Where does your business need the most help?
How many of us cultivate the habit of tracking daily business expenses? Many first-time business owners (home-based ) often adopt their life habits into their management skills. While a handful of them learn in the early stages of their business of the importance of basic bookkeeping practice. Everyone suddenly gets eager to learn everything once slapped with a fat tax fine.
How does this increase business revenue?
Bookkeeping (keeping accurate records) is the basic task for all business regardless of their formation structure (LLP, Conventional, Partnership & Company ). Accurate documentation provides rooms for owners to conduct a debt analysis on their business expenses, product /service pricing and spending decisions which eventually will impact their business profits.
Now to address the elephant in the room or this article, the task that requires due diligence & responsibility – Bookkeeping. Having a ledger on all income & expenses helps build up to many great benefits to your business. Knowing which quarters of a year can expect the most revenue while identifying the portions where most expenses occur is great to do proper costing in advance rather than riding the waves as it comes.
How do we achieve a lower tax bracket?
Many keep tax filing in their huge list of to-dos since they’ve been too comfortable in where they were before registering their business. Tax planning (utilize tax breaks, elect for joint assessment & mitigating business losses ) eventually helps forecast future sales and determines profit margin.
Finally -So why do the above when obviously many other tasks can directly impact the revenue you can potentially generate. Well, for the tax filing portion – it’s rather obvious – F.I.N.E. Besides just staying loyal to the system, filing taxes in advance will help you identify potential tax breaks that can save you quite a bit on your personal capacity.
This way, one can clearly plan profit margins for the next fiscal year effectively. We don’t need to outline the impact such plans can have on driving the business to higher levels. The government (LHDN) is also targeting the micro-entrepreneurs to adopt the best practice of bookkeeping & tax filing for future funding aid.
Cement your future financial stability & sustainability for years to come with TAC – Your One Stop Solution for all your accounting needs.