The advancement of technology and many businesses shifting to the digital world has initiated the need to file their annual report digitally. The annual reports are a requirement by the state’s regulatory body that foresees businesses to ensure they are working efficiently with the set laws. This task is often challenging for most business owners who have no idea where to start. If you live in Singapore, the annual report requires help to provide an update of information such as the directors and officers for your business. However, you should not worry; try contacting the company secretary Singapore to get help with such tasks as filling the annual reports. You should note that the states have a piece of prescribed information that should be in your annual report and have a deadline on when the files should be filed, failure to which you will incur fines and even risk of closure.
Since businesses have resolved to use the digital accounting system, they should also ensure their annual reports are submitted electrotonically. This article explores the perks of filing digital annual reports for your business.
- Incredible Marketing Tool
The digital annual reports can help organizations focus on their achievements which often helps to attract more investors into the company. With this report, an organization can highlight its future goals and competitive advantages. All these highlighted shareholders can share this information on the public social media platform and through emails to reach the most potential customers and investors. This is an excellent way to win the viewers’ trust in your products and attract more to your business.
- Helps Reach People Globally
Since the company contains different shareholders in different parts of the world, a digital annual report is an excellent way to reach them and know the company’s progress. The company secretary Singapore will help compile and file the annual digital report and ensure its availability for investors, stakeholders, and analysts. The advantage of publishing your report on social media is that it gives the public access as anybody can look for it and share it. This makes it easy for analysts and investors to note the critical aspects of your company which help open new investment opportunities in your company.
The digital annual report can be shared on all online outlets, which increases its exposure and can help increase the customer base. Customers who read your digital report can see your progress and will help create trust with your products. With the digital annual report, you can be able to reach a lot of people globally.
- Increased Reader Engagement
When writing an annual report, especially if you plan to attract more potential clients, you need to ensure it’s entertaining so that you can capture their attention. Using conventional annual reports might be boring since they only contain static images and text. You should consider using digital annual reports since you can use gifs, videos, animation, and links. This will help to attract t and engage your readers quickly. You can use videos such as YouTube videos to portray your business culture, take your viewers on a facility tour and highlight your achievement.
The market has become competitive as some businesses are opting for the use of commercials and movies that help promote their products. You can create and share such videos on social media platforms and on your corporate website. The digital annual reports are easy to read and comprehend as you can search easily for the information you need.
Writing a digital annual report can be expensive at the initial stages since you might not have been well adapted to reporting electronically. There is also a lot to write at the start and many details. However, as you proceed, the time used gets reduced, and the cost becomes relatively cheap. Unlike paperwork that requires more staff to help compile and file every time you write the report, digital annual reporting only requires one expert or two for the whole process. You will also not have to write everything on your report like in paperwork; with the digital annual report, you can use the same template for your annual reports but ensure you make all the suitable corrections and edit where necessary.
- Reduced Environmental Impact
The digital annual reports have proved efficient and with low environmental impact. This is because you don’t waste any resources when using digital platforms. The paperwork has a very negative impact, which spoils the environment. Most investors have become environmentally sensitive, and digital reporting can help prove that your business is critical in ensuring a green environment. It is essential as a business to embrace digital annual reports to reduce the paperwork, which often pollutes the environment on poor disposal.
- Easy to Edit Report
When filling reports, there is a high chance that you might be making some errors which most times get challenging to trace and correct. Filing a false annual report has a lot of consequences, as you can be charged extra taxes due to a financial error. However, with the digital annual report, you have enough time to check since the editing is easy. When you notice a mistake, you can quickly correct the error before proceeding. All typos can be fixed quickly, and you can correct and upload the correct version on your website. A mistake can also alarm your investors or potential investors, and losing them will affect your business and finances ideally.
- Has Better Monitoring and Tracking
The advantage of a company using digital annual reports is that they can track and monitor how many people have viewed them. This will help know the best methods to use to reach the majority of people worldwide. The companies can also measure user engagement by knowing what links, videos, or buttons the reader clicked within the report. This will help you know what to improve and the best method to engage your viewers.
- Its legal Obligation
Availing the digital annual reports helps your company execute its legal obligation by the transparency directive. This directive ensures that all issuers whose securities are admitted to trading on a regulated market present digital annual reports in the European single electronic format. This gives investors and potential clients assurance that the company is legit and they can monitor your company’s progress.
You should consider creating annual digital reports as they have many advantages for your company. File it well and highlight all your success and plans to help people see the progress of your work.