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Showing posts from April, 2022

The Pros and Cons of Outsourcing Accounting Services in Singapore

  There was a time when only mid-level and big companies outsourced their needs to accounting services in Singapore . However, today it is not the case. As an owner of a small business, you can also go for it. It is evident that appointing an accounting firm Singapore will strengthen your hand. You get to access knowledgeable and trained accountants. They help you optimise your cash flow, make better use of resources, and grow faster. These accounting services in Singapore are often more affordable for small businesses than building an in-house accounting setup. If you are interested in outsourcing accounting firm Singapore , but are undecided, here are a few pros and cons of the move. How Outsourcing to Accounting Services in Singapore Works for a Small Business Cost Small business owners search for means of cost-saving. When they outsource, they do not have to bear the burden of employee hiring, training, salary, benefits, infrastructure, office space, Etc. Core-Ta...

Everything You Need to Know about XBRL Filing

  Who Are Required to Do the XBRL filing? Singapore companies use XBRL filing for business reporting and communicate their financial and business data electronically to ACRA. Accountants and XBRL filing services Singapore assist them in the task. Who Benefits from XBRL Filing · Singaporean Companies · Government Agencies · Regulators like ACRA · Investors · Accountants · Financial Analysts · Financial Institutes · Data Providers What are the Benefits of XBRL Filing? The data submitted to ACRA is structured and is in a uniform format. It is easy to mine and analyse the repeating patterns and to find the latest trends using computer software tools. What is XBRL? XBRL or eXtensible Business Reporting Language is a variant of XML language. The American Institute of Public Accountants created XBRL in 1998. Singapore first implemented XBRL filing requirements in 2007 for corporate financial reporting. You, as a new Singaporean business owner, need to get familiar with terms like XBRL fil...