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KUALA LUMPUR: A company director who breaches the newly-implemented Companies Act 2016 will face a heavier fine of up to RM3mil and a maximum five-year term of imprisonment, or both, if found guilty.

The Companies Act 2016, which replaced the previous Companies Act 1965, came into effect in stages from Jan 31, 2017.

InCorp director, Kong Ming Enn, said a director who improperly used the company’s property, opportunities, information acquired by virtue of position, or engaged in business which was in competition with the company, would face the penalties mentioned above.

“The maximum of RM3mil fine is 100-fold increase from the RM30,000 under the previous law,” he told a media workshop on the Companies Act 2016 in Kuala Lumpur on Tuesday.

InCorp is a company secretarial services provider owned by Elegant Management Sdn Bhd. 

Kong said any director who wilfully paid or authorised the payment of any improper or unlawful distribution, if found guilty, would also face a five-year jail term or a maximum RM3mil fine, or both.

“Under the new law, dividends are only paid out of profits if the company satisfies the solvency tests, which generally relate to its cash flow solvency and balance sheet solvency,” he said.

Kong said under the solvency test, a director has to ensure that the firm would be solvent immediately after the dividend was paid.

“For example, a company must be able to pay its debts as and when they are due within 12 months after the distribution of the dividend is made,” he said.

He said despite that annual general meetings were no longer be required for private companies under the new Act, they were still needed to circulate the audited accounts among the shareholders within six months of their financial year-end.

“Those who failed to do so faces a maximum RM500,000 fine, or a less than a year of jail term, or both, if found guilty,” he said.

Other penalties under new Act included a maximum RM500,000 fine, or a less than a year of jail term, or both, if a director was found guilty of failing to lodge the constitution with the registrar within 30 days from the adoption of the constitution.

Under the new law, a company could replace the memorandum and article of association (M & A) from the previous Act by the constitution.

Kong said with the heavier penalties introduced under the new company law, it would increase the awareness of the companies’ directors on their responsibilities and duties.

“This will help to make Malaysian companies more competitive,” he said.

Following the implementation of the new Act, which allowed a company to be incorporated by or have only one member, and that single member could also be the sole director of the company, Kong expected Incorp would register about 1,000 new start-up companies by year-end, up from 300 in previous year.

“We also foresee up to 30% of the sole proprietors will convert to private limited companies (Sdn Bhd) in the next two to three years,” he said.

Kong said under the new Act, a ‘Sdn Bhd’ company which registered a taxable income of over RM400,000 would be charged with 18% of company tax, whereares sole proprietor which earned the same amount of income would have to pay 26% of company tax. - Bernama

Source: http://www.thestar.com.my/business/business-news/2017/02/28/directors-face-heavier-penalties-under-new-companies-act/

COMFORI SDN BHD

TRAINING UPDATES ON APRIL - JUNE 2017

APRIL SESSION:-

1) Strategic Business Planning & Budget Preparation – 5&6 Apr 2017

2) GST – A Practical Session – 12&13 Apr 2017

3) Bookkeeping and Accounting Skills – 17&18 Apr 2017

4) Accounting – A Fresh Start – 17&18 Apr 2017

5) Accounts Receivable & Credit Policies Management – 26&27 Apr 2017

MAY SESSION:-

1) Winning Strategies for Credit Management & Debt Recovery – 3&4 May 2017

2) Essential of Consolidated Account – 8&9 May 2017

3) Practical Accounting Skills including GST Tax Code Mapping – 8&9 May 2017

4) Cost Control & Financial Planning For Non-Financial Managers – 8&9 May 2017

5) Understanding Business Performance through Financial Statements – 17&18 May 2017

6) Strategic Cash Flow Management – 22&23 May 2017

7) Transfer Pricing – 22&23 May 2017

8) Cost Analysis – 22&23 May 2017

JUNE SESSION:-

1) Handling Full Set of Accounts – 5&6 June 2017

2) GST – Post Implementation Considerations & Practical Issues – 5&6 Jun 2017

3) Fundamental of Costing & Budgeting – 7&8 June 2017

4) Tax Planning For Malaysian Company – 14&15 June 2017

5) Accounts Payable: From Accounting to Management – 14&15 June 2017

6) Finance For HR – 14&15 June 2017

7) Finance For Non-Finance Professionals – 14&15 Jun 2017

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Most administrative assistants have had to deal with a lot of personalities coming in and out of the office space. Generally, these people will be pleasant, while others will be ticking time-bombs throbbing with compressed anger, ready to unleash on the polite administrative assistant.

When dealing with a difficult personality, admin staff usually have a witty charm about them. They can help the heated individual calm down and gain confidence in the company once again, by providing trust and reassuring the angry individual that all will be resolved as soon as possible.

Somehow, the administrative assistant position has been classified as a starting position for most companies. What most people don’t understand is that being an administrative assistant is a professional career in which people can excel.

Administrative assistants are so proud of their careers, their knowledge, and their humbleness, that it’s easy for them to simply brush off anyone who questions their plan for career advancement. They know how important their role is, and how they bring growth to the company they work for.

You would think with an office full of grown adults, that people would know how to clean up after themselves. Admin staff know that their job requires many nurturing duties, but they also know that they have a problem, when they start finding banana peels left to decay on the boardroom floor.

Administrative assistants deal with messy co-workers by simply placing posters and signs reflecting their co-worker`s unethical workplace hygiene. They may not always call out an individual directly, but the message is clear, dirty dishes left on the kitchen counter and candy wrappers on the floor will not be tolerated.

Did you know that administrative assistants are IT technicians as well? They are expected to fix internet problems, connect employees to network printers, help with software, and then go back to filing paperwork and answering multiple phone lines. Not to mention the amount of times they’ve had to lug leaky garbage bags to the dumpster, change exploding toner bottles in the photo copier, refill empty ink pads and pens, pull old banker boxes from the dusty storage, and more.

There are meetings and conference calls all day, in which they are not included in. Yet, they are expected to know what’s going on at all times.

Despite their inabilities to make executive decisions, they know more information than the typical employee. They are an information hub. This is because they have mastered the act of ease dropping, asking the right questions, and piecing bits of information together to obtain the right answers. Basically, they are all detectives.

Sometimes, administrative assistants eat as they work. They can be mid-bite into their lunch when they are approached by a co-worker about an upcoming meeting, broken internet connection, or even a flooded toilet.

Knowing when to draw the line is half the battle, because some co-workers can make a situation sound so much more urgent than it really is. For their own benefit, administrative assistants learn to make judgement calls based on the situation at hand. They will always agree to address the problem, but sometimes they decide that after lunch works best for them.

They love the feeling of making a huge dent in their work pile, but if they walk away for just a moment, they are sure to be welcomed back by additional paperwork sitting in their inbox.

To keep up with steady incoming work, they sort and manage everything in categories and then prioritize them. Administrative assistants are extremely organized and know how to keep a productive workflow to handle large loads of labor.

Being the assistant to pretty much everyone means that their desk is a free for all for those they work with. They are the keeper of keys, passwords, stationary, supplies and the great all might candy drawer.

To keep their space to themselves, they develop homes for all company property outside of their personal bubble. Anything that is personal is kept far away in an opposing corner such as car keys, wallet, and cell phone.

Someday, there’s too many emails, and too much paperwork piling into their inbox to even walk away. Sometimes, they may even sacrifice taking a break or lunch to complete a job.

Administrative assistants have such a great work ethic: they can easily multitask and work harder to find extra time during their day for a refreshing walk outside.

When administrative assistants make a mistake, which can happen, they are sometimes the butt of all jokes for the rest of the day.

To deal with mockery, they just chime in with everyone else and laugh at their own mistakes. They know that being able to admit their flaws and to learn from them is a sign of great leadership.

The status of an administrative assistant position is debatable depending on the point of view it’s looked at. With the work-load of a hundred people, they are sometimes paid as if they are at the bottom of the totem pole.

Sometimes their employers are so busy themselves, that the admin staff need to bring up the fact that a raise should be addressed. Sometimes employers forget how much their administrative assistants have done for the company, and they should be appreciated regularly.

ARAFF SHAH | Araff.z@comfori.com

Bookkeepers record financial transactions in chronological order on a daily basis. Because accounting software automates many of the processes, some bookkeepers in small organizations also classify and summarize financial data in financial reports. These bookkeepers are often referred to as full-charge bookkeepers. They make higher salaries than bookkeepers but lower salaries than accountants.

Accountants analyze financial transactions in financial statements and business reports following accounting principles, standards and requirements. Accountants analyze and interpret financial data to report the financial condition and performance of the business to company leaders to help them make informed business decisions.

Bookkeeping and accounting can appear to be the same profession to the untrained eye. Both bookkeepers and accountants work with financial data. To enter either profession, you must have basic accounting knowledge. Bookkeepers in smaller companies often handle more of the accounting process than simply recording transactions. They also classify and generate reports using the financial transactions. They may not have the education required to handle these tasks, but this is possible because most accounting software automates reports and memorizes transactions making transaction classification easier. Sometimes, an accountant records the financial transactions for a company, handling the bookkeeping portion of the accounting process.

Taking a few accounting courses and developing a basic understanding of accounting will qualify you for a job in bookkeeping. To work in accounting, you must have at least a bachelor's degree to become an accountant or, for a higher level of expertise, you can become a certified public accountant. Accountants are qualified to handle the entire accounting process, while bookkeepers are qualified to handle recording financial transactions. To ensure accuracy, accountants often serve as advisers for bookkeepers and review their work. Bookkeepers record and classify financial transactions, laying the groundwork for accountants to analyze the financial data.

source from: http://smallbusiness.chron.com/similarities-differences-between-accounting-bookkeeping-59002.html