What are the realities in doing business?

1. Not easy to make money, profit is not a certainty, bad cash flow is certain hence so many Ah Long  & bankruptcy so keep your cost LOW.
   With the rising HR costs due to minimum wages ruling, one way is farm out the services to us run by retirees.

2. Paper work & record keeping is a daily chore that must be done. A program still require clear objective SOP integrating HR.
   Don't plan to do Accounts yourself as it do take time and your hands are already full with the business.
   Choose a trusted support & apply the leap frog strategy  to learn a steep learning sloped discipline while getting to know what's happening with your accounts.  

3. Frequently business is victim (fines) of legislations enforcers who have no empathy for biz woe forming your contingent costs.

Some biz owners use these 'ways' to do Acs for Tax Audit

■  Employ one 'experienced' accounts clerk relying totally on her.

■  Ask some expert to check for errors in their accounts based on Excel.

■  Buy an standard accounting program without understanding of Accounts.

  We seek to protect our clients,
we start by explaining LHDN's modus operandi

1  They are not looking for human errors

2  Their prime focus is income omission which is criminal

3 They add back disallowed expenses eg biz loan for personal use

4 They look at profitabilty trend to identify tax evasion companies

5 They check if proper accounting records are kept for 7 years as part of Tax Audit

6 They only want to deal with the Owner; your plea of Accounts ignorance won't work

7  Finally, once a case is opened, a fine is necessary to close the case, an KPI issue

 ♫ Keep your head upright and stand up straight 
As a B40 community member know your right to make a living peacefully.

How we work with our clients to get job done correctly & effectively

1  Work has to be done jointly; we advise client to get fully involved, not hands off

2  We design process at operation front that ensures high productivity

■  Build & ensure easy & fast data flow between client & us

■  Help classifiy documents & file them, organised documents save time

■  Ensure documents are filed according to entry into the Ac system

■  Analyse client's data to avoid abnormalities eg Gross Profit Trends, huge cash

■  Build proper supporting documentation if there is none eg Cash Sales

■  e-Filing of tax returns to meet deadline for both enterprise & personal

■  Guide client on all biz legislative requirements eg EPF, SOCSO, Labour Law

■  Establish biz track record to support clients to help secure Financing

■  Advise client's SWOT to break even & survive inc Web marketing

  Solution:  ^{use the right support}
16/6 support by senior citizens
Know your business by having monthly Management Accounting

What can small business do to protect herself?

Most likely small business starts with SSM registration of partnership or sole owner.  This immediately become tractable by Tax Dept LHDN.  Thus accounts must be kept for tax filing and also compliance with various regulations.

1. Accounting firm has limitations being small and will not be able to tailored made solutions for your type of business.  They are prone to mistakes because of standard of their staff; high staff turnover.  Your own employed “accounting’ staff can be even worst without supervision.
   With the rising HR costs due to minimum wages ruling, one way is farm out the services to us run by retirees.
   

2. To do Accounts you need some basic understanding of essential accounts concept eg Fixed Asset, Chart of Acs, Receivables & Payable Accounts, Gross Profit trending, Payment of Capital nature.  Using Excel is a bad choice   as it fail to exploit Account's principle of Double Entry (Dr.Cr) to ensure speed & accuracy.  Excel only hope to address the Profit Statement ignoring the essential Balance Sheet.   Click ►'Get Started' with Getting to know Free Ac App

3. Even if you farm out the Accounting you still have to an internal process to interface effectively & smartly with them. 
   This internal process is best designed by a trusted Service Provider & use the leap frog strategy to START RIGHT and truly understand how your daily transactions are recorded in Ac Ledgers.
   

4. Finally you must fully understand how your transactions records are filed and your accounting profile to face 7 year Tax Audit as Owner.
   Here your tax objectives must be clear, one of which is avoid being slapped with huge fine but  .. more to chew!