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.

Why you should consider cloud bookkeeping over traditional bookkeeping

Why you should consider cloud bookkeeping over traditional bookkeeping – Traditional bookkeeping went from having just the pen and paper to the computerised excel spreadsheet and then the  desktop based accounting software entry. Accounting has changed and moved up the productivity range by quite a bit since the good old days. Gone are the days when you have to spend days just to do up the bookkeeping work for a business that is running well.

You can complete most bookkeeping and accounting work within the day and if you are proficient, in an even shorter time than that. Over the years there are new innovations that continuously help this industry to improve and at the same time help to allow the accounting industry to save on cost by being more productive. We will explore this changes and also look into the advent of cloud accounting and cloud bookkeeping software that are able to improve the productivity of accountants even more than what it already is.

Why you should consider cloud bookkeeping over traditional bookkeeping

So why you should consider cloud bookkeeping over traditional bookkeeping:

Reason 1: Cloud Accounting allows your customer to partake in the bookkeeping process

Most business owners have accounting software or they will use excel or words to issue their invoices. This is something that can be done through cloud accounting software like XERO accounting. Cloud accounting software allows your customer to look into doing up their invoicing from the software that you are also using to do your bookkeeping and accounting work.

You customer will also be able to save time and increase their productivity when they need to issue new invoices through this system. This is something that most business owners will really love. When you are running around trying to close deals, the most convenient way is to be able to issue quotations and invoices on the move.

The fact that you are able to issue quotes from your mobile devices is one of the main advantages why you should consider using cloud accounting software. You are able to email the quote straight to your customer while your are chatting with them. And when they confirm the quote, immediately use your mobile application to issue the invoices, this saves you time and effort and your customers will be impressed with your efficiency.

Reason 2: Cloud Accounting allows access into accounting data wherever you are

In the past, when you need to find out how much you made for that month or how much you spent for that month, you will need to wait until the end of the month after the accounts are done and then you will need to wait for the reports to be generated for you and then sent to you. This takes up too much time because for a business owner, the most important thing is when they have information that is able to help you make decisions to help you improve your business.

Decisions that are made early in the business can help you to grow faster than your competitors and win in the long run.

You will also be able to access your bank data early on so that you can check on how much there is in your bank through this application as well.

This not only helps with bank reconciliation but also how your money is moving in and out of your business.

You can also view your information across platforms such as your phone, your laptop, your desktop and your tablets.

 

Reason 3: Cloud Accounting allows you to operate even when there are updates on the software

The problem with my desktop based software is that there are down times that you have to factor in. You have to download patches as they come which takes a lot of time and when you are installing the patches, you are not able to work on the accounting of the company.

Businesses do not have such luxury of time and if the team is a 4 man team, 4 man time is wasted while the system is updated.

This is something that most business will have to face if they are using software that require updating on a regular basis. If there are security breaches, its even more important that you get them updated immediately.

Down time is unavoidable in this case and this is something that many have to consider with the traditional accounting methods.

 

Reason 4: Cloud Accounting allows you to be at the forefront of technological changes

As the updates are updated in the dead of night when most users are not using it, you do not need to worry about down time. You will also be able to use new features as they are updated to your system. The good thing about cloud based system is that you get changes as they are being improved for your use.

Cloud Accounting allows you to try out new functions that the company wishes for your to try. For example, Xero has recently added the function of receipt scanning for users who wish to try them out. This allows you to save time and also effort in getting your receipt data into the system. At the same time you are able to compute and finish up the bookkeeping work at a faster pace than usual.

You also get pushed new data which may become useful for you as your business grows. You might not find a use for it right now but eventually you might. So why not have that option open for you.

With new technology comes extra advantage over your competitors, with that you will be able to ensure you can win easier than the rest of them.

Reason 5: Cloud Accounting is cheaper to start off with

Accounting Software that are desktop based can cost a lot to start off with. With most system costing in the thousands, you might not have that kind of funds to use them in the first place.

Most businesses start off with very little financial support and this is something that is limited. You will be better off spending money on other more useful products and services than on an accounting software.

Cloud Accounting software has a benefit where it is subscription basis and they cost you just $30 usd a month to run and operate on. If you require less features it can even cost you even lesser.

You will also get to try out new functions along the way. This leaves you with more funds for other uses and you will not have to get a headache from trying to find out how to find funds to just buy an accounting software.

 


Starting a business is not easy, there are many issues that you have to work on and iron out before you are able to get into profitability. There are also decisions that are tough but necessary and if it involved cutting cost you will have to do it.

We are glad you spent time to read out article on “Why you should consider cloud bookkeeping over traditional bookkeeping”.

Decisions are made in the best way possible when you have information to back those decisions.

K Cloud Accounting is focused in assisting Startups and SMEs in this journey through our dedicated Xero Cloud Accounting services for Singapore.

K Cloud Accounting is also able to assist in Taxation, Incorporation, Corporate Secretarial and Payroll Services.

Visit our site now: http://kca.sg/

 

Why you should consider cloud bookkeeping over traditional bookkeeping

Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services

Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services – There are many software that are available for businesses that wish to improve their productivity and generate more revenue and income for their businesses. The best software are those that are convenient to use and able to help you improve your business processes and able to save you time and money overall. We shall now explore some of the Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services.

Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services

Benefit 1: Xero Accounting Software updates on a regular basis

Xero accounting is a New Zealand based company which has raised quite an amount of money over the past few years. The company has worked hard to deliver quality functions that most businesses can use for their operations and there has been updates on a regular basis to include more functions as standards.

The most important thing about Xero is that it keeps all its platforms updated as well. So whether its their website or their application, you get the new functions as they are updated.

 

Benefit 2: Xero Accounting Software has multiple platforms for ease of usage

Other than just having the features of the software on the computer screen, Xero also has a multiple function application on mobile allowing you to access quite some features when you are on the go.

For business owners that are starting up, being able to be flexible to run the business is very important. You are able to issue invoices and check the receipts of payments on the go when you are on transport or waiting for the next client, helps you to improve your efficiency and sales.

You are able to take photo of receipts and send them to your accountant immediately, this is really a great feature for most owners to just make records and move on.

Benefit 3: Xero Accounting Software is affordable to most users

If you are not using most of the invoicing feature, it starts from $12 a month. For those who require invoicing features, it starts from $30 a month. This is something that most people dont realize, that the price is great for companies that are just starting up. No high up front cost, you pay the monthly usage fees and you get support all year round when you need them.

The price range is also absorbed by partners or advisor you work with when you run Xero software with this accounting companies.

Benefit 4: Xero Accounting Software is very popular in Singapore with startups

The most important thing about using a software is when most of your other friends are using them. Xero is now one of the most popular cloud based accounting software in Singapore. There are features where you can send invoices and get payment online. With you and some of your customers working on the same platform. The transaction is almost seamless.

You also get support from the strong local team of Xero when you work closely with Xero in Singapore. With a strong presence means they will have to spend more to ensure service standards are strong in Singapore.

Benefit 5: Xero Accounting Software, there is no fear of security problems 

The biggest problem is when you lose your accounting information after they are all entered into the system. This is something that is the worse nightmare for most business owners. Xero has its back up systems to ensure that they are also working strong.

Xero also has 2 factor authorization for you to go through before you can login. Ensuring that unauthorized personnel are not able to access your system data.

 


K Cloud Accounting is a Singapore based Xero Accounting Services firm. We are able to assist startups and SMEs in accounting, tax, corporate secretarial and payroll services needs.

You can find out more on our page: http://kca.sg

 

Benefits of using Xero Cloud Based Accounting Software for Bookkeeping Services

5 reasons to outsource accounting services in Singapore

Do you run a business? Business running is something that is tough and time consuming and takes up your emotional and physical strength. Most business owners have to manage multiple parts of the business themselves and it can be very tough for a startup founder who is working on something on their own for the first time.

Running a business will definitely be easier if you have a partner in arms that is able to assist you in getting things done up fast and with some form of consultancy.

5 reasons to outsource accounting services in Singapore

Reason 1: Outsource accounting services saves you time

Time is money, business owners need the time to plan and execute their plans. Plans make progress, progress makes you money.

For the business owner to be able to generate the revenue and also close the sales. He or she will have to go out and meet people and knock on doors or send out emails to other business owners. Time is taken up on that aspect and this is something most business owners do not realize. They shouldn’t be spending time on accounting or trying to get their administrative work done by themselves.

Outsourcing this parts to a professional will be great for your business because then you will be able to spend time on sales. Walk the door the door, send out the pamphlets, meet the random introduction.

 

Reason 2: Outsource accounting services is great on your limited startup budget

Startups do not have reserves to run on. Most budgets are limited because it is either the founder’s pocket money or they raised funds from somewhere. With such a tight budget to operate and run the business with, you will want to deploy them where they matter. Hiring the best person or having them in the marketing portion of the business will be great for the business.

Accountants that you hire in-house can cost you up to two thousand or even three thousand sing dollars to maintain them a month. This is way too much for a function that is not really core for the business.

Outsourcing the accounting to a professional firm like ours will be a great way for you to save up on cost and last your business for a longer runway for business to grow.

 

Reason 3: Outsource accounting services ensures quality work is done for you

When you hire someone who is fresh from the university, he or she may not have the necessary industry knowledge to assist you in your business requirements. Most people just have a short internship stint with their school and that’s about as much experience they have in accounting. That is barely enough to cover the work of a startup where sometimes because of a different or unique business model. Your accountant might not even know how to handle the business model differences and defer to just the normal ways of doing accounting.

Quality work can be covered by experienced accountants who are able to see the quality of work from other companies and also with their wealth of experience managing so many companies, able to deliver very good work for your needs.

Accounting firms also send their staff members for training to improve and upgrade their skill sets. This ensures that they know the latest developments as discussed by the government changes every year.

Reason 4: Outsource accounting services can help you analyze your business and give you insights

Experience in getting accounts done up can also translate into better insights when giving advice. Most businesses face the same growing pains and sometimes this pains need not be walked through by the same type of business man. Our service staff is able to detect and advice our customers when they see that they are doing something that they find familiar in other customers work.

This is something that someone in-house is not able to provide because of the lack of exposure to other circumstances.

Businesses that are traditional might also be able to enjoy the analysis of our accountants who can use ratios and compare you to how well you are doing versus those of other companies and give you an idea if you are paying too much for a part of the business or spending too little on the other. This will allow you to find out whats right and whats wrong fast and easy. ”

Reason 5: Outsource accounting services helps you improve your business

The hardest part about doing a business is being limited by the entrepreneurs skills and also the visions of the entrepreneur. When he or she starts off, all he cares for is to survive. When it flourishes, it is when there are limits to where it can transit and grow. The skill sets are limited if one does not have the education or the experience to bring it to the next level.

Consultants are usually brought in to educate and assist the entrepreneur to help them see the ideas and also the problems with the business so that they can help the business grow.

Having someone on the accounting side is great to help you cut cost and also to help you ensure everything is running smoothly and not that something is too over or under estimated.

Making good estimations and good planning can also make or break a business that is starting off.

 

Conclusion:

Starting up is really tough for a newbie or even for an experienced hand on the deck. Having strong support from other parties might make or break the business and this is something that many businesses should pay close attention to.

K Cloud Accounting is a full suite services company that provides high quality accounting, corporate secretarial, payroll, taxation services for our clients. Our clients range from startups to SMEs that aims to improve their processes and accounting flow.

We look forward to working with you and your team to deliver the best service standards for the betterment of your business.

You can find out more from our Xero Accounting page: http://kca.sg

 

5 reasons to outsource accounting services in Singapore

5 reason Xero Cloud Accounting Software can help companies run better

Running a business with very little experience as a startup founder is something that is very foreign to many people in Singapore. For founders who come from an education system that prepares you only to be a great employee who delivers high quality work to MNCs, most Singaporeans are not very well equipped for entrepreneurship.

Accounting is something that will require special skills that most people are not equipped with. Even for those that graduate Business school will only know very basic accounting knowledge.

Xero Accounting Software is a cloud based software that has in recent year took on a more prominent role in the Singapore economy. Xero has managed to capture a good amount of market share and is able to lead the business world in the cloud based sector of accounting software.

5 reason Xero Cloud Accounting Software can help companies run better

We will share and discuss 5 reason Xero Cloud Accounting Software can help companies run better:

Reason 1: Xero Cloud Accounting Software is used by many startups in Singapore

You might be thinking how is this going to help you run better?

Having many people on the same platform means you can perform certain parts of the business through the app and you will be able to monitor them closely. For example payment can be requested in app and you will be able to update immediately through the platform. With more people on board the platform, Xero will also be able to learn the needs of the companies in Singapore and figure out what functions to update and change when it is needed.

 

Reason 2: Xero Cloud Accounting Software is updated on a very regular basis

The most important part of doing a business is to have the most updated equipment and software that you can rely on. Why is that important you might be thinking? The thing about having updated software is so that you are relying on the most productive software. Time is money in the business world and this is something that many people will need to understand.

With also new inclusions there is a lot more that the startup can take advantage of to do well for the productivity of the company. 

Xero does an update every other month on their core software and it includes making many interesting function standard and this helps the company and also the accounting firm to better deliver their services for businesses.

 

Reason 3: Xero Cloud Accounting Software works with top 3 banks of Singapore for bank reconciliation ease

We just received latest news that OCBC has started working with XERO to integrate the bank reconcilation system with XERO. 

That makes all three major local banks, UOB, OCBC and DBS being partners with XERO. Most local businesses run one of this bank accounts and for startups, one of this 3 banks will definitely be your preferred choice for startup bank accounts. 

Bank reconciliation is made easy with this function, saving time for your accountants and also allowing the entrepreneur to find out the bank balance of the company when they access the application to find out more about their bank details. 

 

Reason 4: Xero Cloud Accounting Software is easy to use and learn

The strength about using Xero as your accounting software is that it is a very easy to learn software. It takes just 1 to 2 hours to figure out most of the function and there is many functions that the entrepreneur can use to improve their own business.

We will provide free training for new customers and at the same time it is available as an app on the iPhone and Android.

 

Reason 5: Xero Cloud Accounting Software has apps that are able to do more than just accounting

Similar to the app store of iPhones, Xero has its own app store that is able to give you additional functions that will allows to do more. Apps such as receipt bank for example helps you to scan receipts and make them into expenses documents within the software.

There are also new apps that are developed every month to help the users of Xero to improve their needs and this is something that makes Xero stand out better than the rest because of the full environment that it develops for other producers to produce software that can help businesses run better.

 


 

5 reason Xero Cloud Accounting Software can help companies run better


K Cloud Accounting is a Xero Based Cloud Accounting Services firm that is able to assist startups and SMEs to carry out accounting, bookkeeping, taxation, corporate secretarial and incorporation services.

We look forward to working with startups and SMEs as our founder is also a young founder himself. 

Find out more about our Xero accounting services here: http://kca.sg/

5 reason Xero Cloud Accounting Software can help companies run better