ADVANTAGES OF ACCOUNTING SOFTWARE

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...

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...