4 AskBiz guides on singapore accounting, covering Financial Reporting, GST Method, Xero Integration and related operating decisions for SME founders.
Retail shop SGD 1M revenue. June revenue: SGD 100K (invoiced). July payment received. Accrual: June profit includes SGD 100K. Cash: July shows inflow, June shows zero. GST filing uses accrual. Cash flow uses cash. AskBiz dual-tracks both methods.
5 min readInvoice customer SGD 100K January, they pay February. Accrual: GST SGD 7K due January. Cash: GST SGD 7K due February. If customer doesn't pay until March, cash is better. Over year, SGD 50K pending invoices = SGD 3.5K difference in GST timing. AskBiz tracks which method applied.
6 min readExporter invoices Malaysia in MYR, Thailand in THB, Singapore in SGD. Xero tracks each currency separately (invoiced in MYR but paid in SGD different rate). Monthly: invoice MYR 100K at rate 3.35, receive MYR payment months later at rate 3.25. Loss: SGD 1.5K (0.4% currency loss). Xero reconciles actual rates + AskBiz tracks unrealized gains/losses.
6 min readStartup (<SGD 500K revenue): Xero. Mid-size (SGD 500K-5M): QuickBooks or Xero. Large (>SGD 5M): Sage 50 or custom. Hidden cost: switching penalty (export old data, re-entry, training) = SGD 5K-20K if you choose wrong. AskBiz compares all three, migrates data if needed.
6 min read