![]() ![]() Understanding where your dollars are coming from and headed to is crucial in helping you better understand and make data-driven business decisions.Įxpense management software is a digital cloud solution that can help you breakdown your business expenses and retrieve insights on your business spending. It helps you to identify and understand where your dollars are coming in and going out from and have an accurate projection of the health of your company’s finances.Įvery dollar within a startup and SME is very precious and should be well-spent. As evidently portrayed through COVID-19, maintaining a healthy cash flow that can sustain against pandemics and other unforeseen circumstances is very important if you want your company to survive in the long run. ![]() Increasingly, accounting and expense management systems have partnered or integrated with each other to ensure seamless data synchronization and provide accounting-friendly solutions that are affordable and user-friendly for startups and SMEs.Ĭash is king when it comes to the financial management of a growing company. Companies should establish good accounting and expense management systems to drive good record keeping practices and retrieve or file records easily. Good record-keeping practices are essential because it helps companies comply with various laws in various countries. The 1% additional penalty will be imposed for each completed month that the tax remains unpaid, up to a maximum of 12% of the unpaid tax.Īs a startup or SME business owner, every dollar counts and it is important to stay prudent on such financial matters. Additional penalties of 1% per month may be imposed if the tax remains unpaid 60 days after the imposition of the 5% penalty. In Singapore, if a tax payment is not received before the due date, a 5% late payment penalty will be imposed. With documentation and good record keeping practices, you can pay your taxes accurately, on time, and save on penalties! Having an overview of your business cash flow can allow you to understand how much cash is coming in and out of your business and produce an accurate financial statement for accounting and auditing purposes. Having a fraud prevention process by keeping detailed records of your business expenses and transactions is essential for your company - be it as a startup, small and medium enterprise (SME) or large enterprise. ![]() So why is record keeping important and why should I care about it as a business owner? Since the principles of accounting rely on accurate and thorough records, record keeping is one of the basic foundations of accounting. Record keeping is the process of recording transactions and events in an accounting system. But what is record keeping and why is it important? Record keeping is a process that most organisations cannot ignore - be it in the private or public sector. ![]()
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