COVID-19 Survival Kit: Cloud Accounting And Outsourcing Services

COVID-19 Survival Kit: Cloud Accounting And Outsourcing Services

Why Cloud Accounting Is More Popular Since The Pandemic? And How Outsourcing Can Support Your Business?

Cloud accounting is not a new business innovation. It started with the first cloud accounting solution, Xero since 2006. In the past, companies have always viewed it as a new solution made for more advanced enterprises. Many SMEs especially put it on the back burner, focusing on other urgent priorities for their business growth.

Within the past year, the pandemic changed the situation. Priorities were flipped. A global crisis was the perfect set-up to showcase the superiority of cloud accounting over the traditional accounting system. For SMEs, all of the reasons preventing them from switching to cloud accounting solutions, become the motivators to adapt to a new norm to ensure the survival of their businesses.

1. “The existing system is broken.”


One of the main barriers of converting to cloud accounting was that the traditional accounting system was working fine — It was not broken, and businesses didn’t see a need for a “fix” or upgrade. It was a solid 6/10, albeit slightly outdated. Cloud accounting merely bumps it up to an 8/10 with its efficiency benefits.


As countries start going into lock-down situations like a circuit-breaker, companies have weeks or days to find alternative solutions to ensure that daily operations can continue to run. Being forced into remote working, accessing hardcopy documents or bookkeeping from snail mails have become unproductive or virtually impossible. The traditional accounting system starts to reveal its weaknesses, and functions like an unreliable 3/10. This often ends up in cluttered, disorderly inboxes and frequent miscommunication over the phone or video calls. Switching to cloud accounting systems then, becomes increasingly attractive.

2. “I can’t get hold of people or documents when I want it.”


Traditional accounting systems allowed real-time verification of information. You know where and when to find your staff or vendors, and vice versa. These are often done face-to-face when amounts are huge or when it’s a new expense. There is an established level of trust when information is passed via those tried-and-tested real-time communication channels.


Losing the face-to-face interaction has resulted in delays, miscommunication, mistakes, frustrations, and in turn lost trust. It demanded last-minute new standard operating procedures like email records to compensate for accountability loopholes. The previous system was not designed to cater to remote working situations. When the backbone of the business operations is dysfunctional, it loses its ability to withstand impacts during turbulent times. This is where cloud accounting shines — it ensures business continuity with remote workforces and supports seamless online collaboration, even within a pandemic situation.

3. “There is a higher demand for online services.”

Businesses offering online platforms or services are seen as the trend-setters, not as the norm. Customers who demanded those services are typically the young or the tech-savvy, and restricted to certain industries. Whenever a new change is introduced, there’s bound to be resistance from various stakeholders.

With the COVID-19 pandemic, everything has to be shifted online as physical supply of many goods or services are not readily available. Digitalisation is no longer limited to a selected group of early adopters. When the masses have to learn how to do everything online, online business services boomed overnight. This change in purchasing behaviour has led to all stakeholders — customers, staff, suppliers, partners, government agencies, unanimously embracing online services. Online shopping & entertainment, home deliveries, video-streaming, e-learning, virtual troubleshooting and more are adopted with unprecedented openness. The ease of transitioning into cloud accounting helps to accelerate the process of shifting businesses online.

How Outsourcing Complements Cloud Accounting

The case to go into cloud accounting for SMEs is overwhelming since the pandemic. As companies invest in cloud or SaaS services, the benefits of outsourcing solutions have become more apparent.

1. Efficient deployment of human resources

Just like how cloud computing reduces the need for tech support from IT personnel, cloud accounting enables you to streamline your accounting needs. Instead of a hiring or firing decision during uncertain times, you can scale up or downsize your business by adjusting your accounting package. Outsourcing mundane tasks such as bookkeeping and administrative work also enables you to focus on higher priority business actions, adding more value to your business growth in the long run.

2. Real-time accessibility anywhere

Because anyone can view data, access bank accounts, track inventory, expenses, sales etc. anytime and from anywhere, cloud accounting is really made for work-from-home situations. This means even if you outsource to a third party, all your accounting and compliance-related matters can be kept updated without having an in-house accountant.

3. Automate work processes and eliminate paperwork

Cloud solutions not only remove the costs of keeping hardware and software in-house, it also helps SMEs work smarter and more efficiently by saving time to manually sort out bills and expenses. With outsourced corporate service providers, your online accounting system is set up from day one with perfect accuracy to eliminate erroneous entries and tedious transaction reconciliations.

4. Wide range of expertise in accounting and corporate services

For small businesses, relying on one accounting staff to keep up with changing business policies is a tough order, especially during the pandemic when fast business decisions need to be made as new regulations are announced from time to time. Because outsourced accounting service providers serve several clients at one time, they continually improve their qualifications and skills to stay competitive, and are in the know regarding the latest business trends and regulations. Having a high level of professionalism and accuracy ensures the sustainability of their business contracts.

Get the full advantage of cloud accounting with outsourcing services

In today’s unpredictable economic climate, cloud accounting keeps small businesses lean and agile for nimble business growth. By outsourcing your accounting and administrative support needs to a trusted service provider, you are gaining a reliable business advisor to provide practical, effective solutions for the long haul.

Connect with us today to find out how Mighty Glory Corporate Solutions can support your business operations as your trusted outsourced partner during these uncertain times.

Why Outsourced Accounting Services in Singapore Are Worth to Consider?

Why Outsourced Accounting Services in Singapore Are Worth to Consider?

Many start-ups and small business owners in Singapore are outsourcing their accounting duties to other firms. It might seem counter-intuitive: Why would a small business entrust another firm with their finances? However, there is wisdom in this practice. Outsourced accounting services might seem like an unnecessary expense, but the costs of hiring and maintaining an in-house accountant are far more.

There are many benefits to outsourced accounting services, especially in Singapore. The expertise and professionalism that comes with accounting firms make them reliable and trustworthy. In this article, we shall look at some of the positive outcomes of outsourced accounting services in Singapore.

When to Consider Outsourcing Your Accounting Duties?

Small businesses need to consider outsourcing their accounting function before hiring an in-house accountant. Here are some of the scenarios when outsourced accounting services work best:

  • A small business that doesn’t need an in-house accountant.
  • A company fails to find a suitable accountant at an affordable cost.
  • A growing business with the need for accounting services to meet changing financial needs.
  • Temporary assistance due to manpower constraint, for example, when the staff in charge is away for personal reason.

Benefits of Outsourced Accounting Services

Outsourced accounting service providers exhibit professionalism and expertise in financial matters. They offer a wide range of services, including bookkeeping, daily administrative support, payroll-related, managing accounts payable and accounts receivable, filing income tax returns, ECI (or Estimated Chargeable Income), and preparing other reports for special reasons. On the other hand, hiring an in-house accountant can lead to less accuracy and maybe even losses when it comes to misinterpretation of any financial laws.

Here are some of the benefits of outsourcing accounting services in Singapore:

No Need to Hire Full-time Accountant

Small business enterprises may not need to hire a full-time accountant for their firm. They deal with a limited volume of work, which means they can do without a fully paid accountant. That is why hiring outsourcing accounting services is a more feasible approach. With outsourcing, a firm can review their finances and periodically plan for the future, while freeing up time to create new business strategies.

Cost Savings

Setting up a company in Singapore and maintaining it require a lot of work – not to mention that it is very costly. Outsourcing might seem like an expensive venture, but you’d be surprised to learn that outsourcing saves a lot of money in the long run. Outsourced accounting services reduce expenses, usually attributed to a full-time employee. It removes the need to pay the salaries, bonuses, pension or levies, and other benefits for an accountant. With outsourcing, you only pay for accounting services, nothing extra. You get better quality services for less money than it would take to hire and maintain a full-time employee. There is no loss in productivity that usually affects employees in a company.


Outsourced accounting services provide the option of hiring professional accountants with high levels of expertise at an affordable price. Small businesses in Singapore can benefit from a team of highly qualified accountants who provide integrity and deliver work on time. Accounting services make sure to cope in a competitive market by continually improving their qualifications and skills. These are all readily available to companies should they choose to outsource their accountants. Moreover, external auditors do a better job of reducing errors in their work – considering that they may lose a contract if they mess up.


When it comes to outsourced accounting services, the margin of error reduces significantly. Accounting firms will usually utilize accounting automation software to save time. Using accounting software reduces the amount of time spent in preparing tax returns, tracking expenses, and producing financial reports. In addition to saving time, automation reduces the number of human errors. Using Optical Character Recognition (OCR) and Artificial Intelligence (AI) result in a high level of accuracy.


When it comes to outsourced accounting services, one of the most significant benefits lies in the ease with which the business can expand without requiring any additional employees. Most accounting firms in Singapore can accommodate small to large corporate sizes when it comes to accounting services. If a business gets a sudden growth in its finances, there will be no requirement to hire extra accountants. The outsourced accounting service will step up to the job without any lags.


Taking accounting into your own hands may not be the most feasible option in the current Singapore’s economic climate. Businesses and start-ups are popping up all over the country, and starting up a business is no easy feat. Consider the following: registering a business, preparing all the documentations required under the Companies Act, getting licenses and permits, and registering for Goods and Services Tax (GST). These are time-consuming tasks that cannot be done by a single individual. That is why outsourced accounting services are so prevalent in Singapore today.

Connect with us today to get a suitable package under our accounting services for your business in Singapore.

Challenges that e-Commerce Brings to Retailers: 7 Tips on Navigating Change

Challenges that e-Commerce Brings to Retailers: 7 Tips on Navigating Change


On 30 October 2020, one of Singapore’s biggest names in retail announced its closure. Robinsons will be closing its last two stores in Singapore: its flagship store at The Heeren, and its 85,000 sq ft department store in Raffles City Shopping Centre. Robinsons Singapore has long been a fixture in the city, being in operation for 162 years. More than a business, the well-loved brand has been a huge part of Singapore, creating traditions and evolving through the times with the society it serves. The announcement sent shockwaves around the city, but it was imminent for retail giant Robinsons, which has seen over six years of operational losses.

End of an Era

The first Robinsons store opened in 1858, functioning mainly as a grocery store. By 1957, it has established prominence and became renowned all through the Far East. The conglomerate also stood through unfortunate disasters – its Raffles Chambers store was bombed during World War II, and the store was razed by a massive fire in 1972, with nine people left dead in the blaze.

In the 2000s, the company started to expand and restructure. A new $30 million store opened in Raffles City and from 2006 to 2008, the company went through changes in ownership, with Indonesia’s Lippo Group, and the Al-Futtaim Group of Dubai holding stakes in the company. In 2013, the new flagship store at The Heeren was opened.

In a bid to boost its decreasing sales, Robinsons launched its e-commerce platform in 2016. However, the shrinking demand for retail renting and the shift of shopping preferences from brick-and-mortar stores to virtual continued to plague the company. The COVID-19 epidemic and its economic repercussions proved to be the nail in the coffin for Robinsons. The former shopping giant in Singapore is closing down.

Why is e-Commerce the Biggest Challenge for Traditional Retailers?

Although many were saddened by it, the closure of Robinsons did not come as a total surprise. Physical retailers from all over the world are closing down. Giant brands like Walmart, JCPenney, Neiman Marcus, Forever 21, and Sears have all closed shops. The convenience and accessibility of online shopping have caused a massive shift in buying behaviours and a fast-dropping demand for brick-and-mortar shops, shopping malls, and department stores.

The changing retail landscape removed stores and physical outlets from the equation. eCommerce opened a new dimension in shopping, one that is preferred by most consumers today. Here are five major advantages of e-Commerce that are plaguing department store retailers:

1. Online platforms are cheaper

Setting up and maintaining an online store is a lot cheaper than a brick-and-mortar outlet. The costs of building a website and an online store are just a fraction of the costs of constructing, decorating, and putting together a brick-and-mortar shop. Overhead costs are also lowered as less staff are required to man an online shop, compared to a physical one. No rent, electricity, and water bills!

2. Sellers can set up their own shops

Anyone can easily set up their own online shop or hire an outsourcing firm in Singapore to build one for them. This convenience gives the sellers an option to go directly to their customers, thus effectively lowering costs and increasing profitability. The low barriers for new retailers to set up virtual stores further decreased the need for sellers to rent retail spaces in physical departmental stores.

3. Shopping is more convenient

Convenience and accessibility of online shopping tipped buyers and customers to favour the virtual stores. Multiple payment options give buyers the flexibility and ease of shopping. The remote and cashless transactions afforded by e-Commerce resolved many shopping problems during the pandemic with its lockdowns and travel restrictions.

4. Operations are streamlined

No more restocking of shelves, cash handling, keeping the store neat and tidy, price tagging, holiday staffing, and tiresome inventory monitoring. With e-Commerce, everything is automated, thus, operations are fast, simple, and efficient.

5. Round-the-clock operations and worldwide reach

As consumers flock online, shopping becomes something that can be done around the clock as there are no fixed operating hours for online stores. You continue selling while you and your staff are asleep, at a meeting, or on vacation. You are also maximising your reach as you can now sell to anyone around the world.

How can Retailers Overcome the Threats of e-Commerce?

The overwhelming edge that e-Commerce offers to consumers is proving to be a threat to retailers – one that has reduced many big names and retail brands to bankruptcy. As many welcomed the convenience and accessibility of shopping online, not all retailers are adaptive enough to accommodate the change. Thus, many of them are rapidly losing customers and losing the business.

Change is always a tumultuous stage. But, oftentimes, it is the only option we have if we are to survive the evolution and stay in business. Here are some tips that could help business organisations weather the threats of e-Commerce and the massive disruption it has brought to the business industry.

1. Embrace change

The best way to overcome the threat of e-Commerce is to embrace it. Recognise its advantages and apply them to your organisation. Launching an online store will significantly widen your client base, give your current customers more options, and increase revenue. Expand your reach and operations by establishing an online presence, on top of your brick-and-mortar stores.

Take advantage of government grants such as the Digital Resilience Bonus, where you can receive up to $10,000 for adopting digital solutions in accounting, HR/payroll, inventory management, data analytics, e-Commerce, e-Procurement, food ordering and delivery. Enterprise Singapore (ESG) also provides a 90% support on qualifying costs (capped at $9,000) for retailers looking to list their products for sale online via one of four e-Commerce platforms providers: Amazon, Shopee, Qoo10 and Lazada Singapore. For those unfamiliar with the grant applications, support can be found in SME Centres, or you can opt to work with a corporate service provider in Singapore with proven experience in helping businesses go digital effectively.

2. Highlight your brand

What makes your store or shop unique? What brings people in? Is it the family-friendly ambience of the store? The trendy and fashionable selection of goods? Is it the little extras in the services you offer? Remind people of why they love your store. Highlight your brand and provide the special shopping experience that only you can provide, whether it’s online or offline.

3. Improve your response time

Whether you add a virtual store to your mix or not, it is important to strengthen your customer engagement. e-Commerce has spoilt shoppers with the expectation of instant gratification. People are no longer willing to wait. Prioritise your customer service responsiveness, whether is it answering queries, addressing complaints, and delivering goods. Make sure you provide your customers with what they need, as soon as possible. Empower your customer service team by allocating more human resources to provide personalised support to your customers, while outsourcing administrative tasks such as by engaging accounting firms in Singapore to streamline other parts of your business operations.

Platform responsiveness is also important – Recapture your sales lost to slow or unresponsive webpages by doing regular checks on your site speed and optimising webpage loading times. Work with an outsourced web agency or business consultant who can help to accelerate your business digitalisation.

4. Study your competitors

In the changing business climate, take a closer look at how your competitors are doing. They are your best sources of information and guidance on how to navigate this crucial stage. For the old-timers that have retained their stature, what changes have they adopted? What practices have they retained? For the newcomers, what are they doing right? What is their edge? For those who failed – where did they fail? Learn from these lessons and make use of data and statistics to inform your business strategy and decisions.

5. Bank on customer loyalty

You can alienate loyal customers by changing or not changing at all. The key to securing their loyalty is to know your customers. Conducting a survey or doing interviews will give you a good idea of how they stand on accepting changes. Age, location, social standing, and income range of your target audience are just some of the factors to consider when deciding whether or not to make the change.

6. Invest in a secure platform

Online security is fundamental to any virtual store or website. Ensuring the security of your customers’ information is also a company compliance requirement in Singapore. People are aware and are just too afraid of scams, frauds, and other cybercrimes that are pervasive on the internet. If you are making the move to e-Commerce, make sure that you are building a secure environment for you and your customers, be it via ensuring personal data protection, or using trusted and secure payment gateways.

7. Innovate your marketing plan

The internet has evolved from a connectivity tool into a place where people socialise, communicate, work, and shop. Your current marketing strategy may no longer be the most efficient to reach your target market. Television viewing is on the decline, newspapers are all but phased out, and local radio stations are no longer the primary music source of the masses. Study where you can reach your customers at the present, reassess if your marketing strategies still apply, and make the necessary changes.


Need support to take on the challenges of the digital age for your business? We offer comprehensive business and accounting services in Singapore. Connect with us today to discuss more of your company compliance requirements in Singapore. We look forward to helping you identify your business needs and providing you with efficient and holistic solutions.

How Does Singapore GST Assisted Self-Help Kit Work?

How Does Singapore GST Assisted Self-Help Kit Work?

If your business is required to file for Goods and Services Tax (GST), the GST Assisted Self-Help Kit (ASK) is useful for all GST-registered businesses. It is a program designed by the Inland Revenue Authority of Singapore (IRAS) to help businesses in determining the accuracy of every company’s GST filings. The GST ASK may be implemented voluntarily or as required by the IRAS.

While it is not uncommon to have errors in GST reporting, miscomputations and incorrect recording may happen, which can significantly affect your business operations since you will attract the government to perform audit checks on your business, taking valuable time for you efficiently do business with your customers. So, it’s best to implement a GST ASK review or hire outsourced accounting services in Singapore to avoid any problems in the long run.

How Does ASK Work?

The kit is comprised of three main stages to help businesses assess and ascertain the errors they have committed in the prior GST reports. This allows companies to realise their GST errors early, optimise business reporting procedures for future submission, and avoid being penalised.

The main stages of the ASK program include:

Stage 1: Identifying Good GST Practices

To enhance the accuracy of this self-reviewing program, the company will be prompted to assess their internal processes based on four key aspects: people, record-keeping, internal controls and systems.

To complete this stage, the company must answer a questionnaire aiming to identify the business’ GST practices.

Stage 2: Before the GST Review: Pre-Filing Checklist

The second stage involves many thorough questions for the company to determine if certain items, business processes, etc are in place. A pre-filing checklist is available at the User Guide for Assisted Self-Help Kit. This step is useful, especially for companies that are filing their first GST returns. It is also highly recommended for businesses that have new business arrangements or personnel handling the GST filing.

The pre-filing checklist has four to six sub-sets of questions to be reviewed and reflected, according to the company’s actual scenario. Once completed, it can be of great use in understanding the accuracy level of the GST filings.

Stage 3: GST ASK Annual Review

Businesses that have filed a GST return will undergo a strict and rigorous review of the GST returns filed for all the past periods since the entity first became GST-registered.

You can seek GST ASK annual review guides or consult different professionals and firms offering accounting services in Singapore to make the whole process simple. And the good thing is that the IRAS provides a guide for businesses to conduct this annual review.

The GST ASK review should be conducted by your in-house staff. It could also be performed by an external party, such as:

After the review is completed; they must report any errors that were found and learned during the assessment to the IRAS.

During the annual review, the two types of errors that will be discovered are as follows:

Transactional Errors

These are due to the wrong application of GST treatment or a lack of adequate evidence to back the transaction records.

GST Reporting Errors

Unlike transactional errors, GST reporting errors relate to the inaccuracies committed during the preparation of GST reporting. The erroneous data can be a result of using incorrect data, claiming disallowed input tax, and GST adjustments for certain scenarios.

What Are the Main Benefits of Conducting the ASK?

If your company fully submits itself to the GST ASK annual review, you can enjoy a lot of benefits, including:

  • A better understanding of the GST requirements;
  • Accurate reporting of future GST returns;
  • Lower risk of incurring penalties on avoidable errors;
  • Quick identification of GST errors for early reporting to IRAS, under the voluntary disclosure program;
  • Administrative concessions for common errors reported through the participation of ASK Annual Review; and
  • Streamlined application or renewal of GST Schemes (like Import GST Deferment Scheme, Approved Third Party Logistics Company Scheme, Major Exporter Scheme, etc.)

While the GST ASK is not mandatory, a company’s voluntary participation in the program can significantly help them maximize resources. If there are any errors committed in the process of filing their GST returns, they will enjoy lower penalties if proven that the mistakes made were not made on purpose or to avoid taxes.

What Can We Do at Mighty Glory Corporate Solutions?

Whether you want to get your business started, or your company needs to carry out the annual review, Mighty Glory Corporate Solutions can work closely with your company throughout all the stages of the GST ASK processes.

We will enhance your business’ GST compliance level by carefully reviewing the existing procedures and giving recommendations on areas that can be improved. Our experienced team of professionals can support you from the GST pre-registration to conducting the mandatory ASK review for the specific GST Scheme application or renewal.

If you’re interested in our services, please don’t hesitate to get in touch with us. We can also give you a customized quotation.

For more details and information, call us at (+65) 6677 4258 or send us a message by completing the inquiry form.

Government Grant: PSG for Laptops

Government Grant: PSG for Laptops

Update: The grant application had ended on 31 December 2020.

Productivity Solutions Grant (PSG) includes Laptops for SMEs

The Productivity Solutions Grant (PSG) is a strategic program implemented by the government to simplify processes and enhance productivity and operational efficiencies of SMEs (small and medium enterprises) in Singapore. Under the Resilience Budget, the PSG was expanded to boost business transformation by addressing the needs of Singapore businesses caused by the COVID-19 pandemic.

What’s new in PSG?

  1. The scope of pre-approved digital solutions was widened to include those which help in implementing Covid-19’s safety measures, such as online collaboration, virtual meetings, queue management, and temperature screening. Each eligible SME can receive support for up to 3 laptops bundled with online collaboration tools (such as Zoom and Microsoft Office 365) within each package. The 2 laptop-bundled remote working solutions, pre-approved by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG), are offered by M1 and Singtel.
  2. Government support increases from 70% to 80%
  3. Valid until 31 December 2020

Who are eligible for the PSG?

The business can apply for PSG if:

  1. It is registered and operating in Singapore.
  2. The purchase, lease or subscription of the IT solutions and equipment are to be used in Singapore.
  3. At least 30% of its shares are held by Singapore Citizens or Permanent Residents (for selected solutions only).
  4. The company’s group annual sales turnover is not more than S$100 million, or the company’s group employment size is not more than 200.

Grant application will not be accepted if the business has:

  1. Made any payment to any party in relation to the purchase, lease or subscription of the IT solution or equipment.
  2. Signed any contract with any party in relation to the purchase, lease or subscription of the IT solution or equipment.

What are the laptop models and pre-approved solutions? Please complete this form and within 1 working day, we shall send you the current laptop model available as well as the latest list of other pre-approved solutions, which are regularly reviewed by the government bodies.

Check out the details on Singtel’s laptop packages while here are also the details for M1’s laptop bundles.


1. What are the laptop brands?

Due to the lack of guaranteed supply, laptop brands cannot be promised. Subject to the stock availability, the brand and model are subjected to change without prior notice. However, the minimum laptop specifications required by IMDA are guaranteed.

2. Can I purchase the laptop first without PSG approval and apply for the grant later?

No, the PSG approval number Singtel and M1 will require a grant number upon purchase. Thus, any laptop purchased before the application is not valid for the grant.

3. Can the equipment or IT solution be used for the company’s subsidiary or related party?

No. the equipment or IT solution should only be used by the applicant entity and not by a related party.

4. How to apply for the PSG laptop grant?

We can provide you with a step-by-step guide. Whatsapp us and we shall send you within 1 working day.

5. What is the processing time for applications?

Applications are processed within 4 to 6 weeks from the submission of all required information.

6. What is the annual grant cap for PSG?

Each company supported by Enterprise Singapore, ESG is subjected to an annual grant cap of S$30,000 for the solutions pre-approved by ESG, starting on 1 April and ending on 31 March of the subsequent year.

7. What happens when the grant cap is fully utilised?

Companies that have fully utilised their grant caps will not be eligible for further support within the validity period. They may apply for new solutions in the next period when the grant caps are refreshed.

Above the other existing schemes, the company can also bear the out-of-pocket expenses (up to 90%) with the one-off S$10,000 credit, under the SkillsFuture Enterprise Credit, SFEC.

SFEC scheme encourages employers to invest in enterprise transformation and the capabilities of their employees.

Seven Tips on Efficient Bookkeeping for SMEs in Singapore

Seven Tips on Efficient Bookkeeping for SMEs in Singapore

As you establish your business, you need to consider a lot of aspects – from doing extensive research on your target market, creating a positive work environment, managing your staff in keeping financial records. All these factors are essential in having a successful business venture.   

More importantly, you must understand that sound financial management is the key to sustaining any business. For it to be financially sound, you should implement a proper bookkeeping process. But how? Well, most organisations struggle to keep their own financial records. And when negligent financial reporting happens, they suffer. 

The absence of an excellent financial bookkeeping process may lead to low cash flow margins, significant financial problems, audit risks, and missed growth opportunities. As a business owner, what should you do if you are faced with these situations? Start by getting to the root of the problem. If you’re not number savvy, it’s best to avail of bookkeeping services in Singapore rather than running the risk of non-compliance.   

However, if you want to do your own book, consider these tips for efficient bookkeeping for SMEs. We’ve made a list to help you out!

1. Know compliance guidelines and statutory laws.

As a business owner, you need to know the ins-and-outs of your business. You need to understand the compliance regulations set by Singapore Financial Reporting Standards (SFRS.)

It’s also good to have extensive knowledge of the Inland Revenue Authority of Singapore (IRAS) regulations. It can significantly help businesses in claiming tax credits. For example, both local and foreign companies can be eligible for tax incentives.

2. Develop a detailed and streamlined bookkeeping system.

Other than understanding the principles behind bookkeeping for small businesses, the company should streamline its processes. You can even purchase accounting software for convenience and seamless bookkeeping.

Every software program has its own unique features. But more than anything, it can help you achieve your goals and comply with your bookkeeping requirements. So, whether you want to invest in a sophisticated accounting software program or manually manage your books, you must develop a detailed system that addresses your needs.

3. Be consistent in doing your books.

Are you tired of working on piles of source documents? The best thing to do to avoid this situation from happening is by consistently updating your books. Record your business’ daily transactions. When you do it on a monthly basis, it will become a more tedious task than you thought.  

Imagine bookkeeping a year’s worth of financial records. Doing this task will take your time and other valuable resources. So, practice dedicating at least ten minutes of your time for bookkeeping.

4. Record ALL your transactions.

One of the most common problems finance managers experience is that businesses don’t have all the necessary records to address financial discrepancies. And when this happens, they are faced with compliance violations and penalties.   

Be sure to keep the records properly to avoid any financial complications. You can create your own system for the receipts, invoices, purchase, and business expense records, income records, statements, and accounting records to identify each from the other.  

In some instances, it may seem impossible for a bookkeeper to record every single transaction. However, it’s the bookkeeper’s responsibility to comply with the SFRS.

5. Go cashless.

Going cashless is one of the most efficient ways to keep track of your transactionsIf you are wondering why, well, most cash payments give you receipts. And it can be overwhelming to keep track of all them.   

For you to avoid losing a copy of your financial transactions, you can either pay via credit or debit card. This method ensures that you have created records of your purchases because they will be reflected in your bank statements.

These alternative forms of payment will significantly help you to check and trace your business’ expenses.

6. Separate personal and business finances.

Having trouble with your books? It’s likely that you didn’t keep personal finances separate to your business. To avoid recording private expenses in your books, you can do the following:     

  • Pay yourself a salary.
  • Start a bank account solely dedicated to your business.  
  • List all the things you’ve paid for your business and transfer the money to your personal account.   

By doing these things, you can accurately track your finances, both for your personal and business account.   

7. Hire professional bookkeeping services in Singapore.

Starting a business can be an overwhelming and tedious journey. While you’re at it, you need to focus on what really matters for your business. That’s why it is best to outsource your bookkeeping needs.   

If you don’t have the time and skills to manage your business’ booksyou can consider outsourced bookkeeping services in Singapore. Most service providers consist of a team of experts that can take the load off your hands. Whenever you have no idea where to start, seek the help of professionals like Mighty Glory Corporate Solutions.   

Mighty Glory Corporate Solutions is a virtual accounting practise that offers bookkeeping and accounting services for small businesses in Singapore.   

Our team is proficient in different accounting software and platforms to help you with your requirements. Want to know more about our services? Let’s arrange a meeting to discuss more. Call us at (+65) 6677 4258 today!

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