The latest lockdown grants: finding financial support for your business
It’s no surprise that the pandemic has resulted in many businesses struggling to stay afloat. Especially during the lockdown period under Covid-19 restrictions, many companies found their businesses profoundly affected. Servicing our clients over the past year has shown us the creativity and ingenuity of many founders and entrepreneurs making…
Data, insight, action: how automation powers up your accounting processes
In 2015, an Accenture study—menacingly titled Death by Digital—predicted that 40% of transaction accounting work would be automated, even eliminated, by 2020. The paradigm shift is touted to be a game-changer for the financial industry, allowing businesses to “perform” repetitive, labour-intensive tasks with little to no human intervention.
Future-proofing financial health with good accounting
Covid-19 has taken a toll on many businesses. Restricted opening hours, mandatory remote working, and a general downturn in the economy have made life hard for everyone, but with their relatively small size, SMEs have been hit the hardest.
Not all businesses have made it through the pandemic intact; many…
Hard finance questions you can’t answer yourself
Staying on top of your finances alone can be incredibly difficult and time-consuming, but it’s necessary for keeping your business on the right track.
But while most beginning business owners have a general idea of how much cash they have in the bank, many of them will be unlikely to…
How digital-first accounting firm Harvest helped Duo Studio unleash its creativity
Duo Studio is a local Singaporean agency that has dedicated itself to the art of bespoke social media content for clients. Founded by Stephanie Phua, the company delivers customised content and creative strategies, centred around a highly personal approach to content development. To date, it’s created content for brands like…
How eco-friendly packaging company ERGO gets a business boost from cloud accounting with Harvest Accounting
ERGO (formerly Front & Center) is a Singapore-based distributor that specialises in reusable, eco-friendly consumer food packaging. The company imports world-class brands like Stasher, Bee’s Wrap and W&P Porter; distributing them to retailers in Singapore, Malaysia, Thailand, Brunei and Indonesia, while simultaneously building its own direct-to-consumer retail brand.
How media and content businesses can protect their finances in a post-pandemic world
To the casual observer, it may seem that the global media industry is one of the lucky few to thrive despite the Covid-19 pandemic.
With so many people following social distancing guidelines and staying at home, there has been, unsurprisingly, a massive increase in media consumption, online streaming, and social…
How SMEs can master the art of operational finance
It’s a sad reality that many small and medium enterprises (SMEs) fail because of money problems.
Specifically, many go under due to an inability to control expenses, or a lack of oversight on just how much revenue is being generated and whether this is enough to cover expenses. In Singapore—where…
What you didn’t know your accountant could help you with
Singapore boasts over 32,000 chartered accountants that collectively earn an average yearly salary of nearly S$50,000 a year. Accounting is considered a respectable career. In fact, some people even admit to being accountants to avoid in-depth conversations about their real jobs, claiming, “Nobody asks you questions when you say you’re…
How cloud accounting is redefining small businesses
Cloud accounting has changed the game for us accountants. Gone are the days when accounting was all about entering data into Excel sheets and using complex command lines to generate numbers and reports.
Modern accounting allows for data to be processed in the “cloud” and returned to the user—decreasing processing…
The struggle is real: obstacles to digitalising your accounting processes
As the Covid-19 pandemic raged across the world in April 2020, Microsoft CEO Satya Nadella observed, “We’ve seen two years’ worth of digital transformation in two months.”
We saw this same urgency among many SMEs in Singapore. By October last year, 83% of SMEs in the country had already established…
How data and insights can help you do better business
Small and medium enterprises (SMEs) have been surprisingly resistant to adopting new accounting technology—and this reluctance has come at a cost.
A recent survey of accounting and finance professionals around the world found that the majority of companies had not implemented any automation technology to ease their workload, with only…
The struggle with compliance in Singapore
Singapore is one of the best places to start a business. The latest 2019 Global Competitive Report released by the World Economic Forum ranked Singapore first overall for its financial market development, highly-qualified workforce, and infrastructure.
There are also a number of grants and incentives to help entrepreneurs and small…
5 practical financial tips to grow your e-commerce business in a post-pandemic world
Covid-19 has created a watershed moment for e-commerce, putting it firmly at the forefront of retail in Singapore and the rest of Southeast Asia.
According to the e-Conomy SEA 2020 report by Google, Temasek, and Bain & Company, the pandemic has led to a 30% rise in new digital services…
What can SMEs do with their historical data?
Every day, 2.5 quintillion bytes of data are generated from everyday activities such as logging exercise and sleep, writing up emails, and filing reports. One IBM report from 2016 shows that 90% of the world’s data was created within the past two years—and each year will bring exponentially more. Much…
How to build a working relationship with your accountant
While it might seem like accountants should be the ones in charge of maintaining relationships with their clients, it benefits business owners to be proactive about relationship building as well. Why? Because most accountants are under-utilised!
Most founders and business leaders know that they can approach their accountants for tax…
The shifting role of accountants and the future of accountancy
Nowadays, many of us can open a mobile app or browser and complete certain aspects of our work online. We might schedule a call, respond to an inquiry, or snap a picture of our latest work-related expense. Digitalisation trends such as faster internet (4G or even 5G), artificial intelligence, and…
Top skills for the modern accountant
With the rise of automation in accounting in recent years, tedious tasks like data entry, payroll generation, and manual bookkeeping have become more efficient and less time-consuming. In fact, the finance function is expected to have at least 80% of its tasks automated by machines.
At Harvest Accounting, we embrace…
How do you find the best accounting service to partner with?
Running errands, keeping customers happy, managing staff—the list goes on. While running your own business is rewarding, it’s also extremely tough.
Adding on to that list of things to do, you also have to manage your own finances. It’s not easy keeping track of your finances every month, especially when…
Are there drawbacks to outsourcing your accounting services? The pros and cons
There are countless reasons why small and medium enterprises (SMEs) would want to outsource their accounting services. A lot of business processes can be outsourced, and accounting ranks pretty high up on the list of difficult, complex, and frustrating business responsibilities.
Outsourcing is great because you get to reduce costs,…
The secret to stress-free bookkeeping for small businesses
Smart small and medium business (SMBs) owners know the benefits of outsourcing business functions to a third-party. Since SMBs have limited time and manpower to do everything themselves, they turn to companies like us to handle their accounting needs.
At Harvest Accounting, we take on the end-to-end of the accounting…
The 5 best technologies for modern accounting that make business so much easier
Many people think about accounting as a necessary evil, but it’s a big part of running a company and vital in making sound financial decisions. Shelling out the bare minimum for your accounting and compliance requirements may end up costing you more in the long run. This is especially true…
Digital accounting is sustainable, inclusive, and better for everyone
For a long time, the conversation on digitalisation has been about how it can improve your business—how it improves efficiency, lowers costs, and minimises errors. This time, we want to put the spotlight on some of the intangible but equally impactful benefits of digitalising your accounting processes, particularly for small…
What is effortless accounting and why does your business need it?
There’s a stereotype about accountants that we want to address—they say we’re boring, unimaginative, and a necessary compliance cost for doing business. But here at Harvest Accounting, we want to show our clients that accountants don’t have to be anything like that.
Accounting is important. It’s required by law. Failure…