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Compelling reasons why business owners in Singapore are outsourcing their accounting

Compelling reasons why business owners in Singapore are outsourcing their accounting

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Singapore is one of the best countries to start a business. Its booming economy, business-friendly legislation, and competitive markets make it a safe haven for small, medium size and large businesses. Presently, Singapore is home to thousands of businesses looking to making profits and dominating their industry.

In recent years, many of these companies have started outsourcing complex and time-consuming tasks and activities that have no correlation with the growth of their business. While some business owners are embracing this new trend, others are stuck in the old way of doing things.

As a forward-thinking business owner, you must be abreast with everything that is going on in your industry and be ready for whatever it takes to take your business to the next level. This may involve your outsourcing business activities like accounting.

The following article pcg-services shed light on some seven reasons why business owners should consider outsourcing your accounting.

Seven Reasons to Outsource Your Accounting

Accounting services are one of the most cost-effective functions a small-size company can outsource. While cash flow may not tolerate employing in-house data entry bookkeepers, controllers and or CFOs. Read more here.

You likely now know some seven reasons why you should consider outsourcing your accounting regardless of the size of your business. Understanding how an accounting firm will help scale the growth of your business will make you see reasons to hire one. If you have decided on hiring an accounting firm, you are likely going to be met with the challenge of finding one that can deliver.

The following article by rbcrca discusses some time-less tips that will help you out.

11 Tips for Outsourcing Accounting Services in Singapore

Singapore is known as the most SME-friendly country in the world thanks to its low corporate tax rate, transparent business policies, straightforward company incorporation process, and extensive government support programmes. Read more here.

You are surely now armed with some eleven proven tips that will help you silence the noise and choose a reputable accounting firm that will be able to cater to the needs of your business. So, if you have been doing your accounting on your own, now is the time for you to stop and outsource, so you can focus on other important business activities.

The following article by Rebecca Wilson discusses some reasons why you should stop wasting your time on DIY accounting.

5 Reasons You Should Stop Wasting Time on DIY Accounting

Accounting—it’s your small business’ speedometer, fuel gauge, and GPS, all rolled into one. It’s impossible to know where your company is headed and how far it will make it down the road without it. It’s safe to say that your growth and success depend on it. Read more here.

You likely now know some striking reasons why you should stop wasting your time on DIY accounting. Since you aren’t an expert in accounting you need to keep in mind that you may make a mistake or two every now and them. And as you probably know, accounting mistakes are expensive to fix, especially for small businesses.

Final note

Businesses that fail to keep abreast with the trends are likely going to struggle and eventually die out. So, if you are a business owner who is really serious about growth, you should keep abreast with the latest practices and trends in your industry.

One of the prime examples is this Singapore accounting services.

Of course, doing this may be difficult, but it will go a long way in helping your business grow.

So, if you have been wasting precious business hours on low-value activities like accounting, now is the time to have a rethink and start outsourcing these activities. You won’t regret it.

 

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Factors That Have Led Singapore Companies to be in Conflict with ACRA

The Accounting and Regulatory Authority Singapore (ACRA) is in charge of overseeing the registration and regulation of companies in Singapore. One of the reasons why ACRA has a set of guidelines that should be followed when registering a company, is because some companies still fail to meet these guidelines. The outcome may result in delays at a time when you desperately need to have the company registered, or in some cases, penalties may be given for non-compliance. Businesses in Singapore seek company registration services to therefore help in making the process quicker and more efficient.

Failure to notify ACRA of changes in the company’s structure

You may have registered the company as a sole proprietorship or even a partnership, should there be a change, ACRA needs to be notified within 14 days. Failure to give this notice means that officially, the structure remains as it was when the company was registered. Some of the changes include change of name, the company’s registered address, share capital, shareholders, business activities, directors, or personal details or the directors.

It is vital to note any changes made and have them officially adopted in the official documents. This will save you penalties in the future, while at the same time give you the freedom to progress with your plans for the company without being held back because of negligence.

Improper storage of statutory records

Registering a company is not enough for ACRA. You are also required to maintain official records. These records show that the company is a legal entity, details of the directors and shareholders, register of company charges, and minutes books. These details may be requested at any time by ACRA or auditors. Failure to keep these records safe may result in a penalty for your company.

Failure to file annual returns with ACRA

Every company is required to file an annual return with ACRA. All the necessary documents need to be prepared and made available should they be requested. The company’s Directors need to verify that the information is correct before the papers are filed. Any mistakes could prove costly for the company. These returns should be filed within a month after the annual general meeting. Failure to file the returns will result in a fine on the company, and responsible officers.

Failure to hold Annual General Meetings

By law, Singapore companies are expected to hold annual general meetings. This is a significant part of the requirements for filing returns. This is usually done to ensure all the members are agree with the given figures and encourages transparency, especially in cases where the shareholders are not involved in the day to day running of the business. Private limited companies are not obligated to hold an AGM. Instead, through a shareholder vote, the company may pass an ordinary resolution. Failure to do this may lead to a penalty from ACRA.

Giving misleading information

When registering a company or filing annual returns, it is critical for you to ensure that all the provided information is accurate. This is why any changes made in the company need to be communicated to ACRA. Otherwise, the company and officers will be given a penalty that would otherwise have been avoided.

Knowing the complications that can arise from neglecting the given guidelines by ACRA, it is essential to follow the rules and regulations to avoid crippling the company at a later date.

 

 

 

 

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The Importance of Having a Plausible Accounting Structure for Your Business

Singapore has been ranked as the 10th startup ecosystem in the world. For every 5,200 startups, 42,000 are in the tech industry. Unfortunately, like many startups worldwide, many entrepreneurs experience difficulties in the first three years. It is during this period that 30% of startups fail and close shop. The main challenge faced by business owners is inadequate and poor management of resources. With the support of Prelude, you will have a clear understanding of how your business is performing from the beginning.

Proper management of resources

Many startups do not fail because the concept was poor or the market was inadequate. Sometimes, the problem is the absence of an accounting system. Every penny needs to be accounted for from the moment the business starts spending or earning revenue. The capital needs to be recorded so that the real investment is measured against actual income.

Unfortunately, many startups seek accounting services too late. By the time a certified accountant comes in to prepare records, most of the required information is missing. It is easy to lose data on money spent if proper records are not kept.

It is easy to keep track of how money is spent

A proper accounting system is supposed to balance. Many business owners forget what they spent some of the investment on, especially when records were not kept. All investment records need to be preserved so that a proper analysis of the health of the business is carried out. It is easier to change strategies early if investments are seen not to be yielding returns. For example, if a marketing strategy is taking more money out of the business that it is bringing in, it is essential to change things before it uses all the finances of the business.

Helps in the development of a business model that works

Large corporations have had to change their business model regularly. Innovation is an essential part of business management. An excellent accounting system will help in the shaping of the company’s future endeavors. Consumer behaviors change over time, and it is essential for businesses providing services to adjust based on the trends. Having an accounting system that works ensures the company retains a portion of the profits for future investments.

Accurate tax remittances

Every company is required to meet its tax obligations. How much the company remits is determined by the profits made. Unfortunately, without the necessary information, it is difficult for businesses to keep track of how much they should remit. In case of an audit, a company that does not have all the supporting receipts may be penalized due to the absence of records. It is easier to dispute any tax liabilities if the appropriate supporting documents are available.

No business can escape the value offered by accounting systems. The profit and loss accounts are critical for any decisions business owners take. Even if a company seems to be doing well, poor management of resources sinks it to the ground. Having an accounting system will help safeguard the business.

 

 

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Why hiring a company secretary is a smart move for businesses in Singapore

As stipulated by ACRA, every company in Singapore must appoint a company secretary within six months of its incorporation. Since this is a mandatory requirement, you cannot push it aside or ignore it or your company will be in legal trouble. You definitely don’t want that.

So, if you are considering starting a business in Singapore or just incorporated your company, it is important that you find a reputable Company secretary to handle your administrative and reporting responsibilities of your company.

The following article by singaporelegaladvice sheds light on some intricate things you need to keep in mind when appointing a company secretary.

Appointing a Company Secretary: Roles and Responsibilities

ACRA stipulates that every company must appoint a company secretary within 6 months of its incorporation. The company secretary will be the primary officer in charge of numerous administrative and reporting responsibilities a company is required to adhere to by law. Read more here.

You likely now know why having a company secretary is an important legal requirement, as well as some things you need to keep in mind when appointing a company secretary. But do you know the role and responsibilities of a corporate secretary company and what makes a good corporate secretary?

 

This article by HBS shed lights of the role and responsibilities a corporate service secretary.

What Are a Corporate Secretary’s Responsibilities?

A Corporate Secretary could be considered the glue that holds an entire corporation together. He/she is responsible for assuring the company stays in compliance with both regulatory and statutory requirements while also executing all of the decisions. Read more here.

You certainly now know that a corporate secretary is responsible for record keeping, board meeting co-ordination among others. You also now know what makes a good corporate secretary. But do you know why you need to engage Prelude Corporate services and other reputable accounting companies in Singapore to cater to your accounting needs?

 

The following article by 3E Accounting discusses why you need to outsource your company secretarial services in Singapore.

Why Do You Need to Outsource Your Company Secretarial Service in Singapore?

Company secretary should be a Singaporean citizen, permanent resident or Singapore Employment Pass / EntrePass / Dependent Pass holder. Moreover, according to the ACRA’s website, the company secretary is required to possess at least one of the following qualifications. Apart from that, a private company may appoint a non-qualified secretary if the directors make sure the appointed secretary has a reasonable knowledge of the regulations. Besides, the company secretary also needs to be responsible for paper filing important company documents in the company register folder, and also online with ACRA, not to mention to hold an up-to-date Bizfile. Read more here.

These are some reasons why you need to outsource your corporate secretarial services and also what qualifications a company secretary needs to possess in order to perform well in the role. Since a corporate services provider is going to play an important role in your company, you need to select a good one with an experienced team that can effectively address the unique needs of your company.

 

Final note  

As a business owner, you are bound by the law to carry out important tasks like updating the particulars of the directors in your company, maintaining minutes book, distribute annual company accounts and reports, prepare meeting agenda, monitoring the movements and shareholders of your company and many other processes.

Yes, there are many corporate secretary providers available in Singapore, but not all of them have the expertise to address the unique needs of your company.

So, before making a decision as to the company you will choose, it is wise that you do some research to see if they are familiar with business regulations and laws in Singapore.

 

 

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The most decadent cake shops and bakeries in Singapore

 

 

For all those who have a sweet-tooth, here is a great guide to the best cake shops in Singapore. It contains bakeries and cake shops from all corners. Singapore is the place to visit if you are a foodie, and have a sweet tooth! There are so many unique bakeries and cake shops out there nowadays, that their creations are no less than art!

Traditionally, there used to be only a few flavors, like vanilla and chocolate dominating the cake business. Nowadays, one can even get a photo stamped on a cake, to say nothing of a 3D cake! Rainbow cakes have become quite popular as well or even customized cheesecakes which has recently sprung out to ride on cheese fever. Some of this cheesecake shops include https://www.catandthefiddle.com/  that is worth checking out if you a cheese lover. There are also many new flavors in the market such as matcha, lemon, and expresso. These original and, more importantly, yummy cakes are now available in many shops across Singapore. Shop Wonderland is a great place with cakes and coffee. They are popular for their unique way of decorating their desserts and providing great customizations.

Edith Patisserie started out as a small-time bakery by two pastry chefs. They have all kinds of wild combinations and would not back out even if you ask for boozy flavors in your dessert! Jo Takes The Cake is a run by Jo herself single-handedly. She produces the most delectable cupcakes and tier cakes in the town! You will have to get in touch with her in advance since she runs the shop by herself. Pure Pandan offers that which nobody today does. Basic, creamy cakes! The fluffy and light cakes here would make you their loyal customer forever. If you do not like this or would prefer to have something a bit more adventure, they offer that as well. These professionals will bake your cake for your, in a way that you wish. This list by Dinesh Ajith contains the most alluring dessert places in Singapore.

 

Birthday cakes in Singapore: Best bakeries and stores – from personalized cakes to ready-made designs

Since Shop Wonderland’s opening on our street, we’ve been guilty of frequently popping over for a quick caffeine fix, or spending late lunches surrounded by the cafe’s swoon-worthy interiors and abundant flowers. But more than just a gorgeous place to dine at, the cafe also offers stunning ready-made cakes ($85), with subtle floral flavours and the prettiest of presentations. To customise your own, contact enquiry@wonderland.com.sg.

A chance encounter between two pastry aficionados at culinary school led to this small home-style bakery that whips up delicious treats like a salted caramel vanilla buttercream cake or teh tarik cake. They even do a boozy tiramisu if you want to mix things up a bit.

FoodLine.sg

This huge cake and catering portal boasts a whopping repertoire of over 350 birthday cake designs and flavours. And if you want to score a delish treat without breaking the bank, say hello to your new best friend! With so many cakes to choose from, finding something within budget should be a cinch. The good peeps at FoodLine.sg even put their money where their mouth is and offer a best price guarantee; if you can find it cheaper elsewhere, it will lower its price to match. The website also boasts a handy (yet dangerous!) map feature that allows you to instantly view where you can find the nearest cake.

Are you drooling yet? There is more to come! Read more here.

These cake shops are ready with their cartoon-theme cakes, 3D designs, and even a Harry Potter cake! How cool is that?

No matter if you are looking out for yummy and customized birthday or wedding cakes, or just some desserts to enjoy your lazy Sunday evening, we have got you covered. If you are planning a surprise for your loved one, spend the time getting fabulously dressed and ready instead of sweating it out in the kitchen!

My Sister Bakes is a cake shop dedicated to florals designs on cakes. They can even create tulips and chrysanthemums! Cakequembouche’s designs are based on all kinds of bottles. You can ask them to make you a whiskey bottle cake or a wine bottle! This idea is perfect! This list by Cheryl Tan has some of the funkiest cake shops on the list.

 

10 Bakers In Singapore Where You Can Get Bespoke Cakes & Desserts

My Sister Bakes

If you know someone who wants a floral cake, but prefers other flowers instead of the overused roses, check out My Sister Bakes. They’re one of the few bakeries around who can pipe flowers including tulips, ranunculus and chrysanthemums! Not to mention the dark drip cakes that are perfect for people who are averse to pastel colours or anything floral.

Baker’s Brew Studio

I admit that I’m one of those that jumped onto the Tsum Tsum bandwagon when it first came out, and these cakes are perfect for that someone who’s still playing the game.

Baker’s Brew Studio can create any designs that you desire using hand piped buttercream, and if you’re not a fan of that, how about using fondant to get a Harry Potter cake? Time to hint to my friends to get it for my birthday this year…

White Spatula

For the little niece and nephew who enjoys cartoons like Peppa Pig or My Little Pony, try White Spatula. The cakes here come with toy toppers of the cartoon characters that you can keep even after finishing the cake.

Are you enamored with the cakes yet? Read more here.

If you are in Singapore and looking for some dessert delight, you can be sure you will find that in these places. From cheesecakes to other mouth-watering desserts, these bakeries and cakeries will lead you to the best places in Singapore to have your fill of the delightful cakes and other sweet treats. This list by Marissa Saini has all the popular and the yummiest cake shops.

Best cheesecakes in Singapore: Cafes and bakeries that make unique cheesecakes

Fluff Bakery: Matcha cheesecake tart

Dessert-lovin’ folks are snapping up baked goods almost faster than they can make ’em over at the popular Fluff Bakery – and if their cheesecake is any indicator, it’s no wonder why. While not really a cake per se, the tart base holds in the cheesecake mixture perfectly, while the slightly-bitter Japanese matcha mellows out any cloying sweetness.

Chezcake Bistro: Lychee martini cheesecake

While fruit pairings have long dominated the cheesecake scene, you’ve never seen one quite like this. This boozy, cheesecake for grown-ups (sorry kids) at Chezcake Bistro is infused with lychee pulp and soaked with a diabolical mixture of vodka and rum – who says a cake can’t get your head in a tizzy? Read more here.

Are you satiated now?

In conclusion, Singapore is a haven for all those who are addicted to these sweet desserts. You will find everything from basic, fluffy cakes to a complicated 3D cake here. They taste just as good as they look, if not better! If you have come to Singapore looking to satisfy your sweet cravings, you have come to the right place. Pay these cake shops a visit and you will know!

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Home Improvement Archives – ArticleCity.com

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