Running a business in Singapore requires you to be in compliant with the relevant laws and regulations. Hence, it is important to keep proper accounting records in order to meet the legal requirements. There are quite a number of accounting software in Singapore which can ensure that you meet the requirements.
In addition, using an accounting software can help you automate some tasks, which can save you a considerable amount of time. These time savings translate to cost savings as you can use the time to do other work, which can contribute to revenue generation.
Look at the features of your accounting software, determine the features that can assist you in automating your current tasks. Some of the tasks that you can automate include:
• Sales – Invoice generation and task reminders
You can generate regular invoices by using the particular client‘s template that you require to setup only one time. There is no need for you to re-input the client data and details subsequent to that. If the amount is the same, you just need to change the month of the invoice. In addition, the software can also help you email all your invoices to the respective clients. You can even do batch invoicing, which can help you save a huge amount of time.
You can also set reminders to prompt you to do your invoicing. In this way, you will ensure that your invoicing is done on a timely basis, so that you will be paid on a timely basis as well.
• Purchases – Purchase Order generation and task reminders
Similar to sales invoicing, you can do up your regular purchase orders by using the particular vendor’s template, without the need for you to re-input the vendor data and details. If the amount is the same, you just need to change the month of the invoice. The software can also help you email the purchase orders to the individual vendors. You can also set reminders to remind you to do your purchase orders.
• Sales – Overdue unsettled Debtors’ Invoices Reminders
You can make full use of a feature found in your accounting software to help you keep track of long overdue unsettled debtors’ invoices, sending you automatic reminders of these invoices and the corresponding debtors. Having this filtered list will help you focus on these invoices, instead of going through individual unpaid invoices to extract out the list manually. This saves some considerable amount of time on chasing late payments.
• Purchases – Overdue Unpaid Vendors’ Invoices Reminders
Similar to overdue unsettled debtors’ invoices, you can also set reminders to prompt you to make payments on those invoices which are due to the vendors. This can ensure that your Company need not incur unnecessary late interest charges due to oversight of invoices to be paid on due date.
• Bank – Bank Reconciliation
When this procedure is automated, you will just need to concentrate on reconciling the unmatched items (between the transactions found in the bank statement versus transactions found in the accounting records).
• Recurring journals
Most companies have recurring journal entries as most companies have particular expenses or transactions that are repeated every accounting period. For example, rental, accrual, fixed salaries.
You can use the features found in the accounting software, which enables you to e clone recurring journal entry and even set a reminder to remind you to record these entries for each accounting period.
Assess your Company’s other needs when choosing the software that is suitable for your Company’s operations. Be sure to choose a Singapore Accounting Software that work for you, and not the other way around.