1. Enable smart organization for a distributed workforce.

Since accounting info hold on within the cloud is more or accessed anyplace, team members will quickly and simply complete their work no matter their physical location.

2. Maintain relationships and easily verify discrepancies.

Relationships with vendors and distributors play an infinite role within the success of the many little businesses. once a trafficker or distributor queries why a bill hasn’t been paid, small-business house owners that leverage cloud-based tools will quickly explore for invoices. Advanced cloud tools enable team members to look by nearly any term to find a bill and establish whether or not it had been incomprehensible and obtain it quickly to preserve the seller relationship.

3. Use a broader suite of secure apps.

Cloud applications such as QuickBooks Online and Neat not only provide access to information and documents from any device, but they also integrate with other cloud-based tools. As soon as a small business starts using one cloud-based accounting technology, it’s easy to extract and leverage data across a number of different platforms and reduce time spent on manual data entry.

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When you’re first starting up, you should immediately set up a checking account for your business. By doing so, you’re protecting yourself and your business. A separate business account will provide asset protection as well as corporate veil protection, as long as you’re paying your business expenses from your business account and your personal ones from your personal account.

Keeping these two accounts separate will also protect you from any run-ins. Open a business account simply for better management and your own sanity. It makes life easier and more organized, so at the end of the year you’re not going to go crazy having to separate everything.

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1. Don’t procrastinate.
One of the biggest mistakes Branch sees new entrepreneurs make is that they put off their bookkeeping needs. Bookkeeping is actually very simple. If you break everything down into small categories — categorizing expenses, paying employees, sending invoices — the whole thing becomes much more manageable and the compulsion to put it off lessens.

2. Understand your seasonal cash flow.
You need to know your sales cycles as well.Having extra capital in the bank can mean the difference between being able to weather the long periods before revenue from past sales manifests and having to fold early because your cash has dried up.

3. If you have to work 80 hours a week, you’re not profitable.
If you have to work 80 hours a week to keep your business afloat, you’re not profitable.Too many startup entrepreneurs blow through the earliest stages of their company’s growth by putting all their time and energy into their businesses at the expense of their health and relationships. Undervaluing the time you invest in your business hurts everyone involved.

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1. Strike a deal to pay a fixed amount for utilities.
2. Invest in tools and practices that lower highly variable costs.
3. Calculate the variable expense average
4. Give yourself some cushion
5. Always compare your actual spending to your estimates.
6. Create a savings account specifically for variable expenses.
7. Obtain a business line of credit for emergencies.

When creating a budget for your small business, you are attempting to plan how much money you’ll need to make in order to cover your costs — and then some.

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Strong businesses have a solid handle on their financial reality, and the cash flow statement is an excellent, if not the best, measure of a company’s ability to generate cash in excess of cash invested. Over a sufficiently long period of time, all businesses have to generate positive cash flow or they will go out of business.

1. Changes in receivables and payables.
Companies should set optimal accounts receivables and payables levels through corporate and financial strategy, then forecast those accounts according to their plan. The error is to simply grow A/R and A/P with sales. 

2. Tax liabilities are another source of variability in projecting cash flows.
A business is not likely to be in touch with every tax change, and that is why the company hires tax professionals and advisers. Tapping into the expertise of the company’s accountants before the annual cycle begins is a good technique to avoid problems in the tax line.

3. The biggest cash flow statement error can start at the top: the income line.
The statement of cash flows is built upon the foundation of income delivered from the business’s operations, and errors in income projections can have a large impact on cash flows. One of the most common pitfalls in income statement projections is to incrementalize line items. Using the basic building blocks to drive forecasts does two things: it provides a solid structure to the operating performance of the business and it raises relevant questions all along the way.

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When you’re running a business, the ultimate sign of financial distress is usually running out of cash – you just don’t have any money left. However, even though it seems obvious, running out of cash is almost always a symptom and not a cause of business failure. In this article, I outline a few warning signs that financial trouble is nearby (or that’s it has already started). I’ll start by identifying a few telling symptoms, and eventually go down to the typical root causes of financial distress. The key, like any illness, is to catch the symptoms early, so that you can begin to identify the causes.

1) You’re struggling to be profitable.
2) Your margins are slipping (gross or net).
3) Your sales are stagnant or decreasing.
4) Your rate of sales growth is declining
5) You are profitable, but do not have positive cash flow from operations.
6) Renewal sales, inbound leads, or other metrics related to market acceptance are flat-lining
7) Your employee turnover is getting higher.
8) The product or service you offer is decreasing in quality.
9) Your office/workspace/headquarters looks messy.

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Malaysia’s ambitions under the Economic Transformation Programme to produce 60,000 accountants by 2020 will require a concerted effort from the accountancy profession

The government and stakeholders in the profession acknowledge that accountancy is one of the key areas where the country is significantly under-served, and the public and private sectors need to ensure that the demand driven by Malaysia’s steady and strong economic growth is met. There are obviously some major challenges that may be obstacles to achieving the government’s target. The main challenge faced in Malaysia is similar to that found in many other markets. It’s to persuade young people that the accountancy profession is an attractive option offering excellent career opportunities, financial rewards and opportunities for personal development.

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Business entities registered in Malaysia will now have a new registration number format when they register with the Companies Commission of Malaysia (SSM). Beginning January 2019, these new registration numbers for business will contain 12 digit characters which are designed to help facilitate data management.

This new format adopted by SSM is similar to the ongoing practice in Singapore carried out by the Accounting and Corporate Regulatory Authority (ACRA). In the new format, the first 4-digits represent the year of incorporation, which makes it easier for local tax authorities to determine if the business entity is still qualified for the first 3-year tax exemption.

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