Accounting

16
Mar

Legal issues that most startups in Singapore should pay attention to

Legal issues that most startups in Singapore should pay attention to - Starting up is tough, you are new to business and you are new to your business idea. You not only need to spend time trying to make your product work out, you will also need to spend time trying to make sure your bank doesn't run down to zero and also managing staff which is a brand new thing to you.There are many components of the business, not just accounting and finance. You might some time overlook one very important part of your business, which is legal. Contracts are signed, sometimes without much concern until something goes wrong. You suddenly realize that you made a mistake and you want to go back to before you signed it but you can't.Legal issues kill many startups because you end up signing more shares than you should or you end up spending so much time on settling it that you end up killing your business anyway. So we will like to share ...

16
Mar

How to take advantage of accounting services in the cloud

How to take advantage of accounting services in the cloud - Cloud based accounting services is popular in this time and age and there are many reasons to find out how to take advantage of the accounting services that are based off the cloud. Cloud Accounting services are based off a few software that are strong in the cloud based world. There are a few things that makes them stand out and also there are a few reasons we will like to share on why you should consider using cloud bookkeeping services for your business to help it grow and do well. 1. Cloud based accounting services allows you to work closely with your accountantThe fact that you are able to get in touch with your account and look at the accounts together without going to the office is a great way for you to save time and also money. You do not need to transport yourself to their office, you get to spend time doing more work for your ...

06
Feb

Why you should consider cloud accounting over traditional accounting

Why you should consider cloud accounting over traditional accounting - Business accounting is an important part of a business cycle. Whoever who has run a business knows that having a good and competent accountant can be a great asset for your business. You can make better decisions at a more timely period and able to derive higher profits because of this competence.There has been the progress from the old days when people use old school methods to keep track of accounts to the recent pen and paper methods. This method survived for centuries before being overtaken by the trusty Excel Spreadsheet that was easy to use and helped to improve the T balance calculations for many accountants and business owners. In the late 90s and early 2000s came the accounting software that is desktop based. Desktop based software was very easy to use because it uses coding logic to assign the accounting items to their respective units. This evolution of change has helped accounting firms to generate more profit with the same amount of staff members, they could do more work and make more money for their companies. This was great but as time went on, ...

26
Jan

5 reasons to outsource your accounting services in Singapore

5 reasons to outsource your accounting services in Singapore  There are many parts of the business that you need to watch after when you run a business, there are also many parts of your employees that you need to watch after. Businesses are tough to run, managing people is even harder than you think. It doesn't just mean that you are paying salary therefore they will put in their best. You must manage and motivate and deploy work appropriately. This is something most startup owners fail at. Because School doesn't teach you leadership as much, most people have no idea to manage a big team of talents.  Reason 1: Accounting Services require a lot of time   Accounting services for a small company can be easy to do but it takes up a lot of the entrepreneurs time. Time is of the essence at the birth of a business. One should focus on growing the revenue end so that there are more business coming in to ensure the survival of the business. Accounting is some what secondary compared ...

05
Dec

How monthly bookkeeping will help you run your business better

How monthly bookkeeping will help you run your business better - When you are planning to do a good business, there are many things that you need to consider to plan the business that you are able to look after before you can make sure you run it well.There are many components such as the accounts, the marketing, the human resource, the operations , the customer service. There are so many thinsg that you need to work on and this are the things that you should consider outsourcing so that you have time on your hand to allow for your better coordination of the business that you are trying to manage versus trying to do something that you are not familiar with and end up doing too much for too little rewards.The entrepreneur is the one with very little time on their hands, and this is something that everyone is aware of when you start a business. With such short supply of time and being able to make limited business decisions, you are only able to do just a few things at a time.Business wisdom says that you should focus on what ...

03
Nov

Benefits of using Xero Cloud Based Accounting Software for your business

Benefits of using Xero Cloud Based Accounting Software for your business - Xero is one of the most popular software in Singapore for accounting work amongst startups. Xero is a new accounting software develop by a company based in Australia with the idea of turning accounting software into something that is highly efficient so that time is saved on doing up bookkeeping work and financial reports can be streamlined for regulatory uses.Xero is popular in Singapore in the recent few years because of its low rates and many features that have been favored by many local companies that are providing accounting and bookkeeping services. There are many benefits that you can get out of using Xero as your primary accounting software for your business and here are some of those that we at Koh Management think will be useful for your decision making:Benefit 1: Xero is a regularly updated software that has integration with many other apps like apple's app store The good thing about Xero is that some of the software ...

02
Nov

Benefits of using Cloud Based Accounting Services in Singapore

Benefits of using Cloud Based Accounting Services in Singapore - Cloud Based Services are becoming very common in Singapore and around the world. With file storage becoming one of the most popular manners of using the cloud for business, businesses such as Windows and Dropbox has made a business model out of providing cloud storage spaces for free to customers and requiring upgrades when the customer reaches a certain level of disk space usage.   Benefit 1: Cloud services allow you to operate from anywhere, anytime Cloud Based Accounting Services are also becoming a more popular form of doing accounting and also preparing of invoices, quotations and receipts. Accounting Software used to be desktop based and the only way of getting anything done is to have invoices issued from the desk of an office but that is not true anymore in this time and age. Businesses are able to tap on new technology like cloud based accounting software to run their businesses from anywhere in the world at any time of the day.The benefits of Cloud services are also that you can use it cross platform, whether it is your phone or your tablet ...

27
Oct

Why Singapore SMEs should consider cloud accounting software

In terms of doing business, Singapore is one of the leading places for the ease of doing business for many years.Why is that so?Singapore has been proud of being able to lead the world with its use of Information technology in setting up companies and also to do transactions with the government. All government submissions are mostly done online and also with the new system of using a corporate password instead of the SINGPASS which is every Singaporean's personal password to work with the government. The country is slowly transforming into a society of the future in terms of the use of Information Technology and also the use of new technology to improve efficiency.That said, the accounting sector in Singapore is one of the oldest industries in Singapore and also one that is very well established. Singapore being a big financial hub for the region and Asia manages a lot of funds.Coupled with the ease of doing business, Singapore has one of the world's largest number of incorporated companies and with this needing a strong army of accountants and auditors to assist in the management of all this local and ...

02
Oct

Singapore Audit Requirements

Singapore Audit Requirements - When you run a company in any country, auditing is normally a must to prove that your business are operating as per what you reported. Listed companies have a legal responsibility to go through auditing. But in Singapore there are various circumstances where you do not need to go through audit. The reason for the government to employ such a move is to reduce business cost to bring in more business to incorporate in Singapore and being the business hub of South East Asia region. Under the old system, the criteria to get audit exemptions are as follow:Companies below 5 million turnover over the preceding years Less than 20 shareholders No Corporate Shareholders holding shares of company, no matter amount of shares held As per July 2015, the new system for audit exemption is as per the following rules and you must fit the criteria to be determined as a "small company":Effective of 1st July 2015 with financial years begining on or after 1 July 2015 (those ...

16
Jun

Why you should set up a good accounting system

Why you should set up a good accounting system When you are starting up a business, there are many items that you need to find out and also to look into. For the entrepreneur, he doesn't have the support of multiple staff and resources at your disposal. All you have is yourself and also your limited knowledge in almost every other thing. Accounting , Marketing, Human Resource, Sales, Product, you will  need to put your hands into all this component to make sure that you have the best for the business and also for the company to just be working and running so that it will be driving you revenue for you to grow and expand the business.Accounting is one of the key backbones of a good and strong company that is able to perform well and also to do good monitoring of the health of the business. Human health is monitored through whether you will fall sick. A business health cannot be seen from the outside, the best way to find out is to keep good records of your business and to have good accounting health and systems in place to make sure you ...