Rikvin Publishes Basic Record Keeping Guide for Small Businesses - Income Tax and GST Guide 

In most cases, a business keeps a record to determine its financial position in the industry, and to pursue other business goals.

by Ashley Varghese Saturday, May 14, 2011
Small and Medium business enterprises need a business plan to help them carry out their goals. Rikvin publishes various guides on Singapore company setup in PDF format available for free. The Guide covers the topics such as why and how to keep records including the records that must be kept.

In most cases, a business keeps a record to determine its financial position in the industry, and to pursue other business goals.

“Records are also kept to determine the chargeable income of the business for the purpose of taxation, and to ascertain whether it is obliged to register for Singapore GST. If not, then the records can also be used to decide whether or not registering voluntarily for GST will be beneficial,” says Rikvin, a company in a business specialist in Singapore.

“The Guide includes a discussion that keeping the records can be done manually and electronically,” it adds, “you can also decide which way is best for you after reading the comparison between keeping manual records or electronic records.”

Some of the records to keep are sales, banking, purchases, business expenses, and assets.

Rikvin on the sales record: “The records of sales that should be kept are cash register tapes, sales record book, receipts and invoices issues, credit notes for returned goods, books to record goods taken for private usage, documents relating to import and exports if applicable, and the sales listing for GST-registered businesses.”

Opening a corporate bank account follows after the company incorporation or business registration. Rikvin says that when it comes to banking transaction, all bank statements of all corporate or business bank accounts should be kept as well.

“The bank statements show the bank’s record of the business transactions with the bank during the month. As they form an essential part of the business account, the bank statements must be filed in a chronological order,” Rikvin advises.

Part of the activity inherent in a business is purchases. And for such transaction, there is wisdom in keeping all receipts and invoices received from every purchase made by the business. “The purchase must also be recorded in the book,” says Rikvin.

In addition, Rikvin says that in the receipts received from purchases done by a business, the businessman ought to contain information such as the date of purchase, the name of supplier or service provider, the amount paid, and the description of goods and services being paid for.

“The receipt should be given whether the purchase is made by cash or cheque as they can justify and support payments made in case of future disputes.

Rikvin assists companies in their annual obligation with IRAS and ACRA. Its accountants are available upon request of appointment.

About the Publisher:

Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration and providing professional services relating to financing and compliance services.

Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients’ loyalty.

“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.”

For more information, visit:

Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines: (65) 6438 8887
Fax: (65) 6438 2436
Email: info@rikvin.com
Website: http://www.rikvin.com/

0    submitted by Ashley Varghese
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