Uses of Accounting Software Online Tool with Multiple End Users
User Basic Software is a Singapore-based company, which develops business software to serve the market in Singapore. Every business starts with User Basic Software. We inspire to be the number 1 integrated business solution provider and also aim to deliver cost-effective accounting software solutions to the customers.
In providing accounting software, payroll software, inventory software, and many more in Singapore and Malaysia. We market software for the small and medium enterprises (SMEs) market.
- Avoidance of the limitation of memorizing power:-
A businessman can not remember all business transactions due to the limitation of human memory. Accounting software is helpful for recording all business transactions and when a businessman checks the record, he can easily remember it and use it for his business purposes.
- Compliance of Statutory provisions:-
From an accounting point of view, recording business transactions is compulsory. Hereby, accounting helps to fulfill all statutory provisions. In India, it is compulsory to record all cash, bank, and purchase and sale transaction for joint-stock companies.
- Ascertainment of profit and loss of the business:-
Any business concern is established for the motive of earning profit. Net profit or loss is a pure result of business. For the correct calculation of business profit, it is necessary to record correctly by adopting the principles of accounting.
- Ascertainment of financial position of the business:-
At a specific date, the company finds the knowledge of its assets and liabilities from the financial statement. Assets mean all sources of business and liabilities mean all payable amounts of business. Businesses can calculate the correct financial position if the businessman records all assets and liabilities in accounting.
- Assessment of Tax:-
Nowadays, a businessman has to pay many taxes. For example income tax, sale tax, property tax, excise duty, import duty, and customs duty, etc. Its correct estimation is only possible if a businessman records correctly all his income, production, and sale with the help of accounting software. If a businessman does not keep his record properly, then the Assessing officer calculates the amount of tax with his own estimation.
- Knowledge of Debtors and Creditors:-
With accounting, a businessman can easily find what amount is due from his debtors and what amount is payable to his creditors. If he maintains the accounting software records properly.
- Determination of sale price of business:-
If a businessman wants to sell his active business to another party, then the total sale value of the business can easily determine, if the businessman records all investments in the business.
- Evidence in the court of law:-
If any disputes are presented between two parties in court. Then books of accounts can show as proof, the court accepts these records as evidence of a transaction.