Business Guides


First-Time Employer? Here’s What You Need to Know in Singapore

Hiring your first employee is a significant milestone, but it comes with its share of headaches. But with the right knowledge and tools, you can navigate these complexities smoothly.

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The Importance of Appointing a Company Secretary and Auditor: A Guide to Compliance with ACRA

In business, compliance with regulatory requirements is vital for success and longevity. A key aspect is appointing a company secretary and auditor, as mandated by ACRA. Let’s explore their roles and address some important questions.

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The Significance of Notice of Assessment (NOA) in Taxation

Discover the hidden significance of the Notice of Assessment (NOA) from IRAS! It’s more than just a tax bill—it’s a key document with crucial implications for individuals and businesses in Singapore. Dive deeper into its importance in Singapore’s tax system.

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Income Tax Returns and How It Affect Singaporeans

Comprehending income tax returns holds significant importance for every Singaporean. It transcends mere routine activity; rather, it plays a vital role in effectively managing finances and meeting governmental obligations.

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How AI is Revolutionizing Bookkeeping Practices in 2024

Ever wondered how AI is reshaping bookkeeping in 2024? Explore the enhanced roles of accountants, automated data entry, and real-time reporting through AI and how it can enhance software technologies like Xero and Hubdoc. 

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Unveiling the GST Rate Change Effective 1 January 2024

Singapore has implemented a GST rate increase to 9% from January 1, 2024. Wondering how this affects prices? Click the link below to find out more about the shift in pricing for 2024!

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Elevate Your SME’s HR Game with Accounting Superhero!

Small and medium-sized businesses often start as one-person shows, but as they grow, managing HR becomes complex. Dealing with benefits, payroll, and conflicts feels like a puzzle. Enter Accounting Superhero – your ally in boosting HR capabilities!

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Hiring Vs. Outsourcing – What’s Your Best Option?

Today’s businesses face a challenge: meeting the evolving demands of a modern workforce. Let’s explore the choice between full-time teams and outsourcing, reshaping your business strategy.

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The CFO: Your Business’s Financial Superhero!

Financial stability is vital for businesses, and the Chief Financial Officer or as known as CFO ensures every department contributes to success. At Accounting Superhero, we advocate for the importance of having a CFO!

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Business Bliss: Six Benefits of Incorporating Your Sole Proprietorship in Singapore

Navigating Singapore’s thriving business scene has been lucrative. As a pioneering entrepreneur, you might have begun as a one-person but as success grows, managing everything alone becomes tough. Incorporation offers valuable benefits for this transformation.

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Ace your Business GST F5 Submissions in a Breeze and Bid Farewell to all your Tax Troubles!

Tax season can be overwhelming for small business owners, with GST submissions adding to the burden of paperwork, receipts, and calculations. Say goodbye to endless trips to the tax office – with Xero’s incredible F5, tax time just got easier!

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Effects of Inflation on SMEs

When the prices of goods and services steadily rise, consumers naturally become more cautious with their spending. But what exactly is inflation, and how does it impact small businesses?

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How to Prepare for the Second GST Rate Change?

In budget 2022, the Minister for Finance, Lawrence Wong announced that the second GST rate will be increased from 8% to 9% with effect from 1 Jan 2024. Do you think you are well-prepared for the next upcoming GST increase in Singapore?

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Is CFO Important to Businesses and Why Do I Need One?

Although having a bookkeeper and a tax filer is a must, when do you decide it is time for a Chief Financial Officer (CFO)? What are the importance of a CFO and will their role evolves as your business grows?

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Prepare for the Singapore GST Rate Change!

In the 2022 budget announcement, Singapore’s Minister for Finance announced the GST rate will increase from 7% to 8% on 1 January 2023, and from 8% to 9% on 1 January 2024. Read more and find out how you can adjust your tax rate in Xero.

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Is It Easy to Start a Business in Singapore?

Singapore is a tiny island city-state in Southeast Asia. It’s an easy place to start a business, but this might not be the case if you happen to be a foreigner who has never before started a business here. Read on to find out more about the process and procedures to start a business in Singapore!

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Tech-n-Go! What Is It For?

If you’re in charge of or managing a Social Service Agency (SSA) in Singapore, you might want to consider beginning a digital transformation for your organisation now. Let’s take you through how Tech-n-Go might be helpful for you and your organization.

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Is PSG Convenient To Use?

If you’re a small business owner with a lot of financial transactions going on in your business, manually managing finances from assets, liabilities and net value can be daunting and time-consuming. PSG grant accounting software can help you manage your business finances more efficiently and effectively.

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Is it necessary to submit financial statements to ACRA?

As many business owners are still confused about reporting financial statements to ACRA, let us tell you a bit about financial statements that need to be submitted and who is responsible for them.

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Common problems that business owners face

Every department in a small firm faces obstacles, and the accounting department is no exception. As a business owner, staying on top of your finances takes effort, which is difficult enough when you’re already wearing multiple hats.

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Private Limited Company vs Sole Proprietorship: Which one is superior?

A Private limited company needs to comply with more requirements as compared to a Sole proprietorship. In turn, however, a Private limited company provides advantages over a Sole proprietorship in terms of tax savings, better protection of assets and scalability.

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How To Set Up Your Xero Multi-Factor Authentication

Multi-factor authentication is important, as it makes stealing your information harder for the average criminal. The less enticing your data, the more likely that thieves will choose someone else to target. As the name implies, MFA blends at least two separate factors.

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Cloud Accounting and Security – is It Safe to Move My Data to the Cloud?

More and more accountants and businesses are moving towards cloud-based accounting and with 88% of SMEs demanding cloud solutions, this isn’t something that is going to slow down anytime soon. However, we recognise that many accountants and small business owners feel reluctant about the transition.

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How to Be an Effective Director in Singapore

Being appointed as a Director, you are the fiduciary of the company that appoints you. A fiduciary is expected to act in the interests of another person and hence as a company’s director, you have the duty to act in the way you truly believe is in the best interest and benefit of the company.

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The Low Down on Company Bookkeeping and Accounts

In the past, when things were simpler, small companies kept shoe-box accounts i.e. all their receipts and documents folded and chuck into old shoeboxes for a full year, then its off to accountants whom have to draw up everything based on half-rotted and faded thermal documents, directors’ memory and some guesswork.

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Financial Statements, What’s So Special About This?

Because what you present in the financial statements are meant to make it comparable to ALL other companies, not just companies in your trade, but all companies in Singapore and across the globe. This enables any reader of the financial statements to understand them.

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MFP Pte. Ltd. in Singapore, CT Hub 2 #07-83, 114 Lavender Street, Singapore 338729

MFP Pte. Ltd. in Singapore, CT Hub 2 #07-83, 114 Lavender Street, Singapore 338729

MFP Pte. Ltd. in Singapore, CT Hub 2 #07-83, 114 Lavender Street, Singapore 338729