Accounting Singapore

Making Life Easier for Employees with Children

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Making Life Easier for Employees with Children

Working and parenting at the same time has never been an easy feat. With work demanding more time than ever and spilling over into home life via messaging and other electronic communications, it is sometimes difficult to separate work from life. To create a sustainable workplace culture and to attract the top tier employees, it is important for companies to beginning looking into how they can make life easier for employees with children.

Offering Paid Parental Leave

When babies are born, it is a very important time for the family to form bonds and figure out their new system. Offering paid parental leave is becoming standard among many large companies and can be invaluable for new families. While mothers generally need longer leaves of absence in order to get used to feeding and to recover from delivery, it is becoming standard to offer fathers a few weeks of paid parental leave, as well.

Scheduling with Flexibility

Parents often need a little more flexibility in their schedules than non-parents. Illnesses, school days off, and other obligations may crop up and get in the way of work. By scheduling flexibly, employers show employees that they care and they also help to ease workers’ minds so that they can be fully focused and committed while on the job.

Optimizing Scheduling

In addition to scheduling with flexibility when events pop up in parents’ lives, employers can work to anticipate certain scheduling conflicts in advance and take steps to mitigate issues. Children of school age will invariably have nights and weekends off, so it makes sense to schedule parents to be available for these times so that they do not have to waste their energy and time making arrangements. Working with parents to create an ideal schedule often works out in everyone’s best interests.

Consider Instituting Split Shifts

A growing trend among some companies is the split shift. Employees that work split shifts come in during the morning and work through the early afternoon, then pick children up and spend a few hours with the family eating dinner, assisting with school work, and putting the children to bed. After the children have gone to sleep, they log a few hours finishing up work so that their time is best prioritized among all of the important things in their lives.

Allowing Remote Work When Possible

If your company can allow remote work to some degree or another, it may be very helpful for the employees that are parents in your company at times. Allowing your employees to work remotely when their children are sick or when a snow day is called can help you to stay on track with deadlines, can prevent your employee from having to take a sick day, and can show that you care enough to work with them.

Assisting with Childcare

Depending on the structure of the workplace, some companies have found that it makes sense to offer assistance with childcare in one form or another. This may mean allowing employees to bring their children to work, if the workplace is not dangerous. This may also mean offering benefits to assist with the costs of child care.

Source : time.com

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Quicken Home and Business – A Review

Quicken Home and Business – A Review 650 x 375

Quicken Home and Business – A Review

If you are looking for personal accounting software with a few small business features, Quicken Accounting fits the bill. Quicken offers basic business accounting tools for those who manage cottage industries. Most of the program focuses on personal accounting, though. Quicken offers investing tools, tax planning tools, and property and debt management tools, all ideal for personal finance. Even the reporting categories are suited to personal users: Where did I spend my money during this period? How much did I pay to account B? What am I worth today? and, Did I meet my budget?

Though friendly to personal users, Quicken Accounting received a low rank for features in our accounting review because this program lacks important small business section, such as Inventory, Payroll, Time Billing, and Jobs Management. However, the program does have Accounts Payable and Accounts Receivable sections, some cash flow options and a Balance Sheet. If you need a program for personal accounting with only a few small business extras, Quicken works.

Accounting & Business Functions

Quicken Home and Business is an easy program to set up, understand and use. The separate business feature contains most of the small business options, including Accounts Payable and Accounts Receivable—both easy to manage.

If you want manage payroll, however, you have to sign up for a separate service. This is an annoying extra step for those who want payroll features integrated into the accounting program.

Quicken Home and Business has intuitive navigation. The drop-down menu at the top of the screen has icons below to help you find the setup wizard and extra services. Quicken also offers tools to manage cash flow, investing, property and debt, planning, and taxes.

 

Implementation & Startup

The help documentation is excellent; it is complete with a search function so you can find the right subject quickly and easily. They also offer a How do I section at the top of each screen so your questions can be answered quickly and easily.

Help & Business Education

The Accounts Receivable section of Quicken isn’t as good as in some of the other software we reviewed. First of all, it’s hard to find. You must click on the Business drop down menu then find Invoices and Estimates. A small business should be able to reach Accounts Receivable in one click.

This software lets you to make and email invoices but you cannot track shipments or print labels. We found only one report related to accounts receivable

Contact Us : www.singaporeaccountingsoftware.com

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Small Business Accounting Software Everything You Need to Know

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Small Business Accounting Software: Everything You Need to Know

1. Look in the proverbial mirror and make a list

Arguably the most important, if mundane, tip is list your small business’s accounting needs. Most owners have a general idea of what they want, but if you want to minimize cost then a specific list is key. Otherwise you end up paying for features you don’t need.

Not sure where to start? First, pick the low-hanging fruit.

Take all the functions you are already doing with Excel/graph paper/post-it notes and put them at the top of your list. Things like invoices, inventory, and income and expense tracking. Then ask yourself who accesses, or will need to access, this information. (Sales staff, the bookkeeper, the accountant?) Check off the number of seats your new accounting software will need to support. Now your list has its basic framework. And if you’re a very small business who just needs the “basic framework” then stop here. But if not, it’s time to determine what “advanced” features you’ll need out of your accounting software. Use these three questions as a guideline:

What functions will help save time on employee management? What functions will help save time on customer relations? What applications and processes will the accounting software need to integrate with?

Employee Management

Payroll, sick, personal and vacation day tracking are the most common employee management tasks a small business handles. Small businesses with significant head-counts should research dedicated human resources management tools and/or payroll processing services for these tasks, but for very small businesses

Base your decision on the value such time-saving will generate for your business. Could the time spent on employee management be instead used to generate more revenue? If so, tasks like payroll should go on your list.

Customer Relations

Customers will take note of your sales and delivery strategy, but they will remember forever how you present your bill. How you manage your accounting procedures says a lot about how you manage your customers.

Your new accounting software must maintain the goodwill you’ve worked so hard to build with your customers – and help you get paid faster too.

Evaluate each stage of your accounts receivable process, from purchase order to bank deposit, to see where software can clean up any inefficiencies. Cash flow is a top priority for a small business. You want accounting software to speed up payment, not slow it down.

Integration

Consider the applications you’re already using to run your business. How would new accounting software integrate with those applications?

Maybe you’re a retailer that needs its point-of-sale system to instantly give sales and inventory updates to accounting. Maybe you’re a direct sales organization that needs customer invoices to post directly into your CRM. (Or maybe you’re any business that just wants its old Excel files to load without wingdings infiltrating the spreadsheets Whatever you are, save yourself the pulled-hairs and check compatibility before you make a decision.

2. Consult with professionals

Sure, you ignored the warnings from your parents when you married your long-time sweetheart, but with a software marriage, you can’t afford to ignore those with experience.

If you have a bookkeeper, ask them for a recommendation. At the very least make sure your accounting staff is proficient with your software choice.

Get your IT staff involved too. If you’re going to keep accounting data storage and security in-house, your servers will have to be up to the task

The most obvious, and critical, consultation is with your accountant or CPA firm. They are not only experienced with many of the platforms you’re looking into, they are also deeply familiar with your business. Ultimately you’ll want a program your accountant is comfortable using. Why make the professional who’s trying to keep you out of IRS hell miserable? Make sure they endorse your choice. If this isn’t an aphorism, it should be: if you’re accountant isn’t happy, you’re not happy.

A side-note: you may want to give your accountant year-round access to your software so they can head off any tax-angina. If so, online or cloud-ready capabilities are something you’ll want to put on your software wish list.

3. Demo, demo, and demo again

You have your list and your professional recommendations. Now you need to get your feet wet – but in the shallow end of the pool. It’s time to demo products.

Most products on the market offer free trials, and a couple of hours spent clicking around is incredibly useful. Use this time to check how intuitive the interface is, how well it jives with your work habits and task flow. Remember, you’re getting married. You don’t just want fancy features, you want to be able to talk to it on an average Thursday afternoon too. Don’t dismiss a curated demo. Yes, you’ll probably have to listen to a sales rep point out features as breathlessly as a kindergartner with a new macaroni necklace. Put up with it so you can ask questions about everything on your list.

Support is often overlooked when choosing software, but as a small business you’re more likely than most to need it. Ask if the vendor offers product training. Ask about the hours and breadth of their tech support. And don’t forget to ask how much all that support costs.

If your small business has limited, or even non-existent IT, ask the vendor how your data is backed up and how they keep it safe. And how easy it is to recover all your files if your systems are damaged by an act of God (or man – or office cat.)

Most importantly, inquire about the product’s scalability. Do you really want to go through this matching process again when you grow from small to medium to (fingers crossed) enterprise? Good software should grow with you.

4. Don’t overbuy

This one’s quick and dirty: remember all that time you spent on your list? Honor that effort and stick to your guns. Suspect anything that sparkles. The program that does what’s on your list is the best program. As a small business, cost is key – you only want to pay for what you’re going to use today. If the program is scalable (and it should be) then its bells and whistles will be there for you when you’re ready.

Age-less pro-tip: Garbage In, Garbage Out

You did it. You made your list, you asked your accountant, you hounded a few sales reps and you didn’t overbuy. Congratulations again. This time on your software marriage. Want to stay out of divorce court? Develop good data-entry habits. Your new accounting software, for all its power, won’t fix sloppy data-entry. Neither time nor money will be saved when you need a secret decoder ring to figure out your chart of accounts.

Source : techradar

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Modern Management Accounting Techniques

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Modern Management Accounting Techniques

While the fundamentals of management accounting have not changed over the past 100 years, changes in manufacturing and production processes have pushed management accounting to update its practices. Integration of technological advances into the accounting department have made it easier and less expensive for small-business owners to make data-driven decisions about their companies. Understanding how management accounting has been updated in the modern era can help you leverage technology to improve your business.

Standard Costing

Standard costing is a method of recording accounting transactions at their expected costs and then analyzing any differences between the standard costs and actual costs. While this technique is certainly not new, the speed in which this information can be analyzed has definitely changed. Using modern accounting information systems, small-business owners are able to examine variances between actual and standard costs in real-time as soon as materials are purchased and products are manufactured. In the past, these techniques would require calculations by an accountant. Now, some of this functionality is built into popular software packages. While this is certainly more convenient, small-business owners should be careful. Interpretation of standard costing variances still requires understanding of how the process works.

Balanced Scorecards

The balanced scorecard is a performance management tool that combines financial and non-financial measures to give a more holistic snapshot of firm or individual performance. In the history of management accounting, the balanced scorecard is fairly new, with the technique only being started in the 1990s. While use of the balanced scorecard technique is popular it does have limitations. Even though compensation is often tied to balanced scorecard results, this may have negative consequences. Bonus amounts are powerful motivators; if small-business owners are not absolutely positive that the metrics being used in the balance scorecard are correct, they should be cautious in using the scorecard to award compensation. Emphasizing incorrect behaviors could hinder performance instead of help improve it.

Real-time Inventory Management

The advent of radio-frequency identification (RFID) technology in the last decade has drastically changed inventory management. In the past, companies often chose between periodic and perpetual inventory systems. Periodic systems record purchases of inventory in bulk and the cost of goods sold is determined at the end of the month. Perpetual systems update the company’s cost of goods sold with every inventory transaction. By attaching RFID tags to products, businesses are able to track each individual inventory item throughout the company. Furthermore, as the company scans the RFID tags when the items are moved or sold, the accounting information system is updated on the fly.

Process Management

Modern management accounting techniques have also made great changes in process management. Management by exception, the process of only focusing management attention on processes when there is reason to believe that the process is not working correctly, can be applied much more efficiently using modern quality tracking techniques. For example, in the past a company assessing the quality of finished goods might measure every 100th unit produced to ensure that the product met specifications. Now machinery can measure any unit that falls outside of specifications and immediately remove the item from the assembly line.

SOURCE: smallbusiness.chron.com

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Easy Software for Payroll Processing

Singapore Accounting Software offers the best payroll software in Singapore such as Sage_Ubs, EZ payroll, MYOB payroll & Quickbooks. Such accounting and  software are necessary to streamline your enterprise’s operating procedures. By automating the payroll process, not only will you be able to improve the efficiency and effectiveness of your company, you’ll also receive in-depth tracking and analysis reports, allowing you track every cent of your employees’ wages, understand tax implications as well as gain detailed analysis of your company’s payroll.

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