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No one can ignore the importance of transparency in financial reporting, because people make big decisions regarding the investments based on financial reporting. Every investor wishes that he should be able to get more, better and transparent information about the financial data of the company. In fact, it is the quality of report, which helps investors in making certain investment decision. Irony is that some companies prepare financial reports, which are the tools for giving insight to the investor, in such a way that rather than providing required information correctly they skillfully hide the facts. It is advisable to the investors that those companies who do not understand the importance of transparency in financial reporting should be avoided. Making investments in such companies is more risky and less valuable. Read the rest of this entry »

There are two types of costs “direct” and “indirect.”  Direct costs are also called “variable costs” and refer to costs that are a direct result of producing, delivering, or returning your product/service.  Examples of direct costs are materials and labor needed to produce/deliver the product that only occur once you sell the product, transactions costs like visa commissions, sometimes shipping charges, etc. Read the rest of this entry »

With the ongoing revolution in the field of information technology, outsourcing for various business needs has become necessary and important. The basic need or objective of any business is to earn maximum profits. Hence, to tackle and handle the financial records, many organizations are turning towards outsourced accounting for its professional services. It has eventually become the order of the day of any business as it curbs losses as well as provides real-time solutions. Read the rest of this entry »

The Age-Old Problem: Cost Control

According to IBM, Gartner and Aberdeen Group, between 75-80% of invoices in any business or organisation, are still processed manually - despite the advent of Electronic Data Interchange (EDI). These days, sophisticated invoice processing systems are available to cut a swathe through the time and costs involved in handling supplier payments and to enhance business workflow. Read the rest of this entry »

Everyday a new business, partnership or company is formed to carry out trading transaction in view to profit from the business activities. By the time any person register the business, partnership or company, documentation is required for every single step. The recording or tracking for these documents is both time and effort consuming. These records are essential and important, so it should not be overlooked. Read the rest of this entry »

Automatic debit, or auto debit, is a payment method where the paying entity authorizes the biller (or receiving entity) to automatically withdraw funds from their checking account or credit card account on some regular basis.  The pre-authorization process usually involves having the payer fill out and mail in a paper form indicating their desire to allow the auto debit by the biller, and the biller typically will require that the payer attach a voided check to the authorization form. The voided check is used to verify that the person requesting the auto debit is the actual holder of the account, and it’s also used to avoid keying errors that can be encountered when the payer manually enters the check information from the MICR line themselves. Read the rest of this entry »

There are 5 factors in which the accounting professional will take into consideration in determining the fee.

The complexity of the business depends on the nature of the business. It will determine the amount of time and effort to record the business transaction. It will layout the guidelines as:- Read the rest of this entry »

Early in the year, the Inland Revenue Authority of Singapore (IRAS) laid their hands on the tax evaders. Those got questioned, investigated have to pay the authority the tax shortfall due to under declaring income. To add icing to the cake, they are ordered to pay huge fine as a penalty.

Among those got caught admitted outright that they reported their “estimated” income as they find it difficult to keep proper records. The tax authority checked and agreed that they are not genuine tax evaders but “they had not been keeping proper records.” Read the rest of this entry »

Web based accounting has come as a great boon to all those business owners as this has simplified they whole process of maintaining and keeping records of financial transactions. The internet has made everything simple but you have to make sure that things are done properly to ensure that there are no glitches in your work. Read the rest of this entry »

Accounting forms the crucial aspect of any business as the entire status of a businesses profit or loss is decided on the basis of the accounts that it maintains. Every transaction that a business bears has to be recorded in various accounting records such as a balance sheet, journals, ledgers and profit and loss statements. The details of the financial transactions enable the accountants to come to a conclusion about the current standing of the business on any given date. Read the rest of this entry »