Tips to Using Your Accountants to Leap Frog Your Competitors

  • whatsap

Your Accountant is your “hidden Treasure” !

Proper Bookkeeping & Benchmarking are key to leap frog your competitors

Both Bookkeeping & Benchmarking are the key strength of your Accountant !

Let me explain…

Bookkeeping is …

* the recording of financial transactions, and is part of the process of accounting in business

* Transactions include purchases, sales, receipts, & payments by an individual person or an organization/corporation.

* By proper Bookkeeping, we mean doing financial statements which make sense to business owners.

* Proper Bookkeeping involves strict compliances with the Matching Principle ( i.e. only recognize the revenue and relevant cost in the relevant accounting period when the revenue-generating event occurs ), & the Accrual Principle ( i.e. capturing the Costs incurred upon incurrence, not upon Cash payment )

* Proper Bookkeeping enables all items on the Financial Statements to be easily explainable and reconcilable.

* Only Proper Bookkeeping enables the business owner to know the exact state of health and performance of his business for proper dose of “medicine” to be applied for noticed “poor health” and / or “poor performance” of his business

Benchmarking is …

* the process of comparing your own organization or operations against other organizations in your industry or in the broader marketplace.

* Benchmarking can be applied against any product, process, function or approach in business. Common focal points for benchmarking initiatives include: measures of time, quality, cost, effectiveness or satisfaction.

* The intent of benchmarking is to compare your own operations versus competitors and to generate ideas for improving processes, approaches and technologies to reduce costs, increase profits and strengthen customer loyalty and satisfaction.

* Benchmarking is an important component of continuous initiatives.

So, starting tomorrow when you go into your office, start to use your Accountants in the way they should be used to help you in your business !

If you need help, feel free to contact us at :

(O) +65 63851011

(M) +65 90880669

(E) [email protected]

Written by Kelvin Loh