singapore accounting software

Increased Adoption of Accounting Software

Adoption of Accounting Software, Cloud Accounting Software, Accounting Software, Singapore Accounting Software

Accounting Software automates and accelerates the work of an accountant or bookkeeper by reducing or simplifying recurring tasks like paying bills, entering double entries, issuing of invoices and generating several types of financial reports. These days various Accounting Software has an auto-matching feature which facilitates the performance of monthly bank reconciliation.

With the introduction of Cloud Accounting Software, it brings immense convenience to users by allowing them to simply record transactions, retrieve accounting information, issue invoices and produce reports on the go, anyplace and anytime. For businesses, such convenience at a reasonable cost only means bigger adoption of the Accounting Software over the years. We trust its popularity will keep on going.

New buyers made up a major portion of the market for accounting software last year, at 37 percent. More companies are finding that inheritance accounting systems can’t stay up with their needs and say that online accounting software is more in line with their company processes. The findings, revealed in a survey, point towards an express increase in the adoption of accounting software, as well as the adoption of cloud computing.

More than one-third of upgrades last year was QuickBooks users, and 11% come from Sage 50. One-fifth of buyers were looking for functions that go beyond accounting, such as payroll, inventory and invoicing. Bigger companies tended to hunt for business intelligence capabilities: Businesses with more than 50 employees were over 70 percent more likely to need software that handles budgeting, business intelligence, and fixed assets.

The buyers looking for the major additional feature aside from core accounting, invoicing, inventory management, payroll, order management, and procurement.

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Popular Technology Skills in Accounting & Finance

Popular Technology Skills in Accounting & Finance

Advanced Analytics & Forecasting

Many reports say hiring professionals with skills in predictive and prescriptive analytics is important. This includes data analysis expertise, which promises to bring greater control to the Finance function. There are huge amounts of information that can expose significant insight and improvements when harnessed suitably. Simultaneously, technical expertise in cybersecurity is necessary to cope with the risks that big data can fetch.

Robotic Process Automation

Estimated to greatly enhance productivity, automation threatens to make many Finance and Accounting roles outdated. As technology streamlines processes and eliminates inefficiencies, the focus shifts to building a highly planned Finance team that acts as an exact business partner to both internal and external stakeholders.

Cloud & SaaS

Cloud & SaaS technologies allow for the reformation of processes as several parties can easily access the same information, also increasing flexibility and agility across the organization. As well, costs can be significantly reduced as on-premise infrastructure is no longer as essential, and companies can rapidly increase or decrease the number of applications they use according to their workflow and demand.

Artificial Intelligence

Artificial intelligence holds great potential in building on data analytics and RPA in Accounting and Finance. The ability to identify patterns, learn from them, and adapt could make addressing regulatory and tax changes and what they represent for each unique business severely easier. The insights and recommendations that AI produces will also transform many other areas, such as improving risk management.

Blockchain

A promising technology making a big effect in Accounting and Finance is blockchain. Numerous organizations are beginning to implement this technology that reinvents the digital ledger while increasing simplicity and security at the same time. A massive number of payments and transactions can be conducted quicker and more perfectly than ever before, and this promises foundation-changing improvements across the industry.

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How To Prepare For The Day After Tax Day

How To Prepare For The Day After Tax Day

Here’s everything you need to know about the day after Tax Day, and how you can prepare yourself so that you’re not caught off guard by competitors who refuse to acknowledge the existence of their vacation days.

The medicine that’s the most bitter to consume is often the most successful get therapy, which is why accountants and tax professionals would like to fold up and ready to work, despite the fact that they’re most likely readier than ever for a break after Tax Day. While it’s undeniable that the accounting and tax professionals deserve an extensive breather after the unbelievable workloads they deal with every year as Tax Day draws near, the competitive reality is that in today’s marketplace, you can’t really afford to take a day off so soon.

Yes, as sour as it is to confess, most accounting professionals need to admit that the day after Tax Day needs to be spent gearing up for next year and that your clients will soon be flooding you with questions yet again.

First and foremost, start planning as soon as possible, and have a must-call-list on hand to get in touch with your most important clients in the event that a tragedy occurs. Most accountants put off a great deal of work when Tax Day is approaching, too, as they’re cluttered up with the last-minute rushing of their clients, so you’ll want to carve out some extra time to deal with the problems you’ve been pushing off for some time now, too.

Making the day after Tax Day profitable

The day after Tax Day is one of the hardest to work; with the exemption of perhaps the day after a major holiday, there seems to be no other time when accounting and tax professionals are ready to take a break. Making the day after Tax Day profitable, then, will be extremely demanding of you, and will take a certain commitment to time management if you’re to find success.

Mastering these important tips paying attention to managing an accountant’s really busy schedule will thus prove crucial towards your long-term success. Similarly, as your professional time needs to be extensively accounted for, your personal time after Tax Day should also be extensively managed; personal engagements and hobbies, such as checking free arrest records, may need to be temporarily postponed, as unfortunate as it is to say, if your professional goals are still to be met. Never forget that the day after Tax Day is almost always busier than many rookie accountants and tax pros expect.

Still, despite the increased workload you can expect to face around tax season, it’s still significant that you find some time for yourself; accountants who overdo it themselves are all but certain to be those professionals who burn out brightest and first, after all. Don’t be afraid to take some time to stop and smell the roses, or you’ll be of no use to your clients in the immediate aftermath of the highly-dreaded Tax Day.

Finally, get a head start on preparation for your vacation. Keep your eyes on your long-term goals, and don’t let your guard down on the day after Tax Day, and this year’s post-tax season will be a gentle wind for you before you even know it.

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Accounts Payable & Receivable Application

Accounts Payable & Receivable Application

Singapore Accounting Software performs both the accounts payable and receivable functions. It produces detailed analysis reports like Customer Account Receivables Analysis Report, Sales Analysis Report, Bank Reconciliation Report etc can be auto-generated and gets updated automatically after any data inputs and adjustments giving a real-time view of the business and financial status. The daily use reports like Balance Sheet, Profit & Loss Report, Trial Balance, and Cash Analysis Report are also available in the application.

Accounts Payable

Track obligations to suppliers, control cash flow, and speed data entry with the accounting applications in Accounts Payable. Produce a wide array of pre-designed reports, and take advantage of the flexibility to pay all invoices, prepay selected vendors, or split invoices for payment.

With Accounts Payable helping you prioritize your payments, you can:

Save time and money with the ability to review outstanding payments by the vendor and select which payments to hold or release.

Improve your efficiency with quick entry and defaults on headers.

Handle your expenses efficiently and keep your accounts up to date with user-defined terms, aging periods, and cutoff dates.

Assess your financial position by producing timely reports.

Accounts Receivable

Manage your cash, know your customers, and analyze performance and trends with Accounts Receivable.

With Accounts Receivable’s flexible cash flow management options, you will:

Produce timely reports to identify your best customers and stay on top of sales patterns.

Track every aspect of your sales and receivables in a timely manner, improve the inflow of cash, and make the most of sales trends.

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Choose Singapore’s Best Retail POS Software

Choose Singapore’s Best Retail POS Software

To manage easily and scale your business with a retail point of sale systems (POS) from Singapore Accounting Software. Touchscreen retail POS uses Windows-based software for the food & beverage (F&B) establishment as well as for the merchandise (Retail) outlets.

EZ Point of Sales is designed for Microsoft Windows platform and is suitable for any retail businesses. Its user-friendliness, easy to learn, and feature rich characteristics are well received by our customers.

POS Software Interface of touch screen icons can be customized to suit every trade of business needs. Functional buttons can be turned on/off, rearranged, re-named or password protected. Related to billing & inventory software, retail POS software has the fundamental function of inventory such as stock control, stock takes report and item condition and reporting to you to examine your inventory movement details.

We gave priority to performance & stability of our Points of Sales software. Using both MS SQL databases our POS have need of minimum technical support and its data is actually scalable, facilitating your future growth and expansion.

We make your POS system efficient and a user-friendly system for your everyday business operation without any delay, just by our touch screen POS which can give instant salesman reporting and you can generate your sales item or promotion listing.

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