Accounting Software Adoption
Accounting Software automates and accelerates the work of an accountant or bookkeeper by reducing or simplifying repetitive tasks like entering double entries, issuing of invoices, paying bills and generating various types of financial reports. Nowadays many Accounting Software has auto-matching features which facilitates the performance of monthly bank reconciliation. With the introduction of Cloud Accounting Software, it brings great convenience to users by allowing them to easily record transactions, issue invoices, retrieve accounting information and generate reports on the go, anywhere and anytime. For businesses, such convenience at affordable cost only means greater adoption of the Accounting Software over the years. We believe its popularity will continue to climb.
Features of a Good Accounting Software
Accounting Software must be user-friendly, affordable and have the necessary features for individuals and businesses to be considered good. Most of the time you need to use the Software for a period of time to be familiar with it or to understand the functions and capability better. Basic functions like auto-matching of transactions for bank reconciliation, issuing invoices automatically for recurring services, automatic reversal of entries in the following month, etc. should be present in Accounting Software. The design and user-interface of the Accounting Software is an important consideration because it translates into how intuitive and user-friendly is the software.
Recommended Accounting Software in Singapore
Based on our users’ feedback, it appears that Quickbooks Online and Xero Accounting Software are superior and particularly catered for Small and Medium Size (SME) enterprises in Singapore. Both Software have online version (Cloud Accounting Software) and offline version. We have compared the necessary features of Quickbooks Online and Xero Accounting Software as well as Wave accounting software (specially for Singapore SME) in a separate write-up and hope you will find it useful.
Artificial Intelligence Accounting
Artificial Intelligence has been introduced to Accounting and bookkeeping. Artificial Intelligence Accounting Software is able to extract data from images via its Optical Character Recognition tool, classify the accounting entries and post them to relevant accounts. Bookkeeping tasks will soon be eliminated due to the introduction of technology. Accountants will be performing more sophisticated tasks in data analytics.
If you would like to subscribe to Quickbooks, Xero or AI Accounting Software, we are able to get it at an attractive subscription rate. In addition, we would be glad to set up the software for you and provide training for your staff at preferential rates. You just have to email us and indicate your interest in Xero or Quickbooks Accounting Software and we shall revert shortly.
For simple business with only some buy and sell transactions, you just need a very easy-to-use accounting software like Wave Accounting Software. It is not only easy to use, it is free. If you are tight on your budget because you have just started your small business, Wave Accounting Software may be the best software for you. It has the basic features necessary to run your small business, including issuing of invoices, recognizing expenses and bills as well as generating reports. This accounting software should be sufficient for most small businesses.
Other than the 3 Accounting Software mentioned above, MYOB is also another good Software which is quite popular in Singapore. It is not a free Software (i.e. you will have to pay a subscription fee) though. MYOB has online and offline version. For offline or non-cloud Accounting Software, UBS and EZ are also quite popular in Singapore and they have received good feedback.
Our Company focuses mainly on cloud version as we believe it will eventually replace all non-cloud version for Small Medium Enterprises.
Buy Quickbooks and Xero Accounting Software Through Us
It is advisable to buy the Accounting Software from an Accounting Firm because most Accounting Firms collaborate with Software Company and can usually let you subscribe at more attractive rates than what you would if you subscribe directly. Moreover, the Accounting Firms can provide the necessary support and training to ensure the Software works well for you.
Besides Accounting Software, we also provide Accounting Service, Tax Service, Corporate Secretarial & Incorporation Service, Consultancy Services, Payroll Services and other Accounting Related Services.
With our Bookkeeper, you know that your numbers are recorded in the right way and according the accounting rules. For high quality bookkeeping service where all details are captured for further analysis later, engage our bookkeeper to handle your accounting transactions today.
Accounting firms usually provide tax service as an extension of their accounting service. It includes tax filing and tax advice - individual tax (including expatriate tax) and corporate tax, GST or goods & services tax (including registration for GST) and withholding tax. Please allow our qualified tax accountant to resolve your tax issue.
Accounting may extend to the checking of what was recorded and we call this audit. Some companies need to engage an auditor to perform Statutory Financial Audit because they are not specifically exempted under ACRA’s guidelines. The objective of Statutory Financial Audit is to assess whether the “financial statements” is true and fair and drawn up in accordance with the Singapore Financial Reporting Standards (FRS). It only provides an opinion on whether the financial statements are likely to contain material misstatements or errors that may mislead the users.