ADVANTAGES OF ACCOUNTING SOFTWARE

Business Intelligence Small Business Accounting Software gives you production financial reporting, dashboards, Business Intelligence coupled with drill-down all in one package. Easy-to-use, fast, powerful reporting without IT Graphical visualization Accurate info in real-time On-demand dashboards and pivots Workflow Enhances your control and oversight of all internal control functions by providing a visual medium for the setting up and monitoring of all your authorization and review processes. Visualize then actualize your approval process Automatically route tasks and assignments Automates responsibility and accountability while providing visual clarity of routing activities Budgeting & Forecasting Budget and forecast your organizations long and short-term goals. Create budget approval workflows and compare budget to actual results. Budget various ways using general accounting structure, payroll or allocations. Collect budget inputs into a single p

Accounting Software automates and accelerates the work of an accountant or bookkeeper by reducing or simplifying recurring tasks like paying bills, entering double entries, issuing of invoices and generating several types of financial reports. These days various Accounting Software has an auto-matching feature which facilitates the performance of monthly bank reconciliation. With the introduction of Cloud Accounting Software , it brings immense convenience to users by allowing them to simply record transactions, retrieve accounting information, issue invoices and produce reports on the go, anyplace and anytime. For businesses, such convenience at a reasonable cost only means bigger adoption of the Accounting Software over the years. We trust its popularity will keep on going. New buyers made up a major portion of the market for accounting software last year, at 37 percent. More companies are finding that inheritance accounting systems can’t stay up with their needs and say th

Advanced Analytics & Forecasting Many reports say hiring professionals with skills in predictive and prescriptive analytics is important. This includes data analysis expertise, which promises to bring greater control to the Finance function. There are huge amounts of information that can expose significant insight and improvements when harnessed suitably. Simultaneously, technical expertise in cybersecurity is necessary to cope with the risks that big data can fetch. Robotic Process Automation Estimated to greatly enhance productivity, automation threatens to make many Finance and Accounting roles outdated. As technology streamlines processes and eliminates inefficiencies, the focus shifts to building a highly planned Finance team that acts as an exact business partner to both internal and external stakeholders. Cloud & SaaS Cloud & SaaS technologies allow for the reformation of processes as several parties can easily access the same information, also increas

Here’s everything you need to know about the day after Tax Day, and how you can prepare yourself so that you’re not caught off guard by competitors who refuse to acknowledge the existence of their vacation days. The medicine that’s the most bitter to consume is often the most successful get therapy, which is why accountants and tax professionals would like to fold up and ready to work, despite the fact that they’re most likely readier than ever for a break after Tax Day. While it’s undeniable that the accounting and tax professionals deserve an extensive breather after the unbelievable workloads they deal with every year as Tax Day draws near, the competitive reality is that in today’s marketplace, you can’t really afford to take a day off so soon. Yes, as sour as it is to confess, most accounting professionals need to admit that the day after Tax Day needs to be spent gearing up for next year and that your clients will soon be flooding you with questions yet again. First

Singapore Accounting Software performs both the accounts payable and receivable functions. It produces detailed analysis reports like Customer Account Receivables Analysis Report, Sales Analysis Report, Bank Reconciliation Report etc can be auto-generated and gets updated automatically after any data inputs and adjustments giving a real-time view of the business and financial status. The daily use reports like Balance Sheet, Profit & Loss Report, Trial Balance, and Cash Analysis Report are also available in the application. Accounts Payable Track obligations to suppliers, control cash flow, and speed data entry with the accounting applications in Accounts Payable. Produce a wide array of pre-designed reports, and take advantage of the flexibility to pay all invoices, prepay selected vendors, or split invoices for payment. With Accounts Payable helping you prioritize your payments, you can: Save time and money with the ability to review outstanding payments by the v

To manage easily and scale your business with a retail point of sale systems (POS) from Singapore Accounting Software . Touchscreen retail POS uses Windows-based software for the food & beverage (F&B) establishment as well as for the merchandise (Retail) outlets. EZ Point of Sales is designed for Microsoft Windows platform and is suitable for any retail businesses. Its user-friendliness, easy to learn, and feature rich characteristics are well received by our customers. POS Software Interface of touch screen icons can be customized to suit every trade of business needs. Functional buttons can be turned on/off, rearranged, re-named or password protected. Related to billing & inventory software, retail POS software has the fundamental function of inventory such as stock control, stock takes report and item condition and reporting to you to examine your inventory movement details. We gave priority to performance & stability of our Points of Sales software . Us

In the virtual world of today, it is really surprising that physical offices and stores still exist. Availability of the modern technology, it gives the impression of a real office could be abandoned by just about every business and chooses a virtual office instead. However, hundreds of companies open up every month, but only a few stay alive doing business. One of the main weaknesses that startups have to put up with is not having a physical business address. In developed countries like Singapore, it is mandatory for any legal entity to register a business address, in order to obey regulatory requirements. While it is essential to have a registered business address, this is often not a feasible option for startups. New entrepreneurs might not have the required funding to invest in a business address. Using a residence address, as a company address becomes one of the satisfactory alternatives. However, this is not all the time the best choice, especially when trying to show a

Payroll is a significant lifeline that shows business a key role in staff retention and workers morale. Any business with human resources must have a system in place for handling payroll activities, which includes paying employees, filing all necessary government forms, and paying taxes promptly. There are numerous aspects to payroll, particularly in larger companies with full-time and part-time employees plus independent contractors. Here are 10 of the most common payroll mistakes to be responsive to. Missing filing deadlines  It is very important that you mark your payroll chart and report and deposit and payroll taxes to federal and state agencies in a timely manner. Late deposits can result in penalties and interest charges. In order to avoid such payroll mistake, the management, the accounting department or the HR department should keep logs on when these deadlines are. Singapore companies are required to file Forms IR8A and IR8S and Appendixes 8A and 8B before March 1st

Blockchain makes a decentralized record of all exchanges where all records are upgraded and open to everybody in real-time. It records and verifies transactions without any trusted central authority. The technology itself exists as a file that maintains a continuously growing list of ordered records called blocks. Each block contains a timestamp and a link to a previous block using a “fingerprint”. Blockchains are resistant to modification of data and cannot be altered retroactively. Here are some key points to consider about the impact blockchain technology will have on the future of accounting . Smart Contracts With the security of blockchain technology, smart contracts that automatically process invoices, bank balances, and other accounts are also made possible with absolute transparency. Consolidated Bookkeeping Rather than keeping multiple records, companies can log off their transactions into a joint registry. Standardization in Auditing Since blockchain create

The purpose of an inventory management system is to track the warehouse items through purchase, sales, locate them across one or many warehouses, and price the inventory so you are familiar with the value of items you have in inventory for accounting purposes. Small-business owners face several problems when they are just starting up, such as securing financing, finding customers and managing inventory. As small businesses grow they think they have to leave their accounting solution in favor of a more expensive solution to take their business to the next level. Fortunately, Singapore Accounting Software offers best inventory solution for the small businesses. It is an inexpensive and cloud inventory management system that’s flexible and will grow with you. It offers inventory system in the form of EZ inventory and Sage_Ubs Inventory Software . Integrating Sage_Ubs Inventory Software with Sage_Ubs Accounting Software helps in: Sales and purchase invoices figures are

In general, deductible business operating expenses are those entirely and absolutely incurred in the production of income. The Singapore government has allowed for tax deductions on several areas of operations for businesses, and ignoring them is as good as leaving money on the table. Here are some of the most commonly overlooked areas: Office Renovations In Singapore, companies can claim deductions on the cost of renovating business premises, up to a total of $300,000. These costs cover a wide range of applications, from lighting to bathroom fittings and even certain decorations. The deduction needs to be claimed over three consecutive years, starting from when the costs are incurred. You also need to keep supporting documents, including a list of work done and related costs, for five years. Therefore, remember to file these invoices during your accounting . Research and Development Incentives for research and development are considerable in Singapore – up to 100% o

Social security or Central Provident Fund (CPF) contributions are compulsory for Singapore citizens and permanent residents who are working in Singapore. Foreign persons working in Singapore are not qualified for the CPF scheme. The Central Provident Fund (CPF) is a compulsory savings plan for employees in Singapore. It funds a range of social security schemes, including retirement, healthcare and housing, and is maintained by the CPF Board. Under the Scheme, the employer and employee are required to make monthly offerings at the existing contribution rates which depend upon the wage and age group of the employee. Both are required to make CPF contribution on the employee’s Ordinary Wage and Additional Wage subject to an Annual Wage Ceiling. Prior to 1 January 2016, the wage cap for Ordinary Wage is SGD5,000 per month while the Annual Wage Ceiling is SGD85,000. From 1 January 2016, the wage cap for the Ordinary Wage is revised to SGD6,000 per month while the revised Annual

Singapore tax policy is excellent, and this is why the country is often regarded as the tax haven. Factors like low and competitive tax rates, exemption schemes and a series of tax incentives make the nation more attractive for the foreign investors. Most prominently, the government of the country liberalized the Singapore taxation rules on foreign sourced income. As per the Singapore Tax Act, Section 10(1), the Singapore corporate tax is levied on the income earned from Singapore or received in Singapore from outside the country. Specifically, income earned outside Singapore is subject to taxation in Singapore. However, some exceptions are there. Foreign sourced income is only taxable if it has an office or branch in Singapore. Under the Section 10 (25) of Singapore Tax Act, foreign-sourced income is taxed only when the income is received in Singapore in following ways: The income that is transferred, remitted or brought into Singapore Any amount of income received from

Once you decided to register company in Singapore, it is essential that you know the type of business entity that you want to incorporate. Your decision can influence the amount you pay in taxes , the image and insight of your business among your clients and suppliers, formalities for your business is required to do, the personal accountability you face, the ability to have a loan of money, and the possibility to expand your business. 1. Limited Liability Company A Limited Liability Company (LLC) is a company limited by shares i.e. its liabilities are limited to the amount of share capital. LLC is a business entity registered under the Singapore Companies Act and a separate legal entity from its members. In a LLC, the liabilities of the owners are limited to the assets in the company and their individual assets are protected from business liabilities. A Singapore LLC can be of the following types: Private Limited Company (Pte. Ltd.): This type of LLC is a first choice for a

Singapore Accounting Software aims to simplify business management system, in order to that they develop an inventory software.  It is designed to be as intuitive to use as possible, so after a speedy installation, you’ll be well organized your inventory processes within minutes. The UBS inventory software made by Singapore Accounting Software has the following powerful tools and functions which helps management greatly in their daily operation function. Different level of data access security Real-time update of stock item Multi-currency transactions, Multi-location reporting Multi-delivery order to 1 invoice Assembly of Bill of Materials Detail B.O.M Reporting Multi-Users, company, delivery address Accurate costing method Unlimited formula for stock computation Serial number tracking Forecast quantity of items Multi-level of quick and fast search function of inventory Inventory Profit margin reporting, Inventory aging report Backorder inventory Multi-level

Depending on the type of operations, accounting & finance systems fall under four different categories. There are also wide-ranging accountings suites designed for enterprises that combine the finest features of every category. Here is a brief summary: Payroll management systems If looking to protect control over your account payables and account receivables, you must be looking for payroll management systems that will handle it all. These tools were developed to carry out a collection of different tasks, as well as calculating employees’ salaries, cutting deductions, depositing the salary directly into staff members’ bank accounts, producing tax forms, payslips and more. On the long run, they will make safe your financial transactions, cut expenses, and help set up detailed reports. Billing & Invoicing systems Billing and invoicing systems absolute companies’ basic, day-to-day tasks, including check writing and informing customers of their due payments. They

Singapore accounting software provides our customers with a superfluity of world-class Singapore accounting software.  Our MYOB accounting software and other brands of accounting software in Singapore facilitates speedy sales processing whereas our Sage_Ubs accounting software offers easy features and ensures great flexibility. As your top accounting solutions provider, we strive to offer the highest quality service to maintain competitive advantage. These are the basic elements we consider while designing our accounting software for your business: Cost Ease of use Timesaving features Reporting capabilities Mobile access and mobile features Accountant access Service limitations, including the number of customers, invoices, users, transactions packages allow Customer service Additional services like credit card processing, tax preparation and payroll services Integration with third-party apps 

Have you prepared a new year’s resolution for your business? Finance is the focus at the start of the year and there is all sort of software to assist you to get your organization in order. Whether you’re determined to sort your expenses, rationalize your invoice or begin tracking your mileage, there’s a tailor-made resolution out there. But with so many options, it can be hard to find the product that makes the most sense for you. Flexibility is one of the perks of working for you, so select accounting software that supports this. An excellent package should make it simple to email estimates or invoices when you’re on the go, using templates you can modify. If you have got several clients or various projects make sure you have access to a time tracking feature. There are plenty of reasons to choose online accounting solutions instead of desktop packages. Singapore Accounting Software is the one-stop destination for all your business accounting needs and requirement

Singapore accounting software is likely to benefit many businesses. Accounting software describes a type of application software that allows faster data entry than manual accounting, and allows documents such as invoices, purchase orders and payroll to be collated and printed quickly and accurately. It functions as an accounting information system. Advantages of accounting software If it’s difficult for you to keep track of your money, you’re on the path to needing accounting software. Use accounting software to get the following benefits: Simple data entry - it is typically fast, straightforward and only required once Fast processes - delays, for example between sale and invoicing, are minimal Automation of reports and analysis - on profit and loss, debtors and creditors, customer accounts, inventory counts, sales, forecasting, etc Automation of tasks - calculating pay, producing payslips, calculating VAT, etc Reduction of errors - transposition of figures, incorr