Factors to Consider When Picking a Bookkeeping and Payroll Services in Singapore

Bookkeeping and pay roll services:

Bookkeeping and pay roll services are required by almost every company in Singapore, as accuracy in business accounting is necessary for its success. All types of businesses, need these services for their proper growth but they hire them as per their volume of work. Though big businesses may engage whole time bookkeeping and payroll services, but medium and small business usually opt for freelance service providers in both of these fields.

Bookkeeping Service Considerations Singapore

Most of the businesses in Singapore outsource the bookkeeping and payroll services in Singapore to fulfill the business accounting requirements of their business. They may choose them on basis of the recommendations of their fellow business owners and other associates but still they have to observe certain factors while picking them as provided hereunder for your guidance.

Competency of the service provider:

Whether you choose a bookkeeping service provider and payroll services for your business you should ensure the capabilities of the service provider in the field of business accounting. A set of tasks including tax work, payroll, invoices, general bookkeeping and cost analysis, etc are usually needed by the business of any level. So the service picked by you must be competent enough to fulfill all of your requirements including business accounting.

Ask for referrals:

While choosing Singapore payroll and bookkeeping services you can also ask personal recommendations of your fellow business owners, banker or tax attorney for their references. It will help you in knowing the positive and negative aspects of the services provided by the providers selected by you. The reputation of the service provider company can also be considered as a referral in this regard.

Experience of the service provider:

It is one of the most important factors to be considered while picking payroll services and bookkeeping services for your business of any level. The service provider should have experience in business accounting along with other requirements of your business, if your business has certain special requirements. Such specialized professional will be able to handle the account books more competently without bothering the business owner.

Cost of service:

You should also know the cost of services provided by the bookkeeping and payroll services Singapore, Which you have selected after considering all other factors to assess your affordability as per your requirements. Certain bookkeeping and payroll services in Singapore charge fee at fixed rate on basis of your work load whereas some others charge at per hour rate. So you can choose the best one as per your affordability in this regard.

Dependability of the service provider:

The bookkeeping services and payroll services, Which you choose should be insured and trustworthy, as they have to handle all of your business accounts. An approved or accredited service provider by professional organizations is the best option in this regard.

Thus you can choose the best bookkeeping and payroll services in Singapore for handling your business accounts by considering the above mentioned factors.

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Who Do You Think You Are?

confusedAs we head into the new year, do you have a clear understanding of your own personal brand? Are you aware of what the perception on the street is of you? Does your personal brand reflect consistently with your business brand? All good questions if you’re looking to go into the new year on a high note. Look around your circle of influence. Like myself I’m sure you’re witness to individuals who don’t have the slightest idea who they are. They call themselves specialists who list a flurry of services they try to deliver on – but excel in very little. I’ve been asked to coach a number of individuals to develop a brand for them. But, I can’t help them if they don’t know who they are. As I tell them, “it’s not up to me to tell you what you should be. I can help if you know who you are but are floundering in how to present yourself in a way that resonates with your target audience.

The problem stems from a lack of confidence. They suspect (but haven’t committed to the concept) that they are experts. They lack the confidence to express it in a tangible way. They question what the perception might be. Will their audience ridicule them for what they think is a lack of excellence. They throw up barriers to move forward. Having a lack of confidence is a scary place to be. Not only does it hinder who your are but also aids in failing to charge a fair dollar for your deliverables.

Lack of confidence is a psychological barrier, but one, that if you can breach, will deliver immense rewards. Those of us with confidence find it hard to understand why someone would be so hard on themselves, when the rewards are so encouraging. When I work with people and companies, I’m using the strategy that they focus on the money-maker. Most have a tendency to want to list everything they do, to show their scope of services. Lists are dangerous in that customers believe that since you’re listing services, if you fail to list something then you don’t do it. Ouch! My take is by focusing on your strongest service to get the door open, once in you have the opportunity to sell what else you do. It’s easier to build confidence if you focus on your strong point. Every time this happens, clients clearly have more fun and are excited by their brands (personal and business) again.

Understanding who you are can only make your brands more powerful, resonating in a big way. Not everyone is cut out for this bold a strategy and wish to remain with what keeps them safe and risk-free. Where has a safe harbour ever gotten anyone? Leaders are folks who embrace excitement and a challenge. Identifying who you are and acting on that in a direct way, changes the script you’re currently playing to. That in itself will generate enough confidence to hurdle the challenges you face.

So moving into a brand new year – who are you?

How (and Why) to Build Employee Loyalty

Starting-up and maintaining a business isn’t easy, especially when the competition is breathing down your neck. That is why you need people you can depend on to have your back, to make the journey to success and to keep riding that wave. Your employees are your income protection. It doesn’t matter if you’re in production or sales, it’s important to have loyal employees that stand with you. Finding them may just turn out to be the easy part. Keeping them, on the other hand, is a totally different story and explains the importance of building employee loyalty.

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Your Front

In any type of business, the boss is rarely the one to greet a customer at the door. It will, more than likely, be an employee.  A loyal employee will extend the same welcome to a customer as you yourself would, because he/she understands the importance of keeping the customer happy and the consequences if you don’t.

The question is: how do you install this knowledge in someone? The answer is quite simple: You lead by example. Before you start hiring, you should be able to outline your company’s goals, your employee expectations and benefits, as well as a code of conduct. Have it ready, in written form, when you welcome a new member to your team. This avoids misunderstandings and gives everyone guidelines to follow.

Once you have them aboard, treat your employees with respect and let them know that you see them as an integral part of the company. Let them know you are the team leader and they are the team. Neither part can survive on its own. It takes the sum of both to keep the boat afloat and heading in the right direction. Make sure to be observant and take note of how each member of your team interacts with their fellow employees and customers. Take note of things you like about them and, of course, of faults.  Always commend good deeds and accomplishments, best in a team environment so the others might profit from the positive input and, possibly, pick-up some good habits they now know are appreciated. If you have something negative to say, address the person in a private environment and let them know how you feel. Don’t be condescending, that just builds up resentment. Instead offer a solution to the problem or a suggestion of how you believe this should be handled. In your next team meeting, which, by the way, you should have on a regular basis, address the subject, NOT the person. Let your team know how to deal with such a “hypothetical” situation. Ask for their opinion and if something better than your suggestion comes up, accept it and declare it as the new modus operandi. You have just created a win/win situation.

Your Muscle

No matter who the boss is, there will always be workers. While you are busy acquiring customers, they are the ones taking care of production (it doesn’t matter if it’s canning beans or corresponding) so you have something to sell. Why is it important to have loyal employees for this? Because,  you can rely on them to get the job done without major fallout. Furthermore, they love their job and they are well trained and know what they’re doing.

If you have to keep training new people because you haven’t built loyalty with the veteran employees, you will only be hurting yourself. Not only is it time consuming, it’s expensive.  According to a study by Columbia University , replacing a lost employee will cost you approximately 150% of that person’s annual salary. Eye-opening isn’t it? Not only do beginners work slower, because they’re not familiar with your company’s work mode, they will make more mistakes. This leads to less production, ergo less to sell.

It’s becoming clearer isn’t it? You can motivate your team by setting production goals and rewarding them for reaching them. Give incentives for exceptional work. This can be in form of a bonus, movie tickets, game tickets, a dinner for two (be creative). It doesn’t have to be a huge thing; it’s about recognition and showing that you are aware of the effort put forward by each of your employees.

Your Dependents

You are responsible for your employees. Let them know that you are ready to take on this roll and that you have their best interest at heart. If you show your employees that you genuinely care about their welfare, there is nothing (within reason) they won’t do for you and your company. It’s your job to make sure there is plenty of work for them and it’s their job to make sure it gets done. Just as a well-oiled machine runs smoothly, an appreciated team works optimally.

Make sure to match the pay to the job done and don’t forget to review pay on a regular basis. You want your employees to grow with your company and adjusting pay accordingly is a part of that. You might want to think of offering an employee income protection plan, such as offered by Suncorp, for the unforeseen. This is just another way to show you care. Have a company party once a year to celebrate their accomplishments and your success . Above all, don’t forget to stop and say hello, ask how he/she is, pat a shoulder now and then.  Even when you get to the point where you have managers, don’t forget you are the boss, their team leader, and they want to know you still see them. The magic to loyalty is to be a true leader.

All in all, building loyalty is about being aware of what is going on in your company and with your subordinates and subsequently acting upon it. A little creativity and a lot of common sense will get you to the point of optimizing your workforce and letting you build a solid foundation for a prospering    company. This is your future, go for it.

What’s Your ROI With Branding?

Return on investment or ROI can be realized in any number of ways. As a starter, one good way is to have a look at the brand as it sits today – before the branding process. What ever that perception is, it’s the reality of the brand. Then when the process is complete – maybe six months to a year out, evaluate the perception again and see what the difference is. Any positive bump contributes the brand’s ROI.

A lot of companies headed by boomers are looking at the future and their place in it. They are using branding to improve the position and appearance of the company as a part of their succession plans. Whether they are passing it along or selling, branding helps put the brand in a great and positive position. I have client right now who is looking to retire. Branding is helping the firm continue to strengthen its influence. New players brought in don’t have the connections that the past owner has and branding is helping position their brand to build on their other strengths.

Effective positioning allows the company to absolutely differentiate themselves. The positioning, changes the conversation in their category with a powerful strategy that draws new business their way.

Sometimes a goal to initiate branding is to increase awareness. Companies find themselves lost in the clutter. Nobody really knows what they’re up to. Out of sight – out of business.

Many business owners want to know what the deliverables are. That’s part of their terminology. Branding delivers on the branding values – which are the foundation of the brand. Personality which uncovers deficiencies and opportunities. Positioning which makes them a leader. Brand standards keeps the visual part of brand in line and consistent and a large one being we will be talking with their customers. I’ve found business owners to drool over the prospect of getting customers input on their brand.

ROI comes in many forms, not the least being the ability to resonate with customers bringing new business to the door.

When Should A Company Re-Brand?!

photoThere are many good reasons why a company might want to re-brand. Entrepreneurs by their nature see the benefits in upping their game. Constantly raising the bar within their category keeps the competition on edge. They spend more time keeping up or as I like to say, “Following, not leading.”

A common mistake you’ll see all around you is companies who think re-branding is changing their logos and marketing materials. Without a doubt this may indeed happen with are-branding, BUT it is by no means the definition of re-branding. You would want to re-brand if you are looking for positive change and growth for your company and you want to do it from a leadership position. A lot of companies look to branding when sales have fallen flat or growth has hit a wall. They are not happy with the status-quo and they have a keen desire to be stronger and to have a brand that resonates this with their current and potential customers. Sometimes the culture of a company has become tired and there’s a sense of spinning their wheels. Every brand stretches and contracts over time. Perceptions of the brand miss the mark simply because there were no strategies in place to define the brand.

You re-brand because you see an opportunity to take your company to a higher level. You have the confidence and desire to determine where your brand sits today, analyze it and determine where your leadership exists and build on that. Essentially you know what you’d like your brand to stand for – this is your chance to freshen up and build towards that end. I use a pretty extensive process called, “Brand Navigator” to get this done. There is also plenty of information out there to at least get a fix on the direction you should take. I’ve had many cases where a logo change wasn’t needed and this was because the logo was highly recognized and that kind of cache is hard to recover.

Wrong headed thinking believes changing the logo is going to solve the problem and fool the customers into thinking the problems have corrected themselves. This is lipstick on a pig. If you hate the taste of Pepsi – is changing the logo going to make you enjoy it more? Of course not. Same goes for branding.

Be sure that you get your brand right and not build on false hopes at the risk of alienating customers. What ever brand you have it’s a must that you be authentic.

Developing A World-Class Brand

toolboxIf you have a world-class brand, are you showing world-class quality at every turn? Is your brand involved in on-going training? It’s not just about customer service and brand awareness. It’s not that everyone knows your brand, it’s what their perception of your brand is. Here are 3 areas where a brand might drop the ball to save a few bucks?

Organizational communications is sadly lacking in a good many companies. With most of the companies I’ve had the pleasure to assist in their branding, communication is a major hurdle. This one area would catapult your brand if you found an efficient honest way to keep employees in the loop. Encouraging active participation in the brand would reap benefits in the areas of productivity and employee satisfaction.

How many brands that see themselves as world-class have little to no marketing plans? If a brand has no plans in place to draw new business to their doors, these are usually the kind of operation, that only reacts when times are slow. They don’t have an ongoing strategy. I understand why their rational seems sound, but the truth is marketing is part of a long-term strategy, no instant relief. Your customers are no different than yourself. How often do you react to a promotion immediately on viewing something? Most of us react when the need arises and we seek out brands that we perceive as the leaders. This leadership perception is not the result of hit and miss marketing but an on-going strategy.

Taking your brand seriously is not just putting your best foot forward in one area, but doing it better in EVERY area. When you cheap out, initially if seems the rational thing to do, but when the chips are down it’s too late to change perceptions. Home-made marketing materials are a good case in point. ‘Amateur’ doesn’t sound like a brand anyone would want.

How Graphic Designers Are Missing The Boat On Branding!

$caredGraphic design firms have for years neglected a key space that can bring them a significant new stream of revenue. Most of this missed opportunity is due not understanding the opportunity of branding. For far too long, graphic designers have called developing logos “branding.” Re-branding is being marketed as simply changing the logo of a company. This mis-information is then picked up by the media and the mis-conception breeds on itself. I cringe every time I see in the media that a company is re-branding, and on investigation, see that they are simply changing the logo.

You have to ask yourself, “why are clients seeing a need to re-brand?” and what-ever the reason, why did they feel that a logo change would solve their problem? My guess is that this concept was sold to them by graphic design and advertising firms. After all, that is usually all they understand that branding entails. If the reason to re-brand was a flattening of sales activity, the company wanting to raise the bar and reach to higher levels of business or even to strengthen a brand for a potential sale – how is a pretty new logo going to address those and many other serious reasons to re-brand (properly)?

To graphic design firms: If you’re not getting twenty to fifty-thousand dollars for branding projects BEFORE you even start designing, then YOU’RE NOT BRANDING! In many cases there’s no design included in a re-branding. Many of you are doing aspects of branding for free. Many graphic designers see themselves as artists when they should be seeing themselves as problem solvers. You’d be wise to get a handle on how to sell branding properly. What is really exciting is that branding, when done properly becomes a catalyst for additional graphic design. It may surprise graphic designers, but many brand process elements are not even graphic design functions. It is not a visual solution, but a strategic solution.

Logo re-branding isn’t the graphic designer’s fault entirely. It’s just that they have been sold a bill of goods by peers who see low hanging fruit and don’t have the tools and capability to do branding properly. Keeping the myth alive benefits them. Designers gladly grab the immediate opportunity, not realizing the real money eludes them. Designers should do themselves a favour and investigate embracing a branding process that allows them to not only position their practices as branding leaders but also allows them to change the conversation within their markets. Lift the veil on branding and watch your clients take you more seriously and in an entirely different light.

Sadly, re-branding by logo will in many cases have your clients revisiting issues in the short term. Why, because it won’t (and can’t) solve the problem that brought it about. There’s only so much a visual can do to change perceptions. It’s what we call putting lipstick on a pig – at the end of the day it’s still a pig!

Are you in the design industry and want to learn more about driving profits by building brands for clients? Find out more here:  http://www.mydesignshop.com/common-mistakes-designers-make-with-branding-webinar