Month: July 2022

ERP stands for enterprise resource planning. It is a business management software emerging to trend. Often during running a business storing and managing data becomes a huge hurdle yet is of great importance. ERP software helps us manage, store and organize data such as accounts, expenditures, day-to-day activities, etc. Data management is essential for the smooth operation of any business, be it a small term or huge scale. The owners should keep track of their activities, accounts, raw material, staff input, etc. Such management tasks are made a lot easier with erp implementation singapore.

History of the ERP software and its growth

The software initially emerged during the 1990s, but what pushed its sales was the year 2000 problem. The year 2000 problem or the Y2K bug occurred when the world changed from the year 1999 to 2000, all the computer systems worldwide recognized only 2 digits of the 4 digits of the year, making it difficult to distinguish the years 1900 and 2000 in computerized documents. After the millennium bug, most companies preferred to change their software. Thus, the new ERP software then took a rapid skyrocketing growth.

Benefits, drawbacks, and functions of the ERP software

Benefits:

• It has an integrated system
• It supports all of the common applications on one platform
• Better operation and maintenance of business
• Helps in the growth of business
• Increases savings
• Better security of confidential documents
• Fewer chances to tamper with data

Drawbacks:

• A sudden change may interrupt a worker’s speed
• Server crashes due to heavy loads
• Frequent updates
• Expensive
• It May require learning from staff
• Difficult to adapt in the initial stages

Functions:

ERP software has various functions. A lot of organizations may use this software for efficient operations.

• Financial accounting
• Management processing
• Data storage
• Human resourcing
• Supply chain management
• Project management
• Security

Who can use this software?

This exceptional software can be used in numerous organizations. Starting from business companies to educational institutions, everyone can make better use of this software for more satisfactory results. As the software provides a single platform to perform all the basic functions of management such as data storage, data analysis, data integration, calculations, planning, etc, the entire process is more simplified. Contractors, hospitals, medical organizations, educational institutions, manufacturing industries, etc, can use this software to keep track of their projects, production, and consumption. The software is also a great implementation to keep the staff in check.

Conclusion:

ERP software can bring major changes to a system; however, the changes will result in a more organized routine. This implementation can help the business overcome hazards like data loss.

For a business to succeed in its venture, there are a lot of different sects that need to be conquered and a lot of measures that need to be taken. You need to make sure that your business is running smoothly, your employees are well caught up with all the operations of the business, and you need to make sure that everything is for a person to be able to work well. The main motive of a business is to reach as many people as possible and that can only be done if you learn to understand everyone around the world. Reaching more people broadens your audience and gives you a chance to gain a lot of people’s trust. This is an important step that needs to be taken, and if you want your business to be successful, you need to learn how to understand another person’s demands or needs.. If you have foreign clients, you need to learn how to speak their language or at least have one singapore interpreting services.

 Your whole business revolves around your customers and clients, and the ones who would be giving the best services to them are your employees, so you need to make sure that all of them are treated well and with respect. If you talk to your employee, it will affect their work ethic, and they will not want to work for you anymore. If you don’t behave well with your clients, that will only make things worse, and they will move on to another client without any thought. That is not something that you would want because if your clients start walking out like that, you will have nothing left in your business anymore. This is every business owner’s nightmare and something that you would not want to go through

Interpreting services:

These services are meant to make your work easier with all of your foreign clients because it is known that communication is the key to any successful business. If you want that communication to happen between you and your client, there should be some common ground and some way for them to understand your language and for you to understand theirs. That is exactly why we have translators or interpreters so that they can help with the work, and this will only help you expand your business more. An expansion of the business is the best thing that could happen for your business.

A corporate step challenge is a way to motivate employees to have more physical activity and change their eating habits, while also helping the company stay healthy.The competitiveness of the challenge can be at different levels. Some companies just set up a step competition where teams try to accumulate the most steps in a week. Other companies have employees take health tests and get points based on their results. This encourages them to make healthier decisions while giving them points they can use in competitions with other employees.

Corporate step challenges are critical for a company’s growth. They help teams stay together and accomplish goals together. These challenges are not only for the company but also for the individual team members. These small, collaborative steps that lead to a major goal create an atmosphere of success and camaraderie among team members.

What is included in a corporate step challenge?

A corporate step challenge is a two-week-long event where employees are allowed to compete for a reward. It is an exercise program that asks employees to take as many steps as they can in a day. Usually, it is 2 steps per day for one week or 10 steps per day for the other week. The winner gets rewarded with cash or a gift card, and the team with the most active people wins a team prize.

The corporate step challenge is a way for employees to get more motivated and take care of their health. It is also a way for the company to show support for employee health and wellness. People usually participate in the corporate step challenge to get healthy, while on the other hand, they are doing it to help their company.

Participation in these challenges has increased in recent years because it has been proven that an increase in physical activity leads to an increase in work productivity and creativity. People in the corporate world are always looking for ways to improve, be more productive, and reduce stress.

In a corporate step challenge, companies divide employees into teams of four or five and challenge them to take 10,000 steps every day for a week. There is also an optional competition where team members can compete against each other. They are given points for every 1000 steps they take, such that their total steps get converted into points. The team with the highest number of points wins the competition at the end of the week.

We at Wan Consultants use our 37 years of expertise to deliver excellent outsourced accounting services & dependable tax advice to Singapore’s small and medium-sized enterprises (SMEs). Accounting, GST filing, payroll, financial statement preparation, tax calculation, and ACRA filing services for small companies in Singapore are provided by our team of experienced Chartered Accountants, and IRAS Accredited GST Advisors. Accounting services providers also provide incorporation, conversion to private limited business, GST registration, Work Permit, and S Pass and EP applications or renewals, Auto-Inclusion Scheme submissions, surveys, or applications for trademarks and licenses. Know all about sme accounting firm singapore.

Restaurants, F&B outlets, enrichment centers, renovation contractors, commission agents, manufacturing companies, cleaning services, and hair and beauty shops are a few of our many diverse clients. We also work with wholesale and retail traders, construction themes and sub, transportation and freight forwarding companies, and many other types of businesses. Construction contracts, investment holding taxes, and GST accounting for second-hand product sellers are some of our specialties.

For the first three years of a new company’s existence in Singapore, our accounting firm offers a 50% reduction on our secretarial rates.

In Singapore, directors of corporate companies are required to submit financial statements at the Annual General Meeting in compliance with the Companies Act.

Financial statements are produced following the Accounting Standards Council’s Financial Reporting Standards, which are accounting standards that were developed and applied. Singapore directors are highly urged to seek expert help while preparing yearly financial accounts.

• For companies with more than 50 workers, an audit report must be filed
• More than $10 million in assets
• Annual revenue over $10,000,000

The Building Construction Authority, the Singapore Tourism Board, banks, or other creditors may seek an audit on an individual basis.

Accounts audits are not necessary for companies that are exempt from the obligations of the auditors’ audits. Small enterprises must provide an unaudited compilation of reports when it comes to AGMs and filing with ACRA/IRAS.

We will assign your company a multilingual, locally educated Chartered Accountant with over ten years of expertise in small business tax and accounting. In addition to a thorough explanation of our accounting procedures, a professional manager will provide advice on corporation tax and GST treatment.

Now is the time to turn to a reputable Wan-stop CPA company for all your accounting requirements. If you need tax advice in Singapore, go no further than Wan Consultants. If you are interested in learning further about our services and pricing, please contact us immediately, and we will get back to you as soon as possible. Alternatively, you may find the answers to your questions on our commonly asked questions page.