Category: Accounting

Robert Kiyosaki of ‘Rich Dad’ fame says that an asset is something that puts money into your pocket. This is a great definition and it gets to the core of what an asset is. Most of us say that our home is an asset. This cannot be further from the truth! Ask yourself, ‘Does it…

Balancing the Accounts Whenever it is desired to balance an account, the two sides are added up, and if the totals of the two sides are unequal then the difference is put on the side having lesser total. This will make both the sides equal. The amount of the difference inserted is known as ‘balance’…

Material handling equipment is useful in a variety of businesses. Material handling equipment are used for moving or placing different types of materials. various material handling equipments like forklifts, industrial shelves and others such equipments are used for good handling of materials used in industry. Loading dock fixtures, conveyor belts, specialty racks, containers for storage,…

Many business opportunities come with an associated challenge. For most entrepreneurial businesses, the greatest challenge is financing the business opportunities created by your sales efforts. What are your options if you have a sales opportunity that is clearly too large for your normal scale of operations? Will your bank provide the necessary financing? Is your…

Any company whether local or foreign that intends to supply goods and services in Singapore and expects that their supply will exceed S$1 million per year must register with the Inland Revenue Authorities for GST. GST also known as Goods and Services Tax is a broad based tax on the supply of goods and services…

Balance sheets play a critical role in any business, regardless of that business’s size, age, and industry. They can be beneficial for small businesses too, and that’s the reason many small business owners prepare them. Any company with shareholders needs to prepare a balance sheet, otherwise known as a Statement of Financial Position. It will…

Reverse Mortgages are a tricky subject. No one wants to discuss them, and yet, for some it can be an excellent solution. The Elder’s heirs might not appreciate it much, but it can be a life-saver. Kind of reminds us of that bumper sticker you see on the back of motor-coaches; “We are spending our…

Corporations know it as a Financial Balance Sheet. This would be your own Personal Balance Sheet. Basically it provides you with an overview of your total worth on paper. To get to your own Net Worth you just need a piece of paper and a pencil. If you want to get really fancy, you can…