5 Ways how Cloud Technology & Block Chain Can Help your Business

5 Ways how Cloud Technology & Block Chain Can Help your Business

Accounting, Uncategorized

Keeping up with Block Chain and Cloud Technology for your Business

Posted on August 10, 2018 by Stephan Yeong

Block chain and cloud technology have been a common buzz word in today’s business context. These technology enablers has provided much disruption to how businesses operate and altered the fabric of how businesses grow.

So what are the implications of this technology and how can businesses tap onto this new wave of technology. In this article, we will share 5 tips as to how businesses can benefit with the use of block chain and cloud technology for your business.

 

1. Take Advantage of Singapore Electronics Act –  Have records Signed anywhere
Saves time for your business on the collection of source documents. The legislation in Singapore; the Singapore Transactions Act has enabled businesses to take advantage of using mediums like block chain e-document signing and adoption of paperless record keeping; doing away the need to schedule signatory meetings or worry about fading and misplaced receipts.

 

2. Going Paperless – Save that Storage
Saves storage due to the Singapore mandatory requirement of having records kept for 5 years, with the aid of cloud technology, businesses can operate without worrying about missing documents or the task of retrieving dated records on customer disputes or vendor payment. Imagine a e-library where records are kept and indexed accordingly to date and supplier or category. Having your business on cloud will enable better indexing and ease of document retrieval with a simple click of a button.

 

3. Milking Cash With the Cloud
Cash flow improvement will come along when you use cloud technology, with payments with banks and supplier payments and sales transactions; the cloud allows seamless coordination and matching of payments and collections. You can opt for prompts suggestions or set it to auto reminders; like those you see by telecommunications providers on repeated mails on outstanding payments to your customers.

 

4. Automating Emails Invoices
Lets be honest, how many times do you actually delete your mails; well I don’t. With the expansive growth of data storage and accessibility, we have come to terms of the “archival mentality”, a need to keep everything just in case. This can pose as an issue when searching for documents at a later date. With the aid of cloud technology, you can set rules on vendors or expense mails so that they do not get missed. Imagine having to go by vendors across users and downloading attachments, and later or discovering a missing attachment a few months later. The cloud helps to put things in order.

 

5. Run your Business Everywhere and Anywhere
Being able to operate your business on the go is great if you intent to separate yourself from being on the business rather than being in the business. The dream for every entrepreneur is to have their business run by itself and grow exponentially; obviously being able to sell the business at the end of the day for good money should be the aim of every business. Using the cloud enables connectivity anywhere on the go, and unlike conventional desktop operations, this enables multiple users to access and work on the operations of the business at the same time. This promotes real time involvement and supply live feeds on the activities that affects business success.

 

Tapping onto innovation for small and medium business was an expensive affair in the past; high cost in customization and heavy investment on costly in-house servers. But with advent pace of technology, cloud storage is quickly replacing the use of costly severs and a host of app developers providing browser base applications that is industry specific and affordable with pay as you use models. Find out on how to stay ahead of competition and grow you business, reach out to us for a non obligatory discussion on how to improve your business with technology.

 


About Us:

At Gauge and Company, we are leading provider of Accounting, Taxation and Corporate Secretary Services in Singapore for SMEs and Startups. We offer high service quality, a commitment that we promise to you and our clients. We are here to answer your Business Tax and Financial questions and welcome you to Contact Us!


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Tax Evasion can put you in trouble

Tax Evasion can put you in trouble

Uncategorized

Singapore Tax Authorities Recovered 35 million

Posted on July 19, 2018 by Stephan Yeong


In 2017, there were cases 243 cases investigated and this accounts for more than double compared to 2016. Tax evasion is a serious offence in Singapore, and in cases of serious tax crimes, IRAS performs on premise raids and arrest on tax evaders. A total of 60 to 70 raids are carried out in a year. 

With the aid of data analytics, it is becoming easier for tax authorities to be more aware of activities of business and transactions. Activities such as inflating Goods and Services refunds, falsification on transactions, PIC misuse and setting up of shell companies.

In a recent case involving an eatery, investigators with Iras vest infiltrated into their office gathering the business physical and electronic records. The operation was conducted across the restaurant home, workplace and supplier simultaneously. During the 4 hours operation, ledgers, smartphones, and laptops were seized in the process. A total of 70 boxes and 15 bags of accounting records were seized as well.

 

Some of the Cases in Singapore
One of the high profile case of tax evasion in Singapore was by Chwee Guan Paper Sticks & Candles Trading Co, where the profits were under-declared  and the GST amount was understated. This resulted in a penalty of $2.3 million of penalties as well as imprisonment for the offence. Another case would be Kay Lee Roast which was fined over $329k and were jailed for 4 weeks under the court for tax evasion.

 

Tax Evasion versus Non Compliant
It was also indicated by IRAS that evasion is commonly found in businesses with substantial cash transactions, poor internal controls and the absence of proper record keeping. In 2017, there was a total of 10,726 cases if non-compliant cases. Surprisingly, omission do commonly occur among the self employed individuals like doctors, lawyers housing agents and insurance agents as this is due to knowledge in the area of proper record keeping and documentation. Another group that are commonly know for mistakes and omissions are family run businesses where many of times record keeping is done in house or internally. However, it is noted that all cases that are investigated does not necessary lead to prosecution. It is entirely based on the facts of the situation and at times, warnings or a lower composition charge may be imposed.

 

Penalties and Possible Outcomes
In Asia, Singapore has one of the lowest rates on corporate and personal tax in the world. However, being fair to those that are meeting their tax obligations, the government enforces upon non compliant taxpayers in Singapore. In terms of monetary compensation, this would be up to four times the amount that was undercharged. Tax evasion is seen as a form of criminal office and is taken seriously, those found guilty on acts of evasion may result in imprisonment not exceeding 5 years.

 

Record Keeping and 5 Years Time Frame
Businesses are individuals are still within the jurisdiction of the tax authorities for a period of 5 years from the point of transaction, so any records that are not kept properly could result in being non compliant and in some cases seen as a form of tax evasion. As such, it is important to maintain proper records of transactions and activities. Knowing your tax obligations and safeguarding your interest is key, in staying afloat and away from the tax authorities.

 


About Us:

At Gauge and Company, we are leading provider of Accounting, Taxation and Corporate Secretary Services in Singapore for SMEs and Startups. We offer high service quality, a commitment that we promise to you and our clients. We are here to answer your Business Tax and Financial questions and welcome you to Contact Us!


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