singapore accounting software

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 It only takes two minutes to set-up and you’re guaranteed to be paid each month since funds are withdrawn from the client’s bank account or credit card automatically, as opposed to creating and sending invoices for the same amount each month.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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What are the different types of Business Entities in Singapore?

What are the different types of Business Entities in Singapore

Once you decided to register a company in Singapore, it is essential that you know the type of business entity that you want to incorporate. Your decision can influence the amount you pay in taxes, the image, and insight of your business among your clients and suppliers, formalities for your business is required to do, the personal accountability you face, the ability to have a loan of money, and the possibility to expand your business.

  1. Limited Liability Company

A Limited Liability Company (LLC) is a company limited by shares i.e. its liabilities are limited to the amount of share capital. LLC is a business entity registered under the Singapore Companies Act and a separate legal entity from its members. In a LLC, the liabilities of the owners are limited to the assets in the company and their individual assets are protected from business liabilities. A Singapore LLC can be of the following types:

Private Limited Company (Pte. Ltd.): This type of LLC is the first choice for a lot of business entities in Singapore. The shareholders are not held accountable for company debt that surpasses share capital contributed. The company’s shares belong to 50 people or even much less. These shares are often owned by a business entity or an individual and are not available to the public at large. It is a preference for many because it is easier to manage. Shares can easily be transferred; it has easier means to raise capital and offers a more credible image.

Public Limited Company: Different from a private limited company, the shares of a public limited company are often accessible to the general public. These companies will be found on the stock exchange.  The number of shareholders is at a minimum of least 50 people. Given that these types of companies engage the public at large, there are more rules and regulations that evade exploitation and the mistreat of public funds. This option is best for large businesses.

Public Company Limited by Guarantee: Nothing like a Public Limited Company and a Private Limited Company, this kind of company is set up for non-profitable reasons. It is a public company formed along the principle of limiting the liability to the amount that members add to the assets of the company. This set up is general with non-profit organizations.

  1. Sole Proprietorship

This is the simplest type of company and it’s simple to integrate company in Singapore as Sole Proprietorship. It is, however, the riskiest considering that likes of LLC, the holder of a Sole Proprietorship company is seen as part of the company. They are thus; more responsible to bear risks that happen from the business. Personal assets and those of the company are under the owner’s name, meaning they are not protected. If the business is in debt, then personal assets are legally not away from the reach of creditors. This sort of company is best suitable for solo entrepreneurs. It is significant that the risks concerned in working such a company are clearly understood before departing for registration.

  1. Partnership

A partnership company does not be officially on its own without its partners. Membership ends upon death, leaving or insolvency. There are three types of partnership structures in Singapore: general partnership, limited partnership, and limited liability partnership.

General partnership: This business structure is alike as sole proprietor. The business partners are personally liable for the business liabilities and debts. The partners share liability as one is held accountable for the actions of a fellow partner. It is not the finest business structure in Singapore as it contains a lot of risks.

Limited partnership: A limited partnership consists of general partners and limited partners. There is no maximum value on the number of the partners. A general partner, who may be either a corporation or an individual, will be personally liable for all the debts and liabilities while it remains a general partner. Meanwhile, a limited partner will not be liable for the debts and other liabilities of the partnership beyond the amount of their agreed contribution.

Limited Liability Partnership (LLP): The LLP business structure is highly suitable for chartered professionals who decided to work together. This model combines a partnership entity that protects co-partners from liabilities that may arise from determined misconduct or gross negligence of one partner or a group of partners.

While individual partners are legally responsible for their own misconduct or gross negligence, the partner’s liability is not restricted if such acts occur under the partner’s management or control. In addition, the partnership is not relieved from the liability of other partnership obligations.

There are safeguards within the Singapore Limited Liability Partnership Act to minimize misuse and provide protection to all partners such as its legal freedom and right perpetual succession.

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Small Business Inventory Management System | Singapore Accounting Software

Small Business Inventory Management System | Singapore Accounting Software

Singapore Accounting Software aims to simplify business management system, in order to that they develop an inventory software.  It is designed to be as intuitive to use as possible, so after a speedy installation, you’ll be well organized your inventory processes within minutes.

The UBS inventory software made by Singapore Accounting Software has the following powerful tools and functions which helps management greatly in their daily operation function.

  • Different level of data access security
  • Real-time update of stock item
  • Multi-currency transactions, Multi-location reporting
  • Multi-delivery order to 1 invoice
  • Assembly of Bill of Materials
  • Detail B.O.M Reporting
  • Multi-Users, company, delivery address
  • Accurate costing method
  • Unlimited formula for stock computation
  • Serial number tracking
  • Forecast quantity of items
  • Multi-level of quick and fast search function of inventory
  • Inventory Profit margin reporting, Inventory aging report
  • Backorder inventory
  • Multi-level stock creation
  • Different tier discount grouping of items
  • Project or job item costing
  • Stock balance available at all billing
  • Stock adjustment
  • Prompt for items shortage during BOM assembly

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Different types of accounting software

Different types of accounting software

Depending on the type of operations, accounting & finance systems fall under four different categories. There are also wide-ranging accountings suites designed for enterprises that combine the finest features of every category. Here is a brief summary:

Payroll management systems

If looking to protect control over your account payables and account receivables, you must be looking for payroll management systems that will handle it all. These tools were developed to carry out a collection of different tasks, as well as calculating employees’ salaries, cutting deductions, depositing the salary directly into staff members’ bank accounts, producing tax forms, payslips and more. On the long run, they will make safe your financial transactions, cut expenses, and help set up detailed reports.

Billing & Invoicing systems

Billing and invoicing systems absolute companies’ basic, day-to-day tasks, including check writing and informing customers of their due payments. They are significant to preserve control over the accuracy of accounting figures and make service look more specialized and believable to the end-recipient. On the company’s side, billing and invoicing tools help document finance activity and arrange it for authorization and validation.

Enterprise resource planning systems

It is the most significant accounting software categories that combine all systems used for product planning, material purchasing, inventory management and control, distribution, accounting, marketing, finance, and HR. The latest ERP solutions also offer modules for CRM and business intelligence, so that the business can learn from its own practices and prepare enhanced strategies in the future.

Time & Expense management systems

These apps were designed to help accelerate billing cycles and grant expenses on the go, and are usually configurable sufficient for any company to adjust them to its operation pace. The core rationale behind them is to help gather payments faster and discover slow and ineffective practices that were not visible before. Their biggest advantage is being able to construct detailed graphical reports on how time and resources are being used in each company.

Custom Accounting Software

Sometimes, a business creates its own accounting software. This often happens almost by accident: as the business grows, knowledgeable staff may be asked to write software to handle various accounting situations until, after a time, the business may find it has created its own custom accounting software.

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Basic Elements of Singapore Accounting Software

Basic Elements of Singapore Accounting Software

Basic Elements of Singapore Accounting Software

Singapore accounting software provides our customers with a superfluity of world-class Singapore accounting software.  Our MYOB accounting software and other brands of accounting software in Singapore facilitates speedy sales processing whereas our Sage_Ubs accounting software offers easy features and ensures great flexibility. As your top accounting solutions provider, we strive to offer the highest quality service to maintain competitive advantage.

These are the basic elements we consider while designing our accounting software for your business:

  • Cost
  • Ease of use
  • Timesaving features
  • Reporting capabilities
  • Mobile access and mobile features
  • Accountant access
  • Service limitations, including the number of customers, invoices, users, transactions packages allow
  • Customer service
  • Additional services like credit card processing, tax preparation and payroll services
  • Integration with third-party apps

Visit more:singaporeaccountingsoftware.com

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