New business owners in Malaysia often struggle with the workload that comes with running a business, however, keeping financial records up to date is one way of combating this issue.
For anyone starting a new business in Malaysia, these accounting tips are essential. We cover the basics such as keeping your records organized and accurate, separating personal and business finances, remembering tax deadlines, and more.
- Keep Your Personal and Business Funds Separate
Many people use one account for both personal and business expenses, but it can be beneficial to set up a separate account for business expenses. This allows you to track your expenses more easily and save money in the long run.
- Ensure that your books are orderly and accurate.
When overseeing a business, it is essential to observe various kinds of particulars. For instance, you may have to document income details, customer contact information, stock amounts, staff wages, and so on. To ensure your books are orderly and exact, you need to properly arrange your accounting system. Utilize a spreadsheet, software application or online structure to monitor your financials.
- Don’t forget to pay taxes on time each year.
You can’t overlook taxes. In fact, you should do advance planning each year so you can submit your return punctually. Everyone, which includes single ownerships, ties and companies is subject to certain tax cut-off points. When you omit the due date, you might endure sanctions and interest fees.
- Make sure you keep all your receipts.
For new business owners in Malaysia, record-keeping can be a hassle. As a self-employed individual, you can use your tax return to show your total income.
You can also try to claim back business expenses.
- Allocate Funds for Tax Payments
If you’re receiving regular payments into your bank account, it’s wise to put some of that money aside for taxes instead of spending it all on yourself.
These are some of the ways new business owners in Malaysia can maintain their accounting orderly. If you require help with your accounting, new business owners can also engage external accounting solutions to assist you in preparing your accounts. PakarCukai.com.my has varied and reasonable solutions to provide support for new business owners in Malaysia with their accounting requirements. Reach out to us now and we will give you a helping hand!