A Secretary Should Know How to Manage Company Data
As a secretary, they must know how to manage company data because it involves a lot of information on privacy. All companies in Singapore should appoint a secretary who is a resident of the country. It is important that they understand the importance of keeping company data private. They will be the main officer who handles many administrative and reporting responsibilities. The requirements include filing yearly returns, recording and filing board resolutions.
Normally, companies in Singapore use the services of a corporate secretarial firm so they can have excellent secretarial services. Part of their duty as a secretary is to protect the privacy of the company. They should also always be alert to threats.
You can find out more about why it’s necessary to manage company data here.
Managing Majority of Operational and Law-related Jobs
One of the main duties of a corporate secretary is to maintain and take note of any business changes. For instance, they must file and submit any address change in a document to the Accounting and Corporate Regulatory Authority (ACRA). If the company does not comply, its resolution will be listed as invalid by ACRA.
The secretary is also responsible for arranging a general meeting when the business has a new shareholder. When the business is fresh, a lot of shareholders become interested, which can sometimes get overwhelming. The chance of forgetting to have a meeting is high in this situation. There is a low chance of something like this happening if you choose a secretary because they can responsibly perform tasks.
Understanding Paper Filing Systems
Even if the filing system format still is still growing in terms of use and efficiency, it does not mean paper filing systems are no longer needed. They are for:
- Creating hard copies of the important files – If someone asks for a copy of any file, it should be readily available. Also, it should be in a file cabinet they can access.
- A system that is easy to access – The paper filing system is easily accessible because it is accessible to everyone in the company. This is regardless if you are unable to find a document.
- An alternative in case the electronic systems fail – In case that someone is unable to access the electronic system or a file gets accidentally deleted, the paper system serves as the backup.
As a secretary, you must file things according to category or subject, date, numbers like account numbers or medical record numbers, or alphabetically.
If it is a paper filing system, it is helpful to use the same on all boards. It allows people to be easily trained where they can find certain files. It can also become necessary to have filing systems that differ for documents, departments, and more.
In case you will become a secretary, there might already be a filing system. If this is the case, since it makes your role more efficient, it helps to list problems that might occur with the system. This way, you can suggest how it can be improved.
Knowledge About Data Breaches
You must be aware of the right procedures in case you need to report breaches in personal data. Also, you must figure out how to manage this and do an investigation on what happened. How will you explain this to anyone and everyone? Losing data has a very negative impact on an organization’s reputation.
If you detect any data breach, you should know how to create a report about it and tell the right people that can handle it.
Observing Financial Duties
Maintaining the company’s financial records is important. Managing them yourself can be challenging. Do not forget that there are other important business affairs you must take care of, like hiring new workers and meeting with your shareholders. It is your secretary’s responsibility to maintain the company’s books. These books are cash inflows and outflows, taxes, and other company financial records.
The secretary should take note of all transactions and diligently tell you if the business is doing good or not based on the financial records of the company. If your company misses paying any tax to the government on time, there is a heavy fine you will incur and you might end up losing any benefits of taxes. Your secretary will prevent these fines. Since your secretary has your financial records, they should know not to disclose it to anyone unless it is authorized by you. It will hurt the privacy of your company if they are not careful about this.
International Compliance
If your company has personal data and operates in the European Union (EU), you most likely have to comply with a new General Data Protection Regulation and choose a data controller, develop a process in managing personal information, and draft data policy. Even if you do not operate in the EU, it is a good practice for your business to know how to manage personal data in an ethical and secure process.
The Information is Under Your Care
It is an important business practice to file the personal data you have, its origin, and who you can share it with. To find out what your company holds, you might have to undertake an information audit and develop a data map. Your secretary must be aware of the crucial information that is in your care and keep it secure, private, and away from prying eyes. Any leakage of private information could become detrimental to your company, especially if your competitors are able to access it.
You need to hire the right secretary for your company because they know how to manage company data carefully. You can ask for help from our team at 3E Accounting because we offer Singapore corporate secretarial services that can help your company.
