Benefits of doing your bookkeeping monthly instead of yearly

Benefits of doing your bookkeeping monthly instead of yearly

Every business needs a few support work done so that they can run their business well and smooth and also be the best to make decisions with especially when you are running a big budget business. There are many things to watch out for and you should be prepared to do more when you are running this business at the most efficient way as possible.

Running a business is tough, running a business without good information to make business decisions is even tougher. Here comes some of the best consultants that you can have in place for your business to grow and also prosper and at the same time be able to grow fast and strong with the help of good consultants able to guide you and give you a good idea of how to go about giving the best for your business and also for the operations of the business.

So what are some of the reasons you may ask that you should do your bookkeeping services in Singapore monthly instead of doing it yearly?

  1. You get data to make decisions monthlyThere’s a business saying that goes about how business decisions are best made with more data on hand and when you are trying to get the best out of your business, you need to be able to use data to your advantage.

    This is the generation of big data and there has been a tough period of time of consolidating and making use of such data for good use. Usages such as planning your staff count to the amount of money to throw into marketing and so forth.

    There is a strong need of using the accounting data that is generated by the business to make a plan of how best to grow the business and also staff count and also where to allocate the marketing dollar to best serve the long term growth of the company.

  2. You lessen the risk of losing documents

    The worse thing that can happen when running a business is when you lose things. Not only your stock or good but also your important documents such as those of the accounting work and documents that you are suppose to file up and keep for 5 years.There is a law by the Singapore government that will require you to keep legal expense claims document for up to 5 years and between this period the government can choose to audit you and check whether you are claiming your expenses properly if you’re not, you are liable to pay the expenses in terms of taxes and also be in for some penalty.

    Find the link here: https://www.iras.gov.sg/irashome/Businesses/Self-Employed/Learning-the-basics/Keeping-Proper-Records-and-Accounts/

  3. You can change your strategy on the go

    When there is data, there is the chance for change. If you only realize that you are losing money at the end of year, you might end up closing shop but if you realize something is not working along the way. You can tweak it as you go and this gives you a strong advantage over your competitors. Strategy planning is not as easy as just saying you want to grow and it will grow. You need to think through how to out smart and out work your customers and also brand yourself in a way that makes you stand out from the rest.

    On the go strategic planning can sometimes make a difference in how people run their businesses and win.

 

 

 

Benefits of doing your bookkeeping monthly instead of yearly

Taking advantage of Corporate Gifts to impress and gain customer loyalty

Taking advantage of Corporate Gifts to impress and gain customer loyalty

As a marketer would say, it is easier to get your customers to buy more from you than to recruit a new customer. The cost of retaining and also cross selling more products to customers are the best way to get them to do more to with your company than to go out and try to find a new customer and trying to convince them that you are able to do something more for their business and therefore to use your services.

There are many things that you need to take note of when you are trying to get your customers to work closely with you and also for you to reconnect with them once in awhile so that they will want to work longer with you. In the Asian context, the connection and also the relationship is more than anything. What makes things different is when you are able to stay in good contact with your customers and let them know that you still care. The fact that you guys have a good relationship is good enough reason for you to be continuously hired and used in terms of services and also for them to introduce you more customers for the long term.

Some of the best Corporate Gifts Wholesaler that you can give to your customers are those that they will place on their desk. Desk based gifts are great because they will see it everyday and the logo will get etched in their minds. If they are a front facing business and other customers do come by to visit them at their desk, they will also see your product being used. This is awesome because you give them something useful and therefore is placed in a visible spot and at the same time helping you to build brand value over the long term. You will only win big with such a choice.

Things that can be carried around are also great because while documents are carried around, the name of your brand is shown to the world and this will enforce the brand with your customers or even potential customers. This is great for people who are looking to brand with you.

So what are some of our suggestions that we have for you and what are some of the things that you should and could pay notice to when you are keen to get yourself some corporate gift items for your customers or for yourself.

 

  1. Portable Charger
    Power Banks or Portable Chargers are very popular items nowadays with the growth in number of mobile phones being used for not just phone calls and messaging but at the same time for games and also other productivity purposes. This means that most people will not have enough juice for a whole day of work and entertainment and will have to rely on charging to get through the day. Unless you are always desk bound or always near a socket for you to charge your phone. The best alternative is to have a portable charger for you to port into that extra juice you will need to take more photos and videos for the day to post on Instagram or Facebook to share your life with the world.Power Banks are very popular choices because they have nice surfaces for you to print your brand on and when they are used, your user will be able to see the brand of the printing and get associated to your brand name. This is also great for those that are looking to provide high value products or services to the target audience.
  2. Portable Radio
    Life is boring without music and for those who really enjoy their music especially when they exercise, go hiking or when they are generally out with their friends. The portable radio or speaker is one of the best way for them to bring their music with them and also for them to be able to share that music with people.High quality sound is important especially with the depth of music this days with the range of sounds that can be made, you need a good speaker that is able to last a good amount of time as well.

    The bluetooth speaker supplier is one of the most practical items that you can give for its convenience and also for its usability.

  3. LanyardsLanyards are one of the most useful items to have when you have events or courses that you need to identify your members of the group with. The printing can be done with various colors and you can also have designs on it so that you are able to get the groups in their respective color coding and names. This is also great for exhibition events when you need to print tens of thousands of such items and this is also for those who will want to make sure you are able to identify your own staff for security reasons.Lanyards are highly customziable and at the same time cheap for the purposes that it needs to serve. Lanyard printing is great for all purposes.
  4. Backpacks

Back packs are a great way to give your office staff members something that is useful and will be used. The worse kind of gifts are those that people have but will never use and this is bad because you want your customers or friends to use the items you gift to them.

When you are able to get a good design and material you are able to give them something that either they can use or their children could use and this is great because you will want your customers to actually put some good use into the items. Find a great backpack supplier now!

 

Corporate Gift Suppliers that are able to deliver high quality goods and also good service standards are hard to come by and if you are able to make this commitment to your customers you should also be advised that you should choose good corporate gift suppliers for your business so that they will be able to give you the best for those that you care for such as your customers and your staff members.

Taking advantage of Corporate Gifts to impress and gain customer loyalty today.

China’s Maritime Silk Road and it’s implications for Singapore & South East Asian Nations

China’s Maritime Silk Road and it’s implications for Singapore & South East Asian Nations

This is a blog entry by KCA Director, Tommy Koh who has just returned from a 4 day trip with the Singapore Chinese Chamber of Commerce & Industry (SCCCI) to Nanning, Guangxi Province, China.

The Maritime Silk Road (MSR) is one of the biggest projects endeavoured by a nation in modern history. Together with the Land based Silk Road, China intends to connect the Eurasian Continent together closely through multiple trade links to improve trade across the nations and also at the same time grow its influence in the regions linked to the rising power of China.

To give some background information into what the Silk Road stands for, it basically was an old trading route that started from China during its golden generation of the Han and Tang Dynasties where the demand for foreign goods and foreign demand for Chinese Silk , Tea and Porcelien started an ancient pathway from East to West since the Han Dynasty of 200BCE and lasted till the 1300s.

It connected China to the rest of the European continent through a land route cutting through land locked nations like Kazakhstan, Iran, Turkey through towards the heart of Europe. A good way to understand this is through the map below:

Silk Road

Credits: Wikipedia

 

This ancient pathway linked much of the land masses of Asia with Europe, Cutting through India and the Arabic States. The Maritime Route connected most of current day South East Asia, Indian Ocean states and some parts of Africa. Trade flourished amongst this stops where traders will trade gold and silver for silk, tea, spices and this was also the first sign of how globalization led to the betterment of humanity.

Trade Thrived along this routes and many civilizations flourished with the increased trade between the great Han, Tang and many more dynasties and the great nations of Europe.

Fast forward a few centuries with the rise of China and its 1.38 billion people, China is set to become the biggest economy in the world in the next 10 to 20 years, together with India, both Asian Nations are going to take a bigger role in the world. Similar to how it was before the Industrial Revolution that propelled the Europeans to the fore front of world’s development and GDP growth.

China intends to project itself through trade and with it the plans to have the One Belt One Road master plan that will include most of Europe and Asia into its plans.

Singapore and the ASEAN region, sits nicely in its Maritime Silk Road plans. Most of the trade that China conducts with the world and also its Oil imports come through the Malacca Straits and South China Sea and China will want to ensure that this areas are able to operate without obstruction so that they can continue their breakneck speed of growth and gains.

What are some of the implications of a rise of China and its Maritime Silk Road when it comes to the ASEAN, South East Asian and Singapore region and how we can take advantage of this world plan that China has for the next Century.

 

  1. China seeks to strengthen relationship with the ASEAN nations with joint projects for development and trade

China has the strategy of helping regional allies to grow their economies through building ports, high speed rails and encouraging the set up of technological and logistics hubs. China as a growing economy needs lots of raw supplies and materials which is abundant in the South East Asian regions. Having a better transportation system for the regional traders in ASEAN ensures that China has a sure and steady flow of supplies it needs to do business with the rest of the world.

Palm Oil and natural rubber from Malaysia, Timber from Indonesia, Jade from Myanmar, this are the few things that China will need and will want to import more of from the region. China also wants to make sure it is a Win-Win Situation for their partners if they were to convince the partners in ASEAN that the growth of the Chinese nation will not threaten the stability of the region. China has been offering their expertise and also loan large amounts of money to the regional countries to build up ports and trains that will make the world connect to China in a more efficient manner and thus make the world smaller to China

China has also always treated the ASEAN region as its own backyard. An Asia for Asians has been common throughout history, from the Japanese invasions to the recent rise of China. China has grown wary of US presence in this region and hopes to grow its strength and position in this region. What other way than through trade and commerce. South East Asia has through the many centuries been the main trading partners with China and will always remain so.

Chinese investments into the region will continue to grow, either through its purchase of big ticket businesses in the region, to more investments into infrastructure projects and property development projects. We can expect a Stronger China to take more interest in the region to secure its position and respect in this region.

 

2. China is opening up its Beibu Gulf area that directly connects to South East Asia

Bei Bu Gulf Maritime Silk Road

Maritime Silk Road, Image Credit: http://www.mcbc.com.my/en/business-news/1552

Having a plan and also assets in place to do trade can be seen as just talk. But not for China, China has the political and the financial will to get this whole Maritime Silk Road plan out and they have been working hard on it. With the whole communist party set in getting something done, the whole machinery is churning towards one direction. As you can see on the map above, China sees the ASEAN space as on of their main development plans and this means that there needs to be better communication and also trading routes and connections with the the cities in the South East Asian ASEAN regions.

Beibu Gulf area is equipped with 3 state of the art ports and also connected to the 2nd tier city of Nanning. This whole area will be the southern most port of China and will also get its supplies from Chengdu and Chongqing Cities. The produces of this two cities no longer need to go through Shanghai to be exported and instead cut short their journey through Nanning and the ports in its surrounding areas.

China intends to build up this city in Guangxi as it is the closest base and also in the region of the Southwards business circle, its western and eastern economic zones.

Nanning has since seen major growth spurts and lots of buzz that comes with it.

 

3. China is no longer cheap, ASEAN nations might be the new cheap factory locations of the century

ASEAN

ASEAN Flag. Credits Wikipedia

Gone are the times when people say that China is a cheap place to get things done. China does have its fair share of highly educated engineers that can help propel them to higher value industrial productions that they could not have done in the past 20-30 years. With that in mind together with the plan for “Made in China 2025” discussed by the Chinese Central government, China will move forward with focus in higher value industrial production.

The Association of South East Asian Nations (ASEAN) with its slower development status has been slowly taking up some of the old industries that used to thrive in China. Most branded clothing brands have set up shop is cities across Vietnam to produce fast fashion wear. Japanese business man have come to realize that the Vietnamese are good at certain industrial productions and set up a number of factories in the Capital City of Hanoi.

The Thai people are well known to be the car production capital of South East Asia. Malaysia is a great place for services outsourcing with its strong grasp in multiple language and very favourable exchange rates.

The Chinese have come to be aware of this and are looking south to take advantage of this cheaper source of labour and cost. With better transport through ports and high speed rail, we will see countries such as Vietnam, Thailand, Malaysia and Philippines industrialize even faster with Chinese money buying finished goods from them.

 

4. China will want a stronger political and also military presence in the region

It is common knowledge that the country with the strongest navy dominates the regions. This was true for China during the Ming Dynasty when the Emperor commissioned Admiral Zheng He to sail with thousands of ships and carried with them luxury items that many people have never seen before. They carried out trade and diplomacy around the South East Asian Region, went to India, Sri Lank and eventually East Africa.

With the rise of China as a Major nation in the world, we will be seeing a growth in military strength and also presence in influence for the region.

China has taken on many endeavors including the Regional Comprehensive Economic Partnership that aims to increase trade with China and build a China centric trade pact with China being the biggest economy in the group. The RCEP is set to be an influential pact considering the abandoning of the Trans-Pacific Partnership that President Donald Trump of the United States of America took.

China with its building of bases in the South China Sea will also mean that China will want more presence in this area and tension will be stronger with those neighbours in the area.

The South East Asian nations will need to ensure that their own benefits are kept in check if they choose to work closely with China.

 


There are still more views about how China’s Maritime Silk Road is going to affect and change things in the ASEAN region.

This piece is a work in progress and i will continue with more thoughts in the next few days and weeks.

Stay Tuned!

China’s Maritime Silk Road and it’s implications for Singapore & South East Asian Nations

Where should a Singapore SME or Startup rent their office

Where should a Singapore SME or Startup rent their office

Where should a Singapore SME or Startup rent their office – Singapore is an expensive expensive country to not just live in but also to work in. When you are based in Singapore, everything is going to cost you lots of money. There are things like rental, salaries, utilities, marketing and all sorts of other expense items.

The most costly thing that one will have to pay for before they turn profitable will be rental of the office that you will be spending the most time in. Most people do work from home when they are just starting but nothing beats having your own office and putting things up to show that you have made it.

There are quite a few locations in Singapore where business will congregate and work around the area. Each area has its own specialty in terms of what kinds of business will gather around those places. In terms of prices and also in terms of proximity to their partnering services, they are also located on various sides of the country.

So what are some of the recommended locations around Singapore that one should rent for their startup or SME business?

Each area has its strengths and weaknesses in terms of location to various amenities but at the same time the price of the locations can also vary widely.

Lets start with the eastern side of Singapore and we shall slowly move westwards.

1. Changi Business Park

Nestled in the east and near to the airport, there are quite a few groups of businesses that like to be in that area. The logistics startups and SMEs will most likely be on this side because of its proximity to the airport. Most of the fast transit products go through air freight and this is a good place to locate your logistics business at. Therefore most of the logistics businesses base themselves here, like DHL and Fedex.

Changi Business Park has also one of the most competitive rentals for business that wish to set up their IT solutions businesses. Data centers are mostly located in the east in this area and this good location with good rental, is also where many of the local firms place their IT help desk at.

2. Ubi + Tai Seng Area

Ubi and Tai Seng is the main industrial belt of Singapore. Most of the industrial based businesses are based in this area so that they can take advantage of the location of their suppliers and logistics partners.

Ubi and Tai Seng has also most of the business startups that require either food warehouse licenses or in general require warehouse spaces. The cost of renting in this area is relatively cheap with most of them being B1 or B2 industrial spaces that will allow businesses to keep stock of items and also be able to send items out of their warehouses with ramp up factory spaces. Being close to the central area of Singapore, delivery across the island is quite convenient and this gives the advantage of its location as one of the best logistics hubs in Singapore.

Ubi and Tai Seng area is also home to quite a number of car workshops and second hand car businesses. There is an Auto Hub within that area and it is really popular for second hand car shoppers who are looking to buy a good deal.

3. Paya Lebar Area

Paya Lebar Area

Paya Lebar is one of the new and more popular areas that has been build up over the past decade. With the inclusion of Paya Lebar Square and other new office spaces coming up soon. There is quite a startup buzz around the area that wants to take advantage of its good location right beside a main MRT station on the Green Line but at the same time it being one of the places with really good access to food.

Location is great as well since its just 2 minutes from the Pan Island Expressway Exits.

4. Shenton Way

The famous area of commerce in Singapore, most of the banks are located in this core region of commerce in Singapore. Shenton Way was the key location for major businesses and also the stock exchange of Singapore. It being located in the most prime location of Singapore, is the location of choice for most businesses who wants to be the who’s who of Singapore.

Being located on Shenton Way shows that you have made it and also it is one of the highest in terms of cost of rental in the whole of Singapore. Locations around the area can go up to as high as $12 per square foot depending on where exactly you are on that stretch and also which floors you are. The views from the buildings here are mostly unblocked and you get a clear view of the Straits of Malacca from the comfort of your office.

5. Robinson Road

Robinson Road is also one of the main spines of business and commerce in Singapore. Most of the major companies and MNCs are located in Singapore. Being close to most amenities and also being in the heart of town. Robinson Road does not have the view that Shenton Way commands because it is one street behind the sea line. You will get a good location with a much lower rental but also in the heart of town where all the other customers and also your suppliers are around.

Robinson Road is also host to a few new developments that are bound to excite someone that is doing business in Singapore for the first time.

6. Marina Area

singapore marina area

 

The New Kid on the block. Marina Area is now the top prime office location with the new Marina Bay Financial Centre and also the sparkling new Marina One buildings. This area is now home to the biggest businesses in the world that chose Singapore as their regional HQ. The major banks are also located here where all the buzz is happening. Rentals can go up to as high as $20 per square foot and this area is perfect for the best views and also the best place to get good food and good drinks on roof top bars and also food areas located within the vicinity.

With more developments to come up in this area, there is much excitement that we will see in this area getting the strength it needs to become the new down town of Singapore Commerce.

7. Tanjong Pagar

tanjong pagar singapore

Tanjong Pagar is actually quite a popular location for Startups and SMEs. A stones throw away from the main belts, Tanjong Pagar is one train stop away and it does have all the strong characteristics of a good down town location like Shenton Way and Robinson Road.

Tanjong Pagar also has very competitive rates as compared to Shenton Way and Robinson Road and this gives it one of the best down town advantage as the rest.

8. Chinatown + Clarke Quay Area

clarke quay singapore

Chinatown is home to many chinese businesses and this area is also known to have really cheap shop house office spaces for startups that want to be located in this area where good food is definitely not in short supply. Chinatown is also full of energy and a great place to be especially when you want to have lunch meetings.

Clarke Quay Central is also nowadays popular with startups using their studio units as office spaces. It is located near to party areas and this gives them the best form of work and play balance.

9. Block 71 + Ayer Rajah Area

 

Some call this place the silicon valley of Singapore. But to most, its just a nice old flatted factory for startups to work in close proximity to one another. Investment firms and also many Co-Working Spaces are conveniently located in this region and there is lots of startup energy buzz when it comes to getting things done and also getting to reach out to investors who are looking to catch on the wave of startup investment returns.

Located right beside Timbre+ , one of the cool new eating places. This place definitely is the go to place for startups.

 


Where should a Singapore SME or Startup rent their office

K Cloud Accounting is the leading Startup Accounting Services provider and we are keen to work closely with startups for many different kinds of support that will be needed for businesses that are looking to achieve more with their limited budgets.

If you require help after reading “Where should a Singapore SME or Startup rent their office” , with your office rental locations, do contact us!

Where should a Singapore SME or Startup rent their office

Where should a Singapore SME or Startup rent their office

5 Benefits of Startups using Co-Working Spaces

5 Benefits of Startups using Co-Working Spaces

5 Benefits of Startups using Co-Working Spaces

 

5 Benefits of Startups using Co-Working Spaces – One of the most expensive things to look at when you are trying to get a location for you to work from is your office space.

When it comes to rental, the cost can go from a few hundred dollars to a few thousand and then there is renovation and maintenance cost. When we look at getting an office space to get work done, gone are the days when you will spend lots on rental just to have your own space. In the recent year, Co-Working spaces have become a very popular choice for businesses that are either just starting out or for those who do not need to have a space for themselves. There are many benefits that you can look into when you think of it against getting your own space.

With the increasing number of startups that are coming up in Singapore, with Singapore being one of the best places in the world to get funds to fund a startup, demand for such spaces have also slowly climbed and got to the point of what we see today.

Let us discuss some of the reasons why you should consider using Co-Working Spaces for your office space instead of renting one on your own:

1. Convenience 

Location is everything when it comes to starting up and being near the important people that you are working with and need help from. If you are to get a convenient location in town it might cost you a bomb just to be close to town where all your customers are. This is also one of the main reason why people use Co-Working spaces. For a fraction of the price of getting your own office, you get a good location and also a good address to show the world that you actually are placed in say a good location like Shenton Way or Robinson Road.

Being centrally located also means that you are close to your service providers and clients and if you are in the service line, be close to your customers so that you can assist them and support them when they need your help. Being close also means that your response time will be much faster than those who do not have their offices conveniently located like yours.

2. Chance to Network with fellow founders

Business Networking is what sets you apart from the rest. For someone with all the contacts that will allow you to reach the correct people that you need to reach, this is what makes you special and what makes your different. To be able to get to someone without having to spend too much energy will be great for you to build your business and focus on what matters. There is a saying that goes that says that its not what you know that is important, its who you know. Because who you know can open doors for you to make sure you break through in your business.

Working in the same place as your other founders means that you are able to spend time with them and build the strong bonds over the formative years of your business. There is also a wide range of startups that are in the same place and same area and you will be able to make good contacts with them over the period of time together.

Co-Working spaces also usually have networking opportunities that will make you meet people from outside the area. Such networking is mainly for the Co-Working space to get more members but you could get the same contacts at the same time, so why not be part of the membership to meet new people.

3. Arrangements are Flexible so is the time there

Most Co-Working spaces allow around the clock access, so you can get in and out and do things until late and you will still be able to enjoy the facilities of the space itself. Prices are also quite a range, so if you are low budget, you could face the wall and pay a really cheap price for a corner seat. If you do have some budget, get yourself a room so that you can lock your things up and also look more professional with your space cut off from the rest.

For teams that are slightly bigger, you could also get a bigger room for everyone to sit in the same space and do work together. 

When there is a need to upgrade or change the level of your membership, it can be done quite easily because there are extra spaces in most Co-Working spaces, so you get to move around quite a bit and for newer spaces, you get free use of their locations when you are starting off!

4. Getting a mentor or a friend

When you are here, there are not just startups or young people around. Sometimes you have businesses that are able to give you tips and also mentor you when you are starting up. Being at a location where there are many people allows you to interact more and find a mentor or even a friend in business. Going alone is tiring and also tough because you will have to explore so many parts of doing business alone. The best way is to get someone to partner you and to work with you on it so that you do not have to hold all the stress on your own shoulders. 

Discussing strategy with someone else and making new friends in a Co-Working space is a great way for you to balance your work life out and that means you will be more recharged to work harder for the next burst of growing your business to where you want it to be. 

5. Save cost 

That is definitely the main reason for anyone to not get their own location and have their own logo plastered on every wall. The cost of getting a Co-Working space is definitely one of the most enticing reasons why people use Co-Working Spaces. There is also the reason of not needing to get renovation of the location which can cost you tens of thousands and when you move out having to tear down everything that you paid to put it up. 

Cost savings can be shifted over to marketing and branding cost, you will be able to grow your business much better with a proper and better use of your funds for revenue generating sections of the business. 


 

5 Benefits of Startups using Co-Working Spaces

K Cloud Accounting is a Singapore based Startup Friendly Accounting firm. Our services include accounting services for startups in Singapore, financial reporting, corporate secretarial, taxation and other related services. 

We have a team of partners that work closely with us to give our startup friends an edge over the rest. 

Contact us to find out more about our services. 

5 Benefits of Startups using Co-Working Spaces

 

Possible Legal issues faced by Startups in Singapore

Possible Legal issues faced by Startups in Singapore

Possible Legal issues faced by Startups in Singapore – When it comes to setting up a business, you need to know that the legal structure is one of the most important things that you need to take note of. Singapore thrives as a business hub not just because it has a strong financial system but also because it has a strong rule of law in place so that businesses can thrive and do well in this environment.

Contracts in Singapore are highly binding and when it comes to getting into legal trouble with anyone in Singapore, you can be assured that the laws of Singapore will protect you the same way they protect the other party. There will be no such thing as power play in Singapore and this is what makes Singapore one of the best places to trade and get things done and get contracts signed.

Startups are usually run by young or inexperienced persons who have an idea and want to bring it to market. But at the same time are not aware of the possible pitfalls that can come about when they want to get something done up for investors or for getting it out in the market as fast as possible.

Possible Legal issues faced by Startups in Singapore

So what are some of the topics and items that we will like to give advise on when you are getting into contracts and also what to watch out for when you run a startup:

  1. Check what you sign, no matter who the other party is

The worse kind of issues that you can face is when your other party is a close friend or someone that you have known for a long time and end up making you sign something that leaves you with the shorter end of the stick. When it comes to money and power, people can do all kinds of things. This could also mean getting you into a contract that puts you in the disadvantage.

You need to be clear that when it comes to getting contracts done up and signed in Singapore, it holds both of you strongly into this contract and there is no way to say that you signed it under trust that your benefits are protected. Always be clear about what you signed and in this manner you will not get involved in a skewed contract.

Its not tough to read through what you sign and making sure the terms are fair and negotiate with the other party if it is not.

Always remember the saying that goes by, “Better to be safe than to be sorry”

2. Get lawyers or legally trainer persons to draft shareholder contracts

Drafting a contract that is able to cover most of the legal issues involved is not easy. You should always get someone who is legally trained to help you out with such requirements because there are definitely items that most of your shareholders may not have taken note of. There are also clauses which may not stand in the eyes of the law and therefore should be changed.

There is always a reason to get such contracts done up and it can be quite cheap to get this done if you are trying to just get a review of the contract that you have prepared. Most people fear that the contract reviewing will require lots of money and this is not the case.

Shareholder contracts are the most sensitive of contracts and therefore should be treated with the utmost importance when it comes to getting them done up properly and checked by legally trained persons.

KCA is a proud partner of a few law firms and contract drafting organizations, if you require said help, do contact us for a quick contact point with our partners to get your contracts done up!

3. Make sure you get trained persons to help you with Corporate Secretarial work

Most businesses in Singapore do not like to get someone to act as their corporate secretary. There is a common practice that many startups will just put one of their co-founders or their friends to just “act” as their corporate secretary in ACRA documents without realize the importance of such a professional.

Corporate secretaries are key to ensuring the governance of the company is done right and for someone to be able to act as a professional one, there needs to be many years of experience acting as one for other companies or they are trained and gone through many years of studying to get their charter.

Corporate secretaries will ensure that you share transfers are done right and with the proper documents signed and filed up. Appointing of directors are done with proper meetings and also with the necessary paperwork signed by all the relevant stakeholders.

Deadlines such as those of the Annual General Meetings and Annual return will also be abide by properly when you get someone who knows what they are doing to act in this important role.

Corporate secretarial services in Singapore can be affordably packages with accounting services in Singapore if you really do need them, contact KCA to find out more about this.

4. Know how your paid up capital affects your accounts

Most people who have no idea what shares are will confuse that it is just a number that they can declare high to look good. Paid up capitals are important to the bank, the supplier, the landlord and any one who is willing to do business with you. They will be keen to trade with a company that has a decently high paid up because that means this business has the financial capabilities to pay up when there is a need to. This also shows that shareholders have the confidence in the business to sink in so much money.

There are situations where investors may cause issues if you do have a paid up capital in the system that is not really paid up in the accounts and this will mean that you are still owing money to the company which is a bad thing considering that you may not have that amount to be placed in the company in the first place.

You won’t want a good progress in your business be delayed because you are not aware of what is your paid up capital and how it can affect you and this is something that will be around for quite awhile, so make sure you know what you are doing with your paid up capital before you start working on it.


Possible Legal issues faced by Startups in Singapore

K Cloud Accounting is a leading Xero Accounting Singapore Specialist that is keen to work closely with startups to provide startup accounting services at a competitive rate.

Call us to find out more 98638665.

 

Possible Legal issues faced by Startups in Singapore

How cloud based integrated accounting services can help improve your business

How cloud based integrated accounting services can help improve your business

How cloud based integrated accounting services can help improve your business – When it comes to starting up, every single step is tough and takes a lot of hard work to get through to the next stage. As founders ourselves, we have seen the difficulties of starting up first hand and have went through this phase a couple of times. The oh so familiar steps that we go through seems to be many and to name a few:

  1. Funding – Tough to find people who can understand your product and much less put their faith in you
  2. Employees – The first few are the hardest to come by, who wants to work for a company that may not have any prospects the next year
  3. Customers – Starting up means you have no brand and no track record to speak of. Customers do not like to work with those with no experience

This are just to name a few and there are still so many things that you need to worry about. Packaging your product so that you can make it a possible sale, you need to learn to market your product or services, you will also need to make sure while balancing this whole suite of things, you do not go broke. Management is not easy and for anyone who has been part of a business starting up or just simply running a business is not easy without some reports done up for you.


K Cloud Accounting Singapore was founded by someone who has been through some of this and hopes to be your partner along the way to help you go through this tough times together as a partner. We all know that Accounting is important but not sure where and why?

  1. To report to somebody

Whether it is your investors or to the government, this is an important part of running a business. You will have to get it done up to appropriate standards that are acceptable in this time and age where regulation is mostly done to protect those who own the business.

Investors who either come from institution or angels will be keen to be updated on a regular basis, monthly or quarterly so that they are able to guide you along or find out whether they should continue to invest in this business or not. This makes for important investment decisions that can be done at a timely manner and most investors would want this to be done up properly.

Reports can be customized in manners that will be useful for the persons or organizations that you are reporting to, so if you need to do some form of report for your investors and therefore will need more operational details, that can be prepared for them and this will mean less time spent manually picking out relevant data and leaving the hard parts to the system to do it for you.

Financial Reports and Management Reports can be easily pulled out for reporting to ACRA. So you will definitely save time and money and effort in running your business

2. To make management decisions

Many a times, management personnel do not realize the importance of up to date accounting and data. But in this time and age where everything moves so fast and decisions have to be made on the go, the need for monthly data and daily bank information is more important than ever.

Management can identify where it is losing money and plug it sooner than later, they could also figure out what is working and where profits are coming in from and make it run faster and harder for the company. The worse thing that can happen for a business is when you are not aware that something is losing your cash but you are not working on it fast enough and that means we are not able to achieve what we can achieve.

Management decisions can only be made with data that has been turned into proper management information. And this can only be achieve with an accounting partner that is able to achieve this with monthly timely bookkeeping/accounting work done up. When you have good data with good analysis , you get good return on so that when you have a board meeting you can make decisions or plans that will help you to go towards a certain direction of what you think will help the business grow and help the business to prosper and do well. 


The topic speaks of it being cloud based integrated accounting services and we have not really touched on this topic other than explaining the reasons why we need to have good accounting work done up. So the whole idea of a cloud based integrated accounting service comes from the fact that it is the base of the whole flow of management services that can be provided with the use of cloud based software, XERO.

K Cloud Accounting takes advantage of Xero Accounting’s unique features such as:

  1. Bank integration – Banks push bank data into the application so that you get a daily update of your bank balance and also allows for bank reconciliation
  2. Cloud based access + App based access – You can access data through the web or on your smartphone as and when you need it
  3. Monthly subscription – Affordable access to constantly updated software

We take advantage of this 3 features and integrate them together with our processes and also our pricing packages to provide a full suite of services that can help you to improve efficiency.

Cloud based integrated accounting services

Our cloud based integarted accounting services packages start from $150 a month and includes the following:

  1. Accounting Services
  2. Un-Audited Financial Report Compilation
  3. Tax Computation & Submission
  4. Corporate Secretarial Retainers
  5. Annual General Meeting
  6. Annual Return

All included services that a Private Limited (Pte Ltd) company in Singapore will require to report to the government and the best thing is that at this price, the work is done every month so that you do not have to worry when it comes to getting things done up regularly and not having to go through a last minute rush to find out where and how you spend the money that you were planning to report into your accounts. Gone are the days where you have to go to many places to get your work done and you can just have a one stop shop where all the requirements and needs that you have can be found and done from one vendor and that will be us!

The package also means that you split up payment into 12 months installments instead of a one full year plan that means you have to shell out a few thousand dollars when you want to get something done at the end of the year. The package also increases with volume of work which means you only pay for the amount that you will be using for your needs.


We have yet to really discuss the benefits of such an integration of service and software to achieve a great deal of productivity gain. So we have shared that there is bank integration, cloud based access , monthly subscription, integration with payroll services and also our integrated all in one services. Lets look further into this 4 topics right now and we can finally conclude how we can take advantage of:

  1. Bank Integration with major local banks

When we say integration, we see great improvements in how the bank and the accountant can work closely together to provide seamless services for the client that we both are trying to service and give good quality work for.

Major local banks such as UOB, DBS and soon OCBC works closely with the software to push the bank data from the bank into the accounting software platform on a daily basis. This allows for two very important things that can help you and your accountant to improve the efficiency of the business. You can now check on your bank statements as and when you enter the application and at the same time, bank reconciliation can be done with it almost instantaneously. This saves tons of time of both you and your accountant and this means more time to be spend on making more money and also focusing on things that are important for the growth and survival of the business.

2. Cloud based access through website and applications

This is what really makes a big difference when it comes to getting access to information from anywhere and everywhere and also doing so anytime. Gone are the days when you need data and you have to go back to your desk to generate them. Neither do you need to go through your accountant to get a report, whenever your accountant says that the work is done. You can just login and generate the necessary reports yourself without the need to go through so many red tape and also not needing to print which saves you lots of ink and paper.

Cloud based integrated accounting services

The servers are up 24/7 which allows you access anytime and anywhere around the world. The mobile businessman is the one in control all year round and able to make decisions when they need to do it and this is great for anyone who wants to achieve great success but at the same time have a work life balance.

Application access is also one of the key productivity keys with so many people having smart phones as their key source of communication today.

The risk of security lapses are also controlled with the use of 2FA to allow access which prevents hackers from gaining access to your important data.

 

3. Monthly subscription model of payment

Most accounting software will require you to work with paying upfront a few thousand dollars before you could even consider making any form of submission or changes and this cost can be high for a startup that is running low on funds. A three thousand dollar investment can be too heavy and deemed unnecessary. The great thing about the software that we are using and taking advantage of is the simple and easy to use monthly subscription model that will allow easy access and also easy to use system.

This form of subscription also mean that if you do not want to use the software you wont have to think about a costly exit but that of course is not what people have in mind but then again it might a consideration that some business might have.

4. Integration with singapore payroll services software

Our K Cloud Accounting has a collaboration with one of the leading payroll software company in Singapore to be done together with our fully integrated system of all the services together with payroll services. Payroll is tough and with a software that is award winning, it will be much easier to run something with it and to get things done at a faster manner. Most people do not realize that outsourcing all this non core features can mean that you company can grow much faster and better than anyone else.

When all services are integrated through the cloud and also the use of the cloud based software, you are able to achieve more with less time and that is what we want to achieve in the long term.

5. Integration with all other services

We have all 6 required services under one roof and this is what makes our services so good because you do not have to go to many places to get something done but instead get all your work done within a certain location.

Integration through service processes and at the same time information technology upgrades ensure that you as a customer is served to the utmost respect and efficiency and this means great quality work done with the fastest processing speed and with the best ideas in mind for you.


K Cloud Accounting is a leading Xero Partner and Xero Advisor in Singapore. We work closely with startups and partners with many coworking spaces and local firms targeting startups to provide the high quality services that they will demand from their partners in the corporate space.

Our founder is himself a young entrepreneur with lots of ideas and goals and is happy to help those in need with the knowledge he has gain over the years as a founder.

Call us now to speak about the possibilities of a partnership with us and you will be glad you did!

Why Cloud Based Accounting Services is the future

Why Cloud Based Accounting Services is the future

Why Cloud Based Accounting Services is the future – We all know something is the future when it appears. When the MP3 player came about, everyone slowly shifted there because of its convenience and light weight. Same to the digital camera, gone are the days when film needs to be used to produce photos that can stand out and stand the test of time.

Accounting services have come a long way and from the days when people use stones and rocks to compute how much a person owes and should pay up and also to find out how much a businessman made for the month. To pen and paper of the olden days and this has slowly transformed to the modern day era of computers and Excel spreadsheets that has helped the accounting industry to grow and become what it is today.

Why Cloud Based Accounting Services is the future

Many industries have seen technology taking over it and this is one industry that is about to go through the point of change.

Cloud Accounting services has been around for a few years but its technology has been slow in terms of development and also there has been resistance when it comes to the taking up of this new products that are seen as not secure or not as well equipped as the already tested and working desktop based software.

Cloud Accounting Services has over the years slowly but surely improved and in this few years seen the taking over of the mainstream when startups that are looking to win on efficiency works with cloud based accounting services firms to improve their productivity and give the best for their clients and themselves.

The reasons for it being the future is simple, Cloud accounting services continues growing with the times, new features get added on and with more feedback, means more features.

This is one thing that many desktop based software struggle on because they are restricted by themselves being desktop based. You lose the flexibility of working with other applications and also to take advantage of publicly available data to do business.

Startups also prefer to use cloud based accounting software because they are more convenient and require less work than the more traditional methods. You are also able to use it on the move and this allows more time to be spent on doing what you do best which is to sell and grow your business.

 


K Cloud Accounting works closely with Startups to provide high quality consulting and also quality services that are affordable and effective. Contact us now to get a quote and find out how to work closely with the most efficient startup friendly company in Singapore.

Why Cloud Based Accounting Services is the future

5 reasons small SMEs and Startups choose Xero Cloud Accounting

5 reasons small SMEs and Startups choose Xero Cloud Accounting – Xero Accounting software is now one of the more popular software around the world and in Singapore. There are many reasons why they are preferred and we will now share more about the great features of this software that allows small businesses and startups to thrive and how it will help the businesses that choose this software to do better than the rest in terms of competitiveness and reporting.

 

5 reasons small SMEs and Startups choose Xero Cloud Accounting

 

1. Having the flexibility of location and time

When you use Xero, you can issue you invoices and quotations wherever you are and whenever you want. This is one of the best features. Sales staff are always on the go and there are many requirements that only they are aware of. Customers demand fast response and also fast issuance of documentations.

There are many reasons why you should be fast, you get to close the deal and you give the customers a great impression of your service standards.

The application of Xero allows you to issue your invoices wherever you go!

 

2. Checking cashflow and being paid at a faster pace

You are able to check how much cash you have in the bank and make a decision how to use the money and whether you even have enough to transact in certain businesses. You are also able to allow online payment through payment gate ways such as paypal to get paid faster and easier instead of just using traditional methods of cheques and cash methods. Also with the daily update of the bank statement from banks such as DBS and UOB. You are able to be aware the next day if you’re paid, when you are paid you can use the system to do your bank reconcilation easily and help you to monitor how well or how badly you are doing cash wise.

This prevents over spending and also being in the idea that you know how much cash reserves you have for doing the expansion of your business and also knowing when you are spending too much and need to watch out for it.

 

3. Work with Advisors to get better advise on accounting

Xero Advisors are accountants who are professionals in Xero software and they can advise you not only in how to use Xero to improve your business productivity but at the same time to have you work closely with them to give the best results for your business based on how your accounts are performing.

When you are working on a business sometimes you ignore things that are happening within the numbers and its the numbers that can make or break your business. Most people do not realize that if they do not take a good look at their business, they will end up in debt or be paying too much for something that does not need to cost so much.

This is one good reason why people work closely with advisors to provide them with new insights on their business to help them better manage their whole business as a whole.

5 reasons small SMEs and Startups choose Xero Cloud Accounting

4. Xero is growing as you are growing

Xero is a company that is coming up with new features every new year and there are feedback loops that allow it to continuously grow with the needs of its customers which is you and me. We as advisors are the ones that give feedback on how to better improve our productivity. Same for paying customers, the feedback allows Xero to make tweaks and also add-on features that will better help businesses to do up their accounts and at the same time be able to give a better response to the use of the software.

Xero is funded with a great vision and plan to be one of the leading cloud based accounting software in the world.

We grow with Xero and you will grow with Xero too!

 

5. Affordable and does not increase in cost as you grow

Cost is constant for Xero software and this is one thing that most people will be concern about. The price is affordable and if you use our accounting packages, the prices are actually included within the price and the software price is absorbed by us.

We aim to be affordable and also an one-stop shop for people who require help with their management services needs and this is one thing that many businesses do not realize that they can just go to one place to get everything done up properly.

 


K Cloud Accounting is proud to have become a Bronze Partner of Xero in two months and will strive to work harder for our clients to grow and build their businesses together.

We look forward to working with you and your team to provide you high quality accounting services.

How to set up an ECommerce Online Store in Singapore

How to set up an ECommerce Online Store in Singapore

How to set up an ECommerce Online Store in Singapore – Ecommerce is touted as the new age business model for all things retail. Whether you are someone who hides at home and don’t shop or prefers to go to retail shops, definitely you will be exposed to some kind of Ecommerce in your life.

Many businesses in Singapore have embraced E commerce as the new engine of growth over the past few years and there are also those that lagged behind. Those that do not make the change have been eliminated from this competitive market. E commerce is a very interesting and new landscape for most business owners. Gone are the days when you need to spend tons of money on rental and import tons of goods and have a warehouse to house them before you can start a business. Some businesses do not even hold stock in Singapore, they will resell products and get someone else to send out the products instead.

ECommerce is a leveler for most businesses because anyone and everyone can start something small and take off from there. You could source products from around the world through your internet connection and make a business out of it.

How to set up an ECommerce Online Store in Singapore

So what makes E commerce so different from the rest and how can you start one that is profitable and know what are some of the things to look out for, let us help you out with that:

1. Decide what products and where to source them from

Deciding the winning product is the toughest thing. Do you personally have a liking for the item that you sell. People always say, sell something that you love and you won’t feel like you are working. Find something you have passion for and love to work on and spend time on it and deliver it to your customers with the kind of passion that you will expect from someone that is selling that item to you.

Sourcing is also a big issue. Made in China is one of the best places to get items from but quality might be an issue. You might source from Europe or the Americas but the shipping might cost you more. Also will you be selling in Singapore only or around the world. This are the few thoughts you should place before you decide whether or not to source from somewhere.

 

2. Incorporate a company to look more proper

Incorporating a company is important to most businesses. You might not know who you deal with. A failure to deliver or your product getting someone injured might mean a lawsuit coming your way.

Having an incorporated company between you and the customer is the best way to protect you against any form of legal attacks and this will ensure that you are able to do this business long term.

You can also assure customers that the warranty or guarantee you give them is legit because you can be found by the customer if need be and not just an unknown setting up shop to make money off people.

 

3. Learn and practice your marketing skills, especially digital marketing

Most businesses think that setting up and having a product is everything. What most founders lack is their marketing skills. If you are able to market to your customers and get the product in front of them, you stand a chance to sell. With no sale, comes no revenue and therefore no business to speak of.

Marketing is a whole new ball game nowadays, with so many products being pushed infront of people who are over marketed to. There has to be a different way in doing business to attract customers and to make them trust your platform and spend money.

Digital marketing involves working it out with Facebook, Google or Twitter to bring things out to your customers. Customers take a look, they buy and you make money. The cycle continues.

Marketing takes lots of practice to perfect and not just having the right ads, you need right photos. All this takes time and money and getting the right mix out.

 

4. Smooth out your supply chain

Where do you get your supplies from? What is the best way to get the restock faster? If you are able to get the restock faster and save on the importing and shipping cost, you will be able to maximize your margins. This is how you make money out of the tightest places. Supply chain makes or breaks businesses that rely on tight margins to survive. Every little bit counts and when you are able to provide the supply chain that helps you to go strong, you win.

A well managed supply chain also allow you to hold lesser products and save on rental cost as well which can be quite a sum for a business that is starting up.

 

5. Collaborate with influencers and other brands

Influencers are a great way to push out your eCommerce products in this time and age. There are many influencers who are specialized in different spaces. You might be in gaming, find that gamer influencers. You might be in fashion, find that beautiful fashionable girl who is able to deliver to the masses.

Influencers might come at a cost for some, whereas some are happy to try out new products.

Find those that fit in the best to your product and get them to advertise for you.

Work with brands that are complimentary to yours and you might be able to ride on their branding or marketing efforts. It better to have friends on the battle field than to go alone.

 

KCA works closely with brands and businesses to deliver high quality business advise and services for SMEs and startups.

Our accounting services through Xero is one of the best rated and lowest in fees. Find out more from us today!

 

 

How to set up an ECommerce Online Store in Singapore