Accounting software is indispensable for the efficient running of businesses. In a nutshell, it helps businesses track their accounts receivables and payables in order to manage cash flow and plan taxes.
There are many accounting softwares available in the market at different price points with various pros and cons. So how do you pick a great accounting software that becomes your business ally today and in the long haul?
- Topic:
- Finance
The Access Group is proud to announce that we’re partnering with National Cancer Society Malaysia (NCSM) as our Malaysian Charity of the Year.
It’s January, the start of the new year. There’re lots that the new year brings; new business opportunities, new resolutions, and new beginnings. It’s also a reminder for private sector employers in Malaysia to prepare the EA Forms for their employees.
The EA form provides the employee with the details of their taxable income for the year, benefits in kind, any commission or bonus, allowances, their deductibles, and contributions to the local provident/pension funds. This is so that they can file for their personal income tax on time. This is not to be confused with the EC form, which is catered for public sector companies.
- Topic:
- Human Resources
Getting payroll right is one of the most important HR priorities for any company. Doing so ensures that employees are paid correctly and on time, which is critical to maintaining their satisfaction. However, payroll is often complex, presenting many challenges for HR professionals.
In this article, we’ll look at five of the most significant challenges and provide practical advice to overcome them.
- Topic:
- Payroll
With limited budgets, cash flow issues are usually one of the more pressing challenges small and medium-sized businesses (SMBs) face. A healthy cash flow means that businesses can pay their employees and suppliers on time, while meeting overhead costs.
For many businesses, ensuring that there’s more money coming in (accounts receivable) versus money going out (accounts payable) is a tricky balancing act. Cash flow problems have been further exacerbated by the ongoing COVID-19 pandemic, with nearly two-thirds of businesses seeing their revenue plunge by 31% on average.
So how can businesses ensure that their finances are managed properly, especially in current difficult times?
- Topic:
- Finance
Many of us have a rough idea of what being an accountant entails – bookkeeping, data crunching and perhaps constantly balancing income and expenditure sheets. However, sometimes we fail to realise the important role an accountant plays in a business.
Accountants must use a myriad skills to analyse, collect, compile and evaluate financial data. They prepare reports and financial statements, track daily cash flow statements and prepare annual reports.
Accountants must ensure all transactions and financial records are compliant with local regulations, which requires careful attention to detail. Having a good accountant is critical to ensure that a business functions optimally and their cash flow projections are up to scratch.
Today, we speak with Ms Kok Swan Ann, a Senior Accountant with 14 years’ experience. She provides many interesting insights on her daily tasks and shares some common challenges faced by accountants.
- Topic:
- Accountants
Payroll processing is an important aspect of business management. Processes which are too arduous, complex and prone to error place an unnecessary burden on HR personnel. It means they run the risk of failing compliance checks and harming the relationship between employer and employee.
An in-house payroll system which is carried out manually is not only time consuming, but also increases the risk of human error due to the large amount of paperwork. It poses an administrative burden on HR employees, who could better utilise their time with such initiatives as staff re-training and development.
On top of all this, HR personnel are also required to keep abreast of the latest government legislation pertaining to HR management. They must ensure their business doesn’t run into any issues during compliance audits and are treating their employees fairly.
So how can HR personnel enhance their current workflow more productively?
- Topic:
- Human Resources
Cash flow is one of the biggest challenges facing small businesses. According to a survey conducted by Small and Medium Enterprises Association Malaysia in 2023 with 500 participating SMEs, 29% of these companies have less than two months of cash reserve, despite 60% reporting an increase in revenue. So how then, does a company ensure it has a healthy cashflow? In this article, we'll share 10 tips to stay on top of your cashflow.
- Topic:
- Finance
Payroll management is a challenging process. Not only must payroll professionals ensure their employees are paid on time and accurately, they must also keep up with ever-changing government legislation to ensure payroll compliance.
These payroll challenges are made even harder when using outdated, on-premise payroll software that’s slow, overly complex, and difficult to access remotely. It can lead to payment errors that place a strain on employee-employer relationships, and burden payroll professionals with extra duties.
Let’s look at some of the common problems payroll professionals and their businesses encounter with on-premise software, and the key benefits of moving to a cloud-hosted solution.
- Topic:
- Payroll
When you start a business in Malaysia, the odds are truly stacked against you. According to a 2018 study by HR MARS, 60% of small to medium-sized Malaysian businesses fail within the first five years of operations.
There are many reasons why so many businesses fail early on. One of the key challenges they face are the financial constraints caused by keeping non-systematic accounting records. That’s why as a small business, it’s so important to ensure your accounting and bookkeeping processes are up to scratch.
Without a proper accounting system, even profitable businesses risk failure. Poor financial reporting provides a false sense of security for business owners, which can lead to cash flow problems during emergencies or unforeseen events like COVID-19.
- Topic:
- Finance
