Anyone questioning whether financial markets are in a bubble should consider what we witnessed in 2017:
Extracts from The Bonfire Burns On
Xero is easy to use online accounting software that’s designed specifically for small businesses. The Xero content pack for Power BI allows you to visualize and monitor the accounting data from within each Xero business. The out of box solution includes information such as cash position, top customers, invoices due and many more. The interactive reports allow you to easily explore your data to understand even more.
Xero Content Pack
With the Xero content pack for Power BI, you can see your data in a format that makes sense, and can analyze it with greater speed, efficiency, and understanding. You can create visualizations for the most commonly tracked small business metrics including cash position, revenue vs. expenses, profit/loss trend, and return on investment.
You can drill down more specifically to uncover insights like your best performing products or services, or see where your time is best spent, with important actionable items being presented front and centre. All the information in Power BI is dynamic, surfacing what’s important and giving you the power to dive into the detail.
Using Power BI - Action items
The Xero Content pack in Power BI has a tile dedicated to Action items. Action Items allow you, at a glance, to get a sense of where things are, and help you understand what things you can do in Xero to bring things up to date. Action Items help you keep your accounting data up to date, so you maximize the value of real time information to impact your business.
With Messages highlighting what you can action, and direct links into Xero, it’s quick and easy to “tick” things off and bring things up to date. And get back to running your business, completely up to date.
Power BI is a suite of business analytics tools to analyze data and share insights. Power BI dashboards provide a 360-degree view for business users with their most important metrics in one place, updated in real time, and available on all of their devices. With one click, users can explore the data behind their dashboard using intuitive tools that make finding answers easy.
Creating a dashboard is simple thanks to over 50 connections to popular business applications, complete with pre-built dashboards crafted by experts that help you get up and running quickly. And you can access your data and reports from anywhere with the Power BI Mobile apps, which update automatically with any changes to your data.
If you are a data analyst delivering reporting and analytics to your organization, Power BI lets you be productive and creative with what you build. Power BI Desktop is a feature-rich data mashup and report authoring tool. Combine data from disparate databases, files, and web services with visual tools that help you understand and fix data quality and formatting issues automatically. With over 20 built-in visuals and a vibrant community of custom visualizations, create stunning reports that communicate your message effectively. With the Power BI service, publish reports securely to your organization and setup automatic data refresh so everyone has the latest information.
Power BI can unify all of your organization’s data, whether in the cloud or on-premises. Using the Power BI gateways, you can connect SQL Server databases, Analysis Services models, and many other data sources to your same dashboards in Power BI. If you already have reporting portals or applications, embed Power BI reports and dashboards for a unified experience.
Any professional, whether it be an accountant, CFO or financial advisor, who is advising a business on the state of its financial health relies heavily on accurate real-time data.
To obtain clean data, verifying and recording the information is vital. Having a qualified professional bookkeeper to either assist or manage the process makes a big difference to achieving this end result. A bookkeeper will make sure that there are no gaps or duplication in the data (especially if they’re using the Assurance Dashboard) and that each transaction is coded to the right income or expense category. Only then will the figures and reports you get be accurate and reliable.
What is clean data?
Clean financial data is the outcome of a systematized process that verifies and records data from source documents and transactions. This process makes sure the data is free of errors, verifying and checking that the information contained is free from corruption.
Seamless connectivity to banks and add-ons means the data flows in, clients code it, and you periodically check they’re on track. It’s data oversight and approval rather than data entry, which means it takes less time and there are fewer errors.
Clean data = clear advice
So how are business achieving clean data?
The keys to really making it effortless are having a well-defined process and using the right tools. Accountants, bookkeepers and small businesses around the globe are jumping at the opportunity to work in the cloud and benefit from the efficiencies it offers. Many are choosing Xero as the focal point for a web of data flowing between banks, accountants, suppliers and government agencies.
Crunching the numbers
Many bookkeepers are specializing in particular industry verticals or niches to streamline the process and make it razor-focused.
Nick from Cafe Bookkeepers in the hip suburb of Newtown in Sydney decided to focus on working just with cafes. He got really good at it at, really fast. Specializing enabled him to implement one system, and simply rinse and repeat. Having a deep understanding of a specific industry strengthens the bookkeeper’s ability to ensure clean data – an essential ingredient for small business success – and means increased profitability for the bookkeeper.
Cafe Bookkeepers has taken the step to cloud accounting. Using the now clean data, they can tell the client the story of what is happening in the life of their business. They’re able to put the words behind the numbers in conversations with the client. Nick says to clients, “On top of the usual number crunching, we want to add value to your business. We’ll help guide your business by showing you where you are placed within industry benchmarks.“
So Nick’s recipe for success is creating the right system to deliver clean data, using the best tools available. Nick’s tool of choice to provide the story of the business is Crunchboards – you can read more about Nick’s Aussie success story here.
Heading to the other side of the globe, in the UK, Mark Wallis from Numbers Nerds was on a mission to add value to his clients. He wanted to be able to create a visual representation to show monthly KPIs and forecast cash flow. Mark has implemented Crunchboards as his tool of choice as well. Clean data is vital to the process and Crunchboards pulls live data from Xero to display a compelling visual story that shows what’s happening in the business. He finds that Crunchboards is a brilliant tool for starting a conversation with a client and demonstrating the crucial role of clean data.
Conversations with our clients
As a professional wanting to talk to a client and relay the story of what’s happening in their business, we need to think about how we want to communicate and the style that our clients feel comfortable with. My advice is stick to just a few points, discover what is important to the client and what you identify is vital to the business success.
Some clients will be focused on the numbers, others will be visual.
Source: Xero Blog
"No names are mentioned in the article of The Star, but a friendly tip pointed at the possibility that this relates to the research report by CIMB on Instacom Group." You can read the rest of the article here.
A rather bullish projection? Revenue projected to grow from RM66 million in 2014 to RM195 million in 2015 and a whopping RM572 million in 2016. In 2017, it is projected to achieve RM3.23 billion. The detailed research paper dated 18 November 2015 is here.
Unleashing the giant? Time will tell.
The year 2015 is nearly in the books. The team at Xero wants to wish all of our small business customers and accounting and bookkeeping partners a very Happy Holiday and a productive start to 2016.
Xero entered 2015 laser-focused on delivering new features that add value for our customers.
This year we took things to the next level. We’re innovating faster than any other player in the industry and releasing updates continually (we delivered 400 updates in 2014 and have nearly doubled that total in 2015).
This last year saw a number of useful new features that top anything other cloud accounting solutions have to offer. If you’re not already using these tools to turbo-charge your business, you should make it your resolution to give them a try in 2016:
Clean your clients’ books in seconds
Find and Recode transforms how bookkeepers and accountants clean up clients’ books. What previously took hours, now only takes seconds. Advisors can search for a set of transactions and update thousands of line items at once – everything from accounts and tax rates to tracking and contacts. Truly awesome.
Get paid faster
Invoice Reminders takes a lot of the pain out of the collections process. We hope you’ve tried it and it helped you avoid an awkward phone call or two! This feature lets you automatically send clients a fully customizable email reminder about their invoice either before or after it’s due. You can set up the service for repeated mailing.
Make better business decisions
Our Business Performance Dashboard is the simplest way for businesses and their advisors to get a snapshot of their business. Use simple graphs of metrics and identify trends that would otherwise be difficult and time consuming to derive. When combined with our highly-customizable, best-in-class reporting, we’re setting our customers up for a successful 2016 and beyond.
Find what you need fast
Xero Search is a huge time-saver for new customers and power users alike. Customers can instantly search both contacts and transactions from anywhere in Xero. You can also get previews of your search results (without leaving the screen they’re working on!). Search also lets you quickly add a new contact, invoice, bill, quote, or purchase order using shortcuts from right inside the search bar.
To stay on top of all the latest updates happening at Xero, visit Timeline.
Happy Holidays and here’s to a great 2016!
Over the past couple of decades, The Chasm Model has been the centrepiece of nearly every conversation I’ve had about launching new technology.
While its merits are many, lately I’ve been wondering how applicable it is in business-to-business markets. Sure there are early adopters. Perhaps even an early majority. It’s the late majority that seems to be in trouble.
Having sat around harvesting revenue from their customer base, the late majority wake up one day to face a revenue precipice. In short, the early adopters and majority reach a tipping point and start acquiring their customer base en-masse. Powered by the economics of the cloud (not just technology but also business) these new players scale at speed – achieving continuous growth rates in the high double and even triple digits.
We see a couple of shifts driving the acceleration of the new players. For instance, cloud technology and business models on the supply side, and then mobile on the demand side. Entrepreneurs emerge from both sides presenting the late majority with an impossible force to counter – and their brand advantage and customer relationships are quickly weakened.
Look at what happened to booksellers, record stores, and others. We are seeing the same in accounting where new disruptive value propositions are being built on cloud platforms like ours. What’s important is that these new players aren’t just using new technology – they are reshaping their brands, service offerings, price points and more.
The message is clear. Rather than wait for the late majority, fuel the high-growth early adopters and watch them grow. Who would you rather be (or be backing)? The eater or the eaten?
Reproduced from Xero Small Business Guides.
"Don’t be fooled by AirAsia’s fancy marketing; we think it’s close to default. We estimate that it has managed to inflate profits by 39% over the past five years through related party transactions with associates. Today, these associates have not only stopped paying their bills but require AirAsia’s financial support. The company is basically creating profits and flattering its operating cash flow by abusing its associates. Real profits have collapsed and AirAsia now needs a recapitalisation that will dilute existing shareholders by more than 100%. We see at least 42% downside with fair value less than MYR1.23/share. Sell or Short. AirAsia may be a new dog, so to speak, but it’s playing a very old trick". GMT Research
AirAsia responded promptly with a press release on 22 Jun 2015.
Small businesses often start out using Excel – but that’s only doable up until a point. Like every teenager eventually becomes an adult, your business needs to evolve and grow. Find out why the smartest organisations are using online accounting software instead.
Why Excel isn’t a long term solution
Excel can do a large number of tasks, is easily available and is very widely used in the world of business. And it would be wrong not to not acknowledge this up front. However, while the application is sturdy, it’s the spreadsheets created while using it that aren’t – and this often causes issues down the track.
Seven reasons why accounting software is better than Excel
It's about letting your business grow
While it can often be hard to alter the way you do business and embrace change, the potential rewards are huge. The truth is, the writing is on the wall if you don’t find it easy to quickly manage your day-to-day business using Excel.
Excel was simply not built to replace accounting software – so it’s time to give your business the room to grow and succeed, without restrictions.
Extracted from Xero Guides to Small Business.
Cash is not king. Cash flow is.
If you are running a business, you need to be updated on your cash flow. How? The best is to have automatic bank feeds directly into your accounting software, real-time.
With Xero online accounting software, you can log in online anytime, anywhere on your Mac, PC, tablet or phone and see up-to-date financials. It is small business accounting software that’s simple, smart and occasionally magical.
Xero has all the time-saving tools you need to grow your business: unlimited users and 24/7 support, not to mention the security and reliability you’d expect from Xero.
In less than 2 weeks, business entities operating in Malaysia with annual sales above RM500,000 will have to comply with the GST requirements. Depending on the size and complexity of your business, it could range from years of preparation to merely few hours of tweaking existing procedures.
Here is a very brief note to ensure compliance. Focus on 4 key tasks to ensure readiness:
Business entities in Malaysia will have to comply with GST requirements effective 1 April 2015.
Despite the months and even years of preparation, mistakes are likely to happen.
Below is a good article on common GST mistakes - Australian experience (GST started in Australia in year 2000):
Here are some of the mistakes the Tax Office has noted being made by small businesses. The list is not exhaustive, but may serve to underline areas that others have come to grief on – so you don't make the same blunders.
For a good proportion of the above problem areas, accurate record keeping will go a long way to making sure these sorts of errors cannot slip through. But a weather eye will still need to be kept on one-off or sundry items not in the usual ambit of the business's core transactions, and that may not be accounted for correctly.
Source: Common GST mistakes (www.taxpayer.com.au)
If you are in the advertising industry, join us in this half day workshop and get the GST facts that matter to you. Learn, network and have a great lunch. Register early to avoid disappointment.
If you have attended a Finance or MBA program, you would have learned that the objective of a company is to maximize shareholders value. According to Jack Welch, former CEO of GE, this dumbest idea in the world.
James Montier made his case against shareholder value maximization when delivering the closing keynote address at the 2014 European Investment Conference in London.
Peter Drucker is right. The purpose of a company is to create customers. Profit is the by product of achieving the company's objective. Profit is a necessity but not the purpose.
Listen to Montier's presentation (starts at 5.30).
If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.
Accounting software shouldn’t be a chore to use
Small business accounting software that’s not available via the cloud can be tedious. Traditionally, it can suck up far too much of your business’ time and effort. This doesn't add value, and takes the fun out of being in business. Cloud software can save your business time and money.
So what is this thing called the cloud?
Think about when you use internet banking. Every time you access this data, you’re using the cloud. The cloud is a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.
Problems with traditional accounting software
The data in the system isn’t up-to-date and neither is the software
It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable.
Only one person has user access. Key people can't access financial and customer details.
It's costly and complicated to keep backups (if done at all).
It's expensive, difficult and time-consuming to upgrade the software. Customer support is expensive and slow.
Why the cloud and accounting software are the perfect match
You can use cloud-based software from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost-effective and easy to use.
In the cloud, there’s no need to install and run applications over a desktop computer.
In the cloud, there’s no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription.
Cloud security is world class
As a small business owner, you might be concerned about a cloud service provider storing your data. But the cloud is one of the most secure ways to store information. For example, using cloud software, if your laptop is stolen, no one can access your data unless they have a login to the online account. With cloud software, this is where the data lives – as opposed to on your hard drive.
In the event of a natural disaster or fire, being in the cloud means business productivity doesn’t need to be affected because there’s no downtime. All of your information is safely and securely stored off site. As long as you have access to any computer or mobile device connected to the internet, you’re back up and running.
In addition to this, if you invite users to view your data, you can control the level of access. This is much more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it.
Cloud-based software companies ensure that the security and privacy of data about you and your organization is always airtight. If you use online banking, then you’re already primed to use cloud accounting.
Five ways cloud software benefits your business
1. You have a clear overview of your current financial position, in real-time.
2. Multi-user access makes it easy to collaborate online with your team and advisors.
3. Worry-free maintenance means you can spend more time doing what you love.
4. Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
5. Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.
Work smarter with accessible data in the cloud
The beauty of this software is the flexibility it gives you to run your business from work, home, or on the go. You can be confident that you have an up-to-date picture of how your business is doing, no matter where you are.
Software updates can be developed and delivered faster and more easily in the cloud. This means you don’t need to worry about installing the latest version and you’ll get access to new features instantly. With cloud accounting software, you have the option to run your business remotely, from anywhere in the world. When data is fluid and accessible, the possibilities are endless.
Reproduced from: Xero Small Business Guides
What do you think of this company financial performance?
Finally, the truth is revealed in its recently released result for the fourth quarter May 2013. It reported a huge loss of RM208 million. Effectively wiping out all the previous years profit. It has an accumulated loss of RM69 million. See the fourth quarter May 2013 announcement here.
What happened? Possible accounting fraud? The auditor is Ernst & Young (one of the big four audit firms).
This company, Malaysian AE Models Holdings Bhd, was classified as a PN17 company in June 2013. It has been suspended and may be delisted on 2 July 2014.
You can read more about this company in Corporate Governance in Malaysia blog.
Have to repost this blog post (first posted in July 2012), still relevant.
Most companies are innovative especially in their sales and product development (front end). However, the back end (e.g. accounting) may still operate in the same manner for the last 20 to 30 years. How do you know if your accounting people are up-to-date? Easy.
If they are still using dot matrix printer, something is terribly wrong. Common excuses include: we have to print invoices and payment vouchers in duplicates, accounting documents must be printed with NCR papers etc etc. These excuses further confirm that the accounting procedures used are as obsolete as the printer.
Time to innovate, front end and back end. For Generation Y, here is a picture of the noisy "device".
Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.
William Black is an associate professor of economics and law at UMKC. He has held many prestigious positions, including executive director for Fraud Prevention. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae's former senior management. He is a criminologist and former financial regulator.
He has seen firsthand how banking systems can be used to commit fraud - and how "liar's loans" and other tricky tactics led to the 2008 US banking crisis that threatened the international economy. Black reveals the best way to rob a bank - from the inside.
This "bank robbery" has resulted in USD11 trillion in lost wealth and 10 million in lost jobs.
Most SMEs in Malaysia are using either MYOB or UBS as their accounting software, which are essentially desktop software (meaning you have to purchase the software and install on your computer or server). You have to do your own regular backup and pay for upgrades when new versions are available.
With the emergence of cloud software, you now have more alternatives. You don't have to purchase and install accounting software anymore.
Most cloud-based accounting software are on monthly subscription basis (which means no large upfront payment), nothing to install (just subscribe online and use immediately) and accessible anytime, anywhere using any devices (PC, notebook, smartphones, tablets etc). Free upgrades, unlimited users and backups are done by the software providers.
Some alternatives to MYOB and UBS include Wave Accounting (free software), XERO, Saasu (with inventory functionality), Quickbooks, Freshbooks, Yendo (with CRM functionality), Outright, Kashoo and LessAccounting.
Most of these software have free trial (without credit card details). Check it out to ensure that it meets your requirements. Consult your Accountant, if necessary.
There are more alternatives, particularly if you are in property management, legal services industry or non-profit, that have unique accounting needs. All these alternatives have a reputation for being user friendly, feature-packed, relatively inexpensive and suitable for small business. In most circumstances, you need not consider a more robust accounting solution such as NetSuite, OpenERP or SAP until you reach a much larger size.
Have fun selecting the right accounting software for your business.
Here is a more comprehensive information on the salary for accounting and finance professionals in Malaysia for year 2013. It was based on the survey done by Robert Walters, a global specialist professional recruitment agency. For more information, you can view the detailed salary survey result here.
Completed a presentation on "The Key to Enhancing Company Value - Understanding Effective Financial Management" organised by Malaysian Investor Relations Association (MIRA) in Bursa Malaysia.
Participants include IR practitioners, company directors, CEO and other professionals from various industries. Shared the importance of financial management in enhancing company value.
Effective Strategies in Loan Restructuring
Having understood and appreciated the bank’s internal restructuring procedures mean that the borrower has the upper hand when conducting negotiation with the bank. This, of course, assumes that the bank is willing to proceed to loan restructuring as opposed to commencing legal actions to wind up the company.
Naturally, all borrowers would always aim for a successful restructuring. In general, the restructuring process can be considered successful (from borrower’s point of view) if:
a. The restructuring is completed speedily
b. The loan can be rescheduled for the longest possible time
c. Minimum resources (time and fees) were spent on the restructuring
d. The agreed terms and conditions are to the borrower’s advantage
e. In the event of settlement, maximum hair cut / waiver is obtained.
Public listed companies will have more choices as to the techniques used for restructuring (e.g. debt equity conversion, issuance of new shares, rights issues, issuance of other security papers etc).
For private limited companies, the choices are extremely limited. If not handled with care, chances are high that bank will commence legal actions to wind up the company, even though it is still a viable operation (at least from the borrower’s point of view).
The Practical Approach in Restructuring Defaulted Loan
Now let us be practical. To resolve bad loan, companies need to have cash and the cash has to come from somewhere.
Notwithstanding the various restructuring techniques (e.g. issue shares, rights issue, issuance of security papers etc), the fact remained – there is a need to raise sufficient cash to settle the bad loan or face legal actions from the banks. If the cash is not forthcoming, for whatsoever reasons, the bad loan problem remained unresolved and winding up is the only eventuality.
Hence, borrower may want to consider the following actions to either resolve the problem or at least delay the problem until business turns around:
Banks are generally agreeable to extend the tenure of repayment. With the extension, the monthly repayment will be more affordable or in line with the company’s reduced cash flow. To successfully obtain the consent from banks to reschedule, there is a need to prepare a Restructuring Proposal (detailing the pertinent information about the company) in order to support the rescheduling.
b. Pay interest only
As a general rule of thumb, as long as interest is up to date, banks are rather unlikely to take drastic action such as commencing legal actions. In fact, even if cash flow permit to pay certain amount of installment, it is always advisable to conserve the cash for certain “down” months. This will ensure that interest servicing is prompt regardless of business uncertainty.
c. Request for waiver on overdue / penalty interest and/or hair cuts
Company that intends to fully settle the bad loan with cash may request for certain waivers such as overdue interest and also some hair cuts.
d. Apply for rehabilitation fund
Eligible borrowers can apply for the Rehabilitation Fund, which is made available by Bank Negara. With the additional fund, it can be used for working capital to generate more cash flow from operations (which can be used to pay down the existing bad loan). All commercial banks participate in this rehabilitation fund.
e.Delay legal actions
If the banks are commencing legal actions, the borrower may want to seriously consider delaying the legal actions. However, there are always drawbacks in challenging the banks in the court.
f. Consult with Bank Negara (Central Bank)
If the borrower feels that it has been unfairly treated or its reasonable proposal has been turned down repeatedly, then the borrower may want to seriously consider referring the matter to Bank Negara.
g. Last resort
If all the above actions failed, the borrower must prepare itself for winding up (and personal bankruptcy) by maximizing its net wealth through proper assets management.
It should be emphasized that, throughout the loan restructuring process, it is extremely important for the borrower to be diplomatic, patient and maintain regular contact with the bank’s representative at all times.
At the end of the day, relationship banking still plays a vital role in the success of the whole restructuring process.
Read the final part here.
"... So that’s one sense in which Excel could be dangerous: that we’ve tens of thousands, hundreds of thousands, of financiers and bankers throwing trillions of dollars around the markets on the basis of their incomplete spreadsheets and their ignorance of how they’re doing it wrong. Pretty scary really". This was reported in Forbes.com here.
Yes, Microsoft Excel is indeed a very dangerous software - if not used probably. In the hand of untrained Excel users, it will lead to costly errors that will lead to errors in decision. Some of the common errors include using the wrong formula, did not update the spreadsheets, did not add up a column or row etc etc. It may sound like silly mistakes but these are indeed common and costly errors.
Even if it does not lead to error in decision making, untrained Excel users wasted hours in spreadsheet design. They treat Excel as a manual books with columns using rudimentary formulas, have multiple sheets and cross linked all these sheets, treat dates are words instead of numbers etc etc. These actions can go on for years without realizing it. To make it worse, the company employs more staffs to update the spreadsheets - which could have been fully automated in the first place.
Are you or your staffs using Excel? If yes, you need to be aware of how dangerous Excel is. Here are some of the symptoms that you or your staffs are using Excel dangerously:
1. Spending too much time on spreadsheets (e.g. copy / paste, repetitive formulas etc)
2. Have to enter the same data more than once (usually in multiple sheets or files)
3. Using calculator to double check the spreadsheets (really, it happens)
4. Did not use pivot table (using pivot table is efficient as it does not involve formula)
What is the best way to avoid this dangerous software? The best is to avoid using Excel, if possible. If your requirements are complex, it is best to invest in a rigorously tested customised software or suitable ERP system (which links your point of sale, inventory, accounting, reports etc).
If you must use Excel (which is understandable), then make sure that you or your staffs are adequately trained. In other words, do not just let anymore in your company (especially fresh graduates whom you do not know what to do with them) to design spreadsheets. Train your staffs or get professional help.
How much should I pay my accounting staffs? Am I paying too much for my accounting staffs? I pay them such a high salary and yet I still do not get what I want, why?
These are some of the common questions that I get as Accountant and Corporate Advisor. To most owners of SMEs, accounting functions are considered their black box - it seems to be working but not sure exactly how or why. Worst, the black box may no longer functioning but there are no tell-tale signs until too late (e.g. running short of cash, selling below costs etc).
This article will not deal into the details of accounting functions and its core responsibilities. It will focus on providing a summary of the salary range of accounting staffs vis-a-vis their skills, minimum qualification and ideal candidate for the position. The exact amount will be dependent on industry and location.
This salary range is for staffs based in Kuala Lumpur, work in SMEs and based on current situation of 2013.
Remember, you pay peanuts, you get monkeys. You certainly do not want monkeys to manage your money.
Accounts Clerk (RM1,500 - RM2,500 per month)
Qualification: Minimum SPM / O Level (STPM / A Level will be added advantage)
Skills required: Basic data entry and filing skills
Ideal candidate: Meticulous, follow rules strictly and happy with relatively routine tasks
Accounts Executive (RM3,000 - RM6,000 per month)
Qualification: Minimum diploma in accounting (defined as at least one year equivalent full time study)
Skills required: Must be able to prepare full sets of accounts on monthly basis (producing accounts on yearly basis is NOT acceptable)
Ideal candidate: Good knowledge of accounting entries, able to do administrative tasks such as banking, simple tax computation etc and have good Excel skills.
Accounts Manager / Finance Manager / Accountant (RM6,000 - RM12,000 per month)
Qualification: Must be member of Malaysian Institute of Accountants
Skills required: Analytical skills, able to prepare management reports such costing, budgeting etc
Ideal candidate: Able to supervise accounting staffs, thinker instead of doer, able to provide advice on improvement instead of merely following rules and legacy, excellent Excel skills (defined as know how to use Excel pivot table).
Note 1: For most SMEs, this is the most senior position in accounting.
Note 2: The CFO position will be suitable for those beyond SME size. CFO is usually a strategic thinker and not involved in the day-to-day operations of the accounts department. It is usually the next in line (after the CEO). Salary ranged from RM15,000 to RM25,000 per month plus perks.
Business, economy, education and current issues. Providing tips, tricks and tools in managing business.