Reginald Chan

Category: Business

  • 6 Simple Steps Required to Set Up a Business in Singapore

    6 Simple Steps Required to Set Up a Business in Singapore

    There’s nothing quite like growing a business from the ground up. It takes time, patience, perseverance, and a little bit of luck. Even after all the foundation is laid, the work isn’t done. Keeping a business running takes just as much, if not more, gumption. So kudos to you for getting the ball rolling and trying to figure out how to manage your soon-to-be company. The following will explore the initial steps required to get your business up and running. In particular, we’re going to focus on starting up a business in Singapore.

    Why Singapore?

    There are dozens of countries in the world with legal and tax systems designed to support business owners and encourage flourishing. Singapore had consistently been at the top of this list for the last several years. The country offers a stellar, central location in the southern hemisphere that is positively connected to many other hotspots with high-quality infrastructure. The position is particularly stellar for businesses hoping to tap into the Asian and Middle Eastern markets.

    More than this, according to www.pilotoasia.com/, Singapore is well known by entrepreneurs for how easy it is to set up and conduct business within. Intellectual property rights are strictly protected in the country, and there are very few legal requirements to set up your business there. As well, the tax schemes and existing trade deals keep the majority of your profits in your pocket. A Singaporean location can help reduce the taxes you owe and can limit the number of times you’re paying double tariffs (or sometimes, even single tariffs as Singapore has a fair few free trade deals).

    Given all these business-encouraging benefits, many are predicting that Singapore will continue to be one of the world’s leading business hubs. Even during the pandemic, businesses were making the switch to a Singapore home base.

    Step One: Business Plan

    Of course, no matter where you’re starting your business, you’ll need to have some sort of plan or strategy in place. Many entrepreneurs cite the business plan as one of the most important aspects of a business’s success. Your plan should include well-outlined long-term objectives detailing the products and services you’d like to present to the public, as well as a clear picture of who your audience or customer base is. You’ll also want to indicate what markets you’re planning on serving and what intermediary steps need to be taken to meet these objectives. Take some time to identify the best time to open up your business, your pricing model, and how you’re going to readjust any parts of your plan that need to be reconciled with new information or unanticipated results. Part of your plan will include where you’re going to base your company. Be sure to read up thoroughly on the laws and regulations for the type of work you plan on doing in the area that you want to work in.

    Step Two: A Shareholder And A Dollar

    The next step is to figure out what you need to get your business legally existing. Depending on your industry, you might want to include capital, products, employees able to offer your service, and licenses. When it comes to registering your business in Singapore, there are a few additional criteria you need to meet. First and foremost, you need at least one shareholder and at least one dollar in capital.

    The single shareholder can be yourself. If you’re starting the business with partners, they can also be included (multiple shareholders are, of course, allowed). If this is the case, be sure to agree on the percentage of the company each shareholder owns early on. This will keep things from bottlenecking and slowing later on. Negotiations can take a long time if they’re needed, so best get those out of the way now.

    Step Three: Company Secretary

    To legally start a business in Singapore, you’re also going to need a company secretary. This position needs to be filled within six months of incorporating and must be fulfilled by a local resident in Singapore. You can go about hiring your own secretary or use a service designed to help foreigners start up Singaporean businesses that pairs you with a secretary. You can expect this to cost around $300 per year. This being said, if you have additional skill sets required of your administrative team, it might end up costing you more.

    Step Four: Find A Local Resident Director

    You are welcome to have multiple directors for your company. Legally, they must be people (we shouldn’t have to say that, but you’d be surprised what people have tried) who are at least 18 years old. One of these directors (or the only one if you want to keep things simple) must be a local Singaporean resident. This means someone who is a citizen of Singapore, a permanent resident of Singapore, or a holder of an entrepreneur pass or employment pass. Again, you can go about hiring your own director or use a service designed to pair businesses up with a Singaporean director. You can expect this to cost somewhere around $1500 per year, but as with any position, the cost can increase if you require highly specialized skills or unusual experience.

    Step Five: Secure A Singaporean Address

    Depending on the scale of your business, this might be as simple as a mailbox or as complex as a multi-story building. Read through your strategy as you seek out the right address to host your business. Like with the above points, there are services available that can help find you a Singaporean address to help facilitate business growth. Of course, you’re welcome to take your time and shop around until you find the right site for your company’s needs.

    Step Six: Apply For Business Registration

    Once you’ve sorted out the above things, you’re ready to apply for incorporation. This can be an incredibly quick process in Singapore, sometimes taking only a day. Of course, certain industries need approval from government agencies, in which case the process could take longer.

    The above tips should have given you an outline that can take you from having a business idea to having a Singaporean legal corporate entity from which you can operate your business. Be sure to consistently reevaluate your business strategy to ensure that you’re staying flexible and adjusting to new information and trends.

  • The Different Financial Institutions That Serve as Alternative to Banks

    The Different Financial Institutions That Serve as Alternative to Banks

    So What Are the Different Financial Institutions That Serve as Alternative to Banks

    Like it or not, money is an important and essential part of our lives and always will be. We need it to eat, live, travel and so many more things. Sometimes in the past, it has been deemed past to be obsessed with money, but the fact of the matter is we all need to be a little obsessed with money throughout our lives. 

    Money management is something which definitely should be taught more at school when we are growing up and more open to learning, but it is something we have to find out for ourselves as we delve into the world. Correct money management and understanding the different financial institutions available to us is key. It helps us decide who to trust with our hard-earned money and allows us to build for the future from an early age. Hopefully, the financial institutions you use will educate you along the way best in terms of the best ways to manage your cash and be responsible.

    Back in the day there were a handful of banks that people used to securely hold their money, but as things have developed around the world and technology has advanced, the amount of options available to us with regards to storing or generating money has increased hugely.

    It’s important we all understand the difference between what a bank is and the other financial institutions are, so we can make the right decisions based on our own preferences, requirements, and personal situations.

    Credit Cards

    This won’t be a new term to you but it is definitely worth mentioning as it’s one of the most common alternatives to banks that people use to leverage money. You can apply with an array of different companies and actually, a lot of the main banks offer their own credit cards. As they are a short-term lending option, credit cards come with higher interest rates than most banks or traditional ways of holding or borrowing money.

    There is a reason that credit cards are so popular these days and uses among the masses. They provide a backup for millions of people who might be on smaller salaries or can’t get through the month on what they earn, but can also act as a way to build up rewards and gifts for others.

    If you are new to credit cards or unfamiliar with how they work, the wide range of benefits include:

    • Instant access to funds from a lender and your own credit card which can be used for online purchases and in shops or other areas you might need to spend money like restaurants or bars
    • Suitable repayment plans based on your own earnings and a support team there to help you if you find yourself in a position that you can’t pay it back
    • Loyalty schemes and the opportunity to build up rewards if you use your credit card on a consistent basis. Depending on the supplier you use, building up points by using your credit card can mean being able to claim back financial points at different outlets like food, retail, and travel which is super appealing to users who spend on their credit card regularly

    Credit cards are here to stay but need to be used carefully and if you think you have an issue with the amount of debt being racked up on your account then speak to your credit card supplier and try to work out a more ideal repayment plan.

    Credit Unions

    As opposed to banks and other large financial institutions, credit unions are typically owned by their members and don’t exist to serve the shareholders for profit. Its members’ purpose is to be helping credit unions as this gives the whole organization, its members, and also their partners much wider flexibility in terms of options and the way they operate with borrowing and lending money. 

    Operating in this differing way means they can:

    • Offer better savings rates
    • Provide lower loan rates
    • Give their members overall lower fees on transactions 

    If you want to buy into a smaller, potentially fairer system then researching and looking into a credit union might be a good move for you personally.

    Personal Loan Options

    Some smaller, less-well-known institutions exist to provide people with personal, short-term loans to help in their personal lives. These often come with much higher interest rates than your typical bank or credit card supplier but this means they are able to offer much higher loans than other institutions. This is attractive for people who might need to borrow large amounts for shorter periods of time. 

    Business Loan Options

    Most businesses need money to start, whether that be to employ salespeople, invest in products, or maybe infrastructure. The good thing about securing a business loan is that often it doesn’t go against your personal name, but against the company. This isn’t always the case but can definitely help when you are just starting out, giving you some confidence as a new business owner that if everything goes under then you are not personally liable. 

    Securing a business loan when starting a new company could:

    • Help you invest in your first order of stock, allowing you to get your business off the ground and start generating revenue
    • Allow you to secure a trademark or patent which gives your business some initial value in the market and an edge against your competitor
    • Secure you and your new business a big first deal that gives it the momentum it needs and referrals from happy clients
    • Provide you with the kickstart you need to follow your dreams and chase the vision in your head that you know you are able to execute

    There are many different financial institutions that serve as alternatives to banks and each one plays a different role in supporting the various groups of people or professionals within our society. Real money management and understanding come from knowing what the options are out there before making any rash decisions. Do your research, understand what’s what and see what you think.

  • Step by Step Process to Build a WordPress Website in 2021

    Step by Step Process to Build a WordPress Website in 2021

    Developing a website is not as scary as it was before. WordPress allows users with no technical background to build websites. Simple ‘drag and drop’ options will help you build an intuitive website from scratch. Most websites in the market today are built by individuals with zero developer knowledge. 

    Although web development is a bonus skill when designing websites using simple tools, you can still build a perfectly functioning website all on your own. All the best WordPress reviews show how convenient and quick it is to build a website on this platform. 

    How to Build a WordPress Website 

    Building a website without a developer will help you save on costs and time. You’ll also be able to recreate your vision without any challenges. There are numerous advantages of taking charge of your website development. 

    If you want to build a responsive website without the help of a developer, then here is a step-by-step guide to making the process easy. 

    Choose a Domain Name

    Take your time when selecting a domain name. Avoid the common mistake of using a word that translates to something funny or vulgar in another language. Dive into research and use domain name generators like Namecheap or Domains Bot for some extra help. Keep your domain name short, memorable, relevant, and unique.  

    Buy a Web Hosting Plan

    Your website requires to be hosted on a server. You can choose from three server plans based on your needs – shared hosting, VPS, and dedicated hosting. Shared hosting allows you to share the server with other sites. 

    VPS or Virtual Private Server gives you a set amount of resources such as RAM, disk storage, and CPU. A dedicated server gives only you complete control and access to the server. It is the most costly out of the three. 

    Install WordPress

    You can install WordPress manually, but your hosting provider most probably offers an easy WordPress installation option. Mention your domain name and add a password to manage your WordPress site. 

    Choose Your Theme

    Themes are website layouts that change the visual aspects of your website. You can choose from thousands of themes on WordPress or third-party themes. Themes are customizable and allow you to add color schemes, text font and size, media files, menu buttons, etc. 

    Design the Website and Add Content

    You can attach posts or pages to your WordPress site. Posts are perfect for blogs that you regularly add in reverse chronological order. Pages refer to static pages like About, Services, or Contact Us. 

    Install Plugins

    Plugins provide a wide variety of customizability for your website. You can use plugins to add E-Commerce functionalities, SEO optimization, security features, etc. there are around 49,000 free plugins that WordPress offers. You can also opt for third-party plugins. 

    Launch Your Website

    If your site is ready with all the proofreading completed and layout checked, you can click the ‘Coming Soon Active’ link at the top of the dashboard. When you scroll down, you will find the ‘Launch your site’ button. Click on it, and your site is now live. 

    How easy was that? WordPress makes the entire process user-friendly so that you don’t need to hire costly developers, especially if you have a tight budget. Read the best WordPress reviews to understand why WordPress is the best site-building platform you can use. 

  • 6 Important Factors to Consider When Checking for Website User-Friendliness

    6 Important Factors to Consider When Checking for Website User-Friendliness

    User-friendliness is a term that should never be overlooked when it comes to websites. It should remain one of the ultimate goals you should adequately look into when designing your website. It is not about how fancy your website is. You can have a beautiful website with beautiful graphics and designs; however, if the website proves to be a maze to navigate, then the website could be of no greater use.

    Creating a user-friendly website carries as much weight as creating a website with a unique design. Most website owners now understand the essence of creating a user-friendly website. However, most of them do not know some of the features that they should be looking at when determining if their website is user-friendly or not. This article explains some of the key features you should look at when checking if your website is user-friendly.

    What It Means by A User-Friendly Website

    Website usability refers to the ease of using a website, from reading the website content, navigating through the website, completing a task on the website, making a purchase, selecting a product on the website, successfully loading a page. All these are the elements that refer to the usability of a website.

    An important concept that relates to website usability is Accessibility. It focuses on the skills and limitations of your potential website visitors and how they impact how your visitors use your website and consume the website content. For instance, how someone with a visual impairment uses a website is not similar to someone with how someone with proper eyesight will use the website. These are some of the things that you need to put into consideration when creating a user-friendly website.

    Why User-Friendliness Matters to Your Website

    A user-friendly website stands head and shoulder above all other websites. The more user-friendly a website is, the better chance it stands to get more visitors to engage with the website and learn. It will be pretty hard for a user to shop through your eCommerce website, sign up for a program or read your blog articles if the user cannot figure out how to complete these actions or the user gets frustrated in the process of completing these actions.

    From the accessibility point of view, it is not about thinking about a few users with different abilities. The thing is, when you aim to make your website more accessible, you are doing everyone a favor. What is good, user-friendly, and accessible to one category of users will also benefit all your other visitors.

    Determinants of a User-Friendly Website

    1. Mobile Compatibility

    The number of smartphone usages has significantly increased in the recent past. A great majority of the world is now using mobile devices to access the web. This trend has had a significant impact on websites. The traditional websites that were not mobile-compatible have become almost irrelevant in today’s era of mobile usage. Although many industries have mobile-friendly websites, some industries are yet to realize the significance of a mobile-compatible website to its users.

    Ensuring that all your visitors have a great experience, regardless of what type of device they are using to access your website, is very important to your business. If your website takes too long to load on mobile devices or has some compatibility issues, then your website visitors might leave the website and use your competitors’ websites. At this point, you notice how much weight a mobile-friendly website will have on the general success of your business and your website.

    Apart from having significant advantages to your users and driving in more traffic, mobile-friendliness also improves your search visibility, enhances user experience, increases lead generations, and improves brand identity.

    So, how can you tell whether or not your website is mobile-friendly? That’s pretty simple. You can determine whether your website is optimized for mobile devices by checking whether the website scales to display content that fits even smaller screens. The simplest way to check whether your website is mobile-friendly is by using Google’s Search Console mobile-friendly test. You need to paste your URL into the search bar, and you are done.

    2. Website Accessibility

    According to the World Wide Web Consortium (W3C), “the web is fundamentally designed to work for all people, whatever their hardware, software, language, location, or ability. When the web meets this goal, it is accessible to people with a diverse range of hearing, movement, sight, and cognitive ability. When websites, applications, technologies, or tools are badly designed, they can create barriers that exclude people from using the web.”

    A good website should be accessible to all categories of people, including those with visual impairments, the old, and the disabled. Usually, these categories of users will use screen users to access your websites. You must make your website available to all users by adhering to the 508 website accessibility guidelines.

    The W3C has provided clear and extensive guidelines that you can follow to ensure that your website is accessible to all individuals.

    3. Website Security

    Just like having your car get safety approval, you also need to perform a security audit for the safety of your users. A secure website is a user-friendly website. Today, the issue of website security should be taken seriously. This is following the recent surge in data breaches that target small and big businesses. There is no point in running an insecure website that could easily compromise the users’ data.

    To ensure that your users’ data remain safe and secure on your website, you will have to put in place proper security measures and protocols. The SSL certificate has been a great player in matters about website security. To ensure that your website is safe from the ill-work of hackers, you will have to buy SSL certificate and install it on your website.

    The SSL certificate is an encryption tool that protects the data transfers that happen between your users and your browsers. The certificate converts raw data into the gibberish and indecipherable format. It will be useless for an intruder to access encrypted information.

    So, how do you know whether or not your website has an SSL certificate? You will have to check the URL of a website. Generally, a website with an SSL certificate will have its URL starting with HTTPS and a padlock symbol next to it. A website without the certificate will have its URL starting with HTTP and would not have the padlock icon. To ensure that your website users are protected from security vulnerabilities, you must acquire and install the SSL certificate on your website.

    4. Fast Loading Speeds

    Loading speeds and website user-friendliness are birds of a feather that must always flock together. You can not mention one and leave out another. Most web visitors will show a great sense of satisfaction to those sites that load quickly. Their intolerance will begin to manifest in bold when a website starts taking too long to display its content.

    Most web visitors prefer websites that load faster. This explains why websites with incredible loading speeds are associated with low bounce rates. To make your website more user-friendly, you will need to reduce the loading time to the utmost 5 seconds. You can use page speed tools such as Pingdom and Google PageSpeed Insights to determine the speeds of your website.

    5. Effective Navigation

    All the content on your website should be easy to find. The website should have clear calls to action and navigation bars that will direct your users to move from one point to another. You should adequately silo your website to determine its navigation. The most important thing here is to ensure that your users find what they are looking for. If it is an eCommerce website, they should have an easy time going through the entire purchase and payment procedures.

    6. Well-Organized Website Content

    This last bit takes more than just a tool to create a user-friendly website. You should ensure that your web pages, content, and resources on your websites are well-organized. After that, your website will qualify to be termed as user-friendly. You should ensure that you adhere to the 3-click rule where your web visitors should not be allowed to make more than three clicks before they find what they are looking for. A well-organized content will impact your users’ experience and help create an excellent website impression that can help build a reputable brand.

    Conclusion

    Having a user-friendly website will significantly impact the success of your website. A user-friendly website will provide a seamless user experience to web visitors and improve the chances of your website’s success. As you think about designing a website, always have your users in mind. This article has clearly explained some of the considerations you should make when determining whether your website is user-friendly.

  • Why It’s Important To Stay Creative And Productive While Working Remotely?

    Why It’s Important To Stay Creative And Productive While Working Remotely?

    Thanks to the advancements in modern technology, more and more people now have the opportunity to work from home or in any location they wish to for as long as they have the means to get connected. However, one of the first casualties in working remotely is creativity and productivity because of the many temptations you are bound to encounter. This article lists down some of the reasons why it is important to stay creative and productive while working remotely.

    Motivation

    One of the primary reasons why it is important to stay creative and productive while working remotely is that creativity can lead to motivation. For instance, if you feel discouraged or frustrated about a task, doing something creative in your workspace can uplift your mood. This will allow you to focus more on the task at hand, particularly because you get the inspiration or the motivation to keep you moving.

    To help you find inspiration to be more creative and productive while working remotely, you can use mental or physical fitness exercises. The reason behind this is that physical fitness can clear your mind, opening up space for creativity to enter your being. In addition to this, you should also consider that mental fitness is just as important. For instance, you can try to meditate because this is a powerful tool in making space for new ideas.

    You also have the option to dress for success even if you are working remotely. This will provide additional motivation for you to be productive during the day. This will also help you feel better mentally, allowing you to focus on checking the important tasks on your to-do list. When you are properly dressed, you will be prepared for any impromptu calls with your colleagues or clients.

    Better Collaboration

    Another reason why it is important to stay creative and productive while working remotely is that it paves the way for better collaboration with you and your teammates even if you are located in different parts of the world. In this case, you can consider the use of Lucid Spark’s creativity and collaboration solution to help you put your and your team’s ideas into action. When you are creative even when it comes to the means of communication that you and your team leverage, you will most likely find solutions even to the most complex tasks that you need to accomplish.

    There are instances wherein you need to think beyond email when it comes to communicating with your teammates. This is where you can explore the use of other digital tools that can help replicate an in-person experience. For instance, you can try to use video conferencing tools or screen-sharing apps to ensure that people are on the same page during your meetings.

    To help you overcome the challenge brought about by the lack of social interaction when working remotely, you can find a work buddy that you can chat with when you feel the need to talk to someone. You can also try to work in another location, such as a co-working space that will allow you to be with other people for a change. Sometimes, small talks with your colleagues and peers are necessary to get your creativity flowing and boost your productivity.

    There is also the option for you to facilitate non-work interactions with your team, creating the time and space for you to simply talk about hobbies and other topics just as you would during break times in a normal office setting. This will help you be alleviated from stress and feel better connected. In this case, you can try to spend a few minutes catching up before or after your video conferences or host a virtual happy hour to build bridges between you and your colleagues.

    Work-Life Balance

    It is important to stay creative and productive while working remotely because it is the key to a work-life balance. With your creative juices flowing, you will most likely be able to finish any task at hand. In this case, you will have the opportunity to maximize the time that you spend with your family and friends.

    Alongside this, when you are productive, you get to finish what you need to accomplish for the day ahead of time. This will give you the flexibility to attend to other things that matter such as fetching your kids from school or cooking for your family. This will also allow you to focus on self-care for your overall well-being.

    If you are proactive, then working remotely may just be the means for you to live a healthier and more comfortable life. When you work remotely, you will save a significant amount of time in commuting that you can spend on exercising or joining a fitness club instead. You are also less likely to get sick because you are not picking up on the germs of other people such as your co-workers.

    Career Advancement

    Creativity and productivity in working from home are the keys to advance in your career. When you are creative in what you do, you will tend to surpass the expectations of your team members, and most importantly, of your superiors. When you are often credited for the work that you do, you are opening doors to advance in your career. In parallel to this, your productivity will not go unnoticed even if you work remotely as long as your output is delivered, perhaps even ahead of time. Just make sure to think of ways on how to stay creative and productive while working remotely.

    With the advancements brought about by the internet, there are now several reasons why people opt to work from home or work remotely. However, in doing so, you need to ensure that you maintain your creativity and productivity. This is because when you do, you will be more motivated to work, you will have better collaboration with your team, and you will also achieve the work-life balance that you deserve. In addition to this, creativity and productivity will also pave the way for you to advance in your career.

  • How To Pick The Right Professional To Shield You From The IRS?

    How To Pick The Right Professional To Shield You From The IRS?

    The ramifications of choosing the wrong auditor can have a profound effect on your business. The best-case scenario is you’ll manage to work for years to correct your mistakes. The worst case is the auditor will leave you vulnerable to massive penalties and legal issues that could run your accounts dry. That’s why it’s imperative to make this decision wisely.

    Below are some of the key factors to consider when choosing an auditing professional or firm.

    Qualifications

    The firm you choose to work with must have credentials proving they have undergone the necessary training and are certified by the relevant board. The Sarbanes-Oxley Act of 2002 requires all companies auditing public businesses to be registered by the Public Company Accounting Oversight Board (PCAOB).

    Hiring a firm that’s under the oversight of PCAOB comes with many benefits. First, it’s a show of credibility, which is good, especially when the Internal Revenue Service is going through your books. You really don’t want the investigators to find out that you’re even working with crooks.

    Secondly, an auditing firm that has gone through the hassle of getting registered is probably serious and transparent about its business operations, meaning your books will be in good hands. 

    Such auditors are constantly appraised to the ever-changing tax and auditing regulations. They’ll utilize their knowledge to ensure your accounts meets all legal requirements.

    Experience

    An experienced auditor is a valuable asset to your business. Although these professionals are likely to charge higher fees, the knowledge, quality, and efficiency they bring to the table are unparalleled.

    In your meeting with the company, ask them how many years they’ve been operating. Inquire about some of their previous and current clients. Look up the clients and see whether they’ve had any unfriendly encounters with the taxman.

    Depending on the specific auditing problem you’re in, it may be vital to ensure the firm you’re hiring has experience in your industry. This is really important since certain regulations change based on the industry in question, i.e., is your company under not-for-profit, government, or public company regulations? Let the auditing firm show their track record.

    Reputation And Reviews

    Testimonials and references go a long way to tell you how good a company is doing its business. 

    There are two ways of getting these testimonials. You can ask the company directly about their other clients. Proceed to contact the clients and ask about the quality of services they receive. This option is as straightforward as it sounds, but it might not be very reliable. Why? Rarely will a business give you contacts for a client they hard a rough relationship with. And that’s why you cannot overlook option two.

    Conduct your own research to determine how reliable the firm is. This is where business review websites like Yelp and google my business come in. You will find independent reviews that can paint an accurate picture of how it’s like working with the firm on a daily basis.

    You could also tell the reputation of a firm by looking at their honors. Have they participated or won any auditing/accounting awards? 

    Size Of The Firm

    Proper auditing takes a lot of effort and time. When IRS notifies you of an imminent field audit, the whole process becomes even more complicated. The Effective Audit Experts – Tax Shark explain that full-blown IRS field audits are rare, but they do happen, and they can put a business owner under immense pressure. In such situations, it’s imperative to hire a firm with the necessary capacity to handle your workload and keep you off the IRS radar.

    A sizeable firm also adds value to your business. They’ll handle your accounting with efficiency to smoothen your business operations and adherence to the law. Sadly, big audition firms also charge higher fees.

    Use Of Technology

    Working with accountants that have embraced auditing technology is beneficial in various ways. For starters, it makes the auditing process more efficient. Tech can digest tons of data and produce accurate results much faster than traditional auditing techniques. This leaves you and the accountants with sufficient time to scrutinize the results and draw any anomalies that could be affecting your business.

    Some of the latest auditing software are also developed to provide useful insights for better decision-making.

    Tech-based auditors are very useful, especially to businesses that store their data electronically. They can even perform virtual audits and communicate their results and findings without interrupting the regular office operations.

    If your business is still using traditional accounting techniques, good auditors will scale down their technology to address your unique needs.

    Customer Service

    It’s good for businesses to stick to one auditor for as long as possible. However, this is only possible if you hire a good and reliable firm. One that is helpful, friendly, and responsive. 

    For this reason, experts urge businesses to interview potential auditors in person. Take note of how they handle your questions and concerns. Check how accessible the senior employees are. Look around their offices and see whether they have sufficient capacity to handle your needs.

    Fees

    It’s okay to shop around for the best deal but keep in mind that you’ll always get what you pay for. Ideally, the auditor’s fees should be the last thing you consider since saving a few bucks is nowhere as important as ensuring your business gets accurate and reliable services.

    If you have a limited budget, you are free to make several compromises, but do so carefully. For instance, you can opt for a smaller auditing firm since they usually charge less when compared to established auditors. Tech-based auditing may also be a reasonable trade-off if it’ll help you save a few dollars without hurting the services rendered. 

    Do not compromise on crucial factors like knowledge, experience, accreditation, and reputation/reviews.

    Good auditors do more than just helping your business comply with legal requirements. They’ll generate valuable insights from raw data to help you make accurate and beneficial decisions affecting your business. Think of them as business partners.