cash accounting vs accrual accountingRead more +09 October 2023 By marginwheeler in Accounting

Cash Accounting vs Accrual Accounting: What is The Difference

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 ecommerce accountingRead more +09 October 2023 By marginwheeler in Accounting

7 Tips for Effective E-commerce Accounting in Singapore

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.
home-based business ideasRead more +22 September 2023 By marginwheeler in Entrepreneurship

18 Home-Based Business Ideas to Consider

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
how to choose the right accountant for your businessRead more +15 August 2023 By marginwheeler in Accounting

How to Choose the Right Accountant for Your Business

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
benefits of outsourced accountingRead more +05 August 2023 By marginwheeler in Accounting

8 Benefits of Outsourcing Accounting and Bookkeeping Services in Singapore

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
Read more +28 July 2023 By marginwheeler in Entrepreneurship

All You Need to Know about EntrePass in Singapore

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
tips for choosing company secretary in singaporeRead more +21 July 2023 By marginwheeler in Business

5 Essential Tips for Choosing the Right Company Secretary in Singapore

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
how to incorporate a private limited company in singaporeRead more +15 July 2023 By marginwheeler in Incorporation

How To Incorporate A Private Limited Company in Singapore

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
the role of company secretary in singaporeRead more +10 July 2023 By marginwheeler in Business

The Role and Responsibilities of a Company Secretary in Singapore

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.
benefits of opening a company in singaporeRead more +30 June 2023 By marginwheeler in Incorporation

9 Benefits of Opening a Company in Singapore

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?
e-commerceRead more +28 January 2022 By Sheann in Entrepreneurship

Designing Your E-commerce Website

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
accountantRead more +23 January 2022 By Sheann in Business

Growing your startup with an accountant

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
shippingRead more +16 January 2022 By Sheann in Business, Entrepreneurship

8 Tips to Make Profits While Offering Free Shipping

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
trafficRead more +13 January 2022 By Sheann in Uncategorized

5 Tips To Get Traffic to your Online Store

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
CTARead more +10 January 2022 By Sheann in Business, Entrepreneurship

Full Guide to Commercial Tenancy Agreements (CTA)

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
certificateRead more +08 January 2022 By Sheann in Business, Entrepreneurship

Applying for Certificate of Residence in Singapore

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
businessRead more +03 January 2022 By Sheann in Business, Entrepreneurship

Common Mistakes made by Business Owners

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
financeRead more +30 December 2021 By Sheann in Business

A Guide to Personal Finance Management

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
dropshippingRead more +28 December 2021 By Sheann in Business, Entrepreneurship

A Beginner’s Guide to Dropshipping

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 investigationRead more +24 December 2021 By Sheann in Business, Taxation

All You Need to Know About Tax Investigations

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
pandemicRead more +19 December 2021 By Sheann in Business, Entrepreneurship

Pandemic-friendly Business Ideas for you to Invest in

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
GSTRead more +18 December 2021 By Sheann in Uncategorized

The GST Registration Process in Singapore

 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 serviceRead more +09 December 2021 By Sheann in Business

Customer Service Tips to Incorporate into your Company

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
business planRead more +07 December 2021 By Sheann in Business

Why you need a Business Plan

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
transparencyRead more +24 October 2021 By Sheann in Business

Implementing Transparency in your Business and the Workplace

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,
secretaryRead more +23 October 2021 By Sheann in Business

Why You Need a Good Corporate Secretary

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
sharesRead more +17 October 2021 By Sheann in Business, Entrepreneurship

All About Shares and Shares Classes for Entrepreneurs

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
certificates for singapore companiesRead more +14 October 2021 By Sheann in Business, Incorporation

5 Documents and Certificates for Incorporated Companies

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
niche productRead more +11 October 2021 By Sheann in Business, Entrepreneurship

Top E-commerce Niche Products in 2021

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
citizenRead more +11 October 2021 By Sheann in Uncategorized

Appying for Citizenship in Singapore

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
customerRead more +02 October 2021 By Sheann in Business, Incorporation

All About The Know-Your-Customer (KYC) Process

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
packagingRead more +25 September 2021 By Sheann in Business

How To Utilise Packaging Inserts

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
businessRead more +22 September 2021 By Sheann in Business

What to keep track of as your business grows

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
nameRead more +11 September 2021 By Sheann in Business, Entrepreneurship

Choosing a Name for your Company

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
customerRead more +10 September 2021 By Sheann in Business

8 Tips to Keep Customers Coming Back

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?”
digitalRead more +06 September 2021 By Sheann in Business

Why You Should Choose a Digital Business Bank Account

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
business etiquetteRead more +04 September 2021 By Sheann in Business

Business Etiquette in Singapore: A Short Guide

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
taxRead more +02 September 2021 By Sheann in Taxation

Taxable Income for my Business

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
paymentRead more +31 August 2021 By Sheann in Uncategorized

Types of Payment to Use for Your Online Store

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
margin wheelerRead more +27 August 2021 By Sheann in Accounting

Why You Should Let Margin Wheeler Handle Your Accounting

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 developmentRead more +22 August 2021 By Sheann in Incorporation, Taxation

Paying Skills Development Levy in Singapore

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,
Read more +18 August 2021 By Sheann in Incorporation

Streamlining Your Payroll Process

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
incorporationRead more +14 August 2021 By Sheann in Incorporation

What To Do After Incorporation in Singapore

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
taxesRead more +12 August 2021 By Sheann in Uncategorized

Calculating Taxes for Self-Employed Persons and Freelancers

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
office spaceRead more +08 August 2021 By Sheann in Entrepreneurship, Incorporation

Renting an Office Space in Singapore

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
Read more +05 August 2021 By Sheann in Entrepreneurship

Finding the Right Product to Sell Online

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-workingRead more +30 July 2021 By Sheann in Uncategorized

8 Best Co-working Spaces in Singapore

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
bankRead more +27 July 2021 By Sheann in Uncategorized

Best Banks in Singapore for your E-commerce Business

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
insuranceRead more +19 June 2021 By Sheann in Entrepreneurship

Insurance for Businesses in Singapore

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
CPFRead more +17 June 2021 By Sheann in Uncategorized

Guide to CPF Contributions for New Employers in Singapore

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
financialRead more +14 June 2021 By Sheann in Accounting

How To Choose A Financial Year End

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
Read more +11 June 2021 By Sheann in Entrepreneurship

8 Best E-Commerce Platforms for Entrepreneurs in Singapore

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
Read more +06 June 2021 By Sheann in Uncategorized

Employment Pass, Work Permit and S Pass in Singapore

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
how to read balance sheetsRead more +03 June 2021 By Sheann in Accounting

Reading Balance Sheets for Beginners

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. 
filingRead more +30 May 2021 By Sheann in Accounting

All About Filing Requirements with ACRA and IRAS

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-keepingRead more +25 May 2021 By Sheann in Accounting

A Guide To Record-Keeping For Beginners

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 residencyRead more +20 May 2021 By Sheann in Uncategorized

Applying For Permanent Residency In Singapore

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
invoiceRead more +18 May 2021 By Sheann in Accounting

How To Create Your First Invoice

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
e-commerceRead more +14 May 2021 By Sheann in Incorporation

Starting Your Own E-commerce Business in Singapore

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
what is bookkeepingRead more +12 May 2021 By Sheann in Accounting

A Simple Guide To Bookkeeping For Beginners

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
tax exemptionRead more +10 May 2021 By Sheann in Taxation

Understanding Corporate Tax Exemptions in Singapore

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
holding companyRead more +04 May 2021 By Sheann in Incorporation

How To Set Up A Holding Company In Singapore

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