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Develop excellent accounting practice to keep your financial records on the track. As a small business owner, you regularly managed, don’t have to take up much of your time. You need a small business weekly accounting checklist to help keep your finances structured. Here are the responsibilities you should be doing each and every week. Bank Account Reconciliation Your bank account actually can't be reconciled frequently. Proper bank reconciliation means that you have the money that you think you have, which is clearly very essential for any business. Most of the small businesses make the general mistake of waiting for a bank statement to reconcile their accounts, but bank statements are only mailed monthly. That means you have around 30 days between reconciliations, and a lot can occur in 30 days. You are supposed to at least reconcile all of your cash accounts weekly.   Vendor Payments A vendor payment is very important for keeping track of your debts, and it's

Accounting is one of the most crucial parts of a business success simply because it makes you aware of the status of your business.  As a business holder monitoring your accounting is also a very significant task and this includes seeing to it that all data are recorded accordingly. Impacts of accounting mistakes vary. Some can be not worth mentioning to financial accounts, and some can easily be corrected. Yet some can result in serious hazards to a business’s financial health. Keep out of trouble by avoiding these common accounting errors. Failing to use a budget A budget helps you keep your money on track. When you create a business budget, you cut out some of the estimations in financial planning. Use previous accounting records to project future income and expenses. Try to stick to your budget once you’ve put it in place. If you buy materials for individual customers, budget each project you do. Use the budget to charge customers and make sure you’re earning a healthy

Cash flow management plays vital role in all business. Most of the time, cash flow is that factor that decide the continuity of a business. Recognizing the importance, businesses invest in procuring good piece of accounting software that will assist the business in managing their finances. Accounting software is an application designed to trace and process financial transactions. It functions as an accounting information system and is usually collected of different modules such as general ledger, sales, purchases and stock/inventory. Accounting software automates and simplifies bookkeeping and financial reporting for huge accounting transactions. Nowadays the number of accounting software providers has increased. These software providers like Onestopaccounting , Userbasicsoftware and EZ Accounting are providing their users with the best accounting software. Accordingly, accounting software products now have a variety of features that are available in different platforms lik

Here are some smart and simple ways for Singapore residents, how they can legally reduce his/her income tax bill in Singapore. Earned income relief Income tax relief of between $1,000 and $8,000 is available if you have taxable income from employment, a pension, or a trade, business or profession. The relief increases from $1,000 for those who are below 55 to $6,000 for those 55-59 and $8000 for those over 60. The exemption amount increases to a minimum of $4,000 and a maximum of $12,000 in the case of physical or mental disability. CPF Cash Top-up (parents, grandparents, spouse and/or siblings) Relief In addition to topping up your own CPF special/retirement account, you could consider topping up the CPF retirement accounts of your parents and/or grandparents. The cash could go towards helping them with their retirement needs while earning you some tax relief on your own income. If you have a spouse or siblings who do not have income exceeding $4,000, topping up th