Why be an Accountant and a bookkeeper in Malaysia?
A bookkeeper is responsible for recording the daily financial transactions of any business. The book of transactions includes sales, receipts and record of the purchases etc. Accountancy is bigger than bookkeeping, it’s like the head, the larger version of bookkeeping. For example; an accountant designs the bookkeeping system, he also has the total control over everything a bookkeeper is doing and he analyses and verifies the information that is being recorded. Malaysia holds a ton of small and large businesses hence it is the best place to be an Accountant and a bookkeeper in Malaysia.
Why start a business for Accountant and bookkeeper in Malaysia?
Malaysia has proven its worth as the emerging business market. It holds all international business franchises from café to restaurants to libraries to sanitary and home décor, you name it they have it. It has investors coming in from all over the world and earning them huge revenues. This is why your idea to start your business of accountant and bookkeeper in Malaysia is very profitable and will get you the best possible revenues.
How would you make money?
Every business needs a bookkeeper and a head who will keep a vigilant check on them. No matter how small or big the business is. Even if it’s a person who is running a business from home, he or she, too, will need someone to manage their accounts and keep a check on the profit and loss/earning and spending ratio.
Earning Profits
You earn your profits by providing services to such businesses and charging them. In return, you will have to hire an expert accountant and pay them a salary. You get the money you pay money, then how will you earn a profit? Simple the salary won’t be equal to the high price you will quote the businesses that will hire your people. The difference between the two will be your profit. And since Malaysia is has a lot of small as well as big businesses, who normally hire external accountants, your idea to open the business of accountant and bookkeeper in Malaysia will be a hit.
Less or No Investments
The idea is perfect because you aren’t investing in anything. It’s freelance. If you want you can start it from the basement of your house even. If you want your own space to conduct your business then you will have to invest in the location, and office furniture as well as employees and energy bills and such. But most of this becomes your asset. They will earn their keep.
Going online
You can also do it online, no investment required other than the fees of the online procedure. This is the same way people provide services for writing, editing and programming. You will be providing services of accounting and bookkeeping.
The downside
There isn’t a certain downside to this but, there is the fact that you will have to work hard to make a loyal client lineup. Unstable client’s lineup will the only drawback of this business. If you have your employees on a salary basis you will have to pay them even if there is no work. Which means you will be paying them from your pocket and not from the profit earned like you planned to.
How to start a business of accountant and bookkeeper in Malaysia?
To start from the start, you will need to decide what type you want your business of accountant and bookkeeper in Malaysia to be. Example:
- Sole Proprietorship
- Partnership
- Sendirian Berhad (i.e. Sdn Bhd or Private Limited)
Initial two options are pretty easy to start as they are on the smaller scale so, they are cheaper to start. In terms of investment and costs. A sole owner will have himself to register only. Whereas, a partnership can be registered under minimum two and maximum twenty partners.
Once you have decided what you want your company to start as you can proceed to the next step.
Getting hold of an office
If you are planning to have a physical entity, as in an office and proper management for your set up then there is a huge to-do list which includes:
Registration
Registration of the business, license and name registration of the business (cost: RM60+) from Company Commission of Malaysia (CCM) or Suruhanjaya Syarikat Malaysia (SSM). Registration cost is RM100+ for both sole and partnership. Duration of the process is one hour.
Securing business premises
Choosing the most eye-catching location is the key to generate clients.
Hiring employees
Hiring locals is cheaper and there will be no visa or work permit issues as well.
Tax Planning & Registrations
Since you are an accountancy firm you can manage your tax issues well.
Marketing plan: Devising the best marketing plan can take your business to soaring heights.
Financial plan
Includes, budgeting, salaries, reinvesting profits, payments etc.
Bank account: To have all your profits in place and separate from your other incomes and spending.
Sign Board and Premise License:
This is an important step and can’t be ignored as it is imposed by the government.
Documentation needed:
- Office rental contract
- Office fully equipped with pictures
- Office adornment chart
- Images of both Inside and outside locations where the signboard will be positioned.
- ESD (Expatriate Service Department of government)
- Supporting papers required for ESD registration:
- Company staff’s details
- Financial statement of the Company
- A detailed quota of the staff hired
- Copy of rental contract
- Other necessary documents as required by the ESD.
Conclusion
To open the business of accountant and bookkeeper in Malaysia is as good as discovering gold. If you play your cards right, you will get the best out of this opportunity. If you are planning to start small or from your home, and if you build your client lineup than maybe you can go as big as having your own multinational company. Hard work is the key to success.
