One of the rules of GST compliance is that sales invoices issued by business must contain the following information: The words ‘tax invoice’ in a prominent place The invoice serial number The date of issuance of the invoice The name (or trade name), address and GST identification number of the supplier The name and address…
GST or, Goods and Services Tax was implemented in Malaysia commencing April 2015. All persons, not just registered businesses, conducting business with an annual gross turnover of RM500.000.00 per annum or more, are required to register with Customs. Once registered, a person or business is required to comply with the rules and regulations, including keeping…
Did you know that how frequently you do your accounting can affect your company’s survival rate? Both how often you do your accounting as well as the quality of the records you keep does affect your company’s survival rate. According to a study of small businesses in New Zealand by Robert Hamilton and John English,…
Somethings done twice or thrice are enjoyable. In business especially, having to re-enter data is an absolute pain and slows down the process of getting on with it, not to mention the need to over staff just to cater for this inefficiency. We are now in an age when technology makes streamlining your business processes…
Too often, in business, the focus is on maximizing revenues. How much sales did we do last month? How does a business owner or manager keep a finger on the pulse of the business? By looking at monthly financial reports. What are the reports that you must (not should, but must) look at every month?…
As business people, we tend to focus primarily on revenue and the bottom line, and take little or no notice of the expenses incurred. The expenses are where the small leaks can occur. As Benjamin Franklin quite wisely put it: Beware of little expenses, a small leak will sink a great ship. Leakages in businesses…
