Accounting Software For Your Business
An accounting software helps manage your business’s finances. In addition, the automation of some functions resulting from the use of the program helps improves your bottom line via saving up time incurred in doing up the manual accounting.
Your bottom line is improved, as the saved time can be transferred to focus on other more critical business functions, which are more directly linked to the growth of your business.
The choice depends on numerous factors, for example, the size of your business, the type of industry and the functions that your Company requires in order for your business process to operate more effectively.
For example, there are some accounting software for small business which are not just cost effective, but with the capability for enhancement when the business grows to the next level in future. This helps the business owners manage the current software costs while benefiting from the productivity benefits of having the software.
How The Different Modules In An Accounting Software Help Your Business To Achieve Your Goals
The following list shows those functions which are more commonly used by business:
- Invoicing and billing
- Retail accounting and point of sale
One time input entry – save time Most accounting program, including QuickBooks Singapore requires only one accounting entry for each transaction, which saves time as duplicated work is eliminated.
Time is also saved due to the reduced possibility of errors, hence hours spent in investigating and resolving mistakes and reconciliation breaks arising from errors are reduced. Checking and review of the entries are also made easier as all data (accounts, journals and reports) is stored in the system.
Access to real time data – better decision making The use of accounting software allows for automatic generation of instant financial reports (for example balance sheet, income statement and cash-flow statement) for management decision purpose. Users can view these reports via a click of a button. Decision makers and business owners can thus see the real-time state of your Company’s financial position. You will be able to better keep track of your business’s finances and better assess the financial performance of your business.
Accounting modules that are part of an integrated suite of more complex program like an Enterprise Resource Planning (ERP) System allows you timely update of your company’s performance across different views.
Minimize Errors – save costs Errors cost the company time (in investigating and resolving them) and money (as some errors have consequential effects on other areas of the business’s finances). Hence, the auto-check and auto functions in the system can greatly address these concerns by minimizing errors.
Tax obligations made easy – minimize possible errors and potential penalty payments There are two corporate tax filings that companies need to do every year – filing of Estimated Chargeable Income (ECI) and filing of Corporate Tax Return on your actual income.
If you are a GST registered company, you are obligated to file the quarterly returns and make payments on a timely basis. Penalties will be imposed for late filings and payments. Some accounting software is compliant with IRAS requirements, which is critical in assisting you to comply with your tax obligations. An IRAS approved accounting software tracks and calculates your tax and GST at ease, saving you hours to do up your tax and GST returns.Check out the 5 benefits when you buy the trusted software solutions from us. Click Here >>
Invoicing and Billing Module
Interface to accounting module – Save time
Most of the invoicing and billing features embedded in the accounting application interface with the rest of the application. This means that book entries are automatically generated after the invoicing and billing are done. This seamless and automatic process saves the individuals a lot of time as duplicated work is reduced.
Improves your invoicing billing system – improve cash flow position
The accounting software helps to increase the turnaround time for the invoice processing. This means your chances of getting paid by your customers at an earlier time will be higher, as the invoices are generated and forwarded to the customers at faster rate.
You will also be able to better keep track of the invoices. This translates to faster and more effective collection process, hence improving the cash flow position of your company.
Better manage collectability of customer receivables and keep good record of customers (new and existing) – increase cash flow position and sales
There are reports (for example aged debtors summary) found in the accounting software which show you the aging of the customer receivables. This is very useful in helping you to identify and focus on chasing those overdue customers in getting repayments. This improves the cash flow position and minimize potential financial loss of your company.
Better inventory management – improve cash flow position The inventory module found in the accounting software can help your company react more quickly to changes in your customers’ demand and better manage the inventory that is stocked up in your warehouse. This reduces costs related to inventory holding and improve lead times in the manufacture of your products.
Working capital management is improved as a result (for example money tied up in inventory can be put into better use to increase sales and improve business process), and thus cash flow position will be subsequently improved.
Automation of monthly payroll computation and payment, including CPF contribution – ensure timeliness of payment, accuracy of CPF contribution rates and save hours due to automation
One of the business owner’s role is to ensure that timely and accurate CPF contributions are made to his employees. In order to ensure accuracy and to avoid paying penalties and fines, he has to keep himself constantly updated on the changes to the CPF contribution rates. The payroll module in the accounting software saves you the hassle and worry as the software is updated with any changes in CPF rules.
In addition, the payroll software offers numerous flexible reports, including reports necessary for you to submit to the relevant authorities. The software ensures timely and accurate payments via the Payroll AutoPay function, which enables easy crediting of salary and payment to statutory authorities via generation of a disc file. With the payroll module, you are not only saving hours of work monthly and are also assured of fulfilling your role as an employer with regards to the CPF contributions
With them, I can focus on the core of my business. I consider Ascend Edge and its affiliate partners to be a part of my team, and I know I can count on them to give me advice and partner me to help run my business smoothly."
APAC CONNEXION PTE. LTD.
I highly recommend Ascend Edge and its affiliate partners to any company who wishes to experience truly reliable and outstanding work."
Belinda Chew, Director and Business Owner
Li Jiajuan, Business Owner
Zach Ngiam, Meridian Accounting Pte Ltd
Accounting software – factors to consider when purchasing an accounting program
For any business to succeed in today’s highly competitive marketplace in Singapore, they need an organized and flexible management strategy. It’s only then that businesses can execute tasks with precision and respond to market changes with ease. But while there are different aspects that characterize a solid business management strategy, accounting remains at the heart of any successful strategy. Thanks to technology, small and medium enterprises can invest in modern accounting strategies at minimal and affordable cost.
Business owners nowadays can use accounting software to merit their business accounting process. They can use the most current and precise financials (balance sheet, profit and loss and cash-flow statement) to track and analyse financial records, solve arising difficulties and initiate communication with customers and relevant associates. In addition, with the use of accounting software, business owners can ensure that they are in compliant with the Singapore regulations, which include regulations from ACRA and IRAS.
Currently, there are a numerous accounting software in Singapore and it can be difficult to select one the best accounting software suited for your business. Hence, we have listed down some considering factors for you to take into account, so as to narrow your search to find the accounting software that you need.
1. Business Requirements Business owners need to know the scope of business as this will help them determine the tasks that they want to undertake with the use of accounting software. For example, they would like to perform invoice billing processing, inventory management, client relationship management and budgeting using the accounting software. They can use their current business operations as the basis to scope out the tasks. Also, the size of the company matters – the business requirements needed for an accounting software for small business will differ from a medium enterprise.
In addition, they should also include their future business plans to derive the list of tasks. For example, a near future expansion or introduction of a new product line will definitely affect the choice of accounting software.
2. Modules Included With the list of tasks in mind, business owners have to ensure that the modules included in the accounting software contains the required modules that will help them perform all the tasks included in the list. Examples include sales purchase module and inventory module. In addition, they also have to ensure that these modules are included in the basic package.
If the modules are not included, they will need to enquire about the additional costs required for these modules. They have to ensure that they include additional costs into the total costs of this particular accounting software. It forms a very important basis for to compare the total cost of this particular accounting software with other accounting software.
For example, the accounting software should display their modules and the tasks in a process oriented manner, such the their customers can just follow the icons displayed to complete the recording of the necessary transactions such as purchase and sale, without worrying about the double entries recorded, as the double entries would have been automatically generated, after the customers input the necessary information required record the transactions.
4. Accessibility This factor is very critical, if you are running your business in multiple locations. You want to ensure that your employees are able to access the most updated file. You need to enquire on the setup required (if any) to connect the employees access form the multiple locations.
5. Ability to Integrate with Other Tools Having this flexibility enables the business owners to integrate their current existing tools or business management applications into the accounting software. For example, integrating their e-commerce platform or client relationship management system to the accounting software reduces duplicated work in terms of recording the transactions. This will help streamline the business operations and increase efficiency.
6. Data Protection Business financial data is very critical for business success, hence business owners have to take the necessary steps to protect the data. During the shortlisting of the accounting software, the business owners have to enquire about the data backup process, including the frequency of the backup and the costs. Is the process done in-house or by the software company.
7. After Sale Service Support Among most of the best accounting software in Singapore, excellent sale service support is a common attribute which the software companies offer. Business owners want to ensure that they are able to get the reliable and continuous support needed after the purchase. This is especially so for small businesses who purchase accounting software as they usually do not have a dedicated IT staff.
Software companies usually offer a few modes of support, to assist their customers with their technical problems, for example a phone, email, remote access or onsite support. They also provide customised, on the site trainings to teach their customers to navigate around the modules. User manuals are usually provided too, to ease their customers into the use of the software in a seamless and hassle free manner.
In addition, the software company should be there to provide upgrade and enhancement of the software, if required, to ensure that the accounting software is kept updated with the latest changes in the requirements prescribed by Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS).
Check Out More Features of An Accounting Software
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About Ascend Edge
Ascend Edge Pte. Ltd. provides you with a complete solution in Singapore, including accounting software and inventory management systems to meet your business needs, from pre-purchase consultation and demonstration to after sales training and support.
Whether you are starting your business or have outgrown your off-the-shelf solution, we will provide you with the complete and comprehensive solution that is most suited for your latest business needs and requirements, to help your kick-start your business and grow fast or help your business evolve with the changing business environment.
As an authorized reseller of MYOB software and business partners with the developers of Auxzol ERP and cloud accounting software (including online erp software), Ascend Edge ensures that our business solutions are catered to our customers’ requirements to support their growth and changing needs.
Ascend Edge is also a QuickBooks Online Singapore Certified ProAdvisor.
Together with our business partners, our strength lies in the ability to work closely with Small and Medium Enterprises (SME) to understand their unique business needs and requirements and provide cost-effective solutions that can help to align their business operations to the accounting needs, to enable them to thrive in the ever changing business environment.
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With the many options available to you through our assessment, you are sure to find the right solution for your business from off-the-shelf to customised ERP system in Singapore. We provide these after-sale support as well, including optimum hardware installation if your company has more complex IT requirements e.g. multiple-locations set-up, biometrics connection, network server integration, retail outlets’ front to back office interface.
With un-paralleled after-sale support, Ascend Edge is your one-stop shop for everything you will need to complete your accounting and other management systems.
PIC Scheme in Singapore
Singapore business (sole proprietorships, partnerships, companies) can enjoy tax benefits when they purchase the software from the PIC scheme. From the productivity scheme, the tax benefits are in the form of enhanced tax deductions or cash payouts (eligibility applies for cash payouts).
Hurry and call us now, we will help you with applying PIC when you purchase from us! By using one of the top business software in Singapore by small and medium enterprises, you can be assured of strong support channels that you can tap on to answer all your questions and address your needs.
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