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Best Accounting tips for Startup businesses in Singapore

Best Accounting tips for Startup businesses in Singapore – Startups are great for a young person who wishes to change the world and create something that will not only build wealth for the founders but also change the world as it is.

The startup culture of recent years have helped to push innovation around the world and speed up the changes that humanity wants to see in its inventions and also changes and improvements in processes and consumer needs across the board.

The startup culture has also seen some of its downfall and slowdowns with the recent WeWork saga seeing funded startups running on so much money that it is burning without even properly turning a profit.

As a professional firm providing accounting services, we will like to share with you some tips on how you as a Singapore startup can improve your accounting work to improve your chances of doing well in the long term in this tough and cut throat world with a new article on “Best Accounting tips for Startup businesses in Singapore”.

Pay close attention to your company expenses

The biggest problem with many startups is the run away spending that many will make when they are trying to grow their business and try to grow them fast. The thing about company expenses is that you think that you know what is happening but actually you don’t. You end up spending way more than you are making and this is going to start causing cash flow issues. If you are a startup that is bootstrapping which means you do not have external funding, you will go under really soon!

This is one thing that most startup founders do not realize that can kill their goals before it barely took off.

 

Make a plan of your company expenses

Budgeting is always a good choice when it comes to working on anything. When you budget, you will at least be paying close attention if you realize you are running way above the budget that you have set forth for yourself at the start of this course of action.

When you know what you are expected to be paying and you are way above it, slow down and make sure it makes sense before you push ahead again. Many business owners especially startups do not budget and end up over spending what they should.

 

Keep your records properly

Have you heard of lost receipts, lost expenses documents, lost invoices and lost cheque stubs. This are all very common things that happen along the way when you are running a business because you are just so busy running the business to handle all this administrative documents.

The fact is, keeping this documents intact and proper is actually very important. When you get audited by the tax agency, you will need to present this documents. You will not know when this is going to happen so which is why keeping accounting records are very important for a business especially a startup that does not have good systems in place.

 


At K Cloud Accounting, we will guide you to set up a good system for your business so that you as a startup founder will need to just focus on your business and leave the rest of the startup accounting work in Singapore to us.

Best Accounting tips for Startup businesses in Singapore

6 business ideas that you can start in your 20s

10 business ideas that you can start in your 20s – There are many people who want to be their own boss but many people do no understand that it does not need to be the point where you have a good idea and then you start working on it. You can start something small from services and build up from there. There are many services that can be offered and if you are willing to learn and willing to try, you can make some income on the side.

There are things in your 20s that you can pick up on for you to start your entrepreneurship journey.

For those who are not aware, most of the rich people in this world do not just start a business and they hit the jackpot. They go through a lot of failed ventures and failures in life before they hit success in one good business.

So before you hit that jackpot, you should be developing a strong set of skills that will help you eventually winning in this game of life and business.

So what are some of the 10 business ideas that you can start in your 20s that will help you to grow wealth and be successful when you are able to get more done.

1. Digital Marketing

Digital Marketing is a huge space in the business world right now. Gone are the days when you pay good money to have your advertisement show on the television and you will gain good purchases and also brand recognition.

The tv and news outlets are losing its shine with the advent of social media and social media and digital media marketing has become the new in thing where businesses will tap on to show case their products and also to funnel people into buying their products.

There are many different forms of digital marketing, there is Facebook and Instagram Marketing, There is linkedin marketing for professionals, there is Google SEO marketing, there is Google Adwords marketing. There is also marketing through influencers and blogging. There are so many forms of digital marketing that you can choose from.

Pick up one of this skills, get really good at it, offer to help someone for free for portfolio and then you will be able to see yourself climbing up the ladder as you get better and can charge more for the amount of work you do for your clients.

2. Consulting Services

Are you someone who is really good at getting a certain food item done up in a certain manner. Or are you able to design something really special in a certain manner. Consulting work can be quite a lucrative business if you know someone that someone else doesn’t. When that comes into play, people are willing to pay you hundred if not thousands just to give them advice on how to save time or effort or even just helping get something done.

Connected to someone who is going to help their business? Great, one phone call from you and they close their deal and you get the consulting fees of introducing business, it is that easy. Networking can pay off if you have a good relationship with many people and when you want to connect with people you will be able to spread this note out to others and get more things done for the whole industry!

For those with banking experiences you can consider SME Loan Broker Services.

3. Music Training

Parents sent you for music training when you are young? You have a diploma in it? Great, you are probably good enough to teach the next generation of people. This is a good business as a teacher because you can charge hundreds on ends and you will probably be needed for months or years to get them to a certain stage.

Use this training to build up wealth before you reinvest in other forms of business when you have the opportunity to.

4. Sports Training

Parents sent you for sports training like swimming, tennis or golf? This is a high value skill as well. The sports that the rich want to get in to but did not have a chance when they were younger because of poor background.

They will love to pay you good money to start working on this sports that will help them to meet other people who are into this sports, especially golf where you will be able to network.

5. Blogging

Blogging is a good way to have a side income. There are many bloggers with a good interest in something and they have ads that will keep them going for a full time role as a blogger. Blogging can be a very fun activity that everyone can take part in and when you have something that people will want to read about, you get something that is special for your own development and also wealth building. This blogging interest can also translate into a YouTube channel that can bring you further into this journey of making money online.

6. YouTubing

Youtubers are making millions from ad revenue nowadays and they have very interesting content that they can do for most people to be entertained. If you have something that you have interest in and you think that other people will be interested in it, you might have hit the jackpot of it.

Work on getting your video quality up to date and also work on giving good advice to people who may want to learn something online and this is a good avenue of making great wealth.

 


If you eventually will like to incorporate your company in Singapore to take advantage of its location in South East Asia and also low tax structures, you can contact the team at K Cloud Accounting Pte Ltd that provides full suite accounting services for Singapore businesses and also full suite tax and corporate secretarial services.

We wish you all the best on your entrepreneurial journey and to great wealth and prosperity for all business owners who are working hard to improve their life.

 

6 Business ideas that you can start in your 20s

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