Change Or You Will Become History!
This is exactly what I am seeing some business owners are behaving nowadays.
Some business owners are still living in their respective comfort zones, assuming everything will be fine, even though many hints in their books are pointing doomsday is drawing near.
Revenue not rising as fast as rising costs, margins are being squeezed, cash balances are dropping, Accounts Receivables are going long overdue, bank loans are mounting, Inventory is piling, Projects can not be closed and accepted by clients rendering invoices can not be issued, etc.
Business owners are not sensitive to numbers, ignoring the importance of timeliness and accuracy of their accounting books.
Worse still, some of them have messy workflows, having duplicate invoicing to same clients ( double revenue subjecting to Tax but of course customer not paying duplicate invoices ), Money received advance being booked into Revenue subjecting to early tax by IRAS ( i.e. taxmen ), excessive inventories in warehouse signaling production scheduling not pegged to Sales Order, and the list goes on.
I am seeing some of these businesses will be history next year this time.
Wake up! Take care of Your Business ( or TCOB )!
If you don’t know how to, at least seek help.
Sitting still will only be cooked alive!
If you need help, feel free to contact us at :
(O) +65 63851011
(M) +65 90880669
