Cybersecurity for accounting firms often comes under threat from cybercriminals for a variety of reasons. Not only do they hold a high volume of valuable personally identifiable information and financial data, those with a more traditional organisational structure may be less likely to have proper defences against cyberattacks.
How would Singapore accounting firms approach this critical business need? Read on to get the low down on the biggest concerns in cybersecurity for accounting firms, and what you can do to protect yourself.
- Topic:
- Finance
The global pandemic has spurred the growth of startups globally. In Singapore, almost 103,600 new businesses were formed between 2020-2021, outnumbering the 73,000 companies that folded. Even with government grants, around 30% of new businesses are projected go bust within the first three years. According to Joseph Khong, assistant director and head of engagement and communications at Action Community for Entrepreneurship (ACE), the three common issues for startup failure comes either from lack of funding, talent or market access.
Say you have a lot of investor funding to burn through, setting up proper accounting practices is still crucial in improving your startup’s chance of success. Why? Because it helps you to make business decisions that are more in line with your business’s financial health. Read on to learn more about the basics of financial accounting and how they can help you.
- Topic:
- Finance
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 software 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
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 in Singapore.
- Topic:
- Finance
According to myskillsfuture, close to 18,000 accountants in Singapore work in 689 accounting firms. 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:
- Finance
Cash flow is one of the biggest challenges facing small businesses. According to a 2022 article by hrmasia, with high inflation and rising interest rates, 58% of SMEs in Singapore have a financial runway of less than six months.
So how can your business help improve its cash flow? Here are ten highly effective, practical tips.
- Topic:
- Finance
