LET'S TALK ABOUT YOUR COMPANY'S COMPLIANCE NEEDS. CALL US AT: 6272 0820

Margin Wheeler

MarginWheeler - Your Company, Our Priority.

T +65 6272 0820
Email: [email protected]

Margin Wheeler
21 Bukit Batok Crescent, #15-75, WCEGA Tower, Singapore 658065

Open in Google Maps
  • HOME
  • OUR TEAM
  • SERVICES
  • ACCOMPLISHMENTS
  • TESTIMONIALS
  • BLOG
  • CONTACT
  • CAREER
FREEQUOTE
  • Home
  • Accounting
  • A Guide To Record-Keeping For Beginners

BLOG & Gossip

A Guide To Record-Keeping For Beginners

by Sheann / Tuesday, 25 May 2021 / Published in Accounting
record-keeping

Record-Keeping

By now, we all know of the large amounts of administrative work that go behind ensuring that your company runs smoothly. From bookkeeping to accounting, they all play a part in ensuring that you won’t run into any hiccups. If you’re completely unfamiliar with record-keeping, here’s a simple introduction to get you started.

What is record-keeping?

Simply put, record-keeping the practice of recording transactions or events in an accounting system. Not only do companies with good accounting practices keep records, but they also do so accurately.

 Your company should maintain proper records of its financial transactions (with source documents), accounting records and schedules, bank statements, and any other transactions associated with your business.

Using accounting software will help you prevent any records from falling through the cracks. You can use the software suggested by IRAS to get you started.

How long to keep records

In Singapore, the IRAS has several guidelines that you will have to follow. For accounting records and supporting documents relating to the Year of Assessment (YA) 2008 and subsequent YAs, your company must retain the records for a period of five years from the relevant YA. Failure to do so may result in expenses claimed being disallowed and/or other penalties.

Good record-keeping habits to have

1. Keep your records organized

Create a foolproof system that works for your company. This ensures that everyone is on the same page and knows how to help file company records. For instance, you could have employees use colour tags to categorize expenses.

2. Use a digitalized system

This helps to simplify the process and prevent any records from falling through the cracks. It also allows you to focus more time and energy on the growth of your business, instead of chasing a trail of paperwork. If you are setting up a business in Singapore, IRAS has released a list of approved software that you can use.

3. Ask for help

Not everyone is good at record-keeping. After all, it does require one to have a sharp eye. As a business owner, you want to focus your energy on growing your business. If you find yourself drowning under the paperwork, hire someone to take care of details for you while you focus on higher-value activities.

Accounting companies like Margin Wheeler are available for you to reach out to for reliable accounting services.

How record-keeping helps

Firstly, record-keeping helps you to prevent fraud or theft. With a better understanding of your cash flow, you will be able to produce accurate financial statements when it is time for you to do auditing.

Secondly, it helps you to pay your taxes. Record-keeping makes it easier for your accountants to advise on how you can legally reduce your taxes. Especially in Singapore, there are several different types of corporate tax exemptions that companies may be eligible for. Having your records in order also means that work gets done faster, which helps you pay your tax returns on time and save on penalties.

Guide to record-keeping

Record-keeping is just one of the many practices involved in accounting. With your finances and records in check, you’ll have peace of mind to move on to other business plans. Other than accounting services, Margin Wheeler also provides a variety of other services including incorporation, taxation, and auditing services. If you are in need of any of these services, be sure to contact us. 

1
Tagged under: accounting, entrepreneurship, record keeping, services, singapore

About Sheann

Penultimate undergraduate at NUS with experience in writing lifestyle articles and copywriting.

What you can read next

financial
How To Choose A Financial Year End
filing
All About Filing Requirements with ACRA and IRAS
margin wheeler
Why You Should Let Margin Wheeler Handle Your Accounting

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • e-commerce

    Designing Your E-commerce Website

    Creating an e-commerce website In today’s day a...
  • accountant

    Growing your startup with an accountant

    Hiring an accountant  When you first open a sta...
  • shipping

    8 Tips to Make Profits While Offering Free Shipping

    Offering free shipping You would have probably ...
  • traffic

    5 Tips To Get Traffic to your Online Store

    Getting traffic to your online store Though set...
  • CTA

    Full Guide to Commercial Tenancy Agreements (CTA)

    What are Commercial Tenancy Agreements? Though ...

Categories

  • Accounting
  • Business
  • Entrepreneurship
  • Incorporation
  • Taxation
  • Uncategorized

INCORPORATION

  • Incorporation with Local
  • Incorporation with Foreigner
  • Incorporation (BVI)
  • Nominee Director Services
  • Registered Address

CORPORATE SECRETARY

  • Company Secretary Service
  • Meeting Room Support
  • Company Strike Off
  • Scrutineer

WORK PASS

  • Work Permit
  • Skill Pass
  • Employment Pass
  • Entrepreneur Pass

TAXATION

  • Company Tax
  • Personal Tax
  • Goods And Services Tax (GST)
  • Tax Planning

ACCOUNTING SERVICES

  • Bookkeeping
  • Cloud Accounting
  • Financial Statement
  • XBRL Filing
  • Onsite Accounting

AUDIT SERVICES

  • Statutory Audit
  • Sales/Rental Audit (GTO)
  • Charity Audit
  • Lucky Draw Audit

HR, ADMIN &
DATA PROTECTION

  • Payroll Services
  • CPF Account Opening
  • Administrative Services
  • Data Protection Services

TRADEMARK

  • Trademark Registration
  • Trademark Classes

GET IN TOUCH

T (+65) 6272 0820
Email: [email protected]

Margin Wheeler Pte Ltd
21 Bukit Batok Crescent, #15-75, WCEGA Tower
Singapore 658065

Margin Wheeler

© 2023 All rights reserved. Margin Wheeler Pte Ltd (Professional Firm Licence No. FA20153653) Privacy Policy

TOP
×