to be on the top of its game it is important that it knows all the tax policies of the country, laws and legal requirements. By having a background knowledge of all these basic policies, the tax consultancy can offer better and the most stress-free advice on how tax compliance can be done.

Different Methods of Solving Math Problems

In the past everyone will remember how it was during math class; you watched the teacher solve a sum on the board and did your best to understand it and then copy down the exact method with a fear that is the method was wrong you would not get a good grade during exams. However, the same method of solving a math problem wasn’t always the right method for everyone. This is what math enrichment centres are beginning to understand today. These centres test the child in advance so as to know the level at which they currently are and they help them choose a method of solving problems that is most suited to the students. Here are a few methods of solving math problems that your child will likely learn if enrolled in a math enrichment centre.

Problem Solving Strategy

This method is used in the case of word problems. The child asks a series of questions and finds those answers in the word problem provided and is able to solve the sum easily. The questions that the child asks includes

  1. What is known or given?
  2. What information do you need?
  3. Draw a diagram or a picture that represents the problem.

Solution Strategy

In this method the child will first label the variables in the sum. They then move forward to make a verbal model with the use of logical reasoning. This is then converted into an algebraic model which can be solved and the answer can be checked.

Solving Word Problems

Word problems can be solved in a number of ways. Another method for solving word problems includes the child identifying what is being asked; strategize what is needed for that sum; write down the equation; answer the question and then recheck.

Guess and Check Strategy

In this method the sum can be solved mentally and you guess the answer this is then checked to see if it matches the requirements.

Find a Pattern

This method is usually used at the intermediate level where there are questions that require you to guess what the next number in the series will be or to choose the shape that would come next. In these types of sums it is essential that the child finds the right pattern or relationship in the series.

Opposed to popular belief all these methods are equally right when it comes to solving math problems.

The need for children to participate in math enrichment programs

Academics have always been a major part of a child’s life no matter what the age. However, most children spend up to 80% of their time out of school. This time can be used in an array of ways and most importantly can be used to solidify the basics of subjects that are taught in schools. Out of all the subjects that are taught in school math always seems to take the front seat when you talk about enrichment programs as this is the subject that most children struggle with.

What are enrichment programs?

There are two main categories of enrichment programs—extracurricular activities and academic enrichment. Both of these are programs that help in the development of a child outside of formal educations. This helps in both the personal as well as academic growth of the child.

Need for children to participate in math enrichment programs

Math is the kind of subject that has to be understood and cannot just be learnt. Although teachers do their best n schools to provide good quality teaching not every child is able to grasp the concepts in one go. Due to the fact that most of the time there are large numbers of students in a class the teacher is not able to provide personalised attention to each and everyone. This is where after school enrichment programs help the students. Parents now-a-days have increasingly started looking for after school enrichment programs to help develop their child further. These programs can be customised as per the child’s needs.

More personalised attention can be given to the child as the number of students in these programs is not as much as that in schools. It is also seen that a child can be more comfortable approaching a teacher with doubts when there are less students around. This is also a great advantage for them if they join an enrichment programs for math. Not all children can learn math in the traditional method that is usually taught in schools. Programs for math enrichment singapore use alternate methods of teaching that can be easily understood by the child. Also due to alternate teaching methods the child is able to choose which method they want to use while solving the math problems. Including math games as part of the enrichment programs helps to make learning fun and gives better results.