Want To Drive Sales? Instead Of Spending Money On Marketing, Consider Doing This Instead

16th March 2018by acefinancial acefinancial No Comments

Marketing isn’t necessarily the best way to build a book of business.

I’m channel agnostic.

I’m not married to Facebook ads, or social media in general, or email marketing, or Google Adwords–because I don’t believe any single marketing type is a “one size fits all” solution. Each and every business has its own needs, which means the same marketing strategy that works for a service company won’t necessarily work for a product company, what works for an entertainment company won’t always work for an IT company, etc.

I have been on both sides of the fence: working within an advertising agency, and founding a company needing to drive sales.

One thing I notice (time and time again) is that companies prioritize marketing over just about everything.

Before they’ve ironed out all their internal processes, before they’ve tested their own messaging, before they’ve taken the time to understand what their core business even is, they look for marketing agencies–or ask how they can market themselves. They turn on the Facebook ad faucet, they blast their company’s manifesto into a few press features, and then they wait.

At the same time, do you know what happens?

An inbound customer walks through the door. “Hello, I’d like to buy what you have.”

The business owner (who is currently on the phone with their brand new “marketing specialist”) forgets to respond–to their email, to their call, etc.

You’d be surprised how often this happens.

The unfortunate truth is most businesses spend money on marketing before they even have a process for walking new leads through the door.

A prospective customer shows up and everyone starts running around internally. They have no idea how to handle it, who the customer should be talking to, whose responsibility it is to facilitate the relationship.

In short: they don’t have a sales team.

This is a massive problem.

Companies don’t think they need a sales team, because “sales” implies headsets and cold calling.

But that’s not what sales is all about.

Sales also involves having people monitor your inbound leads, and make sure those inbound leads are converted into customers as quickly, efficiently, and effectively as possible.

Instead, all this money is spent on marketing for customers to start banging down their doors, without taking the time to question what happens when those customers actually arrive. Who is going to talk to them? Whose job is it to make sure those leads get converted?

And if you, the founder or CEO say, “That’s my job,” then you’re dealing with a business without scale. You cannot be personally responsible for closing each and every new customer that walks in the door.

Yet, many companies are run this way.

If you are spending money on marketing before you have built a sales team, you’re wasting your money.

With a sales team, leads become customers.

Even with product companies, people are going to have questions. People are going to want a little customer service before they make their purchase. Customer service and sales could be wrapped into the same category–if you’re still in the early stages of building your company. But to have an entire department focused on marketing without also having at least someone in charge of carrying those leads to the finish line is a massive mistake.

Invest in sales and roles within your company that can nurture prospective relationships.

Only after you have that need filled, should you start worrying about marketing.

Source: BY NICOLAS COLE – 06 MAR 2018 |Inc-acean.com

Six Things You Need to Know About Corporate Tax Filing In Singapore

27th February 2018by acefinancial acefinancial No Comments

Singapore is a strategically placed country in the Asian continent. This makes it an ideal place for businesses seeking to invest in Asia. Most companies are attracted to do business in this area because of the city-state’s quasi-territorial tax system. Hence, do not expect any withholding of tax on dividends or capital gaining of tax in this country.

The country promotes business by having no substantial constraints on foreign exchange transactions and the capital movements with flexible tax return Singapore. The SGD (Singapore Dollars) can furthermore be loaned to people and non-financial institutions, unlike the restrictions that are put in place to restrict lending to non-resident financial institutions.

Corporate Tax Rates

The corporate income tax is 17%, but it is reached after assessment of the chargeable income of the company. This can be termed to be among the lowest taxes in the world and can be even relatively lower if the company can take advantage government schemes, incentives, and other subsidies given.

Corporate Tax Residency

Furthermore, the Inland Revenue Authority of Singapore is the body that determines the corporate tax residency of the companies in the country. Control and Management is the process of making decisions on strategic matters like the policy and strategy of the company. The IRAS uses this Control and Management decision before giving any organization an exemption regarding its foreign-sourced amenity revenue.

Determining Fiscal Year

Singapore advises all companies to keep their financial end year within 365 days. This is the only way they can enjoy zero tax for the new companies that are just beginning their activities. The companies need to determine their FYE and submit them.

Annual Filling Requirements

The Accounting and Corporate Regulatory Authority requires annual returns from every company that is in Singapore. They have also provided a date, November 30th, which should not be exceeded by any company in providing tax returns. Companies are also allowed to carry forward the unabsorbed trade losses and allowances to the following years. This is to counterbalance the future years until when the loss will be totally exploited.

Form C-S

This is an important form that companies must fill in their returns regardless of whether they are making profits or losses. There is, however, some conditions those companies should meet before filling this form. These are the conditions that should be met by these companies before filling in the form — have an annual revenue equating 5 million dollars or below and lastly get income taxable at the ongoing rate of 17% per annum.

The Process of Taxable Income Calculation in Singapore

Knowing this process is crucial for any company as there are various conditions involved. The conditions include:

Expenses are considered as revenue and not as assets in some countries

The Income Tax Act of the state does not prohibit expenses from being deducted from taxable income calculation

Expenses should be sustained especially in income production of the company

You cannot assume expenses to be a contingent liability

If you want to know more about tax return Singapore, you can consult a reputable tax services company like Ace Financial Accounting Pte Ltd.

7 Reasons Why Register Company in Singapore

7th February 2018by acefinancial acefinancial No Comments

7 Reasons Why Register Company in Singapore

Over the years Singapore has provided a proper and conducive environment for doing business both for international and local businesses. The business laws are in place, there is adequate workforce, and the market is ever growing. Opening business in Singapore is a plus with high chances of success.

We are addressing reasons why register business Singapore is the best choice you can ever make.

Here are seven reasons:

Number one Place for Doing Business

Prominent reports like that of the World Bank group classify Singapore at the top two under the category of “Ease of doing business.” This means that the business environment of Singapore is the most conducive.

Tax rates are Affordable

The tax rates affect business. In Singapore, these taxes are comparably low. The corporate tax is at 17%, and the Goods and Service tax is at 7%. These taxes rank Singapore among the top 10 in the world by the economic forum report. Shareholders are not taxed after the tax is deducted at the corporate level.

Availability of Telecom and Internet Facilities

The Internet is a necessity for companies that require international transactions. Not just that. It is also paramount that communication is in place for access to material, to keep in touch with clients and so on.
Singapore provides very high speeds of the internet all over the country with telecommunication infrastructure. There are internet companies that have launched up to 2Gbits high-speed fiber internet connections.

Skilled Labor

For any profitable venture, you need to get a workforce that is efficient, skilled and affordable. Singapore is the right place to get that. More than 54% of Singapore workers are highly skilled based on research by World Economic Forum. In the entire Asian continent, the workforce in Singapore stands out as the best and most motivated.

Affordable and wide transportation network

Singapore has a great internal road network that allows movement of vehicles to the interior parts of the country. Besides, Singapore has the best airport in the world and the busiest seaport. The airport has direct connections to the developed countries and developing economies like America, Europe, the Middle East, China, India and Southeast Asia.

Flexible Immigration Policies

If you are planning to move permanently to the place you want to build your business, then Singapore is the best option. For value adding individuals, the government has made a provision for work permits that can be accessed easily. In addition to that, the procedure of processing Permanent Residence (PR) is really flexible.

Incorporation Process is Easy

To successfully register business Singapore, you must contact a professional firm from Singapore to register the company. Foreigners cannot directly register their companies. This can take three days in three steps according to the provisions of the law, and this will cost you less if you compare this with other countries.

Now you know Singapore is very open for business opportunity and not just that it is a vibrant economy that is ever evolving at the same time.

Travel agency in Little India suspended for failing to submit financial statements

26th January 2018by acefinancial acefinancial No Comments

Travel agency in Little India suspended for failing to submit financial statements

SINGAPORE: A travel agency in Little India has had its licence suspended after it failed to submit its audited statement of accounts on time, said the Singapore Tourism Board (STB) on Thursday (Jan 25).

Citi Travels & Tours was required to submit the documents within six months after the close of the financial year but did not do so. STB said it also found that the travel agent had “failed to fulfil its obligations to a customer”.

The suspension took effect on Jan 10. This means until further notice, Citi Travels & Tours will not be allowed to accept new travel bookings, but it must fulfil its existing obligations to customers, STB said.

“A failure to submit the audited accounts within the stipulated deadline raises concern over the company’s ability to meet the minimum financial requirements as mandated under the Travel Agents Regulations,” said the Tourism Board.

“STB takes a serious view against errant travel agents and will not hesitate to take necessary actions to protect the reputation of Singapore’s travel industry.”

Source: Channel News Asia
https://www.channelnewsasia.com/news/singapore/travel-agency-in-little-india-suspended-for-failing-to-submit-9895540

———————————————————————————————————————————————————-

What happens when a Company unable to meet the filing deadline?
ACE Financial Accounting, your reliable business partner.

Visit our website for more details: www.acefinancial.com.sg

Asia’s least and most stressful cities

29th October 2017by acefinancial acefinancial No Comments

A recent study done by Zipjet across 500 locations projects most Asian cities as stressful places to live in. The factors taken into consideration to derive the ranking are many; air pollution, gender equality, unemployment, mental health and even the amount of sun that a city gets.

With global ranking of 144, Dhaka is the seventh most stressed city in the world and one of the most stressed cities in Asia. Dhaka is considered a stressful city for being densely populated and having worst traffic congestion. The city’s mental and physical health is also ranked poorly.

Scoring poorly on various factors like light pollution, debt per capita and social security, Karachi is ranked at 143. With poor score across the spectrum, the metropolitan Indian city, New Delhi has also landed a sweet spot in the most stressed cities in the World. The other Indian cities are Mumbai and Bangalore with global ranking of 138 and 130 respectively.

The rapid urbanization in Manila has led to fewer green spaces in the city which has reduced the air quality as well. The city ranks badly in mental health also since suicide rate in Manila is high. The study also takes into consideration the public transport woes of the city which contribute to the stress of the commuters.

While many call Seoul a happy city, the study states otherwise.

With the income gap being worst in Asia-pacific the physical health of the city is a determining factor is making it one of the stressful cities in Asia. Kuala Lumpur is ranked at 110 with Ho Chi Minh at 106.

Singapore is one of the least stressed cities in Asia with Global ranking of 42. With a thriving economy and one of the world’s finest public transport, the habitants of the city are happy to live in it.

Brunei ranked at 68 is the eighth least stressed city in Asia. Due to being less densely populated the per capita debt of the country is very low. The country scores high in race equality and financial security.

Tokyo ranked at 72 has scored well on public transport, traffic situation in the city and perception of social security. Hong Kong has scored well on perception of security among the people living there and the physical health of the city. Shanghai has very low debt per capita which makes the city financially secure and the citizenry less stressed.

Beijing, globally ranked at 100 has a low unemployment rate as well as debt per capita. Perception of security amongst the citizens contributes to the city being less stressful compared to other cities. However fewer green spaces, public transport woes and population density dragged the ranking of the city down.

Kathmandu at 103 global rank is comparatively better than many Asian countries. Bangkok has a very low unemployment rate and scores well on physical health and noise pollution as well.

Source: Asia News Network / 07:05 PM October 25, 2017

How to register a Company in Singapore?
Looking for Corporate Secretary in Singapore?