One of the most frequently asked questions is about which accounting software programs will make the process easy for small business in Singapore. There are many programs on the market today that will adequately take care of your business needs. However, if you do not understand the bookkeeping basics, you will not know how to tailor the program to your business or feed in the proper information. You may best be served by beginning with a manual system. You can always translate it into a computer application as the need arises. At that time, if you are working with an accountant, it will probably be best to use a accounting software program that he or she suggests and one that will easily interface with what is currently being used in that office. Coordinating with your tax accountant may even enable you to work together via internet transmissions.
IRAS Approved Accounting Software
Business owners can visit Iras website to check on iras approved accounting software such as xero, myob. The choice between manual and computer accounting is strictly by choice. SingaporeAccounting.com would highly recommend xero accounting software for small business in Singapore. Among many types of cloud accounting software, xero software is easy to use and compatible with many systems. The days of manually posting transactions to journals and ledgers are gone. Computer technology has ushered accounting into a new generation. The benefit for business owners is the opportunity to participate at a higher level in the financial administration of their businesses.
Invoicing, sales receipts, check writing and subsequent flow of information into a cash in bank register are among the important basic features in most accounting software applications. However, these processes represent only a small portion of the accounting procedures that can now be done electronically. It has already been mentioned that various accounting software applications enable you to generate an income (profit & loss) statement and balance sheet at any time and for any chosen period. Some other advantages include such things as:
- Accounts receivable tracking
- Accounts payable tracking
- Petty cash accounting
- Bank statement reconciliation
- Customer reports
- Inventory tracking
Every Business Is Unique
The accounting system you use must be tailored to your individual needs. Obviously, a service-oriented industry will not use the same records as a retail business. Because no two businesses will have exactly the same concerns, it is imperative that you develop your own system. You will have to consider any information that will be used by your particular venture and set up your records according to those needs.
Choosing the Right Accounting Software for Your Business
There are many different accounting software packages on the market. Besides xero accounting, there are accountants who also like sage 50, myob cloud or peachtree accounting software. Some are designed as general accounting applications, and some are designed for specific industries. Some have basic packages as well as more advanced ones with modules added to accomplish certain tasks.
It is up to business owners to select the software that is most appropriate for the business. However, SingaporeAccounting.com would suggest you work with your accountant to find the accounting package that will best accomodate both of you. Your accountant can then help you with the setup, work with problem solving throughout the year, and easily transfer your end-of-year information at tax reporting time. The end result will be the maximizing of profits for your business.