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Big Reasons to Start an Online Business

Big Reasons to Start an Online Business

Little Startup Cost

To set up your e-commerce website, you have to pay only for your domain and the e-commerce platform fee. And with reducing manpower cost you can take full charge of your online business hence.

Make bigger Target Market

Selling products in a brick and mortar store will detain your target market to habitation around the shop’s area. But with e-commerce, your product’s visibility gets bigger as more people are introduced to your products. This helps to boost your sales amount and certainly, you will generate more money too!

Globalize Business

Online business easy to get to anytime and anywhere that means everybody from around the globe can shop in your online store in spite of which time zone they are in. Adding on, Tack this! E-Commerce platform can offer you the handiness by automatically arranging both local and overseas delivery service once online payment is successfully made! Now, you can have a wireless logistics arrangement while bringing your business to the global level.

Selling Online is Simple & Easy

With the current technology and e-commerce platform, creating an e-commerce website is very easy. Not only does the platform provides free marketing campaign, it also guides you on how to kick-start your online business and provides tips on how to reach your target customers.

PSG Grant EZ Accounting

PSG Grant EZ Accounting

The government of Singapore has introduced the new grant called the Productivity Solutions Grant (PSG). This grant has launched to help out the local Small and Medium Enterprises in Singapore and to boost productivity by adopting technologies. It will provide funding for the cost of off-the-shelf solutions for SMEs.

Here we clearly explained the eligibility criteria to get this PSG grant and how to apply for it.

Eligibility Criteria

Singapore SMEs can apply for PSG if they meet the following criteria:

  • Applicant must have a registered business and currently operate in Singapore
  • Purchase /subscription of the IT solutions or equipment must be used in Singapore
  • Have a minimum of 30% local shareholding

How to Apply

Here are the simple steps you can take when applying for PSG:

  • Get a quotation from the pre-approved provider User Basic Software Pte Ltd
  • Submit an application on the Business Grant Portal (businessgrants.gov.sg). You will need to register for a CorpPass account to log in to the Business Grant Portal (BGP).

Now User Basic Software Pte Ltd is a Pre-approved ISP vendor under PSG grant. You can now purchase EZ Accounting and Inventory software from User Basic Software Pte Ltd with up to 50% PSG grant.

Kindly contact us for assistance @ 6227 1797 / 6746 2613 / SMS @ 9382 1959 to enquire.

Best Selling Accounting Software in Malaysia

Best Selling Accounting Software in Malaysia

Sage_UBS Accounting Software is one of the best selling accounting software in Malaysia that is suitable for trades of the industry. It is specially designed to grow with your accounting needs, meeting the demands of new start-ups as well as larger and more complex businesses.

From preparation of financial reports to integration options with Payroll and Inventory systems, your accounting tasks are now so much simpler and you have better control over your finances with the usage of Sage_UBS software.

Integrating Sage_UBS Accounting Software with Sage_UBS Inventory Software, we can link all the inventory costing to its accounting system and it reduces the time taken for computation of item costing and viewing of item profit margin reporting on a real-time basis.

It comes with different modules which include:

Functions of Sage_UBS Accounting Software:

  •  Handle multiple companies
  • Multiple currencies
  • Different levels of data access security
  • Able to compute sales commission to the agent
  • Easy to modify any transaction
  • Capable of handling transactions up to 18 months
  • Lost entries from the preceding month could be inserted
  • Goods & Services Tax (GST) computation function
  • Generate audit trail reports.
  • Unrealised Gain/Loss computation.
  • Monthly profit/Loss and Balance Sheet report
  • Consolidated Account
  • Project accounting (Basic)

 Four types of stock valuation methods

  • Fixed Cost
  • First In First Out (FIFO)
  • Monthly Average
  • Moving Average

There is another one Accounting Software called EZ Accounting, it can be integrated with EZ Inventory Software and it will auto-link all invoices and purchase invoices to the accounting system. This is an example of a software which does not need batch posting of its invoices or purchases so as to update to its accounting software.

Do contact EZ Accounting Pte Ltd and we can advise you better on which brands of accounting software you should take up for your business.

Needs of POS software in Retail Business

Needs of POS software in Retail Business

Businesses are running forward with the change of technology. If you’re a retailer who refuses to improve your point of sale methodology, it’s pretty possible you’ll be left behind in a world of calculators, printed receipts and late night inventory checks. POS systems present retailers with a user-friendly software and are fast becoming the technology of choice and here’s why.

Inventory Management

It is very essential for a retailer to identify how much inventory they have, how much is moved out of the store, and how much they need. Traditional approaches to inventory management require merchants to physically review their current level of stock on a regular basis. Obviously, this can be a laborious and lengthy process, especially for large-scale businesses. Executing this without a POS involves a lot of manual counting and paperwork. More so, a lot of guesswork also at times. But, POS system automates the entire process and does the most of the work for you. What you need to do is: simply scan the barcode, enter the count, and specify the price. And, POS does the rest! It tracks your entire inventory, lets you know what is to be ordered, enables you to create purchase orders and keeps count of the on-hand inventory.

Integrated Rewards Program

If inventory isn’t reason enough to upgrade your POS Software, maybe rewards will attract you. They tend to attract your customers. For that reason, having the ability to integrate your rewards program with your POS makes sense. Enter customer information one time and keep track of what they buy and when from then on. This gives you the tools for great customer service as well as bespoke rewards. No more stamp cards to keep up with or massive card collections on a key ring; it’s all computerized on the same system that’s tracking your inventory!

Invoicing Options

Do you have a new product that promises to be a hit even before it lands on your shelves? Give your customers the opportunity to pre-order it ahead of time and pay later by using the invoicing feature on POS systems. It’s like saving a seat for a friend at a sold-out concert or sporting event!

24/7 Support

As a business owner, you never really clock out. Your business is your passion, so you’ll enjoy the convenience of cloud computing with a POS. Check customer analytics, sales numbers, inventory management, purchase orders and employee time cards from home on your iPad. Got a question about one of the features of your POS software that you didn’t have time to ask during business hours? No problem. With 24-hour support available seven days a week, somebody will be there to answer the question when you have time to ask.

Accounting Software Training Providers in Singapore

Accounting Software Training Providers in Singapore

SkillsFuture Accounting Software Training is regarding how to use EZ Accounting and Inventory Software. It helps you in your future career advancement. It is approved by WDA under SkillsFuture Funding worth $200 – EZ Accounting And Inventory Software Training (Fully Subsidy).

Learn how to use the latest EZ Accounting and Inventory Software with SkillsFuture Credit. If you are a Singaporean at age of 25 and above then you are qualified to get this credit.

While get trained in using this software, you can

Generate financial records and reports

View profit and loss in real-time daily basis

Track inventory movement

View GST reporting to ease your manual computation

View sales report daily

Compute project costing for your management reporting

Check the training schedule on our website. Don’t miss this great opportunity to get trained. Hurry and Sign Up!!!

Effective Accounting Practices for SMEs

Effective Accounting Practices for SMEs

The key factor to determine the growth and success of a business is based on the financial ground. Be it about meeting payment deadlines, keeping a track of invoicing or regulating the debt collection process, managing the cash flow, financial management has been an important need for a money-making business. While the purpose of doing financial management can vary depending on your business type, size and need, the way it is done remain the same.

Here’s a quick overview that will help you make the most out of your business finances:

Feasible Financial Targets                                                   

Know your potential before you choose your goals. Don’t hurry to set financial goals for the company without considering your current performance, the pace of growth, available resources, technology and time. If the goals are feasible, it’s easier to keep frustration and pressure off the table and ensure a steady growth. It’s better for your business to be known for small accomplishments than for huge losses.

Clever use of the Financial Resources

All the time remind that businesses, particularly in their initial stages, can go through unpredicted downturns and the most significant way you need to be organized for this is to be ready financially. So even if you’re making massive profits currently or have a lot of money to spare, don’t hold your funds in irrelevant heads. Use smartly, invest intelligently and store enough money as the emergency business fund. That’s how you can prepare your business to stand against all odds.

A Reliable Accounting Software

Implementing a good accounting software programme like EZ Accounting can benefit you in indispensable ways. With a reliable accounting software, you can deal with your business inventory smartly, keep complicated records easily, get inferences out of huge data quickly, analyze how well your investments are paying you back and work together with accountants in one go. Such software lets you do more work in less time, trim down inaccuracies and hence reduce any risk of loss. If you want to improve your profit margins, you should execute this right away.

Well-Trained Accounting Staff

If you are employing better technologies, make sure you also have a smart staff to make the best use of those technologies and ensure they know all the features and functions of the preferred cloud accounting software. Train your employees and you absolutely need the people working on your vital business numbers to be resourceful, clever and observant. No business ever turned great without a good team at its back.

Regular Business Audits

You get to know if your strategies are working as estimated or not, by doing regular business audits. It let you know what is the next move should be. That’s how you discover whether you need to enlarge the team, work on marketing techniques, consider an advanced technology, redefine an operational process, do budget cuts or work on some other branch of the business. Doing regular audits will facilitate you to identify what are your business’s needs, potentials, threats, and opportunities. Once you know that, you can take actions to get better results in future and grow your business better.

Keep in mind that a business with a large team can fail because of poor financial management whereas a business with a small team can be successful if its financial plan is strong.

Risk of Using Free Accounting Software

Risk of Using Free Accounting Software

People are excited to get free accounting software available on the internet. It helps to save some money but it is not that much secure. Some of this free accounting software comes with some attractive features and functions that encourage you to download them.

You may even be led to trust that they are as good as the paid ones. But before you conclude that free accounting software fulfills your business needs, you should know what are the drawbacks and dangers in it.

Are They Actually Free?

Most people surf the internet for free accounting software and download the most excellent one among them. But they get to know after installing the software, it asks to pay for the full version. Else they limit the period of usage and then it’ll stop responding.

Are They Secure?

Many software developers use this software as a spyware. They inject the spyware in the spine of the software. This spyware will transfer all your personal information to some unknown address. However, it may not be applicable to all the free accounting software. But be aware of installing a free software.

Are They Strong Enough?

A business needs a strong accounting system that can give you quick and perfect accounts. But, the majority of free software is developed by some small companies who never invest much time or effort to make this software strong enough. They just use the basic logic of accounts, it can be highly risky for any company.

Are They Trustworthy?

There is some free software that may not be reliable enough. They can crash any moment or may give you a wrong result that often may be difficult even to spot, as hard you’ll manually calculate the result when you already have the software. So, it’s always recommended not to go for these free software; rather buy a paid genuine software from a reputed company, you’ll save much time and money in the long run.

Any Support?

None of the free accounting software providers offers any support. All the free accounting software are the just use-and-through type. There is no one to help you out if you face any problem. But, if you buy any paid accounting software, you’ll always get full support and training.

So, it is extremely suggested not to use any free accounting software, unless you don’t be concerned about the future and invest a few dollars to get a genuine software.

EZ Accounting offers you the best range of accounting software at a reasonable price and also offers free demo and training on using the software.

Features of Billing and Invoicing Software

Features of Billing and Invoicing Software

Billing and Invoice processing and payment are always required a mostly manual operation that often involving shuffling paper and writing checks which is very time to consume for most organizations.

The most excellent billing & invoicing software generally hold the following features:

Create and Send Invoice

Create an invoice with information includes customer name, discounts, sales tax, currency preference, deposits, payment terms, invoice due date, grand total and others.  The invoice can then is printed or email to customer directly from billing and invoicing system.

Recurring Invoices

Recurring invoices can be computerized to send to long-standing clients through the system on a schedule.

Customize Bill Design

Bill design can be modified according to company preferences by offering support for customized logos and other design improvements to bill design.

Multi-Currency

Choose your preferred currency with every customer in your invoices.

Automatic Tax Calculation

Allows the user to generate unlimited tax code and apply to invoice to collect the right amount of sales tax.

Customize Invoice Payment Term

Pick the right invoice payment terms to keep your cash flowing and ensure your invoice will be paid on time.

Invoices Report

Get a real-time report on bill status such as a number of outstanding invoices, debt amount and paid the amount.

EZ billing &inventory management software, the powerful tools, and functions helping great management in the daily operation function such as prompting during stock level fall shortage and others.

How to start a Business in Singapore

How to start a Business in Singapore?

To start a business in Singapore, first of all, require getting the right visa, the EntrePass. With the EntrePass you are allowed to be dynamically involved in managing the company’s functions.

The registration of your business in Singapore is not very complex and generally doesn’t take too much time. But be conscious that there will be a registration cost as well as a cost for your company name.

Various different taxes apply to company owners. It is advisable to get professional help from an accountant, especially in the beginning. This guide will give you some idea of how to begin when starting your business in Singapore.

APPLYING FOR YOUR ENTRY PASS

Earlier than starting a business in Singapore, you have to secure the exact type of visa, an EntrePass. To be eligible to receive an EntrePass, you must fulfill certain requirements:

You must be structured and registered as a Private Limited Company.

You cannot own more than 30% of the company’s shares.

Your organization should at least have 50,000 SGD paid-up capital.

The company cannot have been registered for more than six months at the time of application.

An EntrePass is essential if you plan on being keenly involved in managing your business functions.

REGISTERING YOUR BUSINESS                                                                          

There are a variety of business structures in Singapore:

Sole Proprietorship

Partnership

Limited Liability Partnership (LLP)

Limited Partnership (LP)

If you have a desire to register a business in Singapore, you must contact the Accounting & Corporate Regulatory Authority (ACRA). Two local agents who are legal residents of Singapore can act on your behalf when starting a business in Singapore. The registration process is fully computerized and therefore quite easy and should not take a long time as you take care of the following points in advance:

Find out if the name of your company is still available. The Singapore Network Information Center (SGNIC) can help you with that.

Find out the SSIC (Singapore Standard Industry Classification) code of your company.

Find a right business location.

Get all the required licenses and permits for your business.

If you are hesitant about the details of the registration process, engage a professional to help you with starting a business in Singapore.

Once all this has been taken care of you can register your business online with ACRA. Also, it is advisable that you register for the SingPass, a common password which you can use for different official online services when starting your business in Singapore.

TAXES TO KEEP IN MIND

Any type of income you receive is subject to income tax in Singapore. This is also the case when you are starting a business. However, there are other taxes business owners have to pay as well, such as Goods and Services Tax (GST), which is levied on the import of goods. The tax rates are as follows:

The income tax depends on the type of business.

The goods and services tax (GST) is 7%.

The withholding tax is 10-20% (depending on the purpose).

The property tax is 10%.

The stamp duty depends on the value of your transaction.

When starting a business in Singapore, it is important to get in touch with an accounting firm to help you with taxation and other financial details. In this way, you will ensure to do the whole thing right without any error.

GST Benefits for Businesses in Singapore

GST Benefits for Businesses in Singapore

In Singapore, the Goods and Services Tax is very similar to the Value Added Tax (VAT) imposed in most countries. Registration for GST comes under two categories: Compulsory and Voluntary. Under certain conditions, it is possible that your business is exempt from registering for GST. However, voluntary registration for GST could be valuable to your business. Here are the benefits of GST registration for your business:

Set up a Presence

In a competitive market like Singapore, setting up your company’s presence can be an immense challenge. Big businesses are mandatory to register for GST as their revenue usually puts them in a compulsory category. Voluntarily registering for GST makes your business appear as well-known as the big players and lets clients know that you stand for business. When clients and vendors find out that your company is registered for GST, they automatically make the link that your business is of a certain size and generates great revenue.

Lower Individual Income Tax Rates

Lower personal income tax rates can be implemented fairly because of GST. The tax revenue growth data collected to make sure that the government is aware of the sum of income from corporate tax payments and permits them to keep personal income tax rates as low as possible. Besides, with people paying GST whenever they buy an item, having lower individual income tax rates becomes a lot more feasible.

Boosts Savings and Investments

One of the finest things about GST is that people are taxed only when they spend on consumer goods and services. Not only does this mean that individual tax rates are lesser, but also that savings and investments end up being exempt from any kind of taxation. The rising number of companies registering for GST means that the government has a much more precise forecast of future returns. As a result, people are allowed to save and invest their money without being anxious that it will be taxed. Since people are already paying GST every time they buy something, it seems only fair that savings and investments be free from taxes.

Lower Cost of Administration and Doing Business

In the end, everything that helps save money is a good thing. And that is exactly what registering for GST does. As a result, not only is it appealing to foreign investors, the cost of administration and collection is a lot lower for the government. Similarly, the cost of doing business is also lowered. With GST, the customer is the one who is the real taxpayer and the business merely acts as a medium. This means that businesses do not have to bear any tax costs and it makes life a lot easier at the end of the financial year.

GST Schemes for the advantage of Registered Businesses

Following is a list of GST schemes that a registered company can take advantage of.

  • Cash Accounting Scheme
  • Discounted Sale Price Scheme
  • Gross Margin Scheme
  • Hand-Carried Exports Scheme
  • Import GST Deferment Scheme
  • Major Exporter Scheme
  • Tourist Refund Scheme
  • Zero GST Warehouse Scheme