Dec 09

“No-frills” bookkeeping accounting fees

We, at YerAnt, offer our services to clients from a simple sole proprietorship to very complicated group of unlisted companies. As for departmental outsourcing, there are too many variables such as level of involvement, volume of transactions, actual job scopes. Understanding this, we provide very flexible packages for our clients to decide what is best for them, when considering fees and service. Our list of accounting value-added services include:

  • Bookkeeping and full set of accounts
  • Tax planning
  • Personal taxation computation
  • Corporate taxation computation
  • Consolidation of accounts
  • Bank reconciliation
  • Cash flow statement and analysis
  • Budgeting & Forecasting
  • Financial analysis and advisory
  • Cost management and pricing advisory
  • Payroll accounting with EPF, SOSCO and PCB filings
  • Project accounting
  • Liaising with auditors and tax authorities
  • Total departmental outsourcing for accounting and finance functions

The charges for our services usually depend on the size and complexity of your business. Please find herewith an example of our bookkeeping fee for a small scale business for your reference.

Click here to download.

Nov 28

Tax planning and tax evasion

Tax planning and tax evasion are two different activities per se. Tax planning is the act of arranging of one’s financial affairs to take full advantage of all eligible tax exemptions, deductions, concessions, rebates, allowances permitted under the Income Tax Act, so that the tax burden is minimised in the hands of the taxpayer without violating the legal provisions. Tax evasion on the other hand is the act by which the tax is illegally avoided through unacceptable means. It refers to a situation where a person tries to reduce his tax liability by deliberately suppressing the income or by inflating the expenditure, recording fictitious transactions, etc.

We will discuss more on tax planning from hereon. Besides bookkeeping and related accounting services provided by Yer Ant, we also provide services in the area of tax planning. As one would describe and agree on, planning should be done in the beginning rather than later. Before we engage on the bookkeeping data entry or even better, before the start of operations of a business entity, we will always try to understand the clients’ intended businesses and operations to identify the eligibility of the clients’ businesses and activities for tax exemptions, incentives, rebates and allowances under the Income Tax Act 1967 of Malaysia.  There are various exemptions and incentive, particularly from the Malaysia Investment Development Authority (MIDA), to entice foreign investors to invest in Malaysia and encourage Malaysian businesses to expand their businesses aboard whether either by way of exporting products and services or business presence expansion.

After understanding your business activities, we would proceed to identify and tax plan your business’s operational activities to maximize the tax deductions and minimize tax burdens and implications to your businesses and its owners/shareholders. Whilst some tax planning involved minor reclassification of financial transactions, some tax planning exercise may involve major restructuring of business activities and/or shareholding structures to maximize the tax benefits.

Contact us to learn more about your business and its activities and assess if there were any tax planning opportunity for your businesses. Save taxes!

Nov 26

Bookkeeping accounting software

Yer Ant has a decade long experience in using accounting softwares, such as UBS (now Sage), MYOB, DacEasy, Peachtree (to name a few more well-known piece of softwares in Malaysia), to perform bookkeeping task for clients. We have also experience in implementing modular based ERP system where it integrates the functions of purchasing, warehousing, production together with cost management and financial reporting function. For SME and below, standalone accounting software is sufficient for their day-to-day transactions capturing and monthly and annual financial reporting purposes.

All accounting softwares nowadays are created to cater for bookkeeping and simple financial reporting functions. They help bookkeepers to recording of all financial transactions of a business, organising and tracking receipts, purchases and expenses, record transaction in chronological fashion in journals, postings to general, debtors’ and creditors’ ledgers, generating monthly and annual financial statements. Most accounting softwares have spreadsheet (such as Excel) integration for export the numbers into the latter for ease of data construction/manipulation. Exported data can then be presented in the form required by the users; for example, use of recorded data for preparation of accounting schedules, for cost and budgeting analysis, and even for forecasting purpose.

Whilst most accounting softwares now have the capability to “drill-in” for more detailed information pertaining to any transactions captured during the data entry process. As described in the paragraph above, they can then be exported and used for costing and budgeting analysis. Business owners can make the data albeit with the help of the bookkeepers to analysis the business health, profitability, cost efficiency and pricing structures.

Yer Ant also provides financial advisory and analysis services for business owners who like to “drill down” and know more about his/her business’s financial health and profitability using the readily available bookkeeping data for analysis and examination purpose.

Nov 22

definition of bookkeeping

“…definition from www.bookkeeping.net..”

To understand the importance of bookkeeping in business finance, it is good to take a look at its definition and provide some background information on the matter. Many company owners and self employed entrepreneurs avoid things like debits and credits or journal entries like the plague. But this attitude only ends up costing them money in the long run, meaning they have to work even harder to keep up simply because they’re robbing themselves of cash flow that could be gained with greater efficiency.

Bookkeeping is something no company ought to ignore. As a matter of fact, it’s an area that can’t be ignored for too long without major financial repercussions. To get a sense of why this is so, we need to look at what it means to keep the books and how this works impacts the operations of a company.

A simple bookkeeping definition might go something like this: bookkeeping is the recording of the financial transactions of a business. In accounting terms, it is the very first step in the whole bookkeeping process. If this step is not attended to, things like paying taxes can become a real challenge. When bookkeeping is done well, the accountants have the ability to perform reporting, classifying, and analyzing a company’s financial data as well as these other tax related activities. Without accurate and detailed bookkeeping efforts, it is hard to know what kind of financial shape a business is in. Owners can’t really devise long term plans or set goals without a sense of the direction things are going financially. So, accurate bookkeeping is essential to a company.
Bookkeepers have many responsibilities, some of which may vary depending on the situation. In some cases, paid bookkeeping professional do only some of this work and give the owner the raw data needed to do the remainder of the bookkeeping. In any case, their job typically consists of organizing and tracking receipts and making sure expenses are properly noted as soon as purchases are made. Bookkeeping involves tracking canceled checks and other records that are created as a result of transactions by the company. They record transactions in a chronological fashion, whether cash disbursements or sales, and keep them all in a journal. Bookkeeping then takes these journal entries and places them into a general ledger of accounts. Often accountants take over from there and use these account records to prepare monthly statements for the company.