Currently, companies in Singapore are moving and developing very rapidly. This development occurred due to increasing global demand in the industrial sector. This rapid development has made many companies in Singapore overwhelmed by the magnitude of the things they have to manage. One example is financial reports and bookkeeping. The bigger the company, the more complex the financial statements will be. That’s what makes companies need accounting software in Singapore to manage their company.
Accounting software for Singapore companies is able to automate company financial reports from start to finish. Accounting software can also reduce the occurrence of human error so that there will be no errors in financial records. In addition, managers and accountants can monitor the company’s accounting cycle in real-time. That is what makes implementing accounting software important for companies in Singapore. Therefore, consider the following article to find out the importance of Singapore accounting software.
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Table of Content
Why Does Singapore Business Need Accounting Software?
The magnitude of business development in Singapore makes companies need to make major changes to keep up. These changes aim to enable the company to optimally manage all aspects in line with its business development. One of the aspects that a company must manage properly and correctly is corporate finance. All of the company’s financial management, both reports, and the accounting cycle, must continue and be well managed.
Your financial data become increasingly complex as your business grows. Using spreadsheets to manage corporate accounts is confusing, time-consuming, and error-prone. A growing business needs an accounting solution that you can scale. To adapt to complex financial data, business owners must consider alternatives to spreadsheet accounting. The solution is accounting software.
Accounting software provides a wide range of business-enhancing functions. Accounting software is important for managing your business’s financial data, from simple invoicing and billing to tax calculations and project management. In addition, it facilitates the management of clients, the reconciliation of bank accounts, and the generation of analytical financial reports, all of which contribute to the continuing growth of your business.
Key Features of Accounting Software
Accounting software plays an important role in the sustainability of your business. Before implementing it into your business, it’s a good idea to know the key features of accounting software.
Invoicing and billing
Invoicing and billing are essential business operations and your company’s primary source of cash flow. Paper invoice management is tedious, time-consuming, and error-prone. When you have recurrent orders, sending out physical invoices for every transaction is impractical. Without automated software, it is also impossible to track bills and remind clients of overdue payments.
Accounting software efficiently addresses these concerns and provides features that make invoicing simple. You can create recurring profiles for recurrent customer orders and schedule invoices to be delivered automatically each time the order is placed. Additionally, you can include payment terms and conditions on your invoices to inform your consumers about payments. Using accounting software, you may automate payment reminders. You can configure reminders based on invoice due dates or estimated payment dates, and the software will automatically send them to your customers. With an accounting application, you can track your unpaid invoices, remind clients to pay on time and avoid missing payments by accident.
Online payment
You may combine your accounting software with various online payment gateways to provide clients with a quick and safe payment option. Payment gateways keep track of payments you receive and automatically update them in your accounting system under the related invoice. In addition, they accept a variety of payment options, including credit cards, debit cards, and online bank transfers.
Connected online payment gateways to your accounting software can support various currencies, allowing you to accept payments in your customers’ currency while maintaining your own accounting currency. This avoids errors and additional calculations in international transactions.
Also Read: 5 Best Accounting Construction Bookkeeping Software in 2022
Inventory management
Inventory management is a crucial aspect of your business. Good inventory management is required to ensure adequate supply and deliver excellent customer service. It includes documenting item information, monitoring objects, performing accounting, and generating reports.
When you get a product order, you can use your accounting application to generate a sales order, transform it into an invoice after approval, and apply the applicable taxes. You may track inventory and establish reorder levels for your products to receive automated emails and place orders on time, preventing stock-outs. Additionally, you can develop inventory-specific reports to acquire greater insight and more efficiently manage inventories.
Bank reconciliation
Accounting software streamlines a business’s core accounting function, bank reconciliation. Connecting your bank account to your accounting software allows you to import bank statements into your accounts automatically. In your accounting software, you can configure custom criteria and bank rules to classify and match import bank transactions automatically. After matching your transactions, you need only verify and confirm them to reconcile your accounts. Accounting software provides audit readiness throughout the year by facilitating simplified bank reconciliation.
Also Read: Accounting Software Solution to Automate Your Business Finance
HashMicro – Best Accounting Software in Singapore
Businesses should now think about using accounting software with lots of features. The features will make your work easier and decrease the possibility of mistakes. As a result, you must pick the best accounting software to handle your business’s needs. HashMicro can be your best option for choosing the best accounting software. HashMicro is the best accounting software provider for companies in Singapore. This is because HashMicro is able to integrate its own software with various software from other divisions so that the company’s performance can grow significantly.
Implementing HashMicro’s Accounting Software helps you to well-recorded the finances of your business. HashMicro provides the most comprehensive accounting tools, including cash flow management, journal entries, and reconciliation, to help you manage your finances. HashMicro’s accounting software is also Peppol network-ready for seamless invoicing management.
Conclusion
Your financial data become increasingly complex as your business grows. Using spreadsheets to manage corporate accounts is confusing, time-consuming, and error-prone. A growing business needs an accounting solution that you can scale. To adapt to complex financial data, business owners must consider alternatives to spreadsheet accounting. The solution is accounting software.
HashMicro’s Accounting Software is the most comprehensive software solution for your business needs. Get full-fledged Accounting Software with robust features to manage your finance, such as cash flow management, journal entries, and reconciliation. HashMicro’s Accounting Software is also Peppol network-ready for seamless invoicing management. You can download the price model for the Accounting Software from HashMicro to learn more about the expenses or try a free demo to feel the benefits of the software.
