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Small Biz Dilemma

Small Biz Dilemma

Hit#  1736

What are the realities in doing business?

real1

  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.
  1. 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 leapfrog to learn a steep learning sloped discipline while getting to know what's happening with your accounts.  
  1. 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 lnkiconTax 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.

taxaudit  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

 hero♫ 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

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

partnerIT3  Solution:  use the right support
16/6 support by senior citizens
Know your business by having monthly lnkicon Management Accounting

Our unique Accounting Support continously enable our clients to deal with their needs. 

 Our Service comes in a Pack with the following true unique Retiree's HiW support features.

You can see the details in lnkiconMulti purpose Ac PackageuMulti purpose Ac Package

eduTlBox      ladderK   off on    Vs3

 

Our uniquely structured support standing in as Ac education toolbox, problems of small businesses are addressed.

 

 

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.

p1

  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.

p2

  1. 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 excelno  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

p3

  1. 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 strategyleapfrog to START RIGHT and truly understand how your daily transactions are recorded in Ac Ledgers.

p4

  1. 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!

▲Single Proprietor or Partnership▲ ....... ▼Sdn Bhd with Auditor & Co Sec▼

both business vehicle seeks long term, effective & optimum accounting solution

What problems small Biz faces when they don't do Accounts?

  1. Cannot do Annual Tax Filing
  2. Cannot get Bank Financing
  3. Cannot meet Legislation requirement
  4. Cannot Manage Legislation needs
  5. No data to help Manage the business properly

 

 

 

What biz Owner must have to really control?

  • Must have the right people & a complete practical SOP; don't be over dependent on a particular Accounting Program.
  • Must have the ability & understanding to do  minimum Admin jobs to run a business.  The key is to find how to make it simple 
  • Must have proper Filing of documents & Tracking.
  • Must have the ability & understand the Legislative requirements of a business
  • Must have Backup Staff or Supervision.  Question is how to keep cost low?

 

 

 

Steps to get the best long term low costs solution? 

  1. Check if your current staff & Auditors are suitable, use the Link Click below  and decide who to lead.
  2. If you decide to change Auditors (for sdn Bhd only), fix the cut off point with work completed to hand over to the Off Site Staff to complete the next Audit by new Auditor.
  3. Next decide what minimum admin job system you can personally do.  Work with the Off Site Staff to determine your needs and what simple system to use.
  4. Set up the filing system to support the On Site - Off Site Co-operation
  5. Set the communication method and media eg Free Cloud to co-ordinate with Off Site Staff doing the support
  6. Determine the minimum Accounting reports you require from the Off Site Staff to manage your business.

 

 

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Date

19 May 2022

Tags

Manage

Bosses' Worries

  • Cash Flow, AP/AR Aging, CBT
  • SST/GST Accounting & Returns
  • Salary/Daily Workers Accounts
  • Tax Estimation CP204/500
  • Operation/Project: Gross Profit%
  • Staffing / HR Turnover Problems
  • Legal Deadline, Comply & Fines
  • Government Audit (Tax/GST/SST)
  • Operation Control (HR/Reports)
  • Future of your Business . SWOT

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