singapore accounting software

Benefits of Accounting Services and Payroll Outsourcing Services

Benefits of Accounting Services and Payroll Outsourcing Services

Benefits of Accounting Services and Payroll Outsourcing Services

Achieving high level of accuracy:

Outsourcing accounting services and payroll outsourcing can be quite beneficial when it comes to generating accurate results that can be as high as 99.95%.This, in turn, ensures better management of back office functions. Dedicated staff in BPOs handle accounting and payroll services smoothly and efficiently.

Cost effective services:

A major advantage associated with outsourced accounting services is the cost-effectiveness of the services. A huge amount can be saved up on operational costs and channelized towards the funding of core business processes.

Fraud Check:

Outsourcing payroll accounting processing services to professional payroll outsourcing companies can in fact help control any possible fraud by staff within the organization. The service providers are accountable for every transaction processing as well as quality and accuracy control.

Direct deposit through efficient payroll processing:

On-time payroll processing enables quick and efficient staff payment through direct deposits. This keeps the staff satisfied and productive leading to business augmentation.

Avoiding penalties during tax processing:

Inappropriate payroll management could lead to inaccurate tax filing resulting in tax penalties. Outsourcing payroll processing services to professionals can save companies these hassles and ensure accurate payroll processing.

Gaining from the assistance of experts:

Outsourced financial services providers hire experienced professionals to perform accounting services and payroll processing services. These consultants can provide apt tips and timely advice pertaining to payroll services as companies expand and processes become more and more sophisticated.

Avoiding reconciliation worries related to financial institutions :

Bank reconciliations can be quite tedious and an ongoing process consuming a lot of effort and time in terms of keeping track of all the payments through the bank during the rolling out of pay checks. This can be avoided by delegating payroll services to experienced payroll accounting  outsourcing companies.

Staying informed with up-to-date accounting status:

All possible  payroll accounting related information can be obtained regularly from professional service providers handling outsourced accounting services. Advanced software can help companies look at personalized reports that can save a lot of time while making important financial decisions.


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Important analysis of MYOB Accounting software

Important analysis of MYOB Accounting software

Important analysis of MYOB  Accounting software

E-commerce: Many of the top MYOB accounting software on the market today offer some form of e-commerce integration, either within their system or through a specialized e-commerce platform.

Retail accounting: Manages the process of generating customer invoices and receiving payments as well as tracking all payments made to partners and vendors.

Purchase orders: Tracks items and amounts ordered, including date of order, shipping information and progress.

Rewards points program: Manages and tracks customer rewards programs awarded for purchase frequency or other incentive goals.

Targeted marketing: Allows  MYOB accounting retailers to segment customers and create mailing lists based on custom criteria such as items purchased, total amount spent etc.

Loss prevention: Monitors inventory levels and purchase orders and reports discrepancies or missing quantities.

Variable pricing: MYOB Accounting Software automate the process by which varied prices are assigned to products, typically based on walk-in/phone orders, time of day or season.


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What to Look for in Small Business Payroll Software

What to Look for in Small Business Payroll Software

What to Look for in Small Business Payroll Software

In its Small Business Payroll Software Guide, Software Advice explains that one vital step in choosing payroll software is to look at your needs. Do you only need the basic payroll functions or do you need more features, like a company that will help you automate your federal, state and local payroll taxes?

Many of payroll software providers now offer online platforms. These cloud-based solutions also known as payroll accounting software as a service) are cost-effective because you don’t have to invest in hardware, like servers, or physical software packages. Instead, you simply subscribe to the service. Other perks include the fact that upgrades are done automatically as well as rigorous security standards.

As payroll is business accounting software, you are more than within your right to ask a prospective provider about their security standards. For example, Singapore Accounting software offers to provide, the strength of the security increases with the number of bits of encryption.

Other factors to consider include customer service, integrations and reach. Before you choose your small business payroll accounting software, call your top choices and speak to their customer service team.


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Needs of POS Billing and Payroll Accounting Software

Needs of  POS Billing and Payroll Accounting Software

Time and POS billing software is frequently implemented without integration with the accounting software package.

Both systems end up maintaining their own individual set of customer records. Double the customer info data input is required when the systems are disconnected.

Without integration, data for each invoice billed will also need to be entered twice.

A lack of communication between systems can result in less than optimal decision making or tedious workarounds. For instance, if there are unpaid invoices in accounts receivable, perhaps additional work shouldn’t be performed to limit the risk of uncompensated services. Manual processes to communicate this information tend to be unreliable and add to the administrative, non-revenue generating workload.

Making sure data can flow between  Payroll Accounting software applications is an easy way to decrease overhead expenses and boost profitability. Integrating software is, for the most part, a one-time cost. Integration enables cost-saving benefits that stem from removing inefficiencies and improving data visibility that will continue to accrue as long as your run the software.

But ensuring systems can integrate can be intimidating to non-technical buyers. If you know what to look for, it’s not as hard as it seems.

The preferred Payroll Accounting Software integration method in most cases will be via an API. API stands for application programming interface. An establishes the rules for how an external program can make changes (adds, deletes, updates) in the software.

Ensure both POS billing  &  Payroll Accounting Software systems have capabilities to allow for bi-directional integration.

Identify the processes that will require a connection between systems and the data that will need to be passed.

Inquire with providers  to ensure the necessary actions can be conducted for each piece of data that will need to be transferred.

Integration without an  still possible in many cases. As long as the application’s underlying database is open and accessible, changes to the data contained in the software can be initiated externally. Initiating repeatable direct changes to the database will require the creation of custom database scripts. In the absence of IT personnel capable of creating these scripts, most software providers can offer these services.



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Do you Know About the Payroll Services: Know the Difference?

Do You Know About the Payroll Services Know the Difference

Do You Know About the Payroll Services: Know the Difference?

Payroll accounting service provider for making payments to their employees on records. Also, it is seen that many organizations are not aware of which type of payroll service suits to their business.

Let’s have a look at the three different types of Payroll Accounting services available, and the difference between these:


An organization with about 10 or less employees, for them In-house payroll accounting software service is perfect. As in this case, data to be maintained is limited thus an employee can do this himself without any help. However, the employee who is responsible for the payroll system must be regularly updated with the employee’s laws, tax deductions and filings, and salary norms. One of the best advantages of in-house is that you don’t need to disclose your company’s secure data to any outsider.

Payroll Service Agencies

Once you take a decision to hire a payroll accounting software service agency for your business, it means you will have a team of payroll experts to assist you in different tax and regulatory requirements as and when you need. They provide accounting and administrative services which includes automatic deductions, employees’ expenses etc.

Payroll accounting software firms on behalf of your company will make all decisions related to payments and protect from penalties for late filling and any wrong information. Nowadays, the payroll service provider companies are also allowing small business owners to manage and monitor payroll details online through a secure web browser.

In this case, you don’t need to purchase any additional system or software. You can keep a track of all your employees’ payments, leaves and deductions on your monitor, as per your convenience.  Additionally, they will also offer you email alerts service in order to receive quick updates about any payroll issue.

Payroll Software

Running a small business is hard! Additionally, when you are running the show, you are responsible for everything from the efficiency of the back office operations, but that does not mean that you have to do everything on your own. With the help of payroll software it is easy to streamline and automate the process of paying an organization’s employees. You can always purchase payroll software from a human resources technology vendor or include it as a module within a larger enterprise resource planning (ERP) package.

Payroll accounting software automatically calculates withholdings or deductions, payments and generates tax forms and other reports. Payroll software not only reduces cycle times but also manual errors.

Just like executives get distracted from their core businesses by managing the payroll function internally, same way employees will get distracted when there are glitches in payroll.


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