Tips to Come Up With Good Business Ideas

Singapore company incorporation is a hassle free and easy online process. The individuals or companies are flocking to Singapore because the nation provides most convenient environment and facilities of doing business. The government is providing sizable number of work visas every year to foreign nationals, who wish to form a company in Singapore. This island country is ranked 1^st for ease of doing business by World Bank for the sixth time in a row. There are many businesses that are flourishing in Singapore. Some of them are:

Virtual Accounting or Outsourcing Accounting in Singapore

Updated accounts book is the progress report card of a company’s financial system. All the registered businesses in Singapore are required to maintain their account books in proper shape. Those companies who are not capable of keeping an in-house accounts department have to look for outsourcing accounting or virtual accountants. Maintaining accounting for organizations is a profitable business in Singapore. Accountants do not need to be present physically to offer their services. The whole process can be carried out in a virtual manner periodically.

Tax guidance in Singapore

The tax cycle is from 1^st January to 31^st December in Singapore. There is a lot of confusion and chaos scattered in the air during the tax seasons. Organizations look for firms or individuals who can assist them in compiling their documents when the tax time approaches. Guiding on tax matters is another business for those who are well qualified and knowledgeable about the tax system and tax structure of Singapore.

Assistance in Company formation in Singapore

Although the company registration process in Singapore is the easiest in the world, yet those entrepreneurs who wish to incorporate and register a business in Singapore have to go via proper channels. The regulatory authority ACRA sends the confirmation of business registration to the firm through whom the documents and forms have been submitted. Assisting entrepreneurs in the paper work in company formation in Singapore is another profitable business.

Payroll Services in Singapore

Every organization needs to pay its employees their wages at the month end. The payroll process should be in a timely manner and should be processed accurately in order to keep the resources content and satisfied. Most of the companies prefer an outside body to handle the payroll process in order to save their precious time to be invested in strategic planning of company’s growth. Doing the math for companies, the calculations and deductions of the payroll system is yet another profitable business in Singapore.

IT Consultancy in Singapore

A true-blue Singaporean is technology savvy and wants to be connected with his people all the time. IT consultancy, customized software development, hardware maintenance, providing wireless network services, web designing and development, and social networking are some of the most profitable business in Singapore.

Don’t look anywhere else, get a work visa if you are not a local resident and opt for Singapore company incorporation by registering your business name and activity and enjoy the benefits Singapore provides to entrepreneurs.

Outsourcing Bookkeeping – Reasons to Grow Your Small Business

When you are the owner of a business, specifically a small one, start-up or established, there are multiple roles to be performed. You are the business planner, the researcher and analyst, the marketing and sales personnel, the receptionist, clerk, secretary, accountant, HR executive so on and so forth. You are supposed to wear many caps, sometimes by choice mostly out of compulsion. It is always a wise step to outsource some of the tasks that can be done by someone else more effectively and accurately. Bookkeeping is one out of those tasks.

Understanding Bookkeeping

      Bookkeeping is the daily, monthly, or quarterly data and records of financial transactions of your business. Bookkeeping is to keep track of the sales and purchases, payments and receipts of the transactions made in the company. Bookkeeping is a separate entity and should not be confused with accounting, although, it can be considered a branch of accounts. Outsourcing can be elaborated as sourcing your organization’s internal functions to an outside qualified company to get it done more accurately and efficiently to save time, energy and money, which can be invested in other essential functions of the organization.

     Understanding Outsourcing

      Outsourcing accounting and bookkeeping will help business owners spend their precious time in production, promotion, and marketing of their products and services, when anyone else more qualified for the job is taking care of their accounts and finances. Outsourcing bookkeeping saves time from doing things that are less important, and helps to invest that time in more crucial tasks of the core business. Let’s explore how outsourcing bookkeeping holds the magic wand of converting time into profit.

     Combining bookkeeping and outsourcing gives fruitful results for your business. 

• A qualified bookkeeper or an accounting and bookkeeping firm keeps track of all the financial transactions and accounts more vigilantly thus cutting the cost at around 40% than keeping a dedicated in-house staff.
•   It does the finance calculations to track the performance of your small company from time to time preferably on a monthly basis to see the profits and loss. In which area, there is the need to put more efforts and in which area the functions can be cut down. 
• This is undoubtedly the most efficient way of saving time and money. The approach is accurate and you could focus to promote business instead of concentrating on money matters
•   If ever you have time only to do the most essential work related to your business, the financial matters would not be laid back. You will always be in peace of mind, that your accounts are up-to-date.
•  It is a known fact that based on proper bookkeeping, the decisions are taken regarding the business, and it helps in maintaining and managing cash flow effectively, consequently providing stability and profitability to your business.
•  It is much easier to analyze the market trends more precisely and generate customized reports to increase profitability. When knowing bookkeeping is up-to-date and all the finances and transaction records are well in place it gives you the opportunity to progress towards your target with a stress free and clutter free mind.