1.What is an Accounting software
2.What are the best accounting software’s in Singapore?
3.Which is the best ERP accounting software in Singapore for SME?
4.What are the features needed in an Accounting software?
5.Disadvantages of not using an Accounting software
6.How does the Accounting software benefit a business?
Accounting software is a software which records financial and accounting transactions like accounts payable, accounts receivable, journal, general ledger, payroll and trial balance. It helps in understanding the true financial position of the business. The exact profitability of the branches can be ascertained. Larger firms may choose to implement a customized solution that integrates a vast amount of data from many different departments. Small firms often choose an off-the-shelf product.
The Top 5 Accounting software in Singapore are;
Moiboo software helps to automate the business end to end and also controls all the activities of the business.Moiboo can be used instead of using multiple softwares for different functions.
The features in Moiboo software are;
- Inventory management
- Purchase management
- Multi branch management
- Peppol invoicing
- Auto cloud backups
- Sales order
Moiboo is the only software that comes with a low price, has PSG approval and is peppol ready. The training and support is doorstep. The only negative aspect in this software is that it is online and requires internet to access the software
Xero accounting software is suitable for small businesses.Xero is an easy to use software that helps in saving admin time and in turn helps to grow your business.
Features of Xero Software
- Bank reconciliation
- Mobile App
Xero software is suitable for small businesses only as you scale up this becomes inefficient as the features are very very basic.
Sage 50 is a strong small business accounting solution. One of the advantages that this account software offers is the ability to perform all its functions even when offline.
Features of Sage 50 Accounting software
- Basic accounting
- Invoice through mail or email
- Monitor cash flow
- Pay bills online
- Excellent inventory and job management
- Fixed assets management
- Job/Project management
- Vendor Management Center
- Customer Management Center
- Inventory and Services Management Center
- Dig up insights in data
- Over 100 customizable reports and financial statements
- Sage Business Care Silver
- Sage Advisor
- Multi-User up to five licensed named users
- Terminal Services
The main drawbacks in this software is that it is expensive, has very limited features and is not business friendly.
Quickbooks is a cloud based accounting software where you can track sales, create and send invoices, and know how your business is doing at any time.
- Track Income & Expenses
- Invoice and Acccept Payments
- Maximize Tax Deductions
- Track Miles
- Run Reports
- Send Estimates
- Track Sales and sales tax
- Manage Bills
- Multiple users
- Track Time
- Track Inventory
- Pay employees
- Get capital
The main drawback of this software is the lack of support, customised business specific features and limitation on the number of users.
Gnucash is a small business accounting software that can help in double entry accounting, scheduled transactions, receivables financing and tracking, balance sheet and other reports, as well as more advanced functions.
Features of Gnucash
- Double Entry
- Checkbook Style Register
- Scheduled Transactions
- Reports, Graphs
- Income & Expense Statement
- Multiple Currencies
The drawbacks of this software are lack of business specific features, limited user access and more of manual operation rather than automated features.
The features that a good accounting software should have are;
1.It should be user friendly so that even a lame person should be able to use the software
2.It should be able to integrate the invoicing and billing feature with inventory
3.Identify and prevent any errors
5.Ascertain the true financial position of the business.
The disadvantages of not using the Accounting software are;
1.Manual accounting process is very time consuming. It involves a lot of admin time.
2.Since most of the process is manual, the chances of error is also high
3.the efficiency of the business becomes low
4.It becomes difficult in syncing the invoicing, inventory and accounting
5.It becomes difficult in finding out the true financial position of the business
The benefits of using accounting software
- Saves Time
- Continuous Financial Monitoring
- Cash Flow Management
- Minimises Mistakes
- Computerized Invoicing
- Neat and Tidy Organisation
- Tracks Inventory
- Mobile App
Accounting software is needed to automate all the activities of the business and mainly to automate all the manual tasks and reduce the admin time. The difficult task is choosing the right software for your business as there are several options available. The software to be chosen should fit in the budget, should have all the features required by the business and should be user friendly.cing, you can get up-to-date reports on customer payments. The reports can provide you details on which customers owe you and the amount to be paid
For a free demo please visit our website www.moiboo.com