Running a successful business involves more than just managing products and customers; it also requires effective financial management. One crucial aspect of financial management is choosing the right accounting model for your business. In this article, we will explore two primary accounting models – Cash Accounting and Accrual Accounting – and discuss their benefits. Additionally,

What is E-commerce Accounting? E-commerce accounting is the process of tracking and managing financial transactions related to online business activities. It involves recording sales, expenses, and other financial data to gain insights into the financial performance of an e-commerce business. The goal is to maintain accurate records for tax compliance, financial reporting, and strategic decision-making.

In recent years, the concept of a traditional office space has undergone a significant transformation. With advancements in technology and changing work dynamics, more individuals are exploring the world of home-based businesses. Whether you’re seeking a side hustle or a full-time venture, starting a home-based business can be a rewarding and flexible option. Why Consider

In the fast-paced financial landscape of Singapore, finding a proficient accountant is pivotal to your financial success. This article outlines ten vital considerations to help you secure an accountant who aligns with your needs and goals. How an Accountant Can Help Your Business An accountant plays a pivotal role in the success of your business

Managing accounting and bookkeeping tasks can be time-consuming and resource-intensive for businesses. By outsourcing these functions to a trusted third-party service provider like Margin Wheeler, companies can achieve significant advantages that positively impact their financial performance and overall operations. Why Outsource Your Accounting and Bookkeeping Services Efficiency and Accuracy in Financial Management Outsourcing accounting and

What is an EntrePass? The EntrePass, also known as the Entrepreneur Pass, is a work visa specifically designed for entrepreneurs, high-caliber innovators, or experienced investors who wish to relocate to Singapore for local incorporation and actively manage their new business ventures. It is a crucial pathway for ambitious individuals seeking local incorporation and company formation

Every business in Singapore is required to appoint a corporate secretary within six months of its incorporation. Selecting the right and qualified company secretary is vital as they play a crucial role in ensuring compliance and smooth operations. In this article, we will provide you with five essential tips to help you make an informed

What is A Private Limited Company A Private Limited Company, also known as a Pte Ltd in Singapore, is one of the most common business entities chosen by entrepreneurs. It is a separate legal entity that provides limited liability protection to its shareholders. This means that the personal assets of shareholders are protected, and their

What is a Company Secretary In Singapore, a company secretary is a mandatory position when establishing a business in the city-state. Also known as a corporate secretary, their role is to ensure the company’s adherence to all statutory requirements and regulations, while also keeping the board members well-informed about their legal responsibilities towards the company.

Overview Singapore has earned a reputation as a global business hub, attracting entrepreneurs and businesses from around the world. In this article, we will explore the ten key benefits of opening a company in Singapore and why it is an attractive destination for business ventures. What are the Benefits of Starting a Company in Singapore?

Creating an e-commerce website In today’s day and age, it’s not good enough to just have a website – it needs to have the right elements to attract visitors and potential customers to the page. A good website is essential to every e-commerce owner as it could be the deciding factor for customers to take

Hiring an accountant  When you first open a startup, it’s most likely that you’ll be handling multiple roles, from marketing to business operations and even accounting. However, you will realise that it isn’t feasible for you to continue doing this as your business grows. This is why you need to get help and start outsourcing

Offering free shipping You would have probably seen companies offer free shipping on online sites and wondered how they do it while still maintaining their profits. If you want to be like these online sites, this article will go through all the ins and outs of profit-making even when free shipping is offered. Why offer

Getting traffic to your online store Though setting up an online store can be cheaper than having an actual retail store, e-commerce also comes with its own set of problems to solve –  one being how to get traffic to your store. With the popularity of e-commerce, it is not good enough to just have

What are Commercial Tenancy Agreements? Though online stores offer many opportunities, many gains can come from having a physical store. If this is you, then you need to know what Commercial Tenancy Agreements are. Tenancy Agreements are prepared by the mall landlord and can make or break your cash flow situation, before you enter an

Certificate of Residence (COR) in Singapore Though globalisation has allowed ease of expansion when it comes to businesses, there are still many types of restrictions that businesses will have to pass to get to their reach. The first thing that most companies will look out for is the country’s taxation norms and rates. No business

Mistakes made in businesses Even if you have a creative business idea, everyone knows that just having an idea and running with it is not enough to guarantee success. It’s usually the small details that can make or break a company. Every business has its own set of decisions to make – no one can

Managing your finances People say that money can’t buy happiness. But realistically speaking, money does matter, no matter how much you value it in life. It is what you need to take care of all your basic needs including food, shelter, and clothing. Sometimes, making financial mistakes or impulse decisions can put you in financially

Dropshipping business Though the pandemic has made a significant impact on various industries, the e-commerce industry has seen a boom in profit with the increasing number of people turning to online shopping. If you are a business owner looking for a way to hop on this trend, you should know that there are many types

Tax investigations Most business owners will know that they are due to pay taxes to the government through ACRA and IRAS regularly. In some cases where businesses fail to pay their taxes properly, a tax investigation will be conducted by IRAS to find out why. For those who are curious to know what happens when

Business ideas during the pandemic Since the pandemic first landed on our shores, many businesses have found it hard to stay afloat or grow due to restrictions. However, some business ideas have bloomed from this worldwide pandemic. If you are looking for a new business venture while waiting out Covid-19, here are some ideas that

 GST registration in Singapore No matter if you are a business owner or customer, you would probably know what Goods and Services Tax (GST) is in Singapore. But for business owners specifically, the process of getting registered for GST will require a little more paperwork. For those who are unsure of how to get your

Customer service tips No matter what type of business you are running, customer service is still an essential part of a successful business. In fact, 90% of customers consider customer service an important deciding factor. This is why it is important to know how to communicate with buyers and focus on customer retention instead of

The importance of business plans So now you’ve gotten your company incorporated and all your administration in order – great! Now it’s time for you to get down to creating a business plan. A business plan lays out all aspects of your company in detail which is a crucial step in the initial set-up of

Transparency in the workplace Most of us live in cities where work is the focus of our lives. This is why as business owners, we should prioritise cultivating a healthy workspace that values not only financial growth but also transparency and open communication. Transparency ensures that there is open and clear communication between different stakeholders,

Corporate secretaries The foundation of every strong company is its secretarial team. Secretaries ensure that all administrative tasks in the company are handled in a structured and efficient manner. Since all companies in Singapore are required by law to have a secretary, it is essential that you get a reliable secretary to help your company

The nature of shares and share classes Most of us would have seen or heard the word “shares” pop up in discussions about business and the like. But even if you don’t know what the word means, likely, most of us won’t ask about it. If this is you, you’ve come to the right place

Certification for Incorporated companies Though it can be quite a hassle, keeping and maintaining documents help to serve as tangible proof of your development with the approval of the state government. Official certificates and documents can help you get licensed to form your company and carry out your business plans. According to Singapore’s Accounting and

Selling niche products on e-commerce Singaporeans are known to be prolific online shoppers, and the popularity of online shopping has only gone up since Covid-19 hit our shores. Almost 80% of Singaporean users have made online purchases since 2019.  Given the popularity of online shopping, it is only natural for entrepreneurs to seek business through

Becoming a Singaporean With her state-of-the-art infrastructure and advancements in healthcare, it is not hard to see why Singapore is one of the most popular cities in the world to live in. Not only do Singaporeans get to enjoy subsidised real estate and education and healthcare, but the Singapore passport is also one of the

Know-Your-Customer (KYC) All financial institutions in Singapore have the responsibility to detect, deter and prevent any illicit activities in Singapore such as money laundering and terrorism funding. Hence, corporate service providers like Margin Wheeler are required to monitor and report activities that could be harmful to Singapore’s financial system through KYC, which is part of

Increasing e-commerce revenue It’s great to have new customers, but being able to retain old customers is how you succeed in the e-commerce world. Not only does this help you to increase revenue and profit, but also brand awareness without having to spend more money on marketing. Packaging inserts are one of the methods that

What to keep track of while doing business The main goal of all business owners is to grow and expand their company. To do that in Singapore, you will need to meet several obligations for a smoother sailing journey towards your goal. If you’re a new business owner who wants to know what you need

Picking a name The number one thing that you must have when registering your company is a company name. Though the process of picking one may be hard, future you will be thankful that you spent time to take care of this. There have been instances where businesses have failed largely due to a bad

Retaining customers Many people ask how to start a business – not so much about how to maintain and expand one. But if you’re a business owner who‘s been plagued by the latter, one solution is to keep your customers coming back. You might be thinking: “Wouldn’t it be better to have new customers instead?”

Digital banking for businesses Nowadays, it’s almost impossible to find places untouched by the increasing digitization of our world. From making appointments to payments, almost everything is done over the internet. The banking industry is no exception. Though traditional banks are still around, the increase in digital banking has brought about some changes to the

Other than differentiating between right and wrong, business ethics entails recognising diversity among co-workers, trust and open communication. Maintaining high standards and fulfilling legal and moral duties are also fundamental. However, as most entrepreneurs focus on profit and loss, they may believe that compromising on ethics is inevitable. One was to display your ethics is

Business taxable income Now that you’ve decided what kind of business you’re going to start, it’s time to settle your accounting and administrative work. One of the most important things you will have to know will be how to calculate your business tax.  This is especially important come tax season, to stay compliant with Singapore’s

Choosing an online method of payment Simply go onto any e-commerce site and you’ll realise that there are several types of payment now. Gone were the days where cash and card were the only methods of payment available! These various types of payments make it easier for customers to check out their carts. However, not

What we do at Margin Wheeler Setting up your own company isn’t all sunshine and rainbows –  long working hours and mountains of paperwork can make it hard, especially if you are doing it alone. That’s why you need good business partners that will help you achieve success and reach your goal. As an accounting

Skills Development Levy (SDL) Most of us know that our employees are obligated to contribute to their employees’ CPF accounts. However, most of us don’t know that CPF is only one of the employers’ many statutory obligations to adhere to. The SDL is one of them.  If you are completely unsure about what SDL is,

Payroll process Other than allowing your business to run smoothly, did you know that a streamlined payroll process can help you improve your cash flow? Labour costs take up about 70% of your total costs, which is why it having a smooth payroll will help in the long run. If you are unaware of what

Incorporating your company Incorporating your company is the first step to getting your business up and running. You will need to take several steps next to allow your business to run smoothly without any hiccups. If you aren’t sure where to start next after incorporation, here are some things that you will need to do

Calculating your taxes Unless you worked as an accountant, it’s unlikely that your first job required you to calculate your company’s corporate tax. But if you’re looking to start your own business or move on to freelancing, you will need to know what your tax obligations are. We understand how confusing it can be to

Singapore office spaces Though handling work from home can be convenient and cost-saving, having a dedicated office space can be beneficial too. Besides increased productivity and efficiency, it will also help you separate work from your life at home. However, we know that looking for office space isn’t as simple as it looks. Before you

Selling the right product online Starting your business online isn’t as easy as it was 5 years ago. Not only is competition fierce, but consumers are also savvy enough to fish out the best prices for their products. Despite this, there are still entrepreneurs who enter the market and succeed. So how do you achieve

Co-working spaces in Singapore All of us know how our working spaces affect our work – being in environments full of colour and personality often puts us in a better headspace to get work done. If you’re looking for something different other than your office walls or home set-up, here are some of the co-working

Banks for your E-commerce in Singapore All budding entrepreneurs will know that setting up your own e-commerce business in Singapore involves more than creating a product and selling it. Among all the administrative and accounting issues you will have to handle, creating a bank account for your business is one of the first things you

Business insurance Starting a new business can be exciting, but comes with its own sets of risks as well. It can be especially hard to mitigate these risks, given that they are unique to each type of business. Besides foreseeable risks, accidents such as fires can put your business back if there are no insurance

CPF for Employers Most locals in Singapore would already know what the Central Provident Fund (CPF) is, considering that a cut of their income goes into their CPF accounts. However, the mechanics surrounding CPF are different when you’re an employer. If you’ve just set up your company here and aren’t sure about how CPF works

Choosing a Financial Year End (FYE) Besides dealing with bookkeeping and taxes, an important part of incorporation is choosing a Financial Year End (FYE). This chosen date will be when you submit all your corporate filings and taxes. In this article, we’ll be going through what you need to know about your FYE and what

Selling on e-commerce platforms Especially when it comes to selling products, it is often easier and more cost-efficient to sell on e-commerce sites instead of renting out a physical store or creating your own website. These sites are also a good way to test the waters and gauge market demand for your product. In this

Hiring foreigners in Singapore As your company grows, you are going to start hiring more manpower to help maintain day-to-day productions or be in managerial positions. Though the labour policy in Singapore gives priority to Singaporeans, not all our locals might have the specific skill set that you may be looking for as a business

A guide to balance sheets Of all the documents that you’ll need to manage while settling the accounting for your firm, the most important one will be your balance sheet. For new firm owners who are not familiar with what it is, we’ll be breaking down everything you need to know about understanding this document. 

Filing ACRA and IRAS Requirements The Accounting Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS) are the two government agencies that local companies are required to file to. All companies in Singapore have to file their annual and tax returns to stay compliant.  As a business owner, you must know how to

Record-Keeping By now, we all know of the large amounts of administrative work that go behind ensuring that your company runs smoothly. From bookkeeping to accounting, they all play a part in ensuring that you won’t run into any hiccups. If you’re completely unfamiliar with record-keeping, here’s a simple introduction to get you started. What

Permanent Residency in Singapore If you’re looking to apply to become a permanent resident (PR) in Singapore, you probably already know of all the perks that come with staying in Singapore. The city has been consistently ranked as one of the top cities in the world to live in, with many perks such as healthcare

Now that you’ve got your business plan, it’s time to get down to the nitty-gritty, which includes creating your invoice. Learning how to make a simple invoice will allow you to start charging your clients, which in turn means that you get paid for your work.  What is an invoice? An invoice is sent out

Even before the COVID-19 pandemic, e-commerce has been a popular way for many entrepreneurs to start their businesses. Singapore has even generated at least one-third of total online sales in the Southeast Asian region. If you are thinking of creating your own e-commerce business in Singapore, we’re here to give you a step-by-step rundown of

A Simple Guide To Bookkeeping For Beginners What Is Bookkeeping and Why Is It Important Bookkeeping is the fundamental process of systematically recording, organizing, and tracking a company’s financial transactions, from the opening to closing of the firm. It serves as the backbone of financial management, providing a comprehensive record of all monetary activities. Bookkeeping

Incorporating a company in Singapore comes with many benefits, one of the biggest being the city-state’s low corporate tax rate. Even with these low tax rates, Singapore’s legal framework includes several tax exemptions schemes for all sorts of companies incorporated in Singapore. Overview of Singapore’s corporate tax All resident companies in Singapore are taxed on

To put it simply, a holding company is an “umbrella” company that earns revenue from the assets that it holds in the subsidiary companies under them. They are not involved in the production of goods or services. Many big corporations all over the world including Singapore have been operating under this structure. If you’re considering