Navigating today's business waters feels like sailing through unpredictable tides. The need to keep up to speed with shifting market trends and remain competitive are not the only success factors. Employee expectations and demands have companies, both big and small, striving to remain profitable. A modern workforce is now seeking better perks - competitive pay, robust benefits, and growth opportunities. Post the Covid-19 era, talents now call for work-life balance and holistic well-being. Plus, there's a growing tribe who'd rather freelance, enjoying the perks of a freedom than clocking an of ..read more

Did you know that 9 out of 10  start-ups face the risk of failure, with cash flow issues being a prominent cause? In fact, a staggering 82% of them succumb to this challenge, as reported by Business Insider. But instead of being discouraged, this is a call to action, an opportunity to work smarter by learning from the experiences of others. It's precisely why having a seasoned Chief Financial Officer (CFO) on your team becomes invaluable, as they are the financial superheroes who can help you navigate the treacherous waters of cash flow management, increasing your odds of success in this ..read more

The Covid pandemic in 2020 turned the business world upside down, but it also sparked some exciting changes for small and medium enterprises (SMEs). Yes, we are talking about going digital! It's the big buzzword these days, although some small business owners may be hesitant to jump on board. Well, guess what? A study by UOB showed that 43% of SMEs actually experienced higher productivity after adopting digital solutions. Talk about a game-changer!  By automating important stuff like marketing, sales, HR, and finance, SMEs have seen major improvements. It's like a boost of efficiency, be ..read more

While the Covid pandemic in 2020 came as a shock for businesses across the globe, it was also a game changer for small and medium enterprises (SMEs) and micro SMEs to innovate and adapt to new norms. The unprecedented shift towards remote work, limited physical interactions, and changing consumer behaviors forced SMEs to re-evaluate their strategies. To survive, going digital is among the key elements of improving their performance, sustaining continued growth, and staying agile and competitive. A report by the Straits Times citing a UOB Outlook Study 2022 reveals that 43% of SMEs ..read more

Inflation refers to the gradual rise in the prices of goods and services over a specific period. As costs increase, consumers tend to reduce their purchases. While many people view inflation negatively, it is a constant occurrence. For instance, the purchasing power of $100,000 saved in 2002 would be significantly diminished by 2022. Small businesses face the pressure of inflation, needing to choose between raising prices and risking customer loss or taking loans to cover expenses and preserve profit margins. Amid the pandemic, over 80% of small businesses have raised prices to survive, while ..read more

In budget 2022, the Minister for Finance, Lawrence Wong announced that the GST rate will be increased from 8% to 9% with effect from 1 Jan 2024. Since we are only 6 months away from the second GST rate change, staying ahead of the GST rate changes is crucial to ensure smooth financial operations and avoid any potential pitfalls. In this guide, we will walk you through the essential steps and strategies to effectively prepare for a GST rate change. Prepare early to transit smoothly to the new GST rate to avoid being non-compliant with GST rules. To check if your business is ready for the rate ..read more

Last year, the Singapore Government announced that the GST rate will increase from 7% to 8% on 1 January 2023 . This change will impact all Singapore businesses that file GST. The new 8% tax rate is available in Xero, in addition to the previous 7% tax rate (labelled ‘2022’). Xero has now introduced a new button at the top of your Chart of Accounts page, called ‘Update to 8% defaults’. You will only see this button if you have a Standard role and you have applied a Xero default tax rate to any of your contacts, inventory items, or accounts in your Chart of Accounts. To update the GST rate on y ..read more

You want to avoid risk in your financial business, but you don’t know how? What if we tell you there are better ways to avoid risk? With Covid-19, many Singaporeans are worried about their financial situation. Some may already be experiencing difficulties, such as lower income or risk of job loss. The good news is that we can take simple steps, regardless of the situation in the economy, to minimise your financial risks, especially in volatile times. Your company's money is its most valuable asset. You can't pay employees or fund manufacturing if you don't have funds. The majority of successfu ..read more

Singapore is considered one of the best places in the world to do business. Foreign companies are keen to do business in Singapore because of its business-friendly policies, strategic location, highly developed infrastructure, and simple and investor-friendly tax regime. Many international entrepreneurs are eagerly looking for information on “How to start a business in Singapore as a foreigner?” Every piece of essential information can assist someone in making quick and difficult decisions on the move. As such, you may take advice from a reputable registered filing agent if you are a first-tim ..read more

Do you know that the government not only provides digital accounting services for SMEs, but for non-profit organisations as well?  While most businesses in Singapore can apply for grants like the Productivity Solutions Grant (PSG), SSAs like yours are frequently excluded from such funding opportunities. Thankfully, Singapore's National Council of Social Service (NCSS) has created the Tech-and-GO! Program. What is Tech n Go! (TNG) ? Tech-and-GO! (TNG), is funded by The Invictus Fund (TIF), to support Social Service Agencies (SSAs) in broad-based adoption of pre-scoped IT solutions or equip ..read more