RISING TO PROMINENCE
The Promising SME 500 2013 Brand Campaign had been a phenomenal success thus for with a strong Community of some of the most talented business minds Singapore has to offer. We are proud to serve as a national platform to both recognize and commend these men and women for their extra ordinary contributions to the country’s economy and business landscape.

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I am writing to you to share my joy.

I have never thought that my hobby of writing feedbacks to our Government agencies would bag me an award. Solving problems and thinking out of the box have been the two activities I love most, and this year, this has led me to winning a PEP-SBF Award. My winning suggestion is on Government Paid Maternity Leave, which was motivated by feedback from my clients.

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 “How do you get a quick idea what your business might be worth?”

This is the most common question that business owners and entrepreneurs face in today’s competitive market. There are many varieties of business valuation approaches and methods that can be used to determine the fair market value of your business.

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Regular preparation of management accounts is one of the success factors for a business. Management accounts play a huge role in the monitoring of your business performance. Management accounts are different from the year-end accounts and one of the benefit is that they allow more frequent monitoring of the company’s performance.

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The Corporate Secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the Board of Directors are implemented.

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Did you know that you can actually use a statutory audit for business management and are you aware of how an audit process takes place?

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Your business is worth what somebody is willing to pay for it today. If you think that the book value of a business based on its financial statements is the actual worth of that business, you will need to think again…

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It is always nice to have your own Company and be your own own…but before incorporation of company, you must know what entails to be a company director.

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Do you know that having a proper record maintenance system is one of the main ingredients for your business growth?

An accounting record maintenance system in your business could be either manually maintained or assisted with a computerised system. No matter whether it is computerised or manually maintained, the accounting system will play a vital role in your business.

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Your company may be exempted from audit requirement if:

• It is an Exempt Private Company (“EPC”), EPC means the company has no corporate shareholder and the number of shareholders in the company is not more than 20
• Annual revenue of the company does not exceed SGD 5 million for financial years starting on and after 1 June 2004
• Shareholders who represent 5% or more of a company’s ordinary shares does not request for audit, or
• Banks or other creditors / financial companies do not require audited financial statements.

However, an EPC which enjoys audit exemption is still required to prepare its Financial Statements in line with the Singapore Financial Reporting Standards (FRSs) and Companies Act for submission to ACRA and IRAS.

Are you aware of the common errors noticed in such reports and did you know that the followings need to be disclosed in such reports? If you engage audit services, all these common errors will be eliminated and your audit report will be in correct order.

• Future rental payments
• Future commitments for capital expenditure, especially when the Company has undertaken to buy a property.
• Terms and conditions of loans and finance leases taken – rate on interest, instalments amounts and the summarised repayment schedule.
• Substantial foreign currency balance under bank balances, trade receivables, trade payables, etc. as on year-end are to be disclosed in the notes to accounts
• Issue of shares after the financial year-end has to be disclosed as a note in the financial statements.

Your financial statements or audit report may have one or more such errors and they may need rectification. Rectification can be costly, time-consuming and stressful. Moreover, rectifying the financial statements and filing again with ACRA and IRAS may reduce your company’s credibility in their eyes. So, it is best to get reliable audit services to furnish your report right away.