singapore accounting software

Accounts Payable & Receivable Application

Accounts Payable & Receivable Application

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 vendor and select which payments to hold or release.

Improve your efficiency with quick entry and defaults on headers.

Handle your expenses efficiently and keep your accounts up to date with user-defined terms, aging periods, and cutoff dates.

Assess your financial position by producing timely reports.

Accounts Receivable

Manage your cash, know your customers, and analyze performance and trends with Accounts Receivable.

With Accounts Receivable’s flexible cash flow management options, you will:

Produce timely reports to identify your best customers and stay on top of sales patterns.

Track every aspect of your sales and receivables in a timely manner, improve the inflow of cash, and make the most of sales trends.

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Choose Singapore’s Best Retail POS Software

Choose Singapore’s Best Retail POS Software

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. Using both MS SQL databases our POS have need of minimum technical support and its data is actually scalable, facilitating your future growth and expansion.

We make your POS system efficient and a user-friendly system for your everyday business operation without any delay, just by our touch screen POS which can give instant salesman reporting and you can generate your sales item or promotion listing.

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Business Invoicing Tricks to Get Paid Faster

Business Invoicing Tricks to Get Paid Faster

The success of every business often relies on you getting paid on time. In order to get paid, you will need to issue an invoice and invoicing should not be seen as a back-office administrative nuisance. Rather, it is a vital first step in achieving healthy cashflow.

Here are the ways to get paid faster so you can worry about scaling your business instead of chasing down exhausted clients.

Automate

Do you have clients that are billed the same amount each month because of ongoing projects, retainer relationships, or subscription service? You can automate invoice process with monthly recurring invoices. It only takes two minutes to set-up and you’re guaranteed to be paid each month since funds are withdrawn from the client’s bank account or credit card automatically, as opposed to creating and sending invoices for the same amount each month.

Send Your Invoice ASAP

Once your client has confirmed your quote, you should invoice your client immediately. This reminds your client that work is completed and payment is the last step, a good practice which found to results in immediate payment. The best way to make sure your invoice reach your client will be by email.

Shorten your policy terms

Shorten your payment terms to 30 days or less so that you’re receiving money into your account more quickly. Just make sure that you discuss these terms with your client during the cooperation process of a project so that they’re not caught off-guard.

Timing is Everything

Just like most things in life, timing is everything. If you are sending out recurring or short-term invoices, be sure to make the payment intervals crystal clear in the agreement. Set deadlines and make sure your client respects your time.

Get Your Invoice Details Correct

Make sure you have to get the right company details, delivery date and location, customer purchase order number, clear description of the goods or services supplied, payment terms, accurate quantities, prices, discount (if any), GST and total amount due so that they can proceed to prepare payment without changes and delay.

Review Pending Clients Payment Regularly

It’s usual to have a few clients that don’t pay on time, but if the majority of your clients are skipping payments or paying late, then the problem is with your payment system. You should keep track of your invoices narrowly and monitor any late payment behavior so you can catch any flaws sooner. The best way to track that is with your account receivable aging report to resolve which clients have not paid and when they are due to pay.

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Reasons Why Startups Consider Virtual Offices

Reasons Why Startups Consider Virtual Offices

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 professional image to prospective clients. Keep in mind, the image is everything in business, and having a professional image can make all the difference between making a reputation and attracting new customers.

A virtual office provides communication services, including phone and address, to persons and companies without the cost of a physical office. Most virtual offices comprise mail collection, normally a shared receptionist who signs and accepts letters and packages, scanning and storage, and disposal services.

Benefits of a Virtual Office

Address Requirement

A valid business address may be required for various reasons. Initially, when registering a business in Singapore, it is compulsory for a company to provide a valid office register address. Some companies will use a virtual address because they need a prominent address. There are many reasons a company would need a prominent address. It could be that a company wants to be connected with other companies within its industry that are commonly located in the same area. For a Singapore Company with no physical office, having a virtual office will make the business better image and better manage their important business documents.

Cost Effectiveness

Subscribing to a virtual office service is much cheaper than renting a physical office space. Significantly, startups that use virtual offices only pay for what they want. Entrepreneurs do not have to invest in office furniture or equipment and they do not have to worry about paying rent and utility bills. Services such as mailing, meeting space can be added to a package when the need arises. The ability to pay for a service only when the need arises makes hiring a virtual office cost effective.

Legitimacy

Issues with legitimacy may arise if a company does not have a registered business address. Nonetheless, by using a virtual office, issues with legitimacy will not be a problem. A virtual office provides services similar to a conventional office, including a prestigious address. Amusingly, clients seem to have more trust in a business that has an impressive address. Having a prestigious address deal with not only the issue of legitimacy but also handles the query of customer trust.

Continuity

Having a virtual office is a viable option for realizing business continuity. It is better than move to a different office; a virtual office put up extra services that a business might require.

The advantages of using a virtual office are many. Startups have since blossomed into large companies, by simply using virtual offices.

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Payroll Errors that could damage your Business

Payroll Errors that could damage your Business

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 of every year.

Misclassifying employees

Because of the increasing number of short-term employees, consultants, and other independent contractors, it is necessary that you accurately determine the classification of everyone working for your company so you can determine how to report payroll information for tax purposes.

Not maintaining privacy

Payroll information should not be disclosed to anybody exterior of the payroll department or the senior management team. It is important that such privacy is maintained and that payroll is handled in a secure environment.

Miscalculating overtime pay                 

There is the course of action that must be followed when determining overtime pay and miscalculations can be costly. Litigation has been rising in recent years claiming that employees who were treated as “exempt” employees and therefore not entitled to overtime were misclassified.

Poor record keeping and data entry

Singapore is generally made up of expats, foreign citizens working here based on employment permits. One of the most usual payroll mistakes the HR department could make is not maintenance its employee’s records updated. Information such as bank account number, residence status or address should always be updated.

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