Covid-19 has triggered economic crises and has extensively ravaged global economies. Business owners are now struggling to keep the company afloat and cover operational expenses. Entrepreneurs worry about losing their clients and having to attract new ones to maintain their sales.
Meanwhile, government policymakers are working round the clock to source for ways to prevent the economy from collapsing and efforts are underway to resuscitate the economy.
The slow resumption of economic activities is yielding positive signs to help stabilize economic growth. As businesses are gearing to return to full operation, find out what you can do to embrace the economic reboot, and why you will need corporate accounting services to help you along.
1. Go digital
Revenue is the lifeline of all businesses. For many companies, physical distancing rules have severely impacted sales as they had to shut down their brick-and-mortar stores. On the other hand, some companies have been riding the storm and experienced revenue growth – thanks to digital opportunities. Online sales account for one of the most revenue growth during this crisis.
Intensifying online presence and digital interactions with clients can greatly generate revenue growth for companies. Whether you are selling food, fashion or providing professional services, reach out to an SME accounting service in Singapore to help you figure out the best cost-effective ways to implement your digital plans. At Ackenting Group, we provide a tailored service and design innovative solutions that are scalable and flexible to help your business react efficiently to changing market conditions. As a one-stop corporate service provider, we are equipped with industry expertise and knowledge to meet your accounting and bookkeeping needs.
2. Fully utilise government aid
Singapore’s government is well-known for supporting entrepreneurs to thrive. To counter the detrimental economic effects of this pandemic, the government has further intensified the support measures. Some of these entail corporate income tax rebates to help businesses ease their cash flow. Seek help from a company that provides tax accounting services so they can guide you through the process to meet local regulations and help you reap these benefits fully.
3. Spend wisely to keep the business afloat
When the government develops an economic safety net program, they calculate the minimum income that a home requires to meet its necessities. Similarly, the same approach applies when crafting safety net programs for SMEs. The government tries to figure out the minimum earnings companies need to meet costs and payrolls to sustain long-term solvency.
An accounting services provider helps you calculate the essential costs of your company so you can prioritising these expenses. You will also be guided on how you can maximise cash flow for long-term solvency.
4. Invest in sustainable recovery mechanisms
Even though the pandemic has triggered a global economic downfall, this should not stop you from exploring new ways to grow your business. This is the opportune time to reform your infrastructure, staff team, product variety and business model.
Experts predict that sustainable enterprises will outlast those that are not. Thus, consider investing in business recovery mechanisms that also promote sustainable development at the same time. Companies are becoming more aware on the importance of sustainability efforts in a supply chain with environmental impacts. But beyond that, job hunters are also considering the values and ethics of the company they want to work for, especially with the rise of Gen Z into the workforce.
As we approach the twilight of the pandemic, engaging an accounting service provider can further help your company recover from all its losses. As the best audit firm in Singapore, our team at Ackenting Group offers a wide range of services that are beneficial to your company. These include audit services, accounting services, tax services and much more to meet your business needs effectively.
If you require any assistance on accounting services, feel free to drop us an email at email@example.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.