singapore accounting software

Application of UBS Accounting Software in Multiple Business

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Application of UBS Accounting Software in Multiple Business

Business determines the accounting software it uses with software applications, such as Sage One being an appropriate application for very small businesses, while QuickBooks is designed for larger businesses. Commercial accounting software applications are designed to meet the needs of most businesses, and most of them can be customized to meet the specific accounting requirements of an organization.

Some accounting software packages such as  donations for nonprofits by their publishers. The core modules found in accounting software packages include accounts receivable, accounts payable and the general ledger. The accounts receivable component is designated for the company to post transactions where it receives money, while the accounts payable program demonstrates the business payments made. The general ledger refers to the company’s books, and the billing module is used for generating customer invoices.

Speed – data entry onto the computer with its formatted screens and built-in databases of customers and supplier details and stock records can be carried out far more quickly than any manual processing.

Automatic document production – fast and accurate invoices, credit notes, purchase orders, printing statements and payroll documents are all done automatically.

Accuracy – there is less room for errors as only one accounting entry is needed for each transaction rather than two (or three) for a manual system.

Up-to-date information – the accounting records are automatically updated and so account balances (e.g. customer accounts) will always be up-to-date.

Availability of information – the data is instantly available and can be made available to different users in different locations at the same time.

Management information – reports can be produced which will help management monitor and control the business, for example the aged debtors analysis will show which customer accounts are overdue, trial balance, trading and profit and loss account and balance sheet.

GST/VAT return – the automatic creation of figures for the regular GST/VAT returns.

Legibility ­– the onscreen and printed data should always be legible and so will avoid errors caused by poor figures.

Efficiency – better use is made of resources and time; cash flow should improve through better debt collection and inventory control.

Staff motivation – the system will require staff to be trained to use new skills, which can make them feel more motivated.  Further to this with many ‘off-the-shelf’ packages like MYOB accounting software the training can be outsourced and thus making a particular staff member less critical of business operations.

Cost savings – computerized accounting programs reduce staff time doing accounts and reduce audit expenses as records are neat, up-to-date and accurate.

Reduce frustration – management can be on top of their accounts and thus reduce stress levels associated with what is not known.

The ability to deal in multiple currencies easily – many computerized accounting packages now allow a business to trade in multiple currencies with ease.  Problems associated with exchange rate changes are minimized.

 

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How to Grab the Attention of MYOB Accounting Software

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How to Grab the Attention of MYOB Accounting Software

Singapore Accounting Software ,our small to medium business is MYOB (Mind Your Own Business) accounting software.

Small and medium sized businesses can now buy ‘off the shelf’ accounting programs at remarkably low cost.  Larger businesses will often have customized programs made for their business.  The accounting programs carry out functions such as invoicing, dealing with payments, paying wages and providing regular accounting reports such as trading and profit and loss accounts and balance sheets.

Myob Accounting software The introduction of computerized accounting systems provide major advantages such as speed and accuracy of operation, and, perhaps most importantly, the ability to see the real-time state of the company’s financial position.  In my experience I have never seen a business that has upgraded to a computerized accounting system return to paper based accounting systems. A typical computerized accounting package will offer a number of different facilities.  These include:

– On-screen input and printout of sales invoices

– Automatic updating of customer accounts in the sales ledger

– Recording of suppliers’ invoices

– Automatic updating of suppliers’ accounts in the purchases ledger Recording of bank receipts

– Making payments to suppliers and for expenses

– Automatic updating of the general ledger

– Automatic adjustment of stock records

– Integration of a business database with the accounting program

– Automatic calculation of payroll counting software aand associated entries

Computerized accounting programs can provide instant reports for management, for example:

– Aged debtors’ summary – a summary of customer accounts showing overdue amounts

– Trial balance, trading and profit and loss account and balance sheet

– Stock valuation

– Sales analysis

– Budget analysis and variance analysis

– GST/VAT returns

– Payroll analysis

When using a computerized accounting software the on computer, input screens have been designed for ease of use.  The main advantage is that each transaction needs only to be inputed once, unlike a manual double entry system where two or three entries are required. The computerized ledger system is fully integrated.  This means that when a business transaction is inputed on the computer it is recorded in a number of different accounting records at the same time.

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How to Select the Accounting Software with Simple Tasks


How to Select the Accounting Software with Simple Tasks

To find the best accounting software for your business, the first step is to figure out the primary reasons why you need one in the first place. For some businesses, using spreadsheets, or even handwritten ledgers, will do. For most, however, the ease and efficiency of accounting software make it the better choice.

Here are some factors to consider:

You’re just starting out. Using accounting software right from the start sets your business up for success down the line. It’s far more beneficial to begin using accounting software from the first day than to implement one after months, or even years, of using spreadsheets or handwritten ledgers.

Your business is growing. If you plan to expand your business, or if your business is quickly growing, a manual accounting system becomes inefficient and complicated. If you use accounting software, it can save your growing business tons of time and money by automating processes and being highly scalable to your business’ size.

You want immediate, on-demand access. Think accounting software is just about the numbers? On the contrary, this software gives you an easily accessible database of both financial and customer information. You can even include all types of details about clients and vendors, such as contact information, purchase histories and credit terms.

You want to streamline your operations. By performing tasks ranging from payroll to day-to-day transactions, accounting software can integrate all parts of your operations and automatically input data from other systems, such as your enterprise resource planning (ERP) system, point-of-sale (POS) system, customer relationship management (CRM) system and other third-party solutions. Accounting software can also link your bank accounts and credit cards to automatically track expenses and update your books.

Your current system is too complicated. Not all accounting systems are made the same. For small businesses, some of the mainstreams accounting software are too complex and packed with unnecessary features. If the software you currently have is too complex, a solution made specifically for small businesses is a much better option.

You want to make sure you comply with all laws and regulations. Don’t know anything about generally accepted accounting principles (GAAP), tax laws or other financial regulations? Many accounting software programs do the legwork for you and can guide you to ensure compliance. You can’t get that with spreadsheets or by doing everything by hand.

Souce: businessnewsdaily.com

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Checklist of Before Buy a Accounting Software

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Checklist of Before Buy a Accounting Software

Step 1

You should solicit feedback from all your employees who will be using the accounting software program in any significant way so that they can help give you input as to whether the software will meet their needs. If your small business is large enough, with different departments or divisions, you can form a technology committee that has at least one representative from each significant department or division evaluate the software programs that you will consider purchasing.

Step 2

You should have each employee or representative in the technology committee prepare a needs analysis and a flowchart of their significant processes.

The needs analysis should be a list of the requirements that each employee or department needs to conduct its day-to-day tasks. The needs analysis will outline the requirements that you have for you accounting software, which you can provide to your vendor to help ascertain whether the software package meets your requirements.

The flowcharts will give you a visual of the internal processes that your employees are using to perform their tasks. The flowcharts will be useful for at least a few reasons: (1) you will find that certain steps can be eliminated to streamline your operations and save your company time and money; (2) you will be able to see what steps are currently being performed manually to see if the accounting software you are considering purchasing will help to automate these tasks; and (3) you can use these flowcharts as a basis for creating or updating your company’s policies and procedures manuals or employee’s desktop procedures at this time.

Step 3

You should establish a budget for your accounting software. I recommend establishing a budget as a range of prices that you will consider purchasing because you may find that a more expensive accounting software application will automate more tasks so its increased costs can be justified.

Step 4

You can have your employees or technology committee identify potential accounting software programs that meet your needs so you can take a closer look at these programs. You may want to consider consulting with independent professionals, such as technology consultants and certified public accountants to solicit their opinion about possible programs that might meet your needs.

The accountant will have knowledge and experience of what other small businesses are using and may have experience using different accounting software programs as an end user. The technology consultant may be able to give you an idea of any major technology issues you might encounter when implementing a new accounting software program based on the specifications, such as whether it is compatible with other outside programs you need for your business or new hardware you may need to ensure that the program runs properly that may factor into your decision-making process.

Step 5

You should demo any accounting software program that is on your short list to purchase to ensure that it will meet your needs.

You may be able to request a free trial of the program as well if you contact the vendor. You can have your employees run their day-to-day tasks on the trial version so you will get an even better idea on how the software stacks up against its competitors.

You can follow these steps to help guide you to the right choice of accounting software programs for your small business.

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Virtues of MYOB Accounting Software

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Virtues of MYOB Accounting Software

A key point of difference with MYOB Account software Right is you have the freedom to switch between doing transactions offline or online (i.e. through the cloud) whenever you wish.

The MYOB Account Right software comes in all shapes, sizes & prices. Most organisations start with Singapore software Account  Standard but if you are an employer and need Payroll then you can move to Singapore software Account Plus which includes both accounting and integrated payroll. The MYOB  Singapore software Account range has the same look and feel meaning once you are confident with one version, you can transfer that knowledge to another.

You can buy Singapore accounting software with a one-time charge or take a monthly subscription to smooth out the cost. See the chart below to see which version best fits your business.

By April 20146, every company in Singapore must give staff payslip compulsory in itemised payslip format. With the use payroll software in Singapore, you can simply input data of employees into payroll software and it will auto computes the OT rate based on what your had input earlier on for each staff different pay grade computation. Payroll software can help you to cut down time spend to manually compute salary which is very time consuming without using any one of the  Singapore payroll softwares. Once data is input to payroll software, some of our payroll software will auto link to accounting software thus you do not need to key into accounting software which will be more efficiency.

Call us now at + 65-6746 2613 or + 65-6227 1797. Our highly experienced and knowledgeable team can tailor our services to best suit you.

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