How Does Accounting Software Help Your Business
Accounting software is a very helpful tool to assist businesses in complying with their taz obligations. We provide a subsidy scheme to encourage SMEs which are registered for Goods and Services Tax (GST), to use accounting software that are compliant with IRAS e-Tax Guide: Guide on Accounting Software for Software Developers. Such software product/packages are listed in the IRAS’ Accounting Software Register.
Accounting software can help you:
record transactions (bookkeeping)
increase staff productivity
get insights into overall financial performance
create consolidated financial statements
improve data accuracy
decrease outstanding accounts receivable and
make fact-based decisions.
financial areas every entrepreneur should monitor
practical ways to determine the value of a major project
What does accounting software do?
Accounting software handles all financial aspects of your company. The simplest programs help you pay bills, prepare invoices, calculate sales taxes, automate general ledger transactions, and track cash flow, revenue and expenses.
More sophisticated versions may include modules for payroll, inventory control, sales analysis and enhanced reporting. Some systems are customized to the needs of specific industries.
Consider today’s needs and tomorrow’s plans
Many small businesses start with invoicing or off-the-shelf accounting software but outgrow it after a few years. You may want to consider whether the vendor you select addresses more complex needs such as multi-currency or multi-company requirements, and will let you easily upgrade in the near future to a more advanced solution, such as an userbasic accounting software.