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Five Important Books in Accounting

by admin on November 10, 2015 Comments Off

To understand your business and make it operational for a long period of time, there are five important accounting books that you should understand. An accountant will help you understand each book if you will avail the Accounting Services Singapore for your business. Whether you are opting to use the Xero Accounting or other accounting software Singapore, it will be best if you have your accountant to explain the process in in completing these books full details.

 

  1. Liabilities and Payables

This book is all about the amount you owe to supplier, employees, amortization, or to debtors. It is always important to regularly look at your schedules for payments to avoid incurring unnecessary charges for late payment.

 

  1. Expenses

The amount you paid for some items are expenses, but not all can be out righted as an expense until consumed. Example of this is the supplies. You can only consider the supplies as an expense once they are used up or consumed. Otherwise, a supply is included in the inventory even if it is already paid. For some other expenses, it is best to ask for bookkeeping services to make your recording precise and consistent.

 

  1. Assets

The assets of your business are all the items it owns, including property, building, office inventories, equipment, machinery, and cash and accounts receivables. This book is important in your accounting records because it is included in the Balance Sheet for reports and financial position.

 

  1. Revenue

The revenue in your balance sheet is in the equity side. This is your income from sales. It is important that you keep this book properly updated because it will be used whenever you are making decisions for the business.

 

  1. Equity or Owner’s Capital

This is the amount of your financial investment and interest in the business. You can easily make your business grow if you know and understand the value of your equity or what you own in the business. This will also help you motivate yourself to do better.

 

Many accounting firms are offering quality and reliable accounting services for small business Singapore. If you are managing a small business, it is best to entrust this kind of task to an expert and be precise about your decisions. The Accounting Services Singapore will guide you on how you can manage your business from simple bookkeeping to major financial decisions for the growth of your business.

 

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Advice for Small Business Starting Up

by admin on November 1, 2015 Comments Off

When you are starting up a small business, you will be able to successfully do it if you will seek professional advice. From the planning to the implementing, you will need a separate mind to tell you whether you are heading towards the right path for your business. A professional accountant can give you the needed Accounting Services Singapore as you start up your business. Instead of planning it by yourself that may end up in failures due to wrong decisions, work with someone who has knowledge and expertise in accounting services for small business Singapore.

Before you begin your planning, contact any accounting firms in Singapore and look for an accountant who can help you put up your business. He or she can help you establish and organize the needed procedures for your plan. As you work on with your plan, it is best if you will discuss every single detail with an accountant and do not just start with it without furnishing the required papers for the registration of your business. The accountant will guide you of what to do to make your business operate properly from the very start. You can even ask for help if you opt to use accounting software.

The basic thing to discuss is your finances. You should know how much capital is needed for your business to start by, and this should include not only the putting up of business, but also the entire operating and administrative expenses for the first quarter or semester of the business year. You will also need to consider other managerial and marketing expenses, in case you want to advertise your business. All these are essential in putting up a business, whether you are thinking of a smaller one or a bigger one.

The sales and profit of your business, including the expenses will be discussed through a projection that you will understand. The accountant will help you understand all these as he gives you advice on what to do to keep your business in proper stand while on its first stage.

With the help of an accountant, the basic accounting services will be provided, as well as he advice on how you can do it on your own. Some bookkeeping services procedures are easy to handle, and if you are a hands-on owner, you can easily follow the steps to furnish and keep the books. You will be able to learn more of the business as your accountant provides advice as part of the Accounting Services Singapore.

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Can Accounting Software Maker Xero Keep its Head?

by admin on October 26, 2015 Comments Off

Accounting is an important part of a business to ensure that each transaction is recorded and reported properly for the benefit of the business. The Accounting Services Singapore is now offered to many business owners, giving many benefits for the growth of the business. Doing business has been the expertise of many entrepreneurs who has a relative background in handling and managing business, but for those who have limited knowledge in terms of business management, it is a great convenience that accounting software are now available for use, especially for those business owners who have the gadgets and cloud accounts.

The Xero accounting is one of the software that a business owner may choose to use for the purpose of bookkeeping services efficiently. This is a new concept of online accounting using cloud computing and software. Because it is the use of software through cloud, any business may not need to own one to access it. With just the help of the internet and a direct access to the cloud accounting software, you can easily encode the data of each transaction, including bank transactions.

Because entrepreneurs and consumers rely so much on this software, especially now that it can be accessed even through a gadget that has cloud application, the maker of the Xero software should be able to keep its head up high and match the expectations of people and users. It sure does have its limitations, despite the many benefits and convenience it offers. When the internet connection is slack or down, every workforce would be forced to do the process manually again.

When selecting the best Accounting Software for your small business, you may find that the Xero accounting software is the best option. Although there are many software out there, Xero is trying its best to beat them by giving you and your business not just the efficiency and convenience in terms of bookkeeping and accounting processes, but all the possible access as well, to banks and other institution with which the business may benefit. It is indeed keeping its head up amidst competition.

There are limitations, risks, and challenges, but knowing and being confident of the system and the Accounting Services Singapore provided for by the software, you can move up better in your business endeavors because all help and assistance are readily accessible anytime you need one anywhere you are through your available gadgets and account.

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Xero Provides Easy Access to Your Firm Simply From Your Businesses Mobile & Into Big Data

by admin on October 21, 2015 Comments Off

Xero is known to be the source or contributor of cloud-based accounting software. Using Xero may be pretty challenging, especially if the mighty INTU -2.91% (INTU) takes place. However, the company is able to overcome the challenges and barriers along the way. In fact, there are now over 500,000 Xero Accounting software subscribers, compared from last 2011 when it started around 50,000. There is no doubt that Xero and its advance cloud accounting tool is one of the world’s fastest cloud operators.

“One key has been that we were born in the cloud,” says Russ Fujioka, U.S. President of Xero.  “We did not have to reinvent the business.”

The accounting services Singapore are other good examples for this success. Most of these small firms are now using cloud accounting software which provides multiple benefits for the company as a whole. Through this type of method, it is a lot more convenient for the business manager or owner to look over its financial data, internal and external financial transactions, and any other revenue monitoring requests, to name a few.

Cloud accounting software has a platform that is a lot easier to provide new updated versions and it can also establish a thriving ecosystem. Even accounting services for small business Singapore are using this because it has 400 add-ons and applications in the Xero marketplace.

The company has always been straightforward and super innovative in providing the latest significant updates for the software. This year only, 380 new updates have been introduced.

Xero Accounting is also capable of handling sales tax calculations, tax return filings, payment transactions, payroll services, data management, business quality monitoring and establish invoices.

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Why Do Accountants Lose Clients?

by admin on October 14, 2015 Comments Off

Many accountants, even the certified ones who are already in the accounting field for quite some time now, still lose clients from time to time. What could be the reason for such loss? As there are many accounting firms in Singapore that provide quality and reliable accounting services Singapore today, there are also many clients who want a specific service for their specific business or industry. Here are some of the common mistakes of a CPA that lead to losing clients:

 

  1. Failure to deliver on time.

Whether it is an accounting or a bookkeeping service Singapore, you have to deliver the service on time. The records and reports will be needed from time to time, which is why it is important that you have them always ready and available, in case a business meeting is called for by the owner. If you fail in doing or completing the reports, especially on a given schedule, your clients will tend to leave and drop your accounting services.

 

Aside from the daily accounting tasks, the accounting services for small business Singapore also include the preparation of tax. Being ahead or on time is also of great importance during the tax time or tax period. All businesses, especially the smaller ones, want their tax declaration prepared and completed accurately on time. If you are able to provide them the needed financial reports, or if you can prepare and compute the tax ahead of time, the better for your clients and their business.

 

  1. Failure to communicate well to clients.

Clients want immediate response, whether they are just inquiring for the accounting services you offer, or they are looking for a specific accounting task to avail. Your prompt response to emails, phone calls, customer service inquiries, and other means of communications will give them the interest to hire you, especially if you are one of the best providers of accounting services.

 

  1. Failure to establish your value.

Many clients opt for outsource accounting because of value. As a service provider, your clients will stay if they know and understand your value to their business. You are not just hired to do the tasks, but to help the business improve its productivity as well. As you do the tasks, establish your value to the company. This will keep them on hiring you and on availing your provided bookkeeping services. Once the clients did not recognize your value through the services you provide, you will end up losing them for good.

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Accounting Myths vs. Facts

by admin on October 3, 2015 Comments Off

Every business enterprise needs a good understanding of the basic of the accounting. Although tax preparation is one of the Accounting Services Singapore, the accounting firms in Singapore that provide the said services also offer a lot more for the growth of the business. More than the need for proper recording, there are also several myths and false facts to eliminate, which is why it is important that you understand the facts about accounting.

Here are four myths busted with the facts that will help you understand accounting better:

Myth #1. The importance of accounting is for tax purposes only.

Fact: Accounting is designed not only for the tax time, but for all the accounting periods. Each recording is important for the weekly, monthly, quarterly, and annual reporting. By keeping books and records of the daily transactions, you will come up with an updated record that you can use for the growth and productivity of your business, instead of doing it during tax time only. These accounting services for small business is useful all throughout the business life.

 

Myth #2. Manual accounting is the right accounting. You do not need any other accounting options.

Fact: Now that we are in the digital world, even the accounting system can be upgraded using software. Some businesses are already using accounting software because of the many benefits it provides. Cloud accounting is another way for the enterprises, especially the small to medium businesses, to maintain and update the books.

There is actually nothing wrong with the manual accounting and simple bookkeeping, but if the software provides convenience and efficiency, why not opt for the better and help your business achieve its goals at less expense and stress.

 

Myth #3. Accounting of business is only for the professional. The owner should leave it to the experts.

Fact: Although accounting should be done precisely and correctly, it does not mean that you, as the owner, do not have the concern. First and foremost, the business is yours and you are the one who envisioned it for a certain purpose. Instead of leaving all the accounting and financial records and reports to the accountant, be involved in the financial matters to understand how you can make your business successful. Your investment in the business should be your motivation to keep it growing.

 

Myth #4. Everyone can use the accounting software without really understanding it.

Fact: Accounting software are designed for ease and convenience in keeping books and accounting, but because this is about your financial investment,you should also learn how to use the program so that you will be able to interpret its report. The more you understand the process and the program, especially how it is systematically processed, you will be able to appreciate your business as it achieves success. The Accounting Services Singapore provided by the best accounting firms may give you the right step to establish your business accounting.

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Bookkeeping Services Singapore: Xero Accounting For Your Business

by admin on September 29, 2015 Comments Off

 

If you run a business, you know how it’s important to manage your finance in a simple and yet accurate way. Unfortunately, accounting or bookkeeping services can get complicated. Whether is accounting, taxation, GST or payroll, the amount of information you need to document can be overwhelming. Does this sounded familiar. Don’t Worry. There’s a better way. Learn more at http://altaccounting.sg/

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Excellent Ways To Name Your Bookkeeping Business

by admin on September 28, 2015 Comments Off

A well-thought bookkeeping business name is a powerful tool you can use to market your business. That’s why it’s very important that you give time when thinking of how will you and your clients will call your business. A lot of firms that offer Bookkeeping Services Singapore are well-known not just because of their services but also because of their witty names.

Here are some you can use to name your business. Whatever it will be, always think of applying a trademark for it. Your name will grow together with your business. The higher the value of your business, the higher will also be the value of your name.

You can use your name.

If you are going to set-up a sole proprietorship, then use your name as the firm’s name. This is especially powerful if you are already known in your field. If not, then grow the popularity of your name by providing excellent service constantly.

If you are a Certified Public Accountant or Chartered Accountant, then put that CPA at the end of your business name. This will provide authority to your firm. Also, clients will trust you more because they know how difficult it is to pass the examinations. They will be more willing to entrust you the most sensitive and complicated parts of the accounting systems.

Partnerships.

Are you partnering with your colleagues? Then use your surnames as the name of the firm. This will sound powerful. Why? It is because the business name is a declaration that it is run by not just one but a group of qualified individuals. The clients will be more at ease because they know that there is a team that will work hand in hand in achieving excellent results.

There is a technique used by sole partnerships that is very similar to one we have discussed. They use “and associates” at the end of their name or surname. For example, instead of just Lee, they will use Lee and Associates. Why would they do that? In order to create the impression that they are not working alone, thus you can trust them with more difficult jobs.

City or State.

If your company is centered on marketing in a specific geographical area, then it will be a good decision to use the name of that place. For example, if you name your Accounting firm “Singapore Bookkeeping Services”, then, people will know that you are offering accounting services in Singapore.

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7 Reasons Why an Accountant is an Ideal Middleman

by admin on September 22, 2015 Comments Off

Consumers need the service of a middleman for so many reasons, but now that the online technology is efficiently functioning for the convenience of buying and selling, the accountants are also great as middleman for your business. Consumers would prefer buying from direct suppliers because of the lower market cost. Because the cost due to the middleman is eliminated when doing purchases directly, many consumers are now opting the online trading. On the other hand, as an Accountant offering Accounting Services Singapore, there are seven reasons why one is an ideal middleman.

  1. There are several things that you may not have time to do.

Instead of doing the bookkeeping tasks or other simple accounting tasks, you will rather have it done by a bookkeeper. You can refer and be a middleman to a professional who gives bookkeeping services Singapore.

  1. Other firms already have the system.

When you refer any accounting services from another firm that is already established, you are actually building up the firm for the service but the credit is on you. Your clients will have the best persons to do the job, while you gain the interests from it. It is just a matter of negotiating well with your clients and with the accounting firm.

  1. For long-term relationship with clients and another firm.

As an accountant acting as a middleman, you are actually building a relationship, not just for money, but for a long term one. This will also generate you more referrals, as well as opportunities to look for other firms that offer different accounting services for small business Singapore.

  1. You need other services too.

You have your own needs that may not be covered up by your existing products. Because of this, you may want to become a middleman of another accounting firm and refer one that has expertise on a specific field. This will not only lessen your burden, but will also keep you in line with your goals and purposes.

  1. Laws and regulations on Accounting Change.

As a professional accountant, you need to upgrade and continue educate yourself because the laws and regulations on accounting change constantly.

  1. Experience.

Being in the business for a long year, you already knew which strategy works best for a specific situation. Things are changed for the better, which is why there are new firms that offer modern technology in the service. You can easily tell, from experience, if a step will lead to success or if it will just fail.

  1. Advocacy.

Your aim is to help your clients achieve success in their business. That is your advocacy, and because of that, it is best to avail professional services from the experts who are specializing on a specific field, rather than give your clients a sub-standard service due to lack of expertise. The Accounting Services Singapore emphasizes the importance of middleman in the business, instead of saving on cost and pay for an unprofessional service.

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Small Business to Benefit from the ‘Financial Web’ says Xero CEO

by admin on September 18, 2015 Comments Off

The importance of accounting services Singapore to small businesses in the country was emphasized and given attention by Xero with the intention of helping and motivating them reach their goals and succeed.

According to the CEO of Xero, Rod Drury, in his speech in the XeroCon 2015, the goal of the company is to help small businesses grow their business as they use any accounting software such as the Xero Accounting. He explained that small business tend to slow down in productivity and growth, but with the use of these programs, it will be easier for them to monitor and manage the flow of the business as they have direct access to many opportunities available in the industry.

Now that the technology provides a way for every business to afford access to a more convenient, precise, and systematic bookkeeping services process through these accounting software, even small businesses will be able to go with the flow without really spending too much money for its cost. This is what the company is all about.

Since the Xero Accounting provides access for businesses directly to their banks, it is now easier for them to get direct feed of their accounts. This will help the business owners not just in the smooth flow of the accounting and bookkeeping process, but also in processing a loan to any financial institutions. This has been greatly noted for the advancement of any businesses, especially the small to medium ones that are striving to succeed in the industry.

Most accounting firms in Singapore are now including this program into their accounting service Singapore, primarily intended to provide the best assistance to businesses from the bookkeeping procedures to the preparation of financial statements all the way to the processing of the requirements in case the business needs to apply for a loan.

Xero is still working on new features that will continue to serve and improve businesses, and with its technology and system, it is becoming the hub of many businesses, especially the small ones, in the industry today. The program does not just provide an accounting system for your business, but also a lot of direct access to many potential suppliers, buyers, lenders,and banks. This access are needed for the improvement of the productivity, sales, and growth of the business, thus yield the success you desire. If you aim to achieve success without spending unnecessary expenses on the accounting of your business, consider what these accounting solution can do for you and your business.

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