What is and what is not sick leave? According to the Employment Act 1955, an employee is entitled to paid sick leave if he or she is examined by a registered “medical practitioner or a medical officer” and “obtains a medical certificate (MC)” An employee is also entitled to paid sick leave if he or she is examined by a …

The ABCs of Budgeting Budgeting isn’t just a practice for large corporations with extensive financial resources. Just as you plan your monthly household expenses, SMEs should establish budgets to allocate resources effectively. Budgeting is akin to planning a trip with a well-organized itinerary. It ensures resources are allocated efficiently. SMEs benefit from various budget reports such as operating budgets, capital …

Managing Cash Flow Wisely Cash flow is the heartbeat of any SME. It’s comparable to managing your personal finances – you wouldn’t spend beyond your means, as it could lead to financial strain. Consider a digital marketing agency that embraced the art of cash flow management. They recognized that the nature of their business led to fluctuating income streams. By …

The Importance of Record Keeping Think of your SME’s financial records as a reliable calendar. Just as you’d use a calendar to keep track of your appointments, proper financial record keeping is essential for business success. Imagine a local café owner who recognized the significance of accurate record keeping. By meticulously recording sales, expenses, and popular menu items, they gained …

The Role of Financial Controls Financial controls act as safeguards for your business. They prevent fraud, theft, and errors, much like security cameras in a store. Consider a manufacturing SME that implemented stringent controls for inventory management. By regularly reconciling inventory levels, they uncovered discrepancies and curbed potential theft, resulting in significant savings. Financial controls are like travel insurance – …

The Power of Financial Management for SMEs Running a small or medium-sized enterprise (SME) is like embarking on a captivating journey. Imagine you’re setting off on a road trip to explore new horizons. Now, picture navigating that journey without a reliable map or GPS. You’d likely end up lost, disoriented, and facing unexpected challenges. Similarly, in the world of business, …

A Guide to Manage Performance of Workers When dealing with performance of workers, here’s a simple approach: 1. Set Performance Agreement: Clear goals and work delivery as a basis are defined for delivery and improvement in the form of agreement between supervisor and worker in both verbal and non verbal format. If need be, Human Resource Department is included 2. …

A Guide for Financial Accounts Management for SMEs Business owners often feel stressed about several aspects of monthly management accounts: 1. Complexity: Financial statements can be intimidating, especially for those without a financial background. The numbers, jargon, and various reports can be overwhelming. 2. Time Constraints: Running a business already takes up a lot of time, and dealing with financial …

A Guide for Fair Termination Practices for Employees in Malaysia In the world of business, the need to terminate staff members may arise due to various reasons. However, it is crucial for employers in Malaysia to conduct these proceedings in a professional and lawful manner. This article provides a guide to properly terminating staff while adhering to the Employment Act …

SMEs, should you hire or outsource your basic finance function in 2023 When considering the cost of hiring a staff versus outsourcing an executive staff in Malaysia, several factors come into play. Here is a summary of the main aspects to consider: Let’s consider an example of the cost differential for hiring an entry-level accounts executive staff in Malaysia compared …