For audit firms in Johor Bahru, the quality management of the firm may include their efficiency of filing audit documents. Classifying current audit files and permanent audit files can be crucial as this ease the process of auditing since the auditors could find the documents they need quickly. Current Audit Files A firm will keep […]
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Understanding Cost of Goods Sold
Cost of goods sold (COGS) refers to the total amount of cost that a company has spent in creating a product or a service that it has sold. Business owners should divide these costs into a few sub-categories, which are materials, direct labour, as well as overhead. For a company that offer services, the business […]
Introduction to Journal Entries
In accounting cycles, journal entries are the first thing you need to do (Also see How do Accountants Record Transactions?). These entries are the records of the transactions your company has made in an accounting system. When there are transactions and other relevant activities in the accounting period, you need to record those journal entries […]
Introduction to Audit
Basically, audit refers to a test on financial reports or other reports by an independent individual or organisation where they will express their opinion according to the facts of their review. The auditors from the audit firms in Johor Bahru can provide the companies with different types of audit and levels of assurance. For instance, […]
What is an Internal Audit?
Internal Audit As a business owner, unless your company is dormant, zero-revenue or threshold qualified, you need to engage an audit firm in Johor Bahru to conduct an external audit annually (Also see Introduction to Audit). Meanwhile, you may carry out internal audits in your firm for early detection of any problems or issues that […]
Vital Bookkeeping Tips for New Businesses
As you own an incorporated company in Johor Bahru, you have to ensure that your accounting books are always up to date to make the process of tax filing easier. Otherwise, calculating taxes is going to be your worst nightmare. Fortunately, you may apply some accounting systems to automate a lot of the bookkeeping […]
Introduction to Tangible and Intangible Asset
Tangible Assets A tangible asset is a solid property that you can feel by touch. People often use this term with fixed assets (Also see Disposal of Fixed Asset in a Company) like buildings, machinery, office equipment, vehicles and others. A tangible asset is not the suitable term to use if you are describing shorter-term […]
Steps of a Financial Statement Audit
An audited financial statement is the disclosure and assessment on the financial statements of a company by independent auditors. They then give their audit opinion (Also see What is a Qualified Audit Report?) as to whether those statements present a true and fair view of the financial performance of the business. The financial statements that […]
Guide to Operating Assets
Operating assets are the assets you need to use in the ongoing process of running your firm. In other words, you need operating assets to earn the profit. Cash, accounts receivable, fixed assets (Also see Revaluation of Fixed Assets), prepaid expenses, as well as inventory are some common instances of operating assets. If you have […]
How to Manage the Accounts of Manufacturing Companies?
Accounting for manufacturing businesses is closely related to the inventory valuation as well as the cost of goods sold. Keep in mind that in other types of businesses, both of these concepts are not common, and their processes are rather simple. Inventory Valuation A lot of manufacturing companies utilize a specific quantity of raw materials […]