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 For Small and Medium Business Owners v2, Come In and Share Your Biz ~

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NightHeart
post Jan 20 2016, 12:58 PM

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QUOTE(amco @ Jan 19 2016, 11:22 PM)
no need accountant, account clerk with lcci will do. make sure to comply with GST if sales exceeded RM 500k. Ask external auditor to come audit after you have close your year end account.
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Actually even on Sole Prop level, it's still a good practice to keep proper accountings right so that the transition to Sdn Bhd would be smoother in the future?

What are basic accountings that one need to do? A ledger to track all AP & AR? Then do a closing every month to determine the month's P&L?

QUOTE(omgimanoob @ Jan 20 2016, 12:13 AM)
Yeah man I'm in the business, it getting slower.
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Possible to exit & re-coup your capital in several months assuming state govt decide to ban it?

amco
post Jan 20 2016, 02:21 PM

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QUOTE(NightHeart @ Jan 20 2016, 12:58 PM)
Actually even on Sole Prop level, it's still a good practice to keep proper accountings right so that the transition to Sdn Bhd would be smoother in the future?

What are basic accountings that one need to do? A ledger to track all AP & AR? Then do a closing every month to determine the month's P&L?
Possible to exit & re-coup your capital in several months assuming state govt decide to ban it?
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Need full set of accounts with Trial balance, bank recon, AR, AP, cash & bank book, GL etc.. Easy to convert to Sdn Bhd..anyway just outsource to part-timer if you cannot do it.
ShinG3e
post Jan 20 2016, 02:58 PM

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QUOTE(Razer.Ken @ Jan 7 2016, 09:31 AM)
Just started my business, an e-commerce online I.T store. I was thinking to document my month to month progress and create a thread on it. Do you think people will find it useful?
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your e-commerce website is solely selling your own products or something like lelong?

can share link? wanna take a look. biggrin.gif
Razer.Ken
post Jan 20 2016, 03:06 PM

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QUOTE(ShinG3e @ Jan 20 2016, 02:58 PM)
your e-commerce website is solely selling your own products or something like lelong?

can share link? wanna take a look.  biggrin.gif
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Still in progress. Once done, I will share it here and a month by month progress.
ShinG3e
post Jan 20 2016, 03:08 PM

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QUOTE(Razer.Ken @ Jan 20 2016, 03:06 PM)
Still in progress. Once done, I will share it here and a month by month progress.
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great. rclxms.gif
omgimanoob
post Jan 20 2016, 04:40 PM

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Instead of doing that, we are looking at adding other stuff to the shop like ice creams & coffee so that it becomes a semi-cafe.

QUOTE(NightHeart @ Jan 20 2016, 12:58 PM)
Possible to exit & re-coup your capital in several months assuming state govt decide to ban it?
*
NightHeart
post Jan 20 2016, 05:55 PM

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QUOTE(amco @ Jan 20 2016, 02:21 PM)
Need full set of accounts with Trial balance, bank recon, AR, AP, cash & bank book, GL etc.. Easy to convert to Sdn Bhd..anyway just outsource to part-timer if you cannot do it.
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I do intent to outsource, but I should at least know the basics so that I know who to look for, know what we're talking when I found one & don't get swindled instead.

QUOTE(Razer.Ken @ Jan 20 2016, 03:06 PM)
Still in progress. Once done, I will share it here and a month by month progress.
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Do share, looking forward to it. I'm interested to know how to at least setup a 1 way communication website which may eventually have e-commerce & 2 ways communication features.

QUOTE(omgimanoob @ Jan 20 2016, 04:40 PM)
Instead of doing that, we are looking at adding other stuff to the shop like ice creams & coffee so that it becomes a semi-cafe.
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Brilliant, better than those noobs in JB & Kelantan lol.

penanghomes
post Jan 20 2016, 09:30 PM

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Anyone here into fried chicken business?
umikosan
post Jan 20 2016, 09:33 PM

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I currently running 3 Food Trucks, IT business and online Bento ordering website.

This post has been edited by umikosan: Jan 20 2016, 09:34 PM
Razer.Ken
post Jan 20 2016, 09:34 PM

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QUOTE(umikosan @ Jan 20 2016, 09:33 PM)
I currently running 3 Food Trucks and IT business
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Three food truck and an I.T business? First of all, my hats off to you!

Secondly, same food for the food truck of different? Klang area?
umikosan
post Jan 20 2016, 09:43 PM

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3 different trucks 3 different themes. Klang valley.
Razer.Ken
post Jan 20 2016, 09:50 PM

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QUOTE(umikosan @ Jan 20 2016, 09:43 PM)
3 different trucks 3 different themes. Klang valley.
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If i was to ask you a secret as to how you do it, what would you say? Because what you do is NOT easy at all.
Tenshi
post Jan 20 2016, 09:50 PM

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QUOTE(umikosan @ Jan 20 2016, 09:33 PM)
I currently running 3 Food Trucks, IT business and online Bento ordering website.
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Great entrepreneurship there! notworthy.gif
umikosan
post Jan 20 2016, 10:03 PM

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Work like donkey till now still single that the problem .
Razer.Ken
post Jan 20 2016, 10:10 PM

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QUOTE(umikosan @ Jan 20 2016, 10:03 PM)
Work like donkey till now still single that the problem .
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Hahahahahahaha! Well, you're not that old arent you?
umikosan
post Jan 20 2016, 10:13 PM

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37 already . wasted the youth on work only
Razer.Ken
post Jan 20 2016, 10:23 PM

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QUOTE(umikosan @ Jan 20 2016, 10:13 PM)
37 already . wasted the youth on work only
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Is that regret i sense or just normal sighing? smile.gif
umikosan
post Jan 20 2016, 11:37 PM

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#Foreveralone

Icehart
post Jan 21 2016, 12:09 AM

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Aspiring entrepreneurs should not think about delaying marriage because of unstable business. Having a wife that accompanies you during your bad time will help you A LOT. If she's been through with you throughout the worse time, she deserves the best once you're successful.
ericcc
post Jan 21 2016, 08:39 AM

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QUOTE(umikosan @ Jan 20 2016, 09:43 PM)
3 different trucks 3 different themes. Klang valley.
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Wow. i'm inspired! this is 24/7 commitment to your businesses.

Dont worry about the foreveralong thing... just take some hours off and get a date. Yes i agree, a good husband or wife will be there for you through the ups and downs. i've been there, my wife was always a big help in bad times, solving problems and giving ideas.

just checked out the FB. nice. amazing you can even go with three concepts of food and drink. Respect!

This post has been edited by ericcc: Jan 21 2016, 08:43 AM

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