Benefits of Accounting Software in Singapore

Accounting is one of the most crucial elements of business; businesses exist to make money, and accounting ensures they do. 

Without efficient accounting, your business is sure to fail. Traditionally, accountants were the only way of keeping your business books. However, the accounting industry today has grown significantly. Accounting software is the best way to keep your books in today’s business environment. 


The Singapore Business Federation encourages SMEs to adopt digital business technologies for their growing or established businesses. 

 The use of accounting software is essential for any business, and has been adopted by many companies in Singapore. It enables businesses to grow faster because of the numerous benefits that accounting software in Singapore offers:

1. Efficient Tracking and Monitoring Stock Transfer 

The transfer of stock is an important part of any business. It is a time-consuming process and prone to human error, fraud, theft, and damage. Accounting software can help you track your inventory and make sure that everything is accounted for properly.

A good accounting software will help you to easily reconcile your stock on hand with your inventory account for any given date and keeping track of item quantities held at each location to prevent stockouts.

2. Sending and Receiving E-Invoices 

Wouldn’t you like it if your customers were invoiced automatically in time, and reminders sent when they failed to remit payment in due time? Well, it’s possible with accounting software. 

E-invoicing is a great practice to adopt. It saves you time and money, ensures easy reference and tracking purposes.

When sending an invoice, all you need it to enter the customer’s details, and the software automatically populates when they are entered into the system during the registration process. The next step is simply to click “send”.

With E-invoices, you enjoy getting faster payments through faster invoice processing, validation, and payment. E-invoices also improve efficiency by avoiding error-prone manual data entry and skip labor-intensive steps.

3. Time Billing 

Time billing is a feature that allows you to track the time you, employees, or suppliers spend on various client projects. Time billing makes it easy for you to invoice your clients for the time you spent on their projects, and it's also great for keeping track of your own time, analyzing and understanding how you and your staff spend their time and if it is profitably spent.

If you have clients who pay by the hour, then they might benefit from knowing exactly how much they're paying each month or week. This is especially true if they are paying large sums of money in one go—such as when they hire an accountant full-time or sign up for retainer services.

 Time billing gives them this kind of data so that they can better manage their cash flow and make smarter decisions about how much money should be paid out at once to avoid getting stuck with an unexpected bill later down the road.

4. Integrated Bank Feed and Bank Payment 

Accounting software could allow you to seamlessly integrate with more than 5 major banks in Singapore. This means that you can be up and running within minutes without needing to set up any external connections or integrations. 

All transactions will go through the same system that you use for accounting purposes which makes it easier to reconcile your books at the end of each month or quarter. You only need one software for everything.

Alternatively, accounting software will enable you to sync daily bank feeds and process online payments to vendors while eliminating switching effort between accounting software and online banking portal.


5. Helps you stay compliant with local laws, taxes, and regulations

By using an accounting software, you save money in the long term. This is because you don't have to hire a person to manage your accounts, which would cost you a lot of money each year. By using an accounting software, it will take less time and effort for you or your staff members to handle all of your finances, making them more efficient and productive within their roles at work.

The accounting software will help you; 

Stay on top of Singapore’s tax obligations.

Easily keep track of your GST (Goods and Services Tax)

Automate the preparation and filing of Form C-S and Annual Return to IRAS and ACRA


6. Robust Inventory Management

Inventory management is important for any business. Inventory management helps you track the stocks and items that you own, allowing you to be better prepared for a sudden increase in demand or an unexpected shortage of products.

You can use the inventory management feature to make changes to your inventory. This can include adding new items, removing old ones, and updating prices for existing items.

 With a god accounting software. You will enjoy the flexibility to maximize your ROI and grow your business.

7. Business Analysis Opportunities

You can also use accounting software embedded with business intelligence capabilities to perform several other tasks, including:

Business analysis opportunities

Business analytics

Business intelligence

Business information

Make informed decisions based on accurate and detailed information with over 200 flexible reports and charts. To detect common processing errors and ensure your business information's integrity, just use the inbuilt Data Auditor.


8. Know Your Cash Position

Accounting reports provide detailed insight into your company's current financial situation, which helps visualise and plan your business with quick and easy cash flow analysis. 


With this, you can quickly identify potential issues and opportunities and make well-informed decisions. You will know exactly how much cash you have and how much you need for business expenses and investment.

It’s Easy to Get started

Using accounting software in Singapore can save you time, money, and headache.

PSG grant accounting software is 100% Singapore tax-compliant accounting system with a robust inventory management solution that helps you track everything from your purchase order to stock and sales invoice.

 The bottom line is that a great accounting solution saves you from having to do everything manually and allows you to focus on growing your business while letting an automated system handle the day-to-day tasks.

 




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