Efficient organisation of documents such as invoices, purchase orders, receipts, and payment vouchers are just the tip of the iceberg upon incorporation of a business. Being able to manage a business’s finances is a significant task for any business owner regardless the size of your entity as there are many aspects to consider such as which accounting software to use, procedures, forms, and reports.
What are Some Accounting Tips I Should Know?
Here are 7 of the handpicked accounting tips that every businessowner should know:
1. Maintain financial records in an efficient manner
Business owners should keep track of all expenses, profits, earnings, losses, and other transactions and documents that occur throughout operations. By doing so, it will help save time in the future when generating financial reports, preparing for audit, and revising data that is updated on a regular basis.
2. Investing in quality accounting software
Working with an accountant or an accounting service provider will require you to acquire various basic accounting software that are easy to use and affordable.
Such software will hence assist you in tracking and organising certain financial tasks within the business.
Some of the tasks an accounting software can provide for you include:
3. Minimising paper usage
Corporate Social Responsibilities encourages the minimal usage of papers in business to ‘Go Green’. Not only will this reflect a positive image on your company, but you are also able to reduce clutter to improve record keeping practice, minimising confusion.
By reusing used papers to print important information and reviewing processes with high paper volume will help complete the process more efficiently in a timely manner!
4. Using a time clock system
While working with a group of people, it makes managing time a much simpler and effective task. This will hence allow individuals to be more wary of deadlines and submissions, boosting the overall efficiency of the company.
This is also something to consider when employees work overtime – having a more accurate record will help save money and time in the future.
5. Seeking advice from experienced business advisor
Running a business has multiple aspects that are reviewed on a regular basis. For example, having good financial operations is a top priority for each company to achieve and maintain its success.
Talking to another business owners or those in the field of your industry will also allow constructive feedback and advice on how to improve the business’s operations.
6. Keep accounting methods and forms up to date
In order to ensure procedures and operations continue meeting the company’s standard, this is an extremely important step. This is independent of how your business operates, and you may need to make several changes or updates to how the cash flows are managed, accessed, and distributed.
7. Build good relations with your accountant
By working closely with your business’s accountant, you are able to stay on top of all financial issues as they arise. You will also be able to stay current with technology, financial processes and other important details related to business finances.
Accounting Services in Indonesia
There are many accounting service providers in Indonesia, including Paul Hype Page & Co. Some of the accounting services that are commonly sought for are cash flows and working analysis, account consolidations, management reports and accounts, and the financial planning and budgeting.
There are no taxes on capital or assets, apart from the land and building tax.
An individual taxpayer can submit an annual tax return through the e-filing system provided by the Indonesian Tax Office (ITO). Starting 2013, the DGT has actively encouraged companies to perform collective registration for their employees to ease e-filing registration.
Non-resident taxpayers are subject to tax at a flat rate of 20% on all Indonesian-source income. If the resident individual does not have a required Tax Identification Number, the tax rates for withholding tax on employment income are increased by 20%. As a result, the rates range from 6% to 36%.
What is the major difference between psak Indonesia financial Accounting Standards and IFRS interim reporting?
IFRS 17 supersedes IFRS 4. differences noted are as follows: PSAK 1 defines that IFAS consists of the Statements of Financial Accounting Standards, their interpretations and financial reporting rules issued by capital market authorities. IAS 1 does not include the latter.