Automating your business accounting work will not only make life simpler and save time but also eliminate the possibilities of human error. Being able to do transactions with a click of a button, monitor cash flow, and get access to real-time financial reports on the go helps the business owners manage and keep track of their business finances.

Save even more time by outsourcing your business accounting to professionals.

Timcole has years of experience offering secretarial and accounting services to SMEs. With a team of certified accountants, your bookkeeping and tax filing are in good hands. Check out Timcole’s accounting services:

• Bookkeeping Package
• Compilation of Financial Statement
• GST Filing Services
• XBRL Filing Services
• Corporate Tax Filing Services
• Preparation Group / Consolidated Accounts

There are various accounting software packages available in the market today offering different features. One should definitely leverage these software packages to manage their finances and improve the turnaround time. But how do you pick ‘the one’ that is best suited for your business requirements?

In this article, we will be comparing the 3 most popular accounting software in Singapore – Xero, QuickBooks, and MYOB (ABSS) to help you make a decision.

Xero

Xero is cloud-based accounting software designed for small businesses and startups. It started its operations in New Zealand in 2006 and now has a global presence.

The software offers features like e-invoicing, inventory management, bill payments, dashboards, bank connections, and claim management. As it is cloud-based, one can access the information anywhere anytime from multiple devices and even share the information easily with the concerned people.

Xero is also IRAS (Inland Revenue Authority of Singapore) compliant which makes filing taxes a very simple process for companies.

Related article: How to Use Xero in 12 Simple Steps

QuickBooks

QuickBooks is an online accounting software package offered by Intuit, a US-based company that was founded in 1983.

The software mainly caters to small and medium-sized businesses and allows them to perform tasks like track sales, expenses and profits, create and send invoices, manage and pay bills, track inventory and track and pay taxes.

QuickBooks is available in both versions – desktop or online application. Since all the information is stored in the cloud in the online version, the real-time data can be accessed anytime and can be shared with anyone around the world.

MYOB

MYOB which is also known as ABBS is a desktop accounting application catering to both big and small businesses.

The software comes with a range of features like creating and monitoring quotations, invoicing and payments, managing inventory, processing multi-currencies transactions, viewing reports, and tracking budgets. It is also tax compliant as per IRAS requirements and helps in preparing GST returns and IRAS audit files.

Comparing Xero, QuickBooks & MYOB

All 3 software provide competitive features and pricing, which could make it very difficult to zero down on one software that would be perfect for everyone. We can’t really say which one is better than the other as every business has its own unique needs and preferences.

If you are still not sure which one would best suit your requirements, opt for the trial version of each to familiarize yourself with the features and the interface. All of them offer a 30-day free trial.

Choose Xero

It is undeniable that Xero offers many attractive features as compared to its other 2 competitors. What’s more, you can even get an 80% PSG Government subsidy for Xero!

Timcole is a long-term Xero Gold Partner and a Certified Reseller of Xero Software. By applying through Timcole, pay as little as $100 after 80% PSG. Timcole can also check your eligibility for other available grants to help you save even more! Check your eligibility for Xero PSG here.

Read our step-by-step guides to apply for PSG on your own:

• How to Apply PSG for Xero
• How to Claim for Xero

Not eligible for PSG? Don’t worry! For a limited time, Timcole offers an extra 6 months FREE when you sign up for a 6-month Xero Standard or Premium subscription. Click here to learn more about our 6plus6 offer.

The post Xero vs. QuickBooks vs. MYOB – Which Accounting Software is Better? appeared first on Timcole Accounting.

Step 1: Click on “Claims”

Visit https://www.businessgrants.gov.sg/ and login with your company’s CorpPass. Under “My Grants”, click on “Claims“.

Step 2: Click on “File New Claim”

Under the subtitle “What would you like to do?”, click on “File new claim“.

Step 3: Click on the Project Title “Xero Cloud Accounting Software”

You should be able to view the approved Xero package on the page. Click on the approved project title “Xero Cloud Accounting Software“.

Step 4: Click on “Proceed”

Click on “Proceed” to continue.

Step 5: Update Your Contact Details

If the information under “Main Contact Person” is the same as previous submission, click on the small box that indicating “same as previous submission”. Otherwise, fill in the new information for the “Main Contact Person”.

Step 6: Double Check Your Claims Information

Review the Solution Details to make sure that the stated information are correct.

Step 7: Indicate Software Details & Upload Supporting Documents

Under the question “Key in your software license numbers or equipment serial numbers”, state the following: “Not applicable as it is a web-based application, hence no license or serial numbers.”

Proceed to upload the required supporting documents. If you require any assistance in obtaining any of the stated supporting documents, feel free to contact us.

Step 8: Payment Details

Indicate “How many instalments or subscription months is this claim for?” as shown on the invoice.

Thereafter, fill in the “Actual Expenses Paid (Excluding GST)” with the amount shown on the invoice before GST. The other information will be auto-filled.

Step 9: Location Deployed

Review and double check the auto-filled information under Location Deployed. If incorrect, update the address. Click “Next” to proceed.

Step 10: Fill in the Cost of Savings in Percentage

For the question “How much do you expect your costs to reduce?”, fill in the Cost Savings in percentage.

Step 11: Productivity Gains

If the information under Productivity Gains is the same as the previous submission, click on the small box indicating “Same as previous submission”. Otherwise, type in your own words and the task efficiency percentage.

If you made no changes, indicate “NIL” under the statement “If your projections have changed, tell us why.” Otherwise, state the reason.

Click “Next” to proceed.

Step 12: Declare & Acknowledge Terms

Read and select either “Yes” or “No” for each question at the Declare & Acknowledge Terms page.

Step 13: Consent & Acknowledgement

Upon reading the terms, check the box to indicate your acknowledgement and consent. Click “Review” to proceed.

Step 14: Submit the Claim Application

Upon reviewing the application, check the box to indicate your declaration and click “Submit“.

The post Step-by-Step Guide on How to Claim Productivity Solutions Grant (PSG) for Xero appeared first on Timcole Accounting.

Advantages of Talenox-Xero Integration

Indeed, there are many advantages to linking your cloud-based payroll to the ledger. First and foremost, this helps avoid manual errors as the payroll entries mirror the online ledger with 100% accuracy. Additionally, the integration offers you a priceless bird’s eye view of various company functions.

While Talenox manages your HR details, Xero caters to all the administrative needs of the company. Furthermore, Talenox-Xero integration can enable hassle-free scalability as both software are built to grow with your company. All of these can be accomplished, with only a click of a button, saving you precious time!

Links Accounts-related Charts Easily

After you have your accounts chart prepared in Xero, you can connect to Talenox and link all the journal entries at the same time. With the Talenox-Xero integration, you will never have to worry about keeping manual records of transactions ever again.

Simply authorise Xero Cloud and begin exporting documents instantly. Talenox classifies entries like salaries, directors’ salaries, general expenses, bonuses, and statutory tax items. You can now post all of these payroll entries to the Xero ledger account with one easy click.

Quick Re-Import and Data Synchronisation

Are you worried that you will end up constantly moving, editing, and merging all the information? You’ll be relieved to find out that you will have a single platform to organize all your data. Every time you make changes, you can very easily re-import your chart of accounts to Talenox, reflecting changes on both platforms.

Offers a Consistent Back-office Solution

In addition to enabling you to link your payments to charts of accounts, the Talenox-Xero integration will allow you to choose specific payroll periods. You may get overviews of pay entries for all employees and also overview employee expense details for your company.

Xero, as one of the best inventory management software worldwide, is convenient and user-friendly!

Still not convinced? Check out our guide on “How to Use Xero in 13 Simple Steps“.

Get Up to 80% Funding for Xero

Xero is an approved IT solution for PSG funding. Depending on your company’s eligibility, you can get up to 80% grant for Xero implementation and/or migration.

As a Xero certified partner and pre-approved IMDA digital solution vendor for PSG funding, Timcole can help you set up Xero at just a small cost! Check out our pre-approved Xero PSG packages here.

Get a headstart and start applying now! Apply PSG for Xero with our step-by-step guide.

The post Why Integrate Talenox with Xero appeared first on Timcole Accounting.

Features of Xero Accounting Software

Xero Cloud Accounting is not only great for your company but also very useful for your clients. It posts all of your bank activities and also matches them to accounting transactions. With this application, invoicing, reporting, bank reconciliation, and other accounting activities are just a click away.

The best thing about using the online software is its ease of invoicing method. You can make and send professional invoices over the internet. Clients will receive the invoices instantaneously and can initiate payment with just a click. What’s more, the software will update you when invoices are reopened.

That’s not all, there are plenty of other features. Some of the other Xero Accounting software features have been listed below:

• Make purchase orders
• Create copies of bill for payment
• Inventory management
• Monitor purchases and sales
• Attach documents and source files
• Schedule payments to manage cash flow
• Conduct batch payment for suppliers
• Easily organize personal expenses by reviewing receipts
• Save time and avoid data oversight with seamless connectivity with your banks

Advantages of Using Xero Cloud Accounting

By deploying Xero Accounting, you can get more work done within a short time. Apart from the boosted efficiency, the software is a great choice because of its connectivity feature.

Even without any manual and error-prone data-entry, the data continues to flow. This allows you to seamlessly connect the client’s bank to the online ledger. You can now focus on strategic management, business analysis, or other more critical business areas while Xero Accounting takes care of all accounting functions.

The cloud-based software helps with invoicing, preparation of purchase orders, and various other time-consuming tasks. Furthermore, Xero Cloud mobile makes keeping accurate records and online invoicing as easy as downloading a mobile app is.

You can even share updates with employees and collaborate with advisors. Just add apps to create a complete solution for your business. The additional efficiency will help grow not only your team but also the client base and bottom line.

Desktop-based Software Vs Cloud-based Software

The cloud has transformed how business is conducted today.

Desktop-based software has become old-fashioned and irrelevant to the customers as it does not offer the same efficiency and convenience as its cloud-based alternatives.

Most new-age software such as Xero can help perform business tasks on the go from any device, at any time. Additionally, these applications will let you access business data and perform specific operations without any geographic or time limitations, unlike desktop-based software.

Get Xero from Timcole with up to 80% PSG Funding

Timcole is a proud part of Xero’s international partner network. Being a qualified reseller and a long-term partner, you can get complete Xero Cloud Software solutions in Singapore from Timcole.

Not only can we offer you different pre-approved PSG packages, but we will also provide webinars and tutorials to help you switch to Xero. From software knowledge to continuous support – we offer end-to-end services.

Check out this step-by-step guide on how to apply PSG for Xero.

Data Security When Using Xero

One of the biggest concerns with software like Xero Accounting is security. With Xero, multiple security layers help keep your data safe. Protection of your data is prioritized over everything else.

Xero continues to invest in up-to-date industry-leading infrastructure. The company strives relentlessly to always ensure data security for the clients.

Why Xero Cloud Software?

Deploy Xero Cloud Accounting in your company’s IT landscape and experience a steep boost in your business performance. The software will enable smooth business operations even when on-the-go and deliver the ultimate client service.

Online Training and Support Provided by Xero

To begin your Xero journey, you can start with reading our 5min guide on ‘how to use Xero in 13 simple steps‘.

For online resources and training videos, you can rely on the Xero Business Help Centre, which can help you master the Xero Accounting software and transform your accounting system.

If you are looking for a more thorough guide to Xero, you can read through the Global Xero Certification Course. Here, you can learn how to sign up and set up the software. Moreover, you will find numerous useful resources that will help you become a Xero Cloud Accounting expert.

The post Xero Cloud Accounting Software in Singapore appeared first on Timcole Accounting.

Xero is an online accounting software tailored for SMEs. If you’re new to Xero, you should read through this guide in order to know how to maximise your use of Xero.

We’ve taken our time to explain the things you should do step by step. Here are the 12 steps that will get you started:

1. Watch the ‘Xero Dashboard’ video

The Xero Dashboard video will give you the basic knowledge on how Xero works.

You will find the Xero Dashboard video in the top left corner of the dashboard.

2. Set up your organization details

Make sure you have a registered office address and registration number if you own a limited company because you’ll need them on every invoice you issue.

Go to Settings –> Organization Settings to enter or update the contact details of your business, including:

• Display name
• Email
• Legal / Trading name
• Organisation Description
• Registration Number
• Physical address
• Organisation type
• Registered address
• Phone and fax numbers
• Website
• Logo

3. Set up your financial settings

Go to Settings –> Advanced settings –> Financial Settings to input your company details:

• Sales Tax / VAT Details: VAT scheme, VAT period and, VAT number.
• Financial year end: this will help you get the proper year-end for your reports.

4. Add your company’s branding

You should set up all your invoices with terms of payment, logo, and contract. Go to Settings –> Invoice Settings to set up different branding schemes.

Your cash flow can improve if you nail down your terms of payment. Also, having short payment terms can assist you in receiving payment faster.

5. Set up your chart of accounts

In case you have been using another accounting software in the past, you can import the existing chart of accounts into Xero. You may also modify the default chart of accounts.

You may seek the help of your accountant with this decision if you have one, but if you keep all account records by yourself, we recommend Xero’s default chart of accounts for you. You are free to add, customise, or delete accounts to suit the needs of your business. Go to Accounting –> Chart of Accounts to make changes to your account.

6. Set up your bank account feed

After you have done all the steps above, you should set up your bank feeds. This includes setting up your PayPal accounts and credit card if you have them.

7. Reconcile often

With Xero, bank reconciliation is now easier than ever. You need to spend just a few minutes every week to approve pre-matched items in order to keep your data up to date.

Since Xero will connect directly to your bank account, transactions will pull through automatically. Xero is designed to remember the last time you categorised any transaction, allowing you to simply click ‘OK’ when you need to check the same category.

Make sure you reconcile at least every week so that your account will be as accurate as possible.

Updated invoices will make you see a clearer picture of cash flow and hence allow you to make good financial decisions. Another reason why regular reconciliation is beneficial is that it allows you to utilise Xero add-on apps very easily since your data will be up-to-date.

8. Add payment services

You need to link active payment services to your Xero account. You can link services like PayPal, GoCardless, or Stripe. Having a variety of payment options allows you to receive payments from customers easily. You can set up services that will display a ‘Pay Now’ button on all your invoices.

To do this, you should go to Settings –> Invoice Settings –> Payment Services.

9. Set up payment reminders

Every business owners like receiving payment on time. Payment reminders can help you receive payment on time. Having a well-organised credit control system can equally help you receive payment on time.

Go to Settings –> Invoice Settings –> Invoice Reminders

Please set up payment reminders only if you reconcile receipts daily. It would be very unfair if you chase payment from customers who have made payment already. This may even tarnish your reputation. So, if reconciliation isn’t part of your routine, you shouldn’t set up payment reminders.

10. Add users

To add users, you should go to Settings –> Users. Add your bookkeeper, accountant, and other necessary stakeholders.

11. Learn basic reports

You need to understand how Xero reports work. Immediately after you have input some data, you should view the Profit And Loss, Balance Sheet, Aged Payables, and Aged Receivables.

You will see all the options available to you when you go to Accounting –> Reports.

12. Connect apps

The Xero’s wide range of add-ons and apps can assist you to save a lot of time, especially on repetitive processes.

Xero offers apps that have a wide range of functionalities from document management to cash flow forecasting and many more. You can explore all your options at the Xero app marketplace.

Get up to 80% PSG subsidy for Xero

Timcole is a certified Xero partner and a pre-approved IMDA digital solution vendor for PSG funding.

Xero implementation and migration is not eligible for PSG funding. Check your eligibility for the grant here.

The post How to Use Xero in 12 Simple Steps appeared first on Timcole Accounting.

Step 1: Login

Visit https://www.businessgrants.gov.sg/ and login with your company’s CorpPass.

Step 2: Click on “Get new grant”

In “My Grants” page, select the “Applications” tab and click on “Get new grant“.

Step 3: Select your business sector

Select the sector that best describes your business. If your sector is not on the list, select “Others“.

Step 4: I need this grant to

Then choose the following: “Upgrade key business areas, such as adopt technology, improve business processes or raise service standards” and click “Next“.

Step 5: Select “Pre-scoped Productivity Solutions”

For the question “Which best describes the area you will develop with this grant?”:

Select “Pre-scoped Productivity Solutions” and click “Apply“.

Step 6: Click “Proceed”

You will now reach the page to start your grant application form. Scroll down and click “Proceed“.

Step 7: Check your eligibility

Read the grant criteria to make sure that you are qualify for the grant.

If you meet the eligibility criteria, select “Yes” and proceed by clicking “Next“.

Alternatively, you can also click “Save” to complete the application at another time.

Step 8: Provide your contact details

Fill in the details of the main contact person.

Step 9: Fill in your mailing address

If your mailing address is the same as your registered address in Company Profile, simply tick the box.

Otherwise, manually fill in your preferred mailing address.

Step 10: Fill in the Letter of Offer addressee

Tick the box if it is the same as the main contact person. Otherwise, you can manually fill in the individual’s particulars.

(Take note that the individual must be either the CEO or Managing Director as registered with ACRA, or other authorized persons.)

Step 11: Proposal

For the question “What type of solution are you purchasing?”, select “IT Solution“.

Then in the search field for the services solution, type in “Timcole” and choose the relevant package.

There are 4 plans to choose from:

• Plan 1 ($109): Standard Subscription
• Plan 2 ($143): Premium Subscription
• Plan 3 ($349): Standard Subscription + Implementation
• Plan 4 ($669): Premium Subscription + Implementation

For more information on Timcole PSG packages, click here.

Step 12: Fill in the information accordingly

Proceed to fill in the following information:

1. No Of Units: 1
2. The date is usually the next day upon your submission, unless you have another preferred date to start.
3. Provide a reason on why you need the solution. For Xero IT solution, a popular reason is to “increase the efficiency of accounting management“.
4. Choose your vendor: Timcole Pte Ltd (201134830C)

Step 13: Upload Signed Quotation

Upload the Signed Quotation from Timcole by clicking “Select Files“.

Step 14: Tagging the document

After uploading the quotation, tag the document as “Selected vendor’s quotations“.

Step 15: Deployment Locations

Deployment location is the location in which the solution will be used. At least 1 location must be filled in.

First, select the type of location from the drop down list.

Step 16: Fill in your deployment location

Proceed to fill in the address of your deployment location.

Answer “Yes” or “No” to the question “Does your business operation from this address?”.

Step 17: Acknowledge

Tick the box upon reading and acknowledging the primary usage of the solution.

Click “Next” to proceed.

Step 18: Select “Direct Purchase”

For the question “how do you intend to make the purchase”, select “Direct Purchase“.

Step 19: Fill up the cost

Fill up the cost according to the given quotation.

You can refer to the table below:

	Package 1	Package 2	Package 3	Package 4
Purchase price (excluding GST)	$545	$715	$1545	$3145
Other one-time fees such as training or installation as listed in the quotation (excluding GST)			$200	$200
Total	$545	$715	$1745	$3345

Step 20: Business Impact

Fill in the descriptions and productivity gain.

Then, click “Next“.

Step 21: Declare & Review

Tick the checkboxes accordingly.

Step 22: Declare & Review

Tick the checkboxes accordingly.

Step 23: Declare & Review

Tick the checkboxes accordingly.

Step 24: Acknowledge and Submit

Indicate your acknowledgment and consent.

Click “Review” to review and submit your application.

The post Step-by-Step Guide on How to Apply Productivity Solutions Grant (PSG) for Xero appeared first on Timcole Accounting.

The application will not only help you cut a lot of hours from your workload, but it also removes any errors that most of us commit while bookkeeping.

The Importance of Inventory management

Managing your inventory correctly can make or break your success if you are someone that has invested in a retail business. Manual bookkeeping is a very mundane task, but still, it is so vital to your business.

Answering questions like what and when to stock, and how much it costs to keep the things you are not selling, are the questions you try to answer while managing your inventory. However, the chance of error is very high while doing it manually and is also physically and mentally very taxing. The use of inventory management application does that for you very quickly.

Spreadsheets are Obsolete

It can be very easy to rule out a specific software just for inventory management when all you need is a good and well-maintained spreadsheet, right?

Well, I hate to break it to you, but spreadsheets are not built for this, and you should not rely on them. Here’s why:

• Very taxing to manage and take a lot of time
• Error-rich
• Un-scalable
• No integration with your point of sale or accounting software
• Data is always old
• Does not tell you about the high and low selling items

Why should You be Using Cloud Inventory management?

Cloud inventory management can be a very worthy investment in a retail setting.

Here’s why:

1. The Application should Scale with Your Business

Businesses whose products give proper value to their customers and are managed well tend to grow when the time comes. The product lines become more diverse, and new locations are added as things go well.

Inventory management is capable of doing all this very quickly. You can see which locations are doing well and which are not the best selling products and what you should be cutting out.

2. Synchronized Using the Cloud

Inventory management is a demanding and complicated task like ordering, receiving, storing, tracking, and sale monitoring when done manually. This can translate to many hours to provide more value spent in mundane data entry work on different systems.

Cloud inventory management does that work seamlessly by integrating all your data and letting it flow from one system to another.

For example: When something is sold at your point of sale or your online store, cloud-based inventory management can automatically update the following points:

• Your accounting software so that it can record the revenue and tax.
• Inventory management software, which seamlessly and automatically reorders the product when the inventory is low.
• Your business performance dashboard records and shows you the profitability (or unprofitability) of your business in real-time.

What all this automation does is that it not only saves you and your staff from slaving away at different data entry points but also shaves down errors that tend to happen. It also gives you the necessary tools so that you can deeply understand your business and improve it.

Your data is also very easily shareable with investors and financial advisors so that you can get their suggestions.

3. Real-Time Decisions with Real-Time Data

Even though a lot of things that retail businesses stock are in demand all year, there are times you might be dealing with. These include things like fidget spinners or beanie babies. You can profit a lot when the item is burning hot, but you can also lose a lot of money if you do not see the scale declining when it is going away.

Inventory management has the functionality to show you real-time data anywhere and anytime. Here are some of the best features:

• Real-time sales data across all your locations.
• See what type of products are popular where and who are the customers for it.
• Easily single out your best-selling and worst selling product.
• You can compare your suppliers to find better deals.
• Automatically stock and resupply,

Real-time data can also help you make marketing decisions like what product to promote and what should be kept on sale.

4. Restock Your Inventory from Anywhere

Suppose you are someone who owns a retail business and wants to travel around the world while your staff looks after your business.

Well, say no more as a cloud-based inventory management application can help you navigate all the important aspects of running a business from anywhere as long as you have a mobile phone with a stable internet connection. You can check and receive notifications regarding stock levels, best and worst selling products, and a one-click reorder button, all that, anywhere.

As you go up in scale and open newer locations, you might be looking at many newer challenges. Finding the right inventory management application can help you alleviate all these locations’ mundane bookkeeping. Good application with the right features will make everything a lot easier for you and help you scale your business to new heights.

A Good Software Never Lets You Do the Tedious Boring Work

Xero offers more than just accounting. Although it is an accounting software, it offers a wide range of other business applications that your business needs. From inventory management to invoicing and HR payroll, you can integrate all parts of your business into Xero.

Let Xero look out for you and handle all the tedious work so that you can focus on creating new streams of income and market your business to the right customer.

Get at least 80% PSG government grant for the setting up or migration to Xero. Check your eligibility to the grant now.

The post Xero – Offering Inventory Management for Small Businesses appeared first on Timcole Accounting.

Accountants work more beyond what you think. They will keep and interpret the financial records and are responsible for performing a variety of business-related tasks. Moreover, they will provide you a few strategic advices and ways for boosting revenue and saving money.

An accountant will remove those administrative tasks that are responsible for distracting your mind from the business. When having an accountant, you can run the business with more confidence and clarity.

Here in this article, we will discuss what things an accountant is able to do for you.

Begin a Startup

Launching a new business is usually thrilling or exciting, but it is more than having a good idea. The biggest thing is to know that the business will be successful and you will get money. For this, you will also have to convince lenders and investors too. An accountant can do all this for you.

They can help you test your idea and tell you the operating and startup costs while creating a trustworthy forecast for a successful business. They will also enable you to find the right lenders for finance and help you impress those lenders by working on your pitch.

Work with the Business Strategy

Making a business run is not an easy task, and there are many moving parts when starting a business. Sometimes you might lose the focusing paints. An accountant is a person who will help you in finding what’s more important.

Whether your goals are personal, financial, or professional, an accountant will help you set them up. They will provide you with some performance indicators which will help you know how the business is running.

Fix the Cash Flow

Most profitable new businesses fail as they get short of money at precisely the wrong time and are unable to pay the staff or suppliers. Even an actively high business will fail if they lack payments when their expenditure is high than the profit.

Running a business isn’t easy and there are many reasons why a business can fail.

Read ‘20 mistakes SMEs make that can lead to business failure‘ to avoid the common mistakes that many entrepreneurs oversee.

Accountants know well that cash flows and costs are for doing the same. Moreover, they can help you predict the cash flow effects and provide you with strategies for managing the situation.

They will make the spending plan and organize the reserves while ensuring that there is money available in the bank. It will make you less stressed and enjoy your business.

Unconditional Support

Running a business is daunting and sometimes lonely too. Most often, things are really hard, and you might think about the relaxed and cozy routine left behind. Here an accountant will help in keeping your part in the game.

An accountant knows the worth of your business towards you. They know how compassionate you are about your business and help you reset or reassure you on the journey.

Moreover, they will make you less stressed by working on the big problems and spilling them into small manageable parts. Providing moral support is something best an accountant can do.

Managing the Debt

Basically, two types of debt exist, a good one and a bad one.

An accountant will help you in telling which one is the best for you. They will also find budget-friendly strategies to enhance your business while making sure that it is of low interest. However, if you require any refinancing, they will make it possible too.

An accountant can give you a perfect opinion on when to reinvest in your business and when to pay the loans back. They will make it possible by a specific strategy after looking up your debt and your business numbers.

Help in Writing Loan Applications

It is a science or art when applying for a loan. Here an accountant is worthy of having as he/she will do everything to get your numbers. They will help you with the application to increase your chance in securing a loan.

Mostly the lenders want to have some credible forecasts and tough financials, but this is only the beginning. Now here, what an accountant will do? They will tie everything together and represent a broader vision of your business. They will not only create spreadsheets, but they will also make charts and graphs for visualizing the numbers, thus enabling the lender or investor to see all the opportunities.

Moreover, they also know how to use proper forecasting tools to gain the trust of the lender.

Along with contracts and formal document preparation, Timcole also offers business plan preparation and submission for Government Grant application. Click here to learn more.

Keep the Budget Smart

When doing detailed budgeting, it will require much of your energy and time. For this reason, most businesses work on setting a vague of numbers where they place their estimates and assumptions.

Here, an accountant will assist you in producing an accurate and rigorous budget while giving you great confidence. That will let you know how much money you can reinvest and how much you have to pay.

Hiring the Right Staff

Your accountant will step in here when you don’t know how to hire the right staff or if it is a good time to do so. Let’s see what help a financial advisor can provide you with human resources.

• They will see whether you will get a benefit from a technician or a salesperson. Moreover, they will find the hire that can boost your business as a whole.
• They will also work on getting the right cost for hiring, paying, or training an employee and will make sure you can afford it.
• Moreover, having the right payroll for taxes, government paperwork, and insurance is also perfectly managed by the accountant.

Many SMEs prefer to outsource their payroll management.

Here are the reasons why.

Check out the fee guideline for Payroll Management.

Managing the Inventory

Are you the one who usually spends on storage and often lose money over damaged goods or obsoletes? Or have you ever lose revenue by running out of stock? Inventory management is something really crucial in doing a business.

Here, your financial advisor will predict strategies for saving some money by identifying the price holding inventory that comes along. Moreover, they will repeatedly review the sales data and know about the stock needs while ensuring accurate orders.

An accountant can also provide you with software that will track the stock levels and order products less.

Run your Business Efficiently

Generally, the business cost rises quickly with things such as:

• Storage for IT or physical
• Energy such as gas, electricity, and utilities
• Staff and more

Most of the time, you don’t have enough time to think about all these costs. That is where an accountant can help you to do it. They will find if there are any unnecessary costs present in your business and will help you in establishing productive ways of working.

Unlocking the Technology

When having a smart business, you can automate many things you are doing manually. What an accountant will do here is they will set up affordable software for a lot of things like:

• Record of time and scheduling the staff
• Sales point
• Receiving payments
• Payroll
• Relationship of customers

It is also one of the most beneficial things an accountant will provide you. Processes done automated can lower cost and take the pain away while ensuring things are running smoothly. Just find a financial advisor who knows about business strategies and apps.

Making your Business an Enjoyable Experience

What will an accountant do? Mostly the answer is that they are the ones sitting behind desks, but it’s not true anymore. Nowadays, advanced accountants will move to your working area to see how the business is going.

They can make a big difference in how you are going to run the business. Now it’s more than a treat if you get an accountant who can help you with both professional and personal levels.

Don’t Forget the Tax.

All companies operating in Singapore must comply to the IRAS requirements.

Now, what a great accountant can do regarding tax. They will:

• Work on lowering the tax exposure
• Deal with the old debts
• Keep record
• Help you in avoiding audits

Effective tax planning can benefit your business greatly.

Click here to learn how.

Setting up Xero Cloud Software

An accountant can automate a lot over the business accounting. Thus, the expense and sales data can directly flow in your accounts. Moreover, they know how to set up an invoicing system to let you know who has paid the money and who didn’t.

This software will also send emails to people who didn’t pay the money, making the work more efficient.

Xero Cloud Accounting Software

Xero is a cloud-based accounting software perfect for SMEs. With Xero, you can shorten and smoothen your business accounting workload. You will have more time to focus on business operation and other important tasks that matter.

*new* Do You Know? With Government PSG funding, get 80% subsidy on Xero set up or migration. Check your company eligibility now.

An Accountant will Make the Business Better

You will be amazed at seeing what a top accountant can do. They can produce tons of insight and additional capabilities in your business. Therefore, an accountant can do whatever you desire. That is because if they aren’t able to solve all your problems themselves, they know who can do it for you.

When you are trying to find a financial advisor for your business, keep in mind to consider more than skill and knowledge. Find someone with whom you can have amicable conversations, and somebody you like.

Timcole can be more than just an Accountant

Timcole offers more than just services and believe in building a trusted relationship with all our clients.

Check out just some of the accounting services we offer:

• Company Bookkeeping Packages
• Compilation of Financial Statement
• GST Filing
• XBRL Filing
• Corporate Tax Filing

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