Wednesday, April 18, 2012

Tax Time & Doing The Sum of All Things

I have enjoyed an enriching experience and lifestyle, running my own consulting and training business for the past 13 years. I would have not have expected to last so long, and gone so far. In business ‘dog years’, it feels much longer. Yearly business statistics sadly indicate that 70 percent of Small & Medium Enterprises (SMEs) fail to survive their first year. It gets progressively harder with each successive year of existence, with the changing economic climates. Thus, integrating a robust business strategy, complete with branding and marketing strategies, and synergistic collaborations, are keys to sustainability of most long-term business.

Doing taxes has been a mild annual challenge for me, for I recall as a salaried staff my accounts department used to complete the task for me automatically. I now forfeit that privilege (and co-dependency), and instead, have to calculate my company’s profitability each year before the 18 April (online filing) deadline. It would be lovely to enlist a certified accountant to do one’s books, yet depending on your scale of business transactions and employee strength this would be an affordable privilege.

Filing taxes (and filling forms) is based on many personal and business values such as integrity, transparency, honesty, clarity, and commitment. One needs to exercise discipline when making declarations. Silly mistakes can be costly. If taxes are part of building a country’s infrastructure and sense of security, then it is a useful and relevant task as an employed person. Perhaps, accounting can teach us a sense of accountability that goes beyond punitive practices. We are the sum of our collective experiences, relationships, education and skill-sets. Be mindful when to be calculating, calculative and making calculated decisions.
Fourth from left: Wilson (with cupped chin)
Wilson Ang, who works in the polytechnic sports department, is featured in the news. This Ironman finisher (and former-national water-polo player) is a very good spokesperson and represents his profession well.

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