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Although there are many accounting software available in Singapore today, choosing an Inland Revenue Authority of Singapore (“IRAS”) approved accounting software is important.
One of the most important functions of accounting software is its ability to work out the tax liability and make the records ready for automatic and accurate tax compliance.
In Singapore, you have to be careful and select an IRAS compliant accounting software that complies with the local reporting standards and regulations. This is necessary for 100% tax compliance and to avoid any potential issues with the tax regulators later.
Why Choose QuickBooks?
QuicksBooks Online is IRAS approved accounting software. The system is able to generate IAF (IRAS Audit File) file, which is a file that business owners are required to submit to IRAS, when subjected to GST-Registered Businesses IRAS audit.
The cloud accounting software is also customized for Singapore businesses (QuickBooks Singapore) to compute the GST return boxes automatically, which makes IRAS filing easy for the business owners.Contact Us Today! >>
What To Look Out For When Selecting An IRAS Accounting Software?
While selecting the accounting software to undertake your operational and accounting chores you have to pay attention to the features contained in the software application and see that it is built with all the capabilities to take on all the tax reporting and tax standards necessary for automatic and meticulous tax calculation and payment of tax, in order for you to meet your tax obligations.
For this, you have ensure the following points while selecting the accounting software for your use.
The modern day accounting software is built with many features and it is always better to go for the one that are built to comply with IRAS technical requirements and register.
A good accounting software will help you register all the electronic records that are necessary for filing your tax returns in a seamless manner as you are entering your accounting details.
1) The software should come with comprehensive documentation so that all those concerned with the tax compliance functions like the auditors, the tax assesee and the tax officials are able to easily understand and act on the requirements of the preparation of tax documents and pay tax as per clearly set tax compliance processes
2) The accounting software in Singapore should provide the necessary internal controls for ensuring error- free entry processing to make sure that the tax calculation and tax payment are completely accurate
3) It should also provide the necessary audit trails for the auditing personnel to gain complete audit compliance
4) The tax compliant accounting software are able to provide the right types of electronic records control by using appropriate audit technologies for complete tax compliance
With these in mind you have to bear the following in your mind while selecting accounting software for your business as it must:
a) Have all the necessary features for seamless integration with the taxation software run by the Taxing authorities i.e. IRAS if you are located in Singapore.
b) Be able to export accounting data and transfer the data necessary to support your tax returns while filing the returns online
c) Be easy to use and must be user- friendly so that any one in your business is able to use the same with the least possible learning curve
d) Be able to provide end to end encryption and other security features assuring that your sensitive tax and financial data remain with the tax authorities and none of it goes into the hands of the unauthorized persons.
e) Be able to provide the right level of communication between the tax authorities and must be able to provide all the reports necessary for easy tax compliance
f) Be able to comply with changing requirements regarding the preparation, storage, maintenance and querying of the electronic tax records you are maintaining in respect of your tax administration and compliance
g) Be able to archive your tax data and must provide fail safe ways to retrieve the data for any past period so that you will be confident of having the all the reports and data formats for any reference or revision at any point of time in future
h) Be very robust and must be stable in all respects with the highest possible coding standards so that you are able to place whole reliance on it for all your tax related tasks.Contact Us Today! >>
How Ascend Edge Can Help You?
We provide the complete end-to-end solution so that you benefit the most when using an IRAS compliant accounting software for your business register.
As our software consultant are Quickbooks certified ProAdvisors in Singapore, we will be able to provide you with the most useful and relevant advice so that you will maximize the benefits of the software for your business in Singapore.
We also offer not just accounting software solutions in Singapore, but also other solutions like invoicing and billing software solutions and payroll processing solutions. You will receive professional advice and ensure efficiency and accurate reporting of your business financials.
Contact us now to learn more!
- Pre-Purchase Consultation
- Complimentary QuickBooks Online Demonstration
- Implementation That Meets The Client’s Specific Needs
- After-Sales Support Which Includes Hands On Training
Benefits of Having An IRAS Approved Accounting Software
Once you have done this you will be able to comply with all your tax requirements and will be able to prepare, file and follow up all your tax related reports and returns in an easy manner. With everything going online and the ability for complete tax compliance through online process, now it is very easy to prepare all your yearly reports and returns with your fully IRAS tax compliant accounting software.
As all the essential tax requirements can be automatically taken care of through your tax compliant accounting software you need not have to worry about preparation of tax returns and the data required for the same as a standalone process.
With your carefully selected accounting software all the tax complying requirements will be prepared in real time as the transactions and business processes are recorded. This makes your tax compliance painless and hence you can pay more attention on your core business rather than spending time and energy on the redundant tax related works.
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