Investing on a good accounting software is one of the best decisions that any small business proprietor can make. But is using such software really right for your business? Using spreadsheets and manually filling the ledgers still works for some businesses. But for most Singapore businesses, the efficiency and ease offered by an accounting software makes it a much better choice.
To help you decide, here’s a list of considerations that makes investing in an accounting software an ideal option especially for budding businesses.
1. You just started out your business.
Purchasing and using an accounting software right from the start is one of the factors that sets up a business for success. In fact, using an accounting system from the day you opened your business is far more beneficial than using spreadsheets and handwritten ledgers, then implementing the software after a couple of months.
2. You’re planning on expanding your business in the future.
As your business starts to grow or expand, manually performing your accounting tasks will also start to become more complicated and inefficient. Using an accounting software is more ideal for a growing business as it is time-saving and repetitive accounting tasks can already be automated, which allows your employees to focus on more important aspects of your business.
3. You prefer an immediate and on-demand financial data access.
An accounting software isn’t just all about the numbers. This software like Rockbell accounting software consultancy gives you an accessible database both on your customer and financial information right at your fingertips. You can even include details about your vendors and clients like their contact information, credit terms, and purchase histories.
4. You want an organize business and accounting operations.
With an accounting software, you can now easily integrate all your operations, from payroll to daily transactions, and automatically input the important data from your other systems like CRM, ERP, POS and other third-party service providers. This software also has the capability to link your credit cards and bank accounts to help you in tracking your expenses and updating your records.
5. You want to ensure that you and your business complies with all the laws and regulations.
If you’re not that knowledgeable when it comes to tax laws, or financial regulations then the more reason you should purchase an accounting software. This software will do all the legwork for you and guide you to ensure your compliance with all the regulations, which is quite difficult to do using spreadsheets and handwritten ledgers.
ACCOUNTING SOFTWARE FEATURES TO HELP YOU WITH YOUR BUSINESS
• Basic Accounting Tasks. Most small Singapore businesses can already make do with a software that offers basic accounting functions like tracking income and expenses, invoicing, producing financial reports and client-vendor management.
• Automation. Automating your tasks like billing, recurring payments, and other automated processes is possible with an accounting software. Compared to doing these things manually, automating it will save you more time and allow you to focus on other aspects of your business.
• Mobile Access. Mobility is an important factor for busy Singapore business proprietors, and with an accounting software, proprietors who are always on the go can already manage their books just by using their mobile devices.
• Multiple User Access. With the accounting software’s multiple users access feature, anyone from your business – from your staff to your consultant – can access the financial information of your business, allowing you to divide the work and not just do everything on your own.
• Payroll Processing. You can already enter your time sheets, calculate pay, print your checks and pay your employees without doing any legwork.
• Tax Preparation. With an accounting software to help you with your taxes, you can now make your life and your accountant’s life easier. Software features such as multiple tax rates, automatic tax calculations and tax reporting allows you to email all the necessary data and files to your accountant at a click of a button.
• Third-Party Integration. Running your business will be made easier as an accounting software automatically inputs the data in real-time from the tools and apps that you use, including POS systems, e-commerce, ERP, CRM, credit card processing and Google Apps.