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Government Grant: PSG for Laptops

Government Grant: PSG for Laptops

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.

FAQ

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!

How To Improve The Company’s Cash Flow?

How To Improve The Company’s Cash Flow?

Introduction

Cash flow is the amount of money coming in and out of the business. It is a great indication of an entity’s liquidity or its ability to short term obligations. Positive cash flow in the form of cash sales and collections means that the incoming cash is higher than what is going out like purchases and payments. A shorter cash flow cycle or the amount of time needed for a business to convert assets to profits indicates robust profitability. Accounting services in Singapore include cash flow audit and design to improve liquidity and profitability.

The goal is to sustain a positive cash flow at a shorter cash flow cycle. However, the cycle is also dependent on one’s business model and operations. The time between spending cash in making the purchases of raw materials to collections on sales is not totally controllable. But, there are ways we can liven up sustained positive cash flow.

1. Improve collection processes

A significant amount of your cash inflow could be stuck in cash receivables. These liquid assets can easily turn bad and hold up your access to cash. Take a closer look at your Accounts Receivables (commonly known as Trade Debtors). How long is the average collection? Do you see a lot of overdue accounts? Give incentives to good clients and early payors and apply more aggressive collection efforts to delinquent accounts. You may also have to cancel the bad accounts.

2. Keep a closer eye on expenditures

Review your expenses. Check on the items that take a chuck of your expenditures. You might want to find more affordable alternatives or shift to better suppliers. Also, take a look into the smaller items, many of these are avoidable like the interest expenses and penalties.

3. Improve sales campaigns

Call on your sales team to boost their marketing efforts. Are your marketing campaigns still relevant and effective? Is your packaging outdated? Discounted sales and promotions are great at driving up sales, but could negatively affect profitability. Review your customers’ buying patterns and behavior. Do you have more repeat customers or complaints?

4. Open new markets

Widening your customer range will bring in more buyers and improved sales. There are plenty of ways to open new markets – branch out to a new market segment with different products, develop new products relevant to your existing ones, open stores in new locations, or open an online store to capture the online market.

5. Manage inventory

Inventory is ready-to-sell items that are kept in the warehouse. They are liquid assets stuck in storage. Furthermore, keeping your inventory safe costs money, which adds your expenses. Good forecasting and inventory management will ensure enough goods at hand while keeping the warehousing expenses at a minimum.

What Affect Company’s Cash Flow

A business, economic, or environmental crisis can throw off even the most careful and intensive business planning. Natural disasters and unforeseen events are unpredictable and immeasurable. Although we can set aside funds and prepare procedures in preparation for it happening, we cannot fully assess its effects on the business.

In any business crisis, there are several ways we can quickly implement in order to sustain positive cash flow and save the business.

1. Injecting fresh capital

Find new investors who can bring in new capital to the company. Owners can also add in new financing to ensure liquidity and continued business operations.

2. Emergency loans

You can secure term loans to carry the business over the rough patch. Your business bank can offer quick business loans at reasonable interest rates.

3. Discounted Sales

Converting liquid assets to cash through discounted sales is a good way of bringing in badly needed cash. It will also eliminate old stocks and slow-moving items.

4. Government Aids

Governments often provide a helping hand during economic disasters and business crises. In Budget 2020, Singapore Government has announced relief measures to help businesses tide over the trying times. Any business entity can claim for government help, provided that they fulfill the key eligibility criteria. Here are the few statutory bodies and organizations in Singapore that help companies to cope with the company cashflow during this coronavirus crisis:

a. “Helping Our Promising Enterprises” (HOPE) Fund

S$5-million was launched through the partnership between Singapore Business Federation Young Business Leaders Network (SBF-YBLN) and Goldbell Evolution Network (GEN) to provide an accessible short-term working capital loans for local SMEs. Each company can take a fixed quantum of S$50,000 with a tenure of 12 months, at a minimal administrative fee. The affordable interest rates range from 0.5% to 0.75% per month. Funding is secured over the personal guarantee of the company’s directors or shareholders. The allowance to defer the first loan repayment to start from the third month onwards is the HOPE Fund’s attractive feature.

b. Enterprise Financing Scheme – SME Working Capital Loan (EFS-WCL) by Enterprise Singapore

The loan quantum capping is increased to S$600,000 from the previous S$300,000 and the life-span’s extension to March 2021 enhance the previous scheme to help in financing a company’s daily operational cashflow needs for the unexpected COVID-19 challenge. Despite that the risk-share is also increased, the standard loan recovery procedure remains. If the company has an on-going overseas project, the management may also consider the Project Loan scheme.

c. Singapore Budget 2020

Generous provisions in the Budget 2020 were set to provide for the different needs of households, workers, and businesses affected by the pandemic COVID-19. The obligations to pay are reduced through these useful schemes such as the popular Corporate Income Tax Rebate, Property Tax Rebate (up to 30% of the property tax payable) and one-time offset for 3 months of staff wages under Jobs Support Scheme. The enhanced Wage Credit Scheme gives 20% of co-funding for salary increments in 2019, which is higher than the rate for 2020. This is a valuable benefit as a result of a past event. Additional support is also available to help the industries affected by the coronavirus – tourism, aviation, food and beverage, retail, and point-to-point transport services.

d. Temporary Bridging Loan Programme (TBLP) for Tourism Sector

TBLP, an additional cashflow support for local SMEs in the tourism industry, is a newly-introduced measure. Eligible enterprises can obtain loans, from participating financial institutions, of up to $1-million, with the interest rate capped at 5% per annum. It is open for application till March 2021 and the maximum loan tenure is 5 years.

e. DBS Relief Measures and Support

DBS Bank Limited understands that managing the cash flow needs is the top priority of every company. Besides being one of the participating financial institutions under TBLP, the other short-term liquidity relief measures and initiatives offered by DBS include but not limited to:

• DBS customers with existing secured property loans would only need to service the loan interest for the next 6 months, upon effect.
• The due dates for import facilities will be extended up to 60 days.
• Rebates are offered for certain bank services.
• Small business loans (up to S$50,000) can be obtained within 1 working day upon loan acceptance, without the need to submit any financial report.

Singapore Finance Minister will deliver the supplementary Budget on the coming Thursday, March 26. The supplementary measures are additional support to assist households, workers and businesses in surviving through the coronavirus outbreak. We will share the business-related measures in our Facebook and LinkedIn pages. Stay tune!

Do you have other questions or want to know more on how to improve your company’s cash flow? Get the right advice coming from the experts on accounting and corporate secretarial solutions.

Contact Mighty Glory Corporate Solutions today and let us discuss your business needs.

Why Your Company Should Consider Engaging Corporate Service Provider to Level Up Your Business?

Why Your Company Should Consider Engaging Corporate Service Provider to Level Up Your Business?

A corporate service provider (CSP) is a business entity that provides compliance services such as bookkeeping, unaudited financial statements and tax services. CSP also assists with the formation of new business entities, generating payroll calculation and payslips for the client’s employees, and even handling the administrative functions of the client’s business.

The value of a corporate service provider lies in the professional assistance they provide to the companies that hire them, be it MNC (Multinational Corporation) or SME (Small-Medium Enterprise), towards the overall functioning and running of the client’s business. Singapore is a modern nest of entrepreneurial activities. New businesses and concepts may be coming to life in the country every day, but not every entrepreneur is familiar with the ins and outs of running a corporate enterprise. This is where a Corporate Service Provider can step in and help their clients, by providing preventive measures to avoid being penalised for non-compliance acts.

Should I Consider Hiring A Corporate Service Provider in Singapore?

SHOULD I CONSIDER HIRING A CORPORATE SERVICE PROVIDER IN SINGAPORE?

Singapore is a country that welcomes and encourages the growth of new ideas and enterprises, especially when they can benefit the country and its people. It is also one of the countries where more people engage in business and entrepreneurial activities than in many other places in the world. In keeping with the growth of the businesses and startups, there has also been a rise in Corporate Service Providers being engaged as well.

The primary benefit of outsourcing various company tasks to a CSP lies in obtaining professional and personalized approaches to managing administrative tasks and overall functioning of the company. Instead of having to manage the various administrative tasks internally (such as handling expense claims, paying the employees, or even maintaining the accounting registers), the CSP whom you hire will manage those tasks for you.

If your company is not equipped to proficiently handle the administrative tasks associated with running a company, especially if the entity is a start-up or a brand new venture, a Corporate Service Provider can give you the space to focus on your core concepts and ideas while they manage the internal functioning of your company. A CSP will ensure that all the internal processes of your company are proceeding smoothly, and managed by individuals who have experience in what it takes to maintain the internal functions in a professional and overall cost-effective manner.

What is a Corporate Service Provider?

WHAT IS A CORPORATE SERVICE PROVIDER?

A Corporate Service Provider is a professional firm that provides business solutions to any company, with the intention of providing quality and value-added services in the sector of company management, business advisory, statutory submissions within the stipulated deadlines, clearance of accounting backlogs, other compliance requirements, as well as various internal processes within the company.

Singapore is an ideal business hub for new enterprises. If you are thinking to start your own business, you might be aware that there are many more thoughts which go into the success of a business venture than a concept or idea. While the core concept is ultimately that draws consumers to the company, it is the overall management of the company which determines the success or failure of the venture.

If you are a new entrepreneur and want to start your business journey in Singapore, then outsourcing your company’s compliance duties to a Corporate Service Provider should be high in your agenda. Many new companies fail to keep up with the business rules and regulations, as well as the various internal processes such as proper bookkeeping and payroll management, which are important in managing a company.

What does a Corporate Service Provider Do?

WHAT DOES A CORPORATE SERVICE PROVIDER DO?

A Corporate Service Provider will help you in running your business, by providing you with assistance when it comes to the internal management of your company. The services include:

 

  • Company Incorporation: Business registration is one of the first hurdles faced by business makers. At Mighty Glory Corporate Solutions, our experienced professionals can easily tackle this hurdle for you by managing the entire process of incorporation and preparing the necessary post-incorporation kit for your company. Upon hiring our services, you can focus on the establishment or growth of your company, while we, as the appointed Corporate Service Provider, will handle the other compliance requirements.
  • Corporate Secretarial Service: A good company secretary has to be equipped with the right skills as their roles and responsibilities in a company are vast. One has to ensure that all relevant statutory obligations are met, business interest of the company is always protected and good corporate governance is practiced. Also, to serve as an advisor to the directors and to provide any practical support, whenever required.
  • Payroll and Taxes: Managing employees is another important part of maintaining and running a company. To that extent, payroll management becomes very important. Any mistakes in managing your company’s taxes can also cost you dearly. A CSP will handle all these for you, so you neither have to spend time away from your core idea on it, nor do you have to worry about any mistakes regarding it.
  • Maintaining Proper Accounts: CSP professionals also ensure that all the company’s fiscal expenditures, revenue, other income, and other related aspects of your revenue are carefully monitored, tracked, and recorded within the company’s accounts. This helps to maintain an air of transparency and provides you with all the information that you need to understand the financial performance and position of your company.
Advantages of Having A Corporate Service Provider

ADVANTAGES OF HAVING A CORPORATE SERVICE PROVIDER

Running a business is a challenging task. It is a speculative process and there is never any guarantee that your business will take off and take you to the heights you envision for yourself. A key reason why many companies fail to even take off is due to the bad internal management within the company.

The internal structure and foundation of your enterprise are crucial to building an overall sustainable superstructure in your business. A Corporate Service Provider takes care of the internal processes and allows you to focus on your company’s growth and market success. You will find it easier to recruit new employees through a CSP, find people that can help to build your business, as well as engage services that help in the maintenance and administration of your company.

Especially in the earlier stages of your business endeavour, it is most important to focus on the business itself and expand it. This is where a good internal management team is required to ensure that the company’s processes flow smoothly and without any hiccups.

A lack of transparency within the company management or an overall mismanagement can even lead to incur business losses. A CSP steps in by acting as a professional guide that is experienced in navigating through these hurdles and can enable you to take your company to a foundation where you can focus on developing yourself not just as an entrepreneur, but as an established figure in the world of business and marketing.

Considerations in Having a Corporate Service Provider

CONSIDERATIONS IN HAVING A CORPORATE SERVICE PROVIDER

A CSP is crucial to the success of new businesses, and a useful friend to those who have already been in the world of business for long periods of time. However, not every Corporate Service Provider will suit you. Not only do you need to consider which CSP you are approaching, but also who they have previously worked with, and to what extent they can help you in successfully setting up and managing your business.

Aside from other successes in working with different companies, the fields that your corporate service provider specializes in will also help you in moving up the corporate ladder. Before you hire a Corporate Service Provider to help you manage and run your company, here are a few things to keep in mind:

  • Support Services: The kinds of support services you require will decide the Corporate Service Provider whom your company shall approach. Look for a CSP that specializes in what your company requires, whether that be internal financial management or administrative responsibilities.
  • Transparency: If your CSP is unwilling to be open about all the processes that they will undertake to help you run your company, these names should be removed from your short list. As you are approaching your CSP with the intention of growing your business, they should ideally be open with you about what they intend to do and why they intend to adopt. A lack of transparency indicates a lack of trust going forward and this should be avoided.
  • Cost-effectiveness: The point of hiring a Corporate Service Provider is not just to outsource the tasks or responsibilities of your company to professionals, but also to reduce the internal costs that you might need to undertake, should you have to hire employees for internal management. A good CSP will help you to manage your company in a way which fits your budget, and would promote cost-effectiveness by reducing your overall business expenditure.

CONCLUSION

Singapore is experiencing a growth in businesses and an expansion in startups. In this corporate atmosphere, a Corporate Service Provider can give you a competitive advantage in ensuring that your business stays on path and follows all the stipulations, which every company needs to maintain to enhance corporate success and sustainability.

COVID-19: What Can A Company Do To Ensure Sustainability?

COVID-19: What Can A Company Do To Ensure Sustainability?

covid-19

Introduction

From late January 2020 onwards, the world has been plagued with news on the coronavirus disease (COVID-19, previously known as 2019 novel coronavirus). A pneumonia of unknown cause was originated from Wuhan City in Hubei Province of China. Singapore’s strategic location makes it vulnerable to contracting the virus. As of March 16, 2020 (1200 SGT), the accumulated number of cases in Singapore is 243. 109 patients were discharged while the other 134 remain in the hospitals. On March 11, WHO (the World Health Organization) has officially announced COVID-19 outbreak as a global pandemic. The number of cases globally increases daily and different governments impose different strategies and restrictions.

Source: https://experience.arcgis.com

Despite the measures implemented by Singapore Government regarding the containment and prevention of the virus spread, Singapore businesses also play a large part in keeping the community safe, especially those within the company. The Singapore Standard for Business Continuity Management Systems outlined measures to guide Singapore businesses to ensure the safety of their employees and other stakeholders, minimize the disruption in business operations, and help the country in preventing the spread of the virus.

What is COVID-19 (aka Coronavirus Disease 2019)?

The novel coronavirus is a strain of the coronavirus family that also includes Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS). The symptoms of COVID-19 are similar to those of the common flu – fever, runny nose, shortness of breath, cough and respiratory symptoms. The virus is spread between people vis close person-to-person contact and respiratory droplets from coughing.

The prevention and containment of the virus are relatively easy but need the diligence, vigilance and socially responsible behavior of everyone in the community. At the community level, measures to follow include personal hygiene, awareness, appropriate social distancing and proactive seclusion when you are unwell. People are encouraged to avoid crowded places like malls, hawker centers, religious venues, theaters and other large public indoor sites. As much as possible, minimize the social contact even if there is no fever or respiratory symptoms and seek early medical consultation once any symptom approaches. On a personal level, wearing protective masks is advised when you are feeling unwell, frequently hand-wash with soap and having healthy diets to fortify one’s immune system are encouraged.

Wear a mask if you are unwell or having a poor immune system.

How to protect your business from COVID-19?

According to a recent guide published by Enterprise Singapore, companies are encouraged to prepare business continuity plans (BCP) to counter the effects of threats and uncertainties. Here are the four areas to be considered in BCP so as to handle the challenges from the virus outbreak:

Human Resource Management

  1. Assign a crisis contact person (Business Continuity Manager). Set up a group chat or open line for employees seeking advice and information, reporting incidents, or seeking help.
  2. Plan for the continuity of leadership in case of any absences of key executives and decision-makers.
  3. Consider alternative working arrangements such as work-from-home and rotating work schedules to reduce the human traffic in the office premise.
  4. Review relevant employee management policies like sick leave, stay-home notices, company-imposed leave of absence and relevant staff insurance plans. Serious communication and monitoring to ensure that the employees comply with the evolving regulations imposed by Ministry of Manpower (MOM) to reduce the spread or importation of COVID-19.
  5. Defer business travels and events. Make use of the convenient technologies, like video-conferencing or teleconferencing instead of overseas travels.
  6. Observe travel bans and other related news. Obtain the required health and travel declarations from employees who have recently traveled to China and other restricted countries (e.g. South Korea, Northern Italy and Iran), as specified by Singapore Government.
  7. Monitor the health conditions of the employees. Temperature checks, 14-day quarantine with annual leaves and seeking medical check-ups are required for those who insist on proceeding with non-essential and personal travels outside Singapore. Allow alternative working arrangements like work-from-home, video-conferencing and teleconferencing for the period of absence.

Process and Business Functions

  1. Identify essential business activities and employees. Cross-train workers to cover other positions in case of absences. Set up alternate teams and physically segregate the teams to reduce the risk of virus spread.
  2. Educate employees on the preventive measures, infection control and good personal hygiene.
  3. Develop plans and procedures to manage and track the human traffic movement within the office area.
  4. Be updated with the latest news, trends and government’s immediate implementations related to the COVID-19 and disseminate the information to the employees.
  5. Closely monitor the health of the working employees.
  6. Maintain an adequate supply of medical and Personal Protection Equipment (PPE) like thermometers, surgical masks, disposable gloves and disinfectants.
  7. Clean and disinfect the frequently-accessed or commonly-exposed company premises and areas, where suspected or confirmed cases have been reported.

Supplier and Customer Management

  1. Communicate with your critical suppliers and service providers on the business continuity plans of both parties and make necessary adjustments to allow seamless transactions without compromising the welfare of employees on both sides.
  2. Announce the measures to your regular customers which your company is implementing to protect them and your employees from the disease, without affecting the customer company’s requirements and operation.
  3. Develop a policy for alternative suppliers and service providers. Also determine a specific situation or timing to opt for the alternative delivery options to your customers.

Communications

  1. Appoint a communication coordinator to broadcast on behalf of your company about your company status and business continuity plans (BCP).
  2. Educate your employees to ensure that they clearly know their respective roles and responsibilities in the BCP. Discussion can be done in small groups to test on their understanding about their portion of the plan. A communication channel could be established for them to report their environment, seek for additional information and be well-informed on the impact of the BCP procedures, policies and progress that the company is taking to ensure their safety and non-disrupted business operations during the virus outbreak.
  3. Inform all the relevant stakeholders of the company – suppliers, customers and service providers about the contingency measures that your company has in place for the virus outbreak.

Please follow us at Facebook and LinkedIn for the constant updates in relation to the business management and operation during the current virus battle.

How To Choose The Right Accountant For Your Business?

How To Choose The Right Accountant For Your Business?

Introduction

The accountant is a vital team member of your business. Accountants are the people to call for your financial reporting, analysis and taxation as part of your company’s compliance requirements in Singapore. The ideal accountant should have the expertise and knowledge of diversified business industries, law and regulations which are important, invaluable and inevitable in business.

Partnering with the right accountant is in the best interest of your business. An experienced, skilled, and capable person to handle your company’s financial reporting, business analysis, and taxation will bring in immeasurable advantage to your organization. While engaging someone who doesn’t have a full grasp of the position and its importance can be disastrous to your company. Thus, the importance of engaging the right person to handle the job is high.

Here are five major considerations when choosing the right accountant for your business:

The Accountant’s Location

Are you looking to hire an internal accountant or looking to outsource your accounting needs? If you need an internal accountant, your candidate pool is limited to those near you. With cloud accounting, connectivity, and availability of safe and reliable accounting software, outsourcing your accounting needs is a viable option. If a virtual office is compatible with your needs, your accountant can be anywhere in the world, then the location wouldn’t matter. For best work arrangements, we recommend engaging an accountant who is cognizant of your local business taxation, regulations, and accounting laws. This is why accounting firms in Singapore are the best option for Singapore businesses.

The Accountant’s Expertise, Credentials and Specialization

Knowing the accountant’s level of expertise, skills, credentials, and prior experiences are vital to find a good fit. Do you need an experienced accountant who can bring in expertise, lead a team, and make decisions? Or are you looking for someone you can train to handle the bookkeeping? Are you looking to hire a team of accountants or just one person? Do you need an expert in taxation or one who is adept in cost accounting?

Workload Allocation

Which areas of the accounting process are you going to delegate and which are you going to keep in-house? As external accountants can be expensive and charge by hours, it is customary for small businesses to outsource the more complex tasks of reviewing the results produced by the bookkeeper, generating financial reports or working on bank reconciliation and taxation while keeping the laborious bookkeeping in. You can resolve this issue and work seamlessly with your accountant by using a user-friendly cloud accounting software, which is compliant with IRAS’s technical requirements, like Xero, QuickBooks, and Financio.

Accounting Software

Most, if not all, accounting firms in Singapore use one or more accounting software to facilitate work, sharing and collaboration with their clients. They would have several names for you to choose an accounting software that will fit your business needs, budget and usage. Some software can be integrated with most of your business processes and financial aspects like banks, invoicing, inventory and collections. The most popular online accounting platforms include Xero, QuickBooks and Financio. Each has its benefits and drawbacks. To choose the best software, it is best to discuss with your accountant.

Check out this article Five Advantages of Million Accounting System

Costs

The cost of hiring an accountant should not exceed the savings you get from the services rendered. If the cost of outsourcing your accounting department to an accounting firm is less than what you are spending to maintain the said department, or if it frees you time to work on other tasks, then outsourcing is a good option for your business. The cheapest accountants are not always the best deal. Expertise, experience and industry knowledge come with a premium. Shop around outsourcing firms in Singapore for comparable rates, consider the inputs that come with the price, and compare the fees and the service scope.

Steps in Hiring an Accountant for your Business

The process of finding, choosing, and hiring an accountant for your business should not be rushed. Careful considerations of the five basic aspects of engaging an accountant mentioned above have to be observed. Sharing your company’s most sensitive data with the wrong person might have serious repercussions. Extra precaution must always be exercised in hiring the right person for any accounting position, regardless junior or senior. Here are the steps in finding and choosing the right accountant for your business and its considerations;

1. Evaluate your company’s needs

Assess the accounting and bookkeeping tasks you need to delegate > volume, complexity and types of data. Can you afford to outsource, or would you rather keep it internal? For small business needs, we recommend engaging an external accountant to provide all your accounting needs. An external accountant can perform all your accounting needs without the need to hire, train and provide workspace.

2. Profile the right accountant

Based on your company’s needs, create a profile of your accountant. This should include his / her experience, prior industry exposure, certifications, location, preferred software used, skills, and expertise.

3. Shortlist the best candidates

Start looking for your accountant. You can do this by posting a job ad, asking for referrals, or going online to search for accounting firms in Singapore. Compile a list of no more than ten possible candidates. Reach out and schedule a face-to-face interview or meeting.

4. Conduct interviews

The goal of the interview or initial meeting with the accountant candidate is to verify the initial information you have gathered about the accountant and his / her firm. Ask the more important details such as the software they are using, price ranges, service coverage and their work processes. Let them share with you as much as they would like.

5. Do background checks

After meeting them for the first time, you will have fewer candidates on your shortlist. Filter further by conducting background checks. Call company partners and affiliations to check out if their claims match. Check for their online profiles and social media presence. Cross out any candidate with any misrepresentations and false claims.

6. Conduct final interviews

You should have no more than three candidates now. Before you make the final selection, ask for a final interview. This time discuss with the candidates as many details of the job as you can and ask how they are going to go about it.

Conclusion

After the final interview, you should have a very good idea of who to pick. If all final interviewees are qualified and ideal for the position, go for the one whom you think can contribute the most to the company in terms of expertise, savings and teamwork.

We offer quality accounting services in Singapore. Connect with us to discuss more of your staffing needs and company compliance requirements in Singapore. We look forward to helping you identify your business needs and providing you with efficient and holistic solutions.

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