When you run a business in Singapore, besides ensuring that you run you day to day operations smoothly, business is in a liquid position and is in the black, you have to ensure that your business is operation within the stipulated rules and regulations.
This is why it is important to maintain proper accounting records to ensure that your business meets the rules and regulations. There are numerous accounting software in Singapore which can assist you with that.
Besides helping you ensure that your business is in compliant, an accounting software offers other benefits, one noteworthy benefit being it helps you save time by automating certain tasks. Time is the most precious commodity in business. Time saved can be used to perform profit making tasks, which is important for business sustainability.
Some of the tasks that can be automated include:
- Bank Reconciliation
With this task automated, you need not spend hours matching line by line, on transactions found in the bank statement vs the accounting books, to identify unmatched items. The accounting software will produce an unmatched items report, this saves you a considerable amount of time and frustration. You can zoom in straight on investigating the unmatched items.
- Recurring journals
Every company has recurring journal entries on a monthly basis. With this automated feature, there is no need for you to re-input these recurring journal entries. With a click of a button, you can duplicate the entry and change the date to the relevant accounting period, and your recording of entries are complete.
- Sales – Invoice generation
With the automation of this tasks, you need not re-input the client details for every sale. You just need to change the month of sale and amount to record the transactional amount for the month. In addition, you can also do invoicing in batches and set notice to remind you of the sales invoices to generate. For some accounting software, you can even email the sales invoice to the respective customers, which save you mailing costs.
- Purchases – Purchase Order generation
As with sales invoice generation, you can generate purchase order as well. You just need to update the month of the purchase and amount to take into account of the purchase amount for the month. You can also set notice to remind you of the purchases to be made and email to the respective vendors.
- Overdue Outstanding Debtors’ Balances
With this feature, you will be able to get the latest list of outstanding debtors’ balances at a click of the button. You need not manually keep track of payments received to arrive at the list. This time saved can be used to chase these debtors for payments, which will help you improve your Company’s liquidity position and reduce the level of bad debts.
- Overdue Outstanding Vendors’ Balances
With this feature, you will reduce unnecessary overdue interest charges paid due to late payments made to vendors.
With the benefits listed above, accounting software will definitely help your business through the automation of some tasks. You will reap tangible (in monetary terms) and intangible (in terms of productivity and staff morale boost) rewards from the use of accounting software.
Do look through the product specifications of the Singapore Accounting Software and ensure that they meet all your business requirements before you purchase it.