The Benefits of Adopting Accounting Software as Solutions
Accounting is the life and blood of any business because it keeps track of the monies and how they are spent. If you have a business in Singapore, accounting software is the solution that can boost your enterprise greatly. With paperwork being replaced so fast by software solutions, there is no reason why you should not adopt technology and go green for your business, and streamline the way your money is spent.
Today, there are many accounting software solutions for small and big businesses, some of them cloud based and some on-premise. You can comfortably say that your business will never be the same again after you adopt the use of the right software like QuickBooks or Xero cloud solution for accounting. Each of them is tailored with different features to handle different types of businesses.
What can cloud accounting software do for you?
Financial information is very sensitive. Hence, accuracy is paramount. Accounting software solutions such as Xero make data entry easy and accurate. They automate every accounting function in the business and reduce errors. Manual data entry or even infamous software such as soEasyAccounts is often characterized by errors. On another hand, the beauty with Xero accounting software is that they make the financial systems more transparent.
The Singapore Law requires that companies file their financial returns. With a good accounting software, analysis and reporting, data management, auditing and other core tasks that relate directly to the regulatory standards are improved dramatically. Xero accounting software solutions saves you lots of time and money.
With Xero accounting software package, it ensure that you comply with the set of standards in a timely manner. In addition, any accounting software you choose will allow you to adapt some functions and adjust operations as required. For the smooth running of a business, compliance is vital. Fines and penalties for any late filing will be avoided.
Increases productivity
Accounting software also enhances staff productivity. Employees in the accounting department are often weighed down by labor-intensive financial management systems. These distract them from the core goals and objectives of the company. Investing in an accounting software, such as Xero, will enhance the morale of your workers. They will be able to channel their energy and efforts to tasks that will steer business growth and revenue generation.
Another great strength of accounting software solutions is that they give everybody in the company an opportunity to access its financial status in real time, 24 hours 7 days a week anytime and anywhere. From the top executives to the accounting department staff, every bit of financial information is open for them to see and react when necessary.
The above works marvelous in enhancing budget management, strategic decision-making and financial planning, eventually increasing the revenue of your business. However, this ease of accessibility does not mean that everyone can access the accounts. Access rights can be controlled by login authorization using passwords protection.
Multiple functions
Accounting software packages have multiple capabilities. For instance, they represent financial information in such a way that the accounting team is able to get an in-depth understanding of the information. In so doing, they can analyze the data and come up with trends and patterns for the good of your company. With this vital information at their fingertips, they are able to grab new marketing opportunities and improve cost-efficiency.
Lastly, accounting software solutions makes it easier for the finance department to share information with other departments in the organization and third parties. These also improve the operations by passing on the right information to the people in the front-line.
Outsourcing accounting tasks
Now, having read about all the goodness that you can reap from an online accounting software as a solution, what is the best software for you? Mind Your Own Business (MYOB) is designed for smaller business and indeed, it helps you mind your own business. Then there is SAGE, QuickBooks, Pastel and many more like the beautiful Xero accounting software.
Most small and medium business, even large businesses in Singapore find it hard to maintain a fulltime account. Thus, they outsource their accounting functions to third party firm like J Accounting Services.
Outsourcing your accounting needs will help you comply with the Singapore regulatory and financial reporting standards (“FRS”), increase information sharing, meet your financial obligations on time with the relevant government authorities like ACRA & IRAS, and boost the productivity of your employees. You can also free a lot of time for your staffs to be allocated other duties.
Start outsourcing your accounting department to a professional Xero certified partner. J Accounting Services has the answers to meet all your needs and requirements. Get in touch with J Accounting!
