Why you should outsource your accounting services

Why you should outsource your accounting services

Why you should outsource your accounting services

There are many reasons why you should outsource your accounting services, but here are just a few:

1. You’ll save time and money. When you outsource your accounting services, you’re essentially hiring a team of experts who can take care of everything for you. This means that you won’t have to spend time learning about accounting and bookkeeping, and you won’t have to pay for software or equipment. You’ll also save on taxes, as outsourcing accounting services can often be more tax-efficient than doing everything in-house.

2. You’ll get accurate and timely information. By outsourcing your accounting services, you’ll have access to up-to-date financial information that can help you make sound business decisions. You’ll also be able to better track your expenses and revenue, which can help you stay on top of your finances.

3. You’ll have more time to focus on your business. When you outsource your accounting services, you’ll free up time that you can use to grow your business. You’ll be able to focus on your core competencies and leave the accounting to the experts.

4. You’ll have peace of mind. By outsourcing your accounting services, you’ll know that your finances are in good hands. You’ll have confidence knowing that your books are being managed by a team of skilled professionals who are up-to-date on the latest accounting trends.

Outsourcing your accounting services can be a great decision for your business. By freeing up time and resources, you’ll be able to focus on what you do best and leave the accounting to the experts. Contact us today to learn more about our accounting services and how they can benefit your business.

As you can see, there are many reasons why you should outsource your accounting services. By hiring a team of skilled professionals, you’ll be able to save time and money, get accurate and timely information, and focus on your business. Contact us today to learn more about our accounting services and how they can benefit your business.

Outsource My Accounting Services is a company that provides quality accounting services to businesses of all sizes. We have years of experience in bookkeeping, payroll, and tax preparation, and we’re dedicated to providing the best possible service to our clients. Contact us today to learn more about our services and how we can help your business grow.

The bottom line is that outsourcing your accounting services is a great decision for your business. By freeing up time and resources, you’ll be able to focus on what you do best and leave the accounting to the experts. Contact us today to learn more about our accounting services and how they can benefit your business.

Outsourcing Payroll services is something that you can consider.

Why you should outsource your accounting services

History of Accounting

History of Accounting

History of Accounting – Accounting is a process that has existed since the beginning of civilization. This holistic definition covers everything from commerce to budgeting, and there exists evidence for accounting even in ancient times. Accounting is such an integral part of society that it can be traced back as far as human civilizations go, and has evolved to the point where it is used across all fields of study, including science, finance, trade, etc.

Since civilization began accounting has been an important process because it accounts for money. From primitive times through to modern days this has always needed to be done. By tracking the number of animals hunted or crops harvested people could settle up their debts with each other. When one farmer owed another, they could pay up by handing over wheat or chickens. The debt was tracked in the form of IOUs, which were simply written on a clay tablet. This method proved to be inefficient, so people began using tokens instead. These tokens would be handed back and forth, representing various items that were owed.

The use of an intermediary, such as money, was much more efficient than bartering because it allowed people to exchange goods without needing to trade directly. Money made it possible for the first time to not only acquire but also store wealth. When money became common, accounting became necessary for bookkeeping; someone needed to be accountable for the money that was being held or transferred. As economies grew more complex, they became increasingly dependent on the use of this method.

Accounting has also evolved quite significantly over time. It used to be done by hand or with simple tools such as clay tokens or abacuses (a counting frame). With the invention of the printing press, double entry bookkeeping was developed. This system revolutionized accounting by creating a standardized procedure for recording financial transactions. After the widespread use of computers in business, new software systems were developed to make the task even easier.

With all that said there are two main types of accounting. There is financial accounting which focuses on the creation and interpretation of profit, loss and other financial reports. While there is management accounting which focuses on using internal information for decision making.

Financial Accounting is what most people know for what is needed to be reported to the government or to shareholders.

Most people know accounting for this particular use, where the profits and losses are tracked and the balance sheets of the company are reflected.

But in terms of management accounting, most people use this data for internal decision making.

Usually management accounting is much more complex and have more details, in particular for products or services that are generating good returns and this is great for the management of the company to decide what to build on and what to focus on.

This article describes how accounts have been kept throughout history with an emphasis on the development of double entry bookkeeping by the Italian merchant, Fra Luca Bartolomeo de Pacioli. While this explanation focuses on the development of accounting, it also provides insight into human history as well.

Before money was invented, exchanges were simple barter systems. For example, if someone had chickens and wanted wheat they would need to find someone with wheat to trade. This issue was solved with the invention of money, which allowed for exchanges to be made more easily. Now that it is possible to trade things without having to find someone who wants the items being traded it became necessary for something else to keep track of what was owed. People started writing down IOUs on clay tablets so they would not forget who owed what to whom. These clay tablets were durable enough to survive the test of time, so archeologists have actually been able to uncover these old records. Most of the transactions recorded on these tablets were small in nature, but some show large exchanges taking place. For example, one tablet reveals that Enil-Bara bought five slaves for 60 shekels of silver then later traded them to his son for a plot of farmland.

Clay tablets and tokens were used to track debts during all periods in history, including the ancient Egyptian, Babylonian and Assyrian civilizations. The Mesopotamians also developed accounting methods that could be considered as precursors to modern double entry bookkeeping. They used clay tokens to represent various commodities like oxen or wheat, and would use the tokens to represent how much each commodity had been traded. Accounting using clay was also used in ancient India, Greece and Rome; however it was not widely used due to the lack of durable materials for making tablets.

The need for accounting increased as economies became more complex and required people to keep track of what was owed and who owed what. This necessitated the use of an intermediary, such as money that could be used to trade items. The need for accounting along with the invention of money led humanity into another era in which both systems became very important.

Before any sort of double entry bookkeeping was developed, accounting records were kept by hand through a complex system of recording. In the Roman era, it could be said that there were two systems of accounting in place: The Carmen system and the Numerate system. With the Carmen system people would keep track of their transactions on sheets of papyrus or parchment, while with the Numerate system they would use tally sticks to record the transactions. These methods of hand-written accounting were widely used until the 14th century, when they began to be replaced by devices that could record the transactions more easily and accurately.

The invention of double entry bookkeeping is credited to a man named Fra Luca Bartolomeo de Pacioli. His birthdate is unknown, but he was born in either 1445 or 1446 in Tuscany, Italy. He studied math under the great mathematician Pietro Biundo and it was through this instruction that Fra Luca learned about mathematics, which would later play a major role in his life as an accountant. After studying under Biundo, Pacioli left for Venice because he believed that there was great opportunity to use his knowledge of mathematics in the growing Venetian glass industry. Pacioli became a very well respected mathematician and traveled throughout all of Europe giving lectures to many different people. While Pacioli’s work is not widely known today, this may be attributed to the fact that he did not want to publish anything due to his fear of persecution by the Church.

It wasn’t until 1494 that Pacioli began writing the book for which he is best remembered. This book, Summa de Arithmetica, Geometria, Proportioni et proportionalita was published in Venice in 1494, and it included the work of many people who preceded him including the Egyptians, Babylonians, Greeks and Arabs. However, most of these mathematical concepts had never been put together in one book until Pacioli started writing about them. The publication of this book is what greatly increased his reputation as a great mathematician throughout all of Europe. He is also known as the father of accounting because his book was the first time that anyone had put together all of the mathematical knowledge that could be used to help merchants.

Pacioli’s work, Summa de arithmetica, contained many different topics including fractions, geometry, algebra and commercial arithmetic. It also contained a chapter titled “The Practice of Commerce” which was about accounting and double entry bookkeeping. An excerpt from this chapter reads:

The Italian text reads: “It is necessary to enter all the revenues and expenses for a particular man or business, because if we were to omit one item, we would diminish the measure of justice and fairness in every other part.” This excerpt clearly explains the importance of having a good record-keeping system in place because if you were to omit one transaction, then that would skew your books and make them not accurate.

In this chapter Pacioli includes examples of journal entries for income, expenses and capital transactions. In these journal entries he notes when both sides of the equation are equal and opposite to each other, it is understood that one would take the difference of all other sides. For example:

The Italian text for this journal entry reads: “In the name of God and of profit, here begins the bookkeeping of Luca Pacioli. In the first bookkeeping [journal], I will proceed according to the method of Tally Sticks, in order to log the income and expenses from each job.” Journal entries such as this help us understand how double entry bookkeeping works because it follows a specific process. In this case we can see that for recording an income transaction there is a debit (left-hand side) and a credit (right-hand side). The difference between the two sides equals zero because one side of the equation is a debit and the other side is a credit.

In his accounting text, Pacioli also provided an example of how to record the sale of merchandize from a company’s inventory. This type of transaction became known as a “perpetual entry” because it would be constantly adding to the amount of inventory that was on hand. This system of accounting is different than what most companies use today because companies typically record inventory using “debit and credit” entries instead of perpetual ones.

The original version of Pacioli’s book, Summa de arithmetica, geometria, proportioni et proportionalita, was published in Venice in 1494. A second version of the book was published in Rome by Paganino de Paganini in 1508. It included a reorganized table of contents and two additional chapters not found in the original version. A third edition, which contains many handwritten notes, was printed sometime after Pacioli’s death. There are only six known copies in existence today of this third edition, and one of them is located in the Special Collections department of the University of Michigan Library.

The University of Michigan Library had a few other Pacioli resources available on their site as well, including a transcript of Pacioli’s account of his travels to the Holy Land in 1494.


K Cloud Accounting is a Singapore Bookkeeping Services firm.

Speak to us to get your Singapore Accounts done.

If you require help with Singapore Payroll Services, talk to our partners at KP Payroll.

History of Accounting

Accounting Firm in Bishan Ang Mo Kio Toa Payoh Thomson

Accounting Firm in Bishan/Ang Mo Kio/Toa Payoh/Thomson/Sin Ming

Accounting Firm in Bishan/Ang Mo Kio/Toa Payoh/Thomson/Sin Ming Midview City – Accounting is an important piece of the business puzzle.

That being said, having a full time person doing accounting for a small firm may not be the best use of your funds when you are just starting up.

For most businesses, they also do not have the accounting background to get the work done properly.

The better idea is then to outsource this part of the puzzle to someone who is familiar with it.


Do you work or stay around the Bishan, Ang Mo Kio, Toa Payoh or Thomson area?

Located right in the middle of this 4 areas is K Cloud Accounting Singapore.

Google Maps Bishan Ang Mo Kio Thomson Toa Payoh

Photo from Google Maps

K Cloud Accounting is located in Sin Ming area, right beside this four regions of Singapore.

Located very conveniently in Midview City, K Cloud Accounting is ready to assist you with your needs for accounting services and bookkeeping services.

A trained team of qualified bookkeepers and accountants will ensure that your books are prepared to the standards set forth by the Singapore government.

It also allows you to make better decisions going forward.

Not just being qualified, being located conveniently means you can visit if you do have accounting questions for your friendly accountants.

We are always ready to assist you when it comes to getting your accounting services done for you who is based in Bishan, Ang Mo Kio, Thomson or Toa Payoh.

Transporting your accounting documents to and from your home or work place is also more convenient when we are located near where you are.

Accounting Firm in Bishan/Ang Mo Kio/Toa Payoh/Thomson/Sin Ming Midview City


We look forward to working with you and your company on delivering high quality bookkeeping services and accounting services for your SME firm and also look forward to growing alongside you in this tough business climate.

Residents or Business owners of Bishan, Ang Mo Kio, Thomson, Toa Payoh, do contact us at +65 9863 8665.

Our company location is at 18 Sin Ming Lane #07-01, Midview City, Singapore 573960.


K Cloud Accounting is a Singapore based Accounting firm providing Bookkeeping, Accounting, Tax and Payroll Services for our clients.

Startups to SMEs are finding KCA a great partner in arms to work through this tough business world.

We also assist customers with corporate secretarial services, incorporation, payroll.

If you are located in the regions of Bishan, Ang Mo Kio, Toa Payoh or Thomson, you can consider working closely with KCA as a conveniently located partner to your business.

If you require Office Cleaning Services in Bishan & Sin Ming Midview City, let us know too.

Accounting Firm in Bishan/Ang Mo Kio/Toa Payoh/Thomson/Sin Ming Midview City

Ideas for Corporate Tax Savings in Singapore

Ideas for Corporate Tax Savings in Singapore – You should never attempt to get into any tax evasion but we all know that tax planning is completely legal.

So what are some of the ideas and methods that you can take to help you to save on taxes in Singapore and how does that affect you as a business owner.

Singapore Corporate Income Tax rates: https://www.iras.gov.sg/irashome/Quick-Links/Tax-Rates/Corporate-Tax-Rates/

Tax planning basically means, making plans for the year ahead and having some means to lower taxes in place before the work year starts and before it is over to save taxes through legal means.



Ideas for Corporate Tax Savings in Singapore

1. File in all your operational expenses 

Operational expenses are what you incur to make that particular revenue.

This is something that most businesses owners do not really bother with but can end up helping you save quite an amount of taxes.

When you are traveling due to work, you can include expenses for deduction through transportation expenses.

Your name cards can be part of marketing expenses.

Did you buy your client a drink or two? This could be entertainment expenses.

As long as the amount of expenses claimed are reasonable. You could include them for deductions.

Always remember to record them in for expenses and keep your receipts so that they do not go missing.

Little amounts adds up and can actually save you a ton of money.

 

2. Record losses where they are due, that can be carried forward

Not every year is a good year. Especially so for businesses that are starting up.

Startups usually will incur a few months or years of losses before they turn profitable.

So when you are experiencing losses at the start of the journey. Be sure to keep them on the books

So when you are making profits in the future, you can cut down on taxes.

 

3. Pay attention to your tax exemptions

Tax exemptions are available for startup companies in their first 3 years of operation.

This is something that is used to incentivize businesses starting up in Singapore.

The amount of tax exemptions can be quite lucrative if you add them up.

Also, from time to time the government of Singapore gives out good tax exemptions, especially during times of downturn.

Make sure to have a good Singapore Tax Consultant and Advisory Services Company to assist you with that.

 


K Cloud Accounting is a Singapore based Bookkeeping Services firm, assisting startups and SMEs with their business needs.

Speak to us for help in this fields. We also work closely with our friends from Avant Consulting to provide Singapore Business Loan Brokering and Advisory Services.

 

Ideas for Corporate Tax Savings in Singapore

10 Reasons why you should use XERO Cloud Accounting in Singapore

10 Reasons why you should use XERO Cloud Accounting in Singapore

10 Reasons why you should use XERO Cloud Accounting in Singapore – There are so many reasons to work on your business to improve efficiency. There are also many reasons to outsource your accounting services in Singapore to a reliable accounting firm.

There are many accounting firms in Singapore that have been around for many years.

Just take KCA, we are a subsidiary of Koh Management Pte Ltd that has been in Singapore for 30 over years and serving hundreds of customers from startups to established businesses.

For most business owners, trying something new is not something that they will like to do. Business world requires consistency and having a change is usually hard to swallow but also necessary for business to keep growing and also becoming more efficient in the long run to fight against competitors.

So we are here to start to share with you Reasons why you should use XERO Cloud Accounting in Singapore.


 

1. Able to manage accounts 24/7

The fact that Xero Accounting is an online platform.

This allows you to access them at any time!

Whether you are in bed and wanting to make some last minute checks or decisions.

Or you will like to do it while at the bar at 10pm.

You can access it 24/7 because an online platform does not sleep!

 

2. Able to manage accounts anywhere you are 

The fact that the platform has a mobile application, this makes it awesome for the management of your accounts from anywhere.

You don’t really need to do it from a computer or from your desktop in the office.

You can be at home or at a pub and check how much you have done in terms of revenue for the month.

You could also print reports in PDF from the comfort of your car.

Or why not do it on the beach on your holiday just to make sure everything is going well.

 

3. Issue quotations or invoices the moment you are done with your appointments

The mobile application is the most convenient thing ever.

So with it, you get to really issue your quotation invoice right after you are done with your appointments.

You will impress your customers by how efficient you are when it comes to getting work done.

This will be great for a sales man that is always on the run!

 

4. Updates are pushed to you instantly

Bceause it is an online platform, the updates are often coming in every couple of months.

The good thing is, you do not need to download the patch and patch it manually.

Instead the platform does it themselves and when you log in, you didn’t even know that there are updates done.

You will just get to enjoy new features as they are developed and updates.

 

5. Bank statements are updated automatically

Xero Accounting Software supports bank feed.

Bank feed basically means connecting your Xero Software with your banks information.

The bank will push bank data into XERO every day.

This means you do not need to wait for your bank statements or login into your bank platforms to check what is going on in the bank!

You could also use the bank feed data to save time on bank reconciliation which makes life a lot easier for you or your accountant!

 

6. You get online support if you’re not sure

The fact that the platform is online, you will be able to get access to support if you need it.

24/7 you can chat with the support to find out what is going on.

Then you can solve it along the way to get your accounting done up on time.

 

7. Choice of add-ons to improve efficiency

There are many add-ons to make things more efficient.

Do you have a POS machine and need to gain access to it?

Use a POS machine that has an add-on to XERO and you get daily live updates from the many machines around the country!

There are add-ons that help you to save time scanning and keying in your receipts too.

 

8. You can transit to outsource by transferring account easily

When you are using XERO as a software, you also just need to appoint the accounting services provider through an invitation.

You do not need to use their specific software or insist on yours, they may not be familiar with the software.

You can just pass it along and move on with your life!

 

9. It cost only $20 USD a month 

$20 USD is quite a good pricing for businesses that are just budding.

For small businesses every cent counts and this is a good pricing for start-ups that are cash strapped.

For those that require multi currency, it cost $30 USD a month for the subscription.

 

10. The fees are monthly and not one big sum at a go

Same as point 9, the fact that it is monthly is good for cash flow.

Small businesses will enjoy having not needing to pay $2000 – $5000 for one software that is necessary.

Cash flow is everything for a business.

So a good monthly subscription system is great for a start-up business.

 


If you are require help with your monthly bookkeeping or financial year end closing, speak to us.

We offer sme bookkeeping services on a monthly basis so that you do not need to worry about your year end submissions.

Speak to us also if you require help with any other forms of consultancy needs.

For businesses who require additional help with Corporate Loans, speak to our friends at Avant Consulting.

For businesses that need help with Singapore Mobile App Development, speak to our friends at Originally Us.

For businesses that require help with Singapore SEO Services, speak to our friends at SEO Geek.

For businesses that require help with Corporate Gifts Printing, speak to our friends at Global Asia Printings.

For businesses that require Bus Chartering in Singapore, speak to our friends at Friend of Bus.

For Businesses that require Data Centre Cabling Singapore, speak to our friends at Emerges-Plus. They are also Panduit Partner Singapore.

Thank you for reading our article on Reasons why you should use XERO Cloud Accounting in Singapore.

10 Reasons why you should use XERO Cloud Accounting in Singapore

What are some of the Singapore Accounting deadlines

What are some of the Singapore Accounting deadlines

What are some of the Singapore Accounting deadlines – Are you a new entrepreneur who is just starting up?

Starting up a business is so exciting yet tiring. For someone who is brand new, you might find it extremely difficult to get so many things done, especially when you are not trained in almost everything that demands of you.

There are marketing things to be done, operations paperwork to done. Then there is accounting! Something that is so necessary yet so troublesome and require skills to get done.

There are some accounting deadlines that you need to be concerned about though.

So What are some of the Singapore Accounting deadlines:

 

1. ACRA filing deadline

Financial Year of Most Private limited companies can be decided by the board of the company. For the purpose of illustration we will assume that the deadline is december 31st of the previous year.

For those who end their financial year on the 31st of December 2020, you have up till June 30th to finish filing your AGM and another 1 more month to get the annual return of your company submitted to the ACRA authorities.

For those who do not meet the deadlines will be imposed a $300 penalty from ACRA.

 

2. Financial Year ends

Financial year ends can be adjusted to reflect the 12 previous months of operation. For some businesses they can shorten the financial year so that they coincide with the calendar year to make things easier to remember and manage.

 

3. Corporate Income Tax Deadline

For businesses or owners who are new or not familiar with corporate tax deadlines.

For those who end their financial year in 2020 for example, their deadline to file their corporate income tax returns are the November of the subsequent year which is November 2021.

 

4. Personal Income Tax Deadline

For business owners that do take a salary or director fees, you will have to make your personal income tax submissions by the April of the subsequent calendar year.

 


If you are new and looking for some help with your business accounting and bookkeeping or will require some help with tax computation and submissions, you could speak to us at K Cloud Accounting. Our qualified accounting specialist will assist you with all the requirements!

Our partners also assist businesses with grants and SME Loan Brokering and Mortgage Loan Advisory.

 

What are some of the Singapore Accounting deadlines

The Benefits of a good Singapore Corporate Secretary

The Benefits of a good Singapore Corporate Secretary – Singapore is one of the top places in the world to set up a company. The country is right where all of the action is. South East Asia is expected to become one of the hottest growth regions in the world.

Singapore is right smack in the middle of the region and has a strong transport hub. The Changi Airport in Singapore is ranked top in the world because it provides such good comfort and also being one of the most efficient in the world.

When you are setting up a company in Singapore through Singapore Incorporation Services, you should try to find someone that is capable and experienced to assist you in this work.

Singapore is probably one of the best in getting strong financial support. There are many experienced Singapore Corporate Secretarial Services providers that not only can assist you with your business work, they can also give you good advice to help you to save time and money along the way of your business building.

A good corporate secretary in Singapore has many benefits, let me share with you all this little things through our upcoming article “The Benefits of a good Singapore Corporate Secretary”:

1. Advice you on Companies Act of Singapore

If you are new to the Singapore business climate, there are some laws that you need to abide by, if you are someone who is not a Singaporean or you are a Singaporean who is new to business, you will miss out on such things.

Having an experienced Singapore Corporate Secretary will mean you will not get into trouble with the law.

You should be focusing on building your business and not running around reading the companies act of Singapore. So in this case, we will be glad to advice you to find someone who has dealt with many situations and is experienced to handle them all.

2. Able to give you advice on accounts 

If you find a good corporate secretary that has an in-house accounting function, usually they are able to also assist you with that and give you advice from the accounting and taxation angle.

If you are someone who needs help in that, you can also get more help there.

Accounting is one of the key components of business and to get someone to guide you with it is better than nothing.

3. Someone who is experienced

If you get someone who knows the tricks around things, you can get help to remove someone who is say annoying you in the boardroom. If you know how to use the law in your favor that is.

A good corporate secretary with many years of experience that has went through such difficulties can give you an idea on how to work around things and get things done.


If you require someone who is able to get things done and also assist with company registration services in Singapore, you should speak to our friends at Koh Management Pte Ltd.

KCA is one of the leading XERO Accounting Services Singapore provider.

The Benefits of a good Singapore Corporate Secretary

List of Accounting items for Startups to take note of

List of Accounting items for Startups to take note of

List of Accounting items for Startups to take note of – Accounting is something that most people do not really pay attention to when they are in school. This is one course that will mean a lot to a business as time goes by because having a business owner knowing accounting is definitely an advantage for businesses. But not all startup founders are able to deliver that level of work or have that level of knowledge. Some founders are engineering trained, while some are medically trained.

This is one of those list that will be useful for you if you are about to embark on the journey of starting a business and you will need this to find out what is best for you when it comes to the accounting needs for a startup business.

Let us now start on the List of Accounting items for Startups to take note of:


 

1. Cash position

Accounting is not just to account for the expenses and the income. But at the same time the cash position of the business. The issue with businesses folding is not because they are not profitable but purely because they do not have a strong enough cash amount.

Cash is king and in this climate of bad business, we are seeing the cash of businesses get burnt up fast.

When you are doing your Start Up Accounting, you need to take note of this figure the most.

You might be seeing big revenue figures but if your cash position is bad, you might not be able to pay up your landlord or handle your staff cost which will end up being in a bad position.

Make sure that you have enough cash to keep the company going for a couple of months in the case of lock downs like recently and you will be safe.

 

2. Expenses

Having an accountant to watch your accounts can be a good thing. Some times you have no idea how much expenses you are working on and will end up spending too much.

When you have a sharp increase in expenses and not paying attention, your accountant might be a good person to sit down with you to explain that you are seeing higher fees in certain sectors or your vendor might be over charging you in comparison to other customers in the same sector.

Expenses are usually what drains the resources of the company so this is definitely the second item that we will hope our start up founders and SME owners will look closely into and monitor when they are running their business.

 

3. Cost of Funds

The cost of funds can be from loans that you are taking.

This is one thing that drains the your cash positions.

When you want to take on loans to grow your business, you need to ensure that you are getting the lowest loan interest rate amounts available.

Interest rates that are too high will drain your financials more than they may be useful for you to start off a business and grow from there.

Cost of funds can be managed espeically with fees and interest rates taking up a big bulk of that.

You may wish to speak to loan consultants that can assist you with your Singapore Business Term Loans.

 

4. Receivable Cycle

This is one thing that most people do not really pay attention to but if your receivable cycle is too long, you run the risk of having too little cash flow.

This goes back to the first point of your cash position.

When your receivable cycle is too long, you may not be able to pay for things as they come.

Reducing this figure is one of the top priority for businesses that are having issues.

Other options to getting by this is to take up Singapore Invoice Factoring, this will allow you to receive cash up front first for financing the project needs and paying some interest for such facilities.

 

5. Fixed Cost

This are the items in your books that you cannot really reduce fast or get rid of.

Things like your salary and rental are fixed for an extended period of time and this is also one thing that you need to monitor.

Variable cost such as commission or commission based workers can be adjusted to find out where is your cost is increasing and adjusting it can mean more profits.

This figure is also something you should monitor as time goes by.


K Cloud Accounting is one of the top Singapore Xero Accounting Services company.

We provide full suite accounting services for our customers from many industries and we are able to assist you for all your corporate secretarial, bookkeeping, accounting and taxation services needs.

We work with many Start ups to provide them with accounting services that they will require.

So if you are a start up founder that needs help with your start up accounting services or sme accounting services, speak to us now!

List of Accounting items for Startups to take note of

Getting a good tax advisor to assist your start up with tax planning

Getting a good tax advisor to assist your start up with tax planningTax planning sounds like something that big businesses do and also for those who are making big bucks around the world. There are many ways that an individual or a business can save on taxes and also get good tax advice from someone who knows taxes is also a good thing don’t you think?

Learning how to run a business with legal means of reducing your tax outlay is one of the best ways to help you to save on income taxes that can actually be used to power the growth of your business and also to help you to spend more on marketing and also for you to have more cash flow in case things like Covid-19 situation happens.

Running a business is about making more profits. Profits are hard to find during the budding years of a business. Most business function from a situation where you need to build your brand and also marketing for the first few years before you start to see results and results only come after a few years. The first few cherished years are usually barely surviving years.

So the most important step of preparing for a money making venture is to prepare when you are not making much money and also the budding years. Everything about tax planning is about having a good planning phase. Planning a good business structure will ensure that you have lesser tax burden when the time comes. Business is run with this intend of making sure the overall tax burden between shareholders and the business is at the lowest and that is the way where most businesses need to plan for.

A good tax advisor will only guide you through the whole process and ensure that you will always be making the least commitments in the long term within the legal frameworks.

If you need help with SME Bank Loan, speak to us as well.

Work closely with us if you are keen on working this out for your business. Speak to us now!

Getting a good tax advisor to assist your start up with tax planning

How cloud based accounting services can help you during this pandemic

How cloud based accounting services can help you during this pandemic – The one good thing about any services or product that is cloud base is the fact that you can get work done anywhere and from all over the world.

Cloud Based Accounting software Xero is the primary software that K Cloud Accounting Pte Ltd uses to serve our Singapore Bookkeeping Services clients. We use this cloud based accounting software because this software is not just an easy to use software, you can also issue you quotations and invoices from anywhere you are, at anytime.

This is one of the main reasons why we like to recommend this software to our customers.

Cloud Based Accounting Services allow us to maintain your books without having to deal with physical documents that you usually have to handover to your accountants. Payment to us are also done virtually so you do not have to come by our office or even have an internet banking dongle to get things done.

This pandemic has been causing a lot of havoc to the public health system of the world and has slowed down the world economy. The world economy now is experiencing supply and demand shocks from the lockdowns and also subsequent oil price shock.

Most lock downs have also caused businesses to go into a halt because there is just no way for businesses to function without having a presence in the office or at a physical workplace.

We work closely with our startup and SME customers to ensure the accounting services provided for them are done with the highest quality and also at the same time done on time so that the submissions are done on time for the submission to government and also for management purposes and allow for fast decision making for stakeholders.

K Cloud Accounting is keen to work with you on delivering on your startup bookkeeping services. If you require help with Singapore Bank Loans, you can contact our partners too.

How cloud based accounting services can help you during this pandemic