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admin In accounting, when we say “bottom line”, we are referring to the profit or loss (Also see What is the Relationship between the Profit and Loss Statement and the Balance Sheet?) of a company in an accounting period. This is the amount of income the company has earned after subtracting all the expenses. As it … Read moreWhat is Meant by “Bottom Line”?
Most business owners (Also see Tricks From Millionaire Business Owners) who do not know much about the documents or reports necessary for their business may not be able to produce the reports or financial statements needed for the operation of the business. Some of the essential documents and statements include the income statement, balance sheet, … Read moreHow Do Balance Sheet & Trial Balance Differ from Each Other?
Most business owners know that the company’s balance sheet (Also see Introduction of Balance Sheet) is one of the most vital financial statements to them because it is very helpful in revealing their company’s financial position. However, after they received the balance sheet from the bookkeeping firm in Singapore have generated for them, not all … Read moreBookkeeping – Reading a Balance Sheet
When you read the balance sheet (Also see Accounting – Preparation of Balance Sheet) of your company, you will see that this financial statement is divided into three different sections, which are the assets, liabilities and shareholder’s equity. The term “liability” refers to the amount of money that the company owes to another party. The … Read moreAccounting – Understanding Non-current Liabilities
For most taxpayers, hearing both “LHDN” and “audit” (Also see Introduction to Audit Strategy) can be intimidating, especially for those who run their own business as most probably their record-keeping and deductible expenses will be more complicated than that of most people. If the companies have been engaging with an audit firm in Johor Bahru … Read moreAudit – What Should You Expect in Tax Audits?
In the world of business, the sales and collection cycle is the process which starts from the moment when a person purchases certain goods or services and ends when the company that sells the item receives the full payment. As a company conduct a year-end audit on its financial statements, the external auditors (Also see … Read moreAudit – Auditing the Sales and Collection Cycle