Vehicle owner listing…coming soon

SP may have more than one vehicles under their children or family members name, that is not under the strata roll

Most of the time, you will keep a separate excel listing of who is who , in case when there is an emergency to locate the owner. And worst is you may not be in the office and the excel spreadsheet is not shared out.

Fear not, as we are going to include a vehicle owner master listing in our Realtimme Cloud MCST software soon.

You will be able to insert the vehicle number, the make and description of the vehicle, together with the owner’s name (many contact names, or vehicle owner to one SP account)

Look out for our release announcement in this page soon, likely Oct 2021

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

10/08/2021

Paying on behalf

You are checking your online bank statement, you received an amount to pay for the quarterly MF and SF, but  the name is not in your strata roll, neither the payor forgot to indicated the unit number.
This is a common scenario as internet banking becomes common.

  1. The daughter or son or any next of kin (they) can pay on behalf of your sub-proprietor (SP)  and
  2. They are not aware that they need to indicate the unit number, or at best they type the mcst number but not the unit number.
  3. It doesn’t help by the amount since the SV are mostly the same and most or all are paying $2214 (see below), unless there are some late payment interest amount.
  4. You will have a hard time locating the actual SP paying for their MF and SF

We allow our user to update the next-of-kin name (the unofficial or secondary name) as it becomes available or made known, into the system.

When you receive payment from SP or their next-of-kin, you cannot remember or not expected to remember their next-of-kin name, you can search for the secondary name

This will greatly speed up your search for the correct SP.

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

02/06/2021

Keeping stock of expendable items

Many users asked or believed that expendable items need not be taken up in the inventory, or those in the service business where they do purchase inventory for use in the course of delivering their services or job sites in projects accounting

If you look at a recent case where  one of the NPark officer asked for bribe from hat supplier  not all 10,ooo units of hats were delivered but the full amount was paid out (Most likely that each hat is issued out to each NPark officers to protect them from the sun during their course of work and likely that it is expendable items, without the need to return.)  Only 5,000 hats were delivered and the delivery was late, which would have incurred a late fee, according to charge sheets.

Assuming each hat cost SGD10.00 , the total cash outlay would have been SGD100,000 and he asked for a SGD10, 000 bribe, allegedly in return for lying to NParks that the company had delivered 10,000 hats to the statutory board.

The key word here is measure and manage again, against abuse. Management should provide a guide as in the quantum of the value, say example anything more than SGD1,000, for expendable item, to be included in the inventory system, anyone draw out, to who, when, need to be recorded and sign out. A random spot check is needed to ensure that the quantity is almost accurate or let the store keeper know that you are watching.

So the actual lost, for this case alone, could have been SGD50,000 had it gone unnoticed. And we are not talking about those that goes undetected.

It may appear to be administratively expensive, but look at the loss above, for not doing. You do not know how much you lost until it is found out. This will not be the first or last, in any organisation, or your organisation may be next, if you do not have a check and balance in place.

On hindsight, the organisation may want to consider to keep a staff with a full year salary of this amount just to check on the expendable expenses, a necessary evil if the expendable inventory goes by the millions in each year.

Realtimme Cloud has a good inventory system that is available in the Premium plan , for you to track items for sale and items for use in your job costing. You can contact us or whatsApp our sales team for more information +65 8148 8824

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

28/04/2021

 

 

 

 

Print address label to your SP

You print address label when

  1. The SP still want to receive hard copy of their statement of accounts
  2. Send the financial report or minutes of AGM meeting reports

Are you still using mail merge to print out the address label?

When you use Realtimme Cloud MCST, you can print address label to

3.All SP or

4.Preset the selective few who are in the group 1 above

5. Select address that are non-resident SP

Watch video here how you prepare the printing of SP address label

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

19/10/2020

 

Batch receipt for GIRO using import function with excel template

If you have
1. 50 SP paying you via GIRO ,

2. The developer issue one cheque to pay the MF and SF for a few units(20 units) of unsold properties

How long it takes to enter all the payments of different SP accounts?
30 minutes? That is fast though.

What if you can do it within 1 minute, by preparing all these payment in an excel template and do a batch import to auto offset or using FIFO to clear the balance in arrears?

In Realtimme Cloud, we are adding this feature just so that you can save more time for more important work.

We hear you, as our users feedback to us how else we can make them more efficient, taking us half a day to add this function, that goes a long way to save hundreds of hours for our users

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

26/03/2021

 

 

Late payment interest..how do you arrived at this figure?

Sounds familiar? The one that owes a late payment interest (your SP), will most often challenge the way your system calculate the late payment interest.

We have seen some system just generate a lump sum, $0.61 and you will not know how this figure was derived and you work it out separately in your excel spreadsheet to show this SP the breakdown.

If you are lucky, you get the answer in a minute, otherwise if there are errors or omission, you may spend hours and later to pass a credit note
to reverse out the late payment interest and to re-generate again.

At Realtimme Cloud, we show the calculation how the late payment interest amount is calculated, together with the formula.

Even months later, your SP can challenge the amount, you can always refer to the record to verify again

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

10/12/2020

 

 

 

Paying in excess to the vendor – Do you allow this?

If you are the managing agent, the operational staff prepare all payment voucher manually and then you take it up into the system by your accountant, weeks later.
You will have this problem.

1. This is double work
2. The amount may be seriously bigger than this $60 in excess
3. You are giving your supplier a better cash flow
4. Additional work to undo the error

The correct way is to directly enter into the Realtimme Cloud payment system by the operational staff, and offset against any outstanding supplier invoice and print out a payment voucher directly
In this way, you will totally prevent overpayment

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

19/11/2020

 

 

Statement of Accounts to your SP

Do you see the picture above familiar? Stacks of envelops ready to be sent out?

Chances is that you are not sending the SP statement of accounts via email, and your current system do not support direct email from the software you are using.

There is a trend of younger owners and they are requesting for statement to be sent via email. They want paper-less to save the environment.
You can manually attached the SOA via email one by one, but still there are still too much time and effort involved.

You are also incurring additional printing and stationery costs (stamps, envelops, paper, printer peripherals etc.)
What if the mail is lost, your SP do not receive in time? You get paid much delayed because it take 2 or 3 days to reach the addressee.

Our Solution :

Click below, a less than 2 min video, how Realtimme cloud can easily click away 1000 SP accounts and send the statement via email every month

How to send statement of account direct from system built-in email

What if we tell you those managing agents that are already on board Realtimme Cloud are enjoying the benefits of direct email SOA feature.
What are you waiting at?

 

Impress your SP how your operation is harnessing technology.

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

19/10/2020

 

Resigning en masse…are you prepared?

Hi business owners or managing agents,

It is not unheard of that a manager resigned and the rest of the colleagues follow suit en masse
Whether they set up the same business to compete with you or join your competitors, the fact that it create a vacuum in your operation, may it be partially paralyze or totally crippled, that is not where you want to be.

It happens in all industries and you should not let it happen to your business.

Are you exposing yourself to such a business risk ? It could be no fault of yours that your staff resigned en masse, regardless, but your day to day business will be badly disrupted, and that all your projects will be at risk of not meeting the client’s service level.

How are you going to prevent this, or at the least, do you have a plan B in place before anything happened? For a start, let your team knows that you have plan B with you and will have no impact on your business even if they attempt to disrupt your business?

 

In my earlier blog, I had suggested that, you, as a business owner, can have a mix of internal and part out-source your accounting functions to us.
We can start off with a single project and build on from there to more projects.

Advantage is, there is no additional cost to your Plan B to out-source.

Let our remote accountants be part of your plan B.

 

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

2/10/2020

 

 

 

Partial payments result in multiple late payment charges

As time is getting from bad to worst during this pandemic season, employees are having their pay cuts or totally losing their jobs, and no light at the end of the tunnel, Some SP are struggling to pay their quarterly Managing fund  and Sinking Fund bill. We have users telling us that their SPs are paying partially, by $500 on their bill and 2 weeks later another $300 and so on and so fourth and can go on for the next 2 weeks until the full payment is made.

Here come the challenge :
1. Is your finance team still using excel to work out each payment date of the late payment interest?
2. Or your legacy system do not work out partial payments when come to late payment interest?

And you are not talking of only one SP, more are coming and it is so laborious and intense and no mistakes you want to make, as it can be very sensitive when it is dollar and sense and SP can make a mountain out of a mole hill for any wrong calculations.

With Realtimme Cloud MCST software, our auto-calculation of late payment interest is accurate, regardless it is full payment made or multiple partial payments made by each SP

Save your finance team the pain of calculating late payment interest and come onboard Realtimme Cloud MCST system.

 

Writer : Choo Hong Peng,
Chartered Accountant,Singapore
Email : choohp@realtimme.net

29/09/2020