5. Using a time clock system
While working with a group of people, it makes managing time a much simpler and effective task. This will hence allow individual to be more wary of the deadlines and submissions, boosting the overall efficiency of the company.
This is also something to consider when employees work overtime – having a more accurate record will help save money and time in the future.
6. Seeking advice from experienced business advisor
Running a business has multiple aspects that are review on a regular basis. For example, having good financial operations is a top priority for each company to achieve and maintain its success.
Talking to another business owners or those in the field of your industry will also allow constructive feedbacks and advice on how to improve the business’s operations.
7. Keep accounting methods and forms up to date
In order to ensure procedures and operations to continue meeting the company’s standard, this is an extremely important step. This is independent to how your business operates, and you may need to make several changes or updates to how the cash flows are managed, accessed, and distributed.
9. Forecast for Major Investments
By keeping track of finances and forecasting future expenditure and income, your company would be able to allocate additional funding for large investments. These fundings can come in the form of credit, or from reserves due to profitable quarters. In the case of funding from credit, establishing a credit history may help to lower future costs of borrowing.
10.Have a Separate Business and Personal Accounts
Upon starting a business, one of the first actions should be to get a business account. With a business account, business cashflows are readily seen, as there is a clear distinction between business and personal transactions. This will ease tax-related documentation, as well as avoiding legal responsibility for business debts.
11. Be Familiar with the Law
While business owners may be adept at building a business, they may not be aware of the nitty gritty details that comes with it. Take for example accounting and bookkeeping. There are laws which you may not be aware of, such as that your company must maintain records of business transactions for at least 5 years!
12. Optimise AP Terms and Invoicing
In the business world, cash is king. In order to hold onto your cash for longer, utilise favourable credit terms from suppliers and pay bills early for vendors that offer discounts for doing so. On the other end, encourage your customers to pay on time as well, by similarly offering incentives for doing so and running background checks on potential customers.
13. Build good relations with your accountant
By working closely with your business’s accountant, you are able to stay on top of all financial issues as they arise. You will also be able to stay current with technology, financial processes and other important details relate to business finances.
Accounting Services in Singapore
There are many accounting service providers in Singapore, including Paul Hype Page & Co. Some of the accounting services that are commonly sought for are cash flows and working analysis, account consolidations, management reports and accounts, and the financial planning and budgeting.