No Cash Flow Will Kill You

Cash is the water that keeps your company alive. And many of entrepreneur will go hit by cash flow problem and the company died a premature death. A lot of them are new to this game of cash flow. Strictly control your cash flow so that you will live longer. One of the biggest mistakes is not getting paid for work done. This is tough. You paid the salaries, rental, expenses, hardware and delivered the product to your customer, and not getting paid for it. You must control your risk here. Focus on getting paid if you have delivered. If you haven’t started the project, make sure the terms are good for your cash flow.

Watch out for customers that request you to deliver your products without paying first. They sold it and have many excuses when you try to collect. Watch out for a customer that asked you to do a proof of concept without any investment from their side. They have nothing to lose if they abandon the project. For all you know, you are the ones that work your heart out, they do not even care. You are vulnerable at the start of your business, and this is the reason why so many of you fall into this trap. Try not to do it. Be careful so that you will survive this stage. This game is bloody. You are playing with real money. Try to negotiate something such that your cash flow will be good. I have faced this issues a few times in my own business and it cost large cash flow problems and many months of wasted man-hours. The large customers just abandon the project as if it is nothing to them.   

Everybody has a problem even though he or she is from a big company. So if your product really can help them in making their life easier or more bearable, you have an upper hand. You can negotiate so that the term is good for you. If they are totally not interested to negotiate, then you know that they are probably not your customer, not the current team anyway.  Try to make sure you stay alive.

In the accounting module, you can see Cash Flow report in the Accounting Report. It will show you the comparison between inflow and outflows, comparison by months or by year. You would know how you perform in cash flow angle.

Services Tax (SST) & Goods and Services Tax (GST)

What is Sales and Services Tax (SST) & Goods and Services Tax (GST)?

Here the simple definition about SST and GST.  

Sales and Services Tax (SST)

The Sales Tax is just be charged on the maker level, the Service Tax is will be charged on customers that are utilizing charge administrations. SST rates are less straightforward than the GST which had a standard 6% rate, the SST rates change from 6 or 10%.

Goods and Services Tax (GST)

GST covers everybody, retailers, and exchanges. The business assesses just covers producers while administrations impose covers certain recommended administrations like proficient administrations. The providers could guarantee back the GST from the administration, in any case, the legislature does not in a flash discount the GST claims, causing issues for the organizations working income.

Here is a comparison of the tax system

 image source: NST

6 Benefits you will get by using Accounting Software

What you get when you using accounting software for your company? It is good and better-using accounting software or the actual accountant that manage the company account manually are the good way to manage the account? Let me share 6 things will you get after using accounting software.

Accessibility
Now you can get access to your company’s data and can use it from anywhere you are via any devices such as your laptop at home and even your mobile phone when you are on the go. Faster decision making even you are not at the company. By using the accounting software, you can check and look at each of the transaction that been done by your staff.

Responsive Design
We understand that the trend shows many people are accessing their data using their mobile phone. So, by using accounting software you can access easily by using any gadget that you have.  The software to be responsive and easily viewed not only on desktop or laptops but on your mobile phone as well.

Multi-Location Features
Use software for multi-location features to manage your operation in multiple locations and easily generate location-based accounting and financial reports, as well as overall reports. You can manage your company account wherever you are. You can access it anywhere and anytime based on your time.

Automation
Moreover, by using software, we aim to automate as many as possible manual processes including auto-generated reports and dashboard. Monitor your financial performance and response faster to your company situation. If before this you calculate manually by the calculator and need to check each of the file and transaction that been made, but now by one click, everything will be made by the system. Is it amazing and make your work easier. Each of the company needs more a person to manage the company account but by using the accounting software, you just need someone that understands and can manage the system to do it.

Forecast
One of the benefits of using the system of accounting software is to manage your data is that you can forecast what’s next. By using software, you will be able to view your staff performance, progress towards achieving your organization’s goals and enable to identify any issues earlier.

Secured Infrastructure
By using the accounting software will puts owners and managers to complete control over business information. With the secure account and data backups, you get peace of mind over the safety of your data. It gives you privacy and security your company account. You don’t have to worry and keep thinking about your data and keep check if there is still at your computer and stop worry when your computer has been attacked by the virus or your computer have the problem and need to service that makes all the things gone. By system, there will still at the system and easily can access anywhere and anytime.

So now, are you interested to use Accounting software and want to try to use the Accounting software? Click this link and get your free trial by using the OfficeCentral. Grow your business with OfficeCentral.

http://www.officecentralcloud.com 

http://www.officecentral.com.my

What is GST Malaysia?

The Goods and Services Tax (GST) is a value-added tax in Malaysia. GST is levied on most transactions in the production process but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer.

The existing standard rate for GST effective from 1 April 2015 is 6%. Many domestically consumed items such as fresh foods, water, and electricity are zero-rated, while some supplies such as education and health services are GST exempted.

GST was scheduled to be implemented by the government during the third quarter of 2011,but the implementation was delayed until 1 April 2015. Its purpose is to replace the sales and service tax which has been used in the country for several decades. The 6% tax will replace a sales-and-service tax of between 5–15%.

Due to the implementation, it has become crucial for SMEs and organizations to have a GST-compliant accounting software to make sure that they comply with the GST rules and requirements. This is also to ensure that reports are easily prepared to be submitted to the Malaysian Royal Customs Department in a timely manner to avoid costly penalties.

You can refer to the Malaysia Accounting Software Guide for GST as follow:

Malaysian Royal Customs Department - Guide on GST Accounting Software Malaysia from Authentic Venture Sdn Bhd

OfficeCentral Malaysia GST Accounting Launch Video

Hi everyone!

We would like to share with you OfficeCentral Malaysia GST Accounting Launch Video as below:

OfficeCentral GST Accounting module has been launched at Shah Alam Convention Center on 4th June 2014. We had over 300 entrepreneurs and business owners who came to the event. Thank you, everyone, for participating!

Frequently Asked Questions on MPERS

FREQUENTLY-ASKED QUESTIONS (FAQs) ON MALAYSIAN PRIVATE ENTITIES REPORTING STANDARD

Malaysian Private Entities Reporting Standards (MPERS) was issued by the Malaysian Accounting Standards Board (MASB) on 14 February 2014. MPERS is effective for private entities for financial period beginning on or after 1 January 2016 with the early application being permitted. 

Below are some of the implementation questions that the staff of the Malaysian Institute of Accountants received in relation to MPERS. The answers to the questions have been prepared by the staff of the Institute and are not necessarily the views of the Institute.

Auditors and preparers are expected to use professional judgment in determining if the questions and answers are both appropriate and relevant to their circumstances.

Please find the FAQs in the document below:

FREQUENTLY-ASKED QUESTIONS (FAQs) ON MALAYSIAN PRIVATE ENTITIES REPORTING STANDARD from Authentic Venture Sdn Bhd

Malaysian Private Entities Reporting Standard (MPERS)

Hi everyone!

Do you know that all private entities such as Sdn Bhd companies are now compulsory to follow the MPERS? The Malaysian government has gazetted MPERS in 2016, making it compulsory for businesses doing audited accounts in 2016 onwards to comply with MPERS.

Why MPERS?

MPERS, the new financial reporting framework for private entities that came into force on 1 January 2016, is seen as a vital step in preparing local private companies for globalization as well as the challenges that come with it. MPERS is practically identical to the International Financial Reporting Standards (IFRS) for SMEs set by the International Accounting Standards Board, except for the requirements for those involved in property development activities.
Refer to the document below for more detailed information on MPERS:

Malaysian Private Entities Reporting Standard (MPERS) from Authentic Venture Sdn Bhd