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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Benefits of UBS Software

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Benefits of UBS  Software

Automation: Since all the calculations are handled by the ubs software, computerized accounting eliminates many of the mundane and time-consuming processes associated with manual accounting. For example, once issued, invoices are processed automatically making accounting less time-consuming.

Accuracy: This accounting system is designed to be accurate to the minutest detail. Once the data is entered into the system, all the calculations, including additions and subtractions, are done automatically by software.

Data Access: Using ubs accounting software it becomes much easier for different individuals to access accounting data outside of the office, securely. This is particularly true if an online accounting solution is being used.

Reliability: Because the calculations are so accurate, the financial statements prepared by computers are highly reliable.

 Scalable: When your company grows, the amount of accounting necessary not only increases but becomes more complex. With computerized accounting, everything is kept straightforward because sifting through data using software is easier than sifting through a bunch of papers.

Speed: Using  ubs accounting software, the entire process of preparing accounts becomes faster. Furthermore, statements and reports can be generated instantly at the click of a button. Managers do not have to wait for hours, even days, to lay their hands on an important report.

Security: The latest data can be saved and stored in offsite locations so it is safe from natural and man-made disasters like earthquakes, fires, floods, arson and terrorist attacks. In case of a disasters, the system can be quickly restored on other computers. This level of precaution is taken by Clever Accounting.

Cost-effective

Since using computerized accounting is more efficient than paper-based accounting, than naturally, work will be done faster and time will be saved. When one considers that Clever Accounting, one of the latest online accounting solutions, starts at a low monthly subscription (check out pricing here), then computerized accounting really becomes a no-brainer.

Source: www.cleveraccounting.com

Visit us: www.singaporeaccountingsoftware.com

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Way to Reach the Business via Accounting Software

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Way to Reach the Business via Accounting Software

The way to reach best accounting software for small businesses, we began by asking business owners which accounting software they use, what they love about it and what they think makes a “perfect” accounting software.

We also researched popular accounting software that frequently appeared on reputable review websites, top lists and business websites. We then created an extensive list of accounting software. Next, we evaluated each software by signing up for a business account and testing them ourselves. This first-hand experience helped us get a better idea of how features work and whether they are worth the price tag. It also helped us assess whether the software is as easy to use as each vendor claimed. We chatted with sales reps and customer service teams and asked a variety of questions as small business owners looking for accounting software. This also helped clarify any concerns and issues we came across while researching and testing each product.

How can we used to evaluate each software?

  • Cost
  • Ease of use
  • Time-saving features
  • Reporting capabilities
  • Mobile access and mobile features
  • Accountant access
  • Service limitations, including the number of customers, invoices, users, transactions packages allow
  • Customer service
  • Additional services like credit card processing, tax preparation and payroll services
  • Integration with third-party apps

Visit Us: www.singaporeaccountingsoftware.com

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The Importance of Accounting Software

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The Importance of Accounting Software

Accounting software is a class of computer programs that enable you to manage your business’s financial transactions. Such programs can vary widely in scope, with some programs designed for little more than simple bookkeeping and some designed to manage the entire financial comings and goings of large businesses. Using accounting software helps companies to use the resources in their accounting departments efficiently, and can reduce costly bookkeeping mistakes.

 

Accuracy

Accounting software can help to increase the accuracy of your records by reducing or eliminating human errors in calculation. Manual bookkeeping processes involve making a lot of mathematical calculations by hand. An incorrect calculation early on in the in the process could have a great impact on the end balance. Computers, on the other hand, are virtually incapable of making such errors. However, it should be noted that accounting software is not immune to human errors arising from data entry or interpretation mistakes.

 

Speed

Using accounting software allows businesses to process their accounts with greater speed than manual processing. Part of this speed increase comes from the use of computers, which are able to process figures far faster than the human brain. In addition, accounting software allows organizations to increase efficiency by introducing automation. Say, for example, that a business needs to record sales tax on all of its transactions. Accounting software could be configured to do that for each entry automatically, rather than having a staff member work out the tax longhand.

 

Cost

The benefits resulting from the speed and efficiency of accounting software often go hand-in-hand with reduced overall costs. The use of an accounting program allows each member of the accounting team to do more in a given time, potentially meaning that a smaller team is needed overall. This, in turn, can reduce the accounting department’s payroll and administration costs. However, these savings should always be balanced against the cost of the software itself and any additional hardware needed to run it.

 

Reports

Accounting software helps businesses to supply the necessary members of staff with timely and accurate financial information. For example, suppose that a company’s finance director needs a report of cashflow to take to a meeting in two hours. Many accounting software systems have built-in reporting modules that enable users to create this type of report by simply filling in a form or clicking a button. However, creating such a report manually would be a time-consuming process.

 

Tax

Filing your business taxes can be a complex process, requiring you to keep close track of all your business’s transactions. Accounting software helps to make this process easier by ensuring that all of your business’s financial details are in one place. In addition, companies such as Intuit and ATX produce tax return software that integrates with their accounting programs. This allows you to calculate your return itself semi-automatically, rather than spending time and resources working out the necessary details by hand.

Source: smallbusiness.chron.com

Visit Us on: www.singaporeaccountingsoftware.com

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Say Goodbye to Papers

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Say Goodbye to Papers

If you entered the accounting profession 10 to 15 years ago, you were taking a job in a business that had been transformed by the arrival of accounting software. At the enterprise level, this meant working with major ERP systems like SAP, Oracle, Salesforce and others. Smaller businesses were working with simpler but still very effective software like QuickBooks. The ubiquitous double-ledger paper that had dominated accounting departments for generations had seemingly been banished.

Still, the paper mind-set endured, despite the ever-present nature of accounting software. The pages were simply transformed into electronic format – first on floppy disks, later as email attachments. Accountants still labored to gather, compile and sort data, which was then circulated to other parts of the business. Even as things changed, they stayed the same.

All that is about to change. For an eager young CPA getting ready to set up their career in accounting, they have to prepare for a new feature of the accounting department: robots.

Before you crack a joke about how accountants were always automatons, the robots in question aren’t physical – they’re software. And their impact is becoming more and more profound. Today, the process in many accounting departments is based almost exclusively around human effort. Individuals pull data from different sources within their ERP systems and they produce reports that they pass on to others. As a result, the process is stuck with human limitations, including an error rate that hovers around 10-15 percent, even in the best of circumstances.

At the same time, the demands on accounting departments only grow more onerous. For public companies, accounting departments have to jump through the various hoops created by regulators to ensure a high standard of compliance. The only way to increase the output is with additional human effort – accountants working 80 hours plus a week, and individuals checking and rechecking each other’s work, with little to no true reduction in risk or enhanced controls.

This has opened the door very widely for the introduction of process robotics into the accounting profession. And why? These robots aren’t simply replicating human effort electronically. They’re integrating with the rest of the ERP system to completely automate accounting processes end-to-end, and not just at the user interface (UI). Let’s take one example among many: revenue recognition. As anyone who has sweated to decide if revenue should be recognized, deferred or an expense should be booked, this process is not complex: it’s simply thousands of A/B decisions in a row. The challenge is to ensure accuracy and consistency, and accountants traditionally do an outstanding job. But a software robot can carry out these tasks in a blink of an eye without having to be monitored, and maintain 100 percent accuracy. Another example is account reconciliation: each month most large organizations have at least two hundred people preparing reconciliations. But these same processes could be performed by one robot on a real time basis. This is something a human just can’t accomplish. Why can’t we have a one-button close?

So What’s the Problem?

Typically, at this point we run into two major objections to the thought of a robotic accounting department. Firstly, controllers and chief accounting officers fear a loss of control. They’re used to working with a team, and are concerned that the software process will go awry and they won’t be able to intervene. This concern is overblown. The nature of software robots is they offer multiple points of entry all through any given process. The user can interact with the whole process, or any individual point, yielding a level of control that goes beyond what can ever be achieved working with humans. With standard COSO (Committee of Sponsoring Organizations of the Treadway Commission) controls, the oversight still relies on humans watching humans. Robots perform tasks accurately 100 percent of the time, barring malicious intervention such as hacking or a technology malfunction.

The second concern is existential, and very relevant to anyone embarking on a career: will software robots make accountants themselves obsolete? The answer is an emphatic “no.” Software robots can handle the gathering and processing of information. That still leaves the features that make accounting an attractive proposition: the analysis of information, the insight into how the business is performing, and the guidance that can drive growth and profitability. People used to speak of a triumvirate of doctor, accountant and priest as the three guiding lights in life. Accountants have been buried under information in recent years. With robots they can retake their position at the decision-making table.

What this does mean is that trainee accountants have to orient their education towards this new style profession. That means embracing skills in areas like relational databases and recognizing that even Microsoft Excel is becoming less relevant, as is the necessity to mail such documents from one person to another once their task in a process is complete. In short, the new generation needs to be actively eliminating the work silos that create more problems than they solve.

In 20 years in the industry, the most common complaint I hear from accountants is that they are forced to run too lean. Process robotics is changing this factor for the entire industry, and the pace of innovation has surprised even me. Teams that were once too lean will now find that their day-to-day to-do lists are getting shorter and shorter. This is a chance for accountants to up their relevance – but it will require new skill sets and finally saying goodbye to the paper mind-set.

Source: accountingtoday.com

Visit Us on: www.singaporeaccountingsoftware.com

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