Business Encyclopedia

A

Accounting and Corporate Regulatory Authority (ACRA)
Audited Financial Statement
Annual General Meeting (AGM)
Annual Report (AR)
Articles of Association
Apostille

B

BizFile
Business Grants Portal
Business Profile

C

Central Provident Fund (CPF)
Certificate Of Residence (COR)
Common Reporting Standard
Common Seal
Companies Act (Cap. 50)
Company Constitution
Company Secretary
Company Stamp
CorpPass

D

Dependant’s Pass
Directors’ Resolution in Writing (DRIW)
Dividend
Dormant Company
Double Taxation Agreement (DTA)
Due Diligence

E

Electronic Register of Members (eROM)
Employment Pass (EP)
EntrePass
Enterprise Development Grant (EDG)
Estimated Chargeable Income (ECI)
Exempt Private Company (EPC)

F

Financial Year End (FYE)
Form C-S/ C
Form C-S (Lite)
Fund Accounting

G

Goods and Services Tax (GST)

H

Hedge Fund

I

Import/Export License
Income Tax
Initial Public Offering (IPO)
Inland Revenue Authority of Singapore (IRAS)
Intellectual Property Office of Singapore (IPOS)
Interim Dividend
IR21 Form

J

K

Know Your Customer (KYC)
Knowledge Capital

L

Letter of Consent (LOC)
Limited Liability Company (LLC)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
Liquidation (Court Order/Compulsory)
Liquidation (Voluntary)
Long Term Visit Pass (LTVP)

M

Ministry of Manpower (MOM)
MTI

N

Nominee Director
Nominee Shareholder
National Registration Identity Card (NIRC)

O

P

Partnership
Personal Data Protection Act (PDPA)
Personalised Employment Pass (PEP)
Private limited company
Productivity Solutions Grant (PSG)
Permanent Resident (PR)

Q

Quickbook Accounting

R

Register of Charges
Register of Nominee Director
Register of Registrable Controllers (RORC)
Registered Office Address

S

S Pass
Share
Small Company
Sole Proprietor
Special Employment Credit
Sponsored Employment Pass
Striking Off

T

Trademark
Temporary Bridging Loan
Temporary Employment Credit (TEC)

U

UEN
Unaudited financial statement
Undischarged Bankrupt

V

Variable Capital Company (VCC)
Venture Capitalist (VC)

W

Wage Credit Scheme
Withholding Tax (Section 45)

X

XBRL
Xero

Y

Year of Assessment (YA)

Z

Zero Rated Supplies
Zero-rised Financial Statement

Xero

Xero is a fast and efficient cloud-based accounting software designed for small and medium enterprises, accountants, bookkeepers, and financial advisors. The software offers features like e-invoicing, inventory management, bill payments, dashboards, bank connections, and claim management.

As it is cloud-based one can access the information anywhere anytime from multiple devices and even share the information easily with the concerned people. They also have a mobile app that helps users perform all the tasks on the go.

Xero’s website: https://www.xero.com/sg

Key Features of Xero

Here are some of the things you can do with Xero faster and with ease:

  • Link your bank account with Xero to get all your business transactions into the software and reconcile them with ease at the end of each business day.
  • Send electronic invoices with online payment options and keep a track of the same. You can customize the invoice, send automated reminders to your clients, send bulk invoices, and also get notified when the invoice is viewed and paid.
  • Easily record, claim, and manage employee expenses like travel, food, or mobile expenses. You can also assign an expense to a particular client or project to get the amount adjusted in the next billing cycle.
  • Get a quick glance at all your key financial details with the help of a customized dashboard. You can track your cash flows; view your bank, credit card, and PayPal transactions and balances; and manage and follow up on pending invoices all through this one dashboard. You can further drill down on each of the areas to get more details. You can also make customized reports and share them with your employees, advisors, or shareholders.
  • You can pay your bills through Xero by scheduling and grouping payments. The software also gives you a view of all the bills and purchase orders and highlights that are due for payment so that the payments are made on time every time.

Xero is also IRAS (Inland Revenue Authority of Singapore) compliant which makes filing annual returns a very simple process for companies. Singapore government provides grants to all businesses who want to adopt IT solutions and equipment to enhance business processes. This is to encourage digitalization and provide online solutions in all industries. One such grant is the Productivity Solutions Grant (PSG) which is a joint initiative by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore. Xero has a list of pre-approved partners who can offer their Xero services with PSG.