Finance

The Four Basics of Bookkeeping

Though technology has revolutionised the way bookkeeping is done, that doesn’t necessarily mean that technology and software do all the work for you – someone still has to organise, input, track and check the data to make sure that everything is correct. Even if your startup doesn’t have the budget currently to hire a full-time or outsourced accountant or bookkeeping person, that doesn’t mean bookkeeping should be put on the backburner. Find a system that works for you (we recommend our software, which is designed specifically for small businesses), set some time aside each week and follow these tips to keep your own books while you get your business off the ground. It’s All About Organisation Whether you’re using software or an Excel spreadsheet, the most important aspect of bookkeeping i...

Why You Should Strengthen Your Relationship with Your Bank

Relationships should be a priority for business everywhere in the world. AI is beginning to change the way we do business and, in the near future, SME-Bank relationships will be with algorithms as well as with people. You may think that you have the best product or service in the world but if you don’t have good business relationships you may find yourself working hard without making a profit. Digital disruption, capital controls, tight credit and increased tax compliance means that building a good business relationship with banks, or other financial service providers, should be a key strategy for your business. Banks and people who work in banks, work within organisational structures that are often process driven. In the near future these processes may be driven by AI. Here are some tips ...

4 Ways to Get Funding for Your Beauty Business in Malaysia

The beauty industry although lucrative is equally an expensive undertaking. Whether it is a product or service oriented business, this industry demands quality at its finest. This is especially true for running a salon or a spa business in Malaysia. You will set aside significant capital for equipment, products, stock, fixtures, decoration, marketing and many more. And then there’s the waiting period for the build-out before the salon or spa is up and running. When it comes to finding the right funding, even financially flourishing salons and spas find themselves confused. So don’t worry if you ’re having difficulty obtaining funding resources for your beauty business. Here are 4 ways to get funding for your beauty business in Malaysia: 1. Prepare a solid business plan As you are already a...

Accounting for Your Business: Tips for the Retail Industry

Every industry needs to conduct audits and prepare accounting for their businesses, but SME retail stores face several special accounting challenges. A complex business and limited resources to devote to the accounting process are just two of the challenges in the retail industry. Simple economics tells us that allocating scarce resources properly will make your business run better. As an SME owner you must know the complexities of your own business and use your limited resources effectively. This should involve accounting software that is suitable for your current needs. Retail Start-Up Starting a business can be an overwhelming process. Turning business ideas into business proposals should lead you to decide how to start a business. Previous retail experience can be an advantage. With di...

Commonly Asked Tax Questions By New Malaysian Business Owners

Death and taxes, the two inevitable dreads we must face. If you have been employed in a company before, filing income taxes was a breeze with the good people in the finance department. However, for those of us who wish to start a business, the concept of corporate income tax can be daunting. Understandably, here are some pointers to get you started: What are my tax rates as a new business owner?

3 Simple Steps to Improve Your Nail Salon’s Profitability

How do you distinguish yourself from your competition? Who do you even consider your competition? More often than not unnecessary changes to pricing strategies are made by nail salons in order to get ahead of their competitors. In this article I will write about when it is necessary to pick up a fight and how to distinguish yourself in order to thrive in the nail salon industry. 1. Keep Your Costs Low As a nail salon owner myself, I recognise that most customers are unwilling to pay a hefty amount for a good manicure unless it is gel. And even with gel nails, the most they would be willing to pay is slightly above $50. How do we work around this problem without making significant losses for our business? Well, the answer is in keeping costs extremely low by keeping initial investments and ...

Why Festive Seasons Drive More Profits for Your Restaurant

In countries like Malaysia and Singapore, having a multicultural nature means that tons of cultural festivals are celebrated each year. Occasions like Chinese New Year, Hari Raya, Deepavali, and Christmas and this list goes on indefinitely are celebrated my millions annually. Local restaurants like my own have latched on to these special occasions to promote our seasonal products. Customer sales naturally surge during this season but how so? And how do you know that your efforts will guarantee a spike in profits? In this article I will share with you a couple of insights I have learnt running a business during the festive season. 1. The Early Bird Catches The Worm Customers are more likely to pre-order as they want to be prepared for the festival and do not want to wait till the last minut...