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Category Archives for Bookkeeping

Why Now is the Best Time to Hire Bookkeeping Services in Singapore

  • October 25, 2022

As your business or company grows, you or your in-house team will spend more time managing finances. This could easily drift your attention from the core task of growing the company and revenue. In a highly competitive market like Singapore, shifting from the core strategy can easily give way to competitors and cause a loss of market share. Instead of trying to handle all the executive tasks, the best idea is to contract a team of experts to help. 

This post takes a closer look at bookkeeping in companies. Keep reading to learn more about this crucial task and why this is the right time to outsource bookkeeping services in Singapore. 

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Does My Start-Up Need An Accountant?

  • May 5, 2022

 

A lot of businesses try to manage their accounts in-house, whereas working with an outside agency or a freelancer can be much more effective. An accountant can help to establish the legal structure of your business, provide advice on finance, and help with day-to-day record keeping. But how do you know when it’s time to bring in an accountant to help you? 

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Important Signs that Indicate You Should Go for Accounting Outsourcing Hong Kong

  • January 14, 2022

Accounting Outsourcing Hong Kong

Hong Kong is one of the world's leading outsourcing hubs and provides several services to clients. This means that if you are looking for an accounting outsourcing firm in Hong Kong, there's likely already an established partner in this city with access to lucrative deals from multinational companies like Google or Microsoft who need help managing their data on boardroom tables around the Asia Pacific - what more could an aspiring entrepreneur ask for? However, before signing up, I want us to assure ourselves by asking whether your company needs budgeting assistance, weekly financial reports (which can be delivered wirelessly), tax advice regarding profits made overseas...the list goes on!

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Benefits of Outsourcing Payroll Management Services

  • October 26, 2021

Outsourcing payroll management entails the use of a third-party service provider for the administration of staff financial reports. Payroll is a critical part of business operations and includes processing employees' salaries, payroll taxes, deductions, and incentives. The payroll consultant reviews and updates all payments and deductions for every employee and generates the necessary reports, simplifying work for the company. In this article, we’ll outline the benefits of outsourcing payroll management

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3 Tips to Choose the Right Accountant for Your Business

  • July 30, 2021

Finding the right accountant can be a huge benefit to your business, but did you know that every accountant has different qualifications, experience, and specialties?

That’s why finding an accountant who is the right fit for your business is not something to be taken lightly – in fact, it’s one of the most important business decisions you can make. 

Here are three expert tips that will help you choose an accountant who is qualified to meet your individual needs. 

1. Determine Your Business Needs

Firstly, think about what aspects of your business can benefit from a professional accountant before you hire one. 

Ask yourself if the accountant you hire will provide full-time bookkeeping, or if you only need reviews on a monthly or quarterly basis. 

If you need an accountant to manage your tax returns, give you advice, or audit your financial statements, you’ll need a CPA (certified public accountant).

2. Search for the Best Accountants

When looking for an accountant, ask for recommendations from other business owners, look for social proof of good service from reviews on Google and social media, and compare fees so you can estimate your budget.

Hiring an accountant is one of the most important financial decisions you can make for your business, so finding an accountant with Vetted Accountants or other similar services is recommended. These online services have complied databases of qualified accountants in your area, and you can find a match based on your business’ needs. 

3. Conduct Interviews 

After you’ve compiled a shortlist of suitable candidates and narrowed the list down, conduct interviews with three of them. There are four questions you should focus on during the interview.

Experience

It’s important to choose an accountant who is the best fit for your business so that you are empowered to make the best financial decisions. 

During the interview, ask about the accountant’s experience with businesses similar to yours in size and industry, and ask if they have the experience to support the planning and growth of your business.

Technology

Ask the accountant if they use cloud technology – this is important to ensure that your data is backed up and that you have access to it at all times. 

Ask what accounting software the accountant uses. This is important because the accountant will teach you how to use the software and set up your initial chart of accounts. 

Bear in mind that you also want to invest in accounting software that is user-friendly, reasonably priced, and will accommodate your business needs in the long term.   

Frequency

Discuss how often you will need reports and how often you expect the accountant to communicate with you – if you want someone who will be available when emergencies arise and who will be able to offer advice continuously, be upfront about your expectations so that you can choose an accountant who meets your needs. 

Billing Structure

Before selecting your accountant, it’s important to discuss how you will be billed for their services. Billing structures differ between accountants, so you need to know exactly what to expect. 

Some accountants have flat rates, some charge by the hour and others have a billing structure that is a combination of both. Ask about any extra charges that you may be unaware of so that you don’t get blindsided by a huge bill later.

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Top 3 Things You Should Know About Reorganization Under Chapter 11

  • July 24, 2020

 

Many businesses wonder what their options are when it comes time to file for bankruptcy, filing for chapter 11 could be their best choice. A company would want to choose this option if the amount gained from liquidating all their assets would be less than operating as normal. Chapter 11 gives the company a chance to restart and still not have any of the operations be influenced. A business attorney can hep figure out options when a business files chapter 11 bankruptcy

What is Chapter 11? 

The first thing we need to discuss when asking the top 3 things to know about reorganization under chapter 11 is, what is chapter 11? The quick answer would be that chapter 11 bankruptcy provides a process for rehabilitating a company’s faltering business. Many companies file chapter 11 because they are still able to run the business, and it also allows them to control the bankruptcy process while they attempt to become profitable again. It additionally provides protection from creditors as they do this. The goal of the bankruptcy court is to help businesses and companies keep operating while they try to figure out a plan to manage their debt. The bankruptcy court will review the overall operations, determine a reorganization plan and halt the actions of creditors to enable the company to get a grip on its finances in the hopes it can become profitable. 

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Important Tax Planning Tips For Small Businesses

  • November 7, 2019

Important Tax Planning Tips For Small Businesses

Small businesses have big worries and managing their taxes is one of them. Business owners suffer because of various reasons, ranging from negligence to intentional evasion to sheer lack of awareness. Proper tax planning, though, can save them from a lot of trouble. However, it is also a challenging thing to do because the tax system in the country is complicated. Still, this should not dissuade you from planning taxes for your small businesses and doing away with any hassles. Here are some tips that you can follow to stay one step ahead.

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Top 3 Books That Changed My Approach To Business & Real Estate

  • September 24, 2019

We all have books, courses, or speeches that give us pause.

They make us reflect on our current approach and whether we need to make adjustments.

For me, especially when I was getting into real estate, there were three books that really shaped my thought process and career. They are:

Each book, in its own way, gave me insight into how successful real estate agents and business owners were already doing things. It wasn't anything revolutionary, but it was what the top people do to reach their desired goals.

After all, isn't that a large part of the reason why we do what we do? To reach our life goals, financial goals, family goals, spiritual goals, and so on?

Let's take a quick look at each book.

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