5. You have reached $1 million in revenue.
The $1 million milestone is an important one for any business regardless of where you are in the world, especially when you consider that more than 50% of new businesses fail within the first 3 years. Reaching this milestone is often taken as proof that you have a business model that works – the next question you would like to ask yourself is if this business model is sustainable. As with what we have discussed thus far, once you hit the $1 million mark, chances are, your business transactions would have outgrown your basic bookkeeping capabilities, and it’s time to call in the professionals. For Singapore business owners, you are also required to register your business for Goods and Services Tax (GST) when your annual turnover is expected to be at least SGD 1 million; you would then be required to compute and submit your GST returns on a quarterly basis, and this would mean additional work and expectations for your accounting function.