Complete Guide to an Online Accounting Software Singapore for SME
In Singapore, every SME has to regularly maintain its books of accounts. However, not all of them have dedicated resources to do so. The lack of not having a team of expert accountants can have an adverse effect on their accounting and bookkeeping. Investing in an online accounting software Singapore gives them an elegant solution for the proper record keeping and cash flow management.
The SME owners like to have instant access to their financial data while dealing with their payables, receivables, and tax-related & stakeholders’ queries. They, now, prefer a web-based accounting software for small business to manually maintaining Excel sheets to manage SMEs finances. In the long run, the use of such a tool proves cost-effective and lends credibility to the company’s financial status.
Best Online Accounting Software for Small Businesses
One Accounting Software is developed using the latest technologies and techniques. It is a great help to the small businesses in the maintenance of masters, vouchers, and in the preparation of financial statements & reports.
This latest accounting software for SMEs provides advanced features allowing the owners an unmatched control over their finances. It behaves as a single platform and streamlines the business’ critical accounting-related operations in a user-friendly way. The features of One Accounting software are as below.
Features of One Accounting Software
One Accounting Software is designed to fulfill the accounting needs of startups, SMEs, and large businesses. It keeps you in touch with your financial data 24X7. It is an online tool that you can access from wherever you are and as per your convenience.
GST Compliant Accounting Software Singapore
No one likes to make any mistake while filing taxes in Singapore. It puts your integrity in question. One Accounting Software is GST compatible and is the right tool for filing your GST returns. It gives you instant access to the relevant financial information allowing you to prepare GST report in the suitable format and file GST tax form. It also allows you instant access to older GST reports.
The software ensures your business’ GST readiness right from the day one. It makes the task easy by enabling you to choose and set GST codes and tax defaults for transactions related to sales & purchases. It allows hassle-free setting of tax rates that you want to reflect on the bills, invoices, & transactions.
Streamline Multi-Currency Transactions
Today, SMEs need all the assistance they can get to handle financial transactions with their foreign clients. One Accounting software allows them to set currency preferences for each client. It simplifies multi-currency transactions by allowing you to set foreign currency exchange rates.
The software allows you to set a base currency of your choice to see the value of a foreign transaction in real-time & get a handle on the actual cash flow. The software prepares various currency reports like Realized & Unrealized Gain/ Loss report, etc.
Manage Your Client List Efficiently
A web-based accounting software gives you an efficient way of managing your contact list and improving your interaction with the clients. It goes a long way in ensuring the success of your business.
The accounting software Singapore gives you a user-friendly way to Add, edit, or Update the details of your contacts. Using the software, you can specify the clients’ default foreign currency, GST rate, and also track overdue invoices or bills. It gives your client-interaction an all essential professional touch.
Create Multiple User-Roles & Set Access Privileges
In today’s fast-paced business environment, time is of an essence and business decisions have to be made on the spot. It means a number of individuals need access to the business’ financial data. One Accounting Software enables you to create multiple roles and set access privileges as per your business requirements to multiple users without affecting the sanctity of the data.
Using the software, you can create different user-roles & allow or restrict an individual’s access to the data on the need-to-know-basis. It allows you to work remotely with the accountants, bookkeepers, and other colleagues and still, refer to the same financial data while making important business decisions.
Dashboard for At-a-Glance Info
One Accounting Software presents you with an advanced Dashboard. It gives you an opportunity to judge your business’ performance at-a-glance. It presents you with a consolidated view of your SME’s financial status.
The software displays charts for Cash In/ Out of company, Invoices owed to the company, and Bills owed by the company. This is the real-time actionable data about your SME’s receivables, payables, cash flow, & expenses. The access to the latest financial info lends for the effective decision-making. It is also of use in planning the future moves for your company.
Effective Sales & Purchase Management
The best accounting software for small businesses allows you to prepare, modify, schedule & automatically transmit invoices to your clients. The invoices prepared could be inclusive or exclusive of taxes. It also enables you to keep an eye on the paid and overdue invoices from a single point.
One Accounting Software supports recurring and automatic entry which increases the efficiency of your invoicing process. It also allows you to create & email professional invoices adorned with company logo, images, & contact info in font & colors of your choosing.
Manage Recurring Transaction
The best accounting software can work actively to reduce your work-load. It can automate your recurring invoices. It can create, save, & send custom templates for these invoices automatically.
The software speeds up your invoicing process by processing the recurring invoices as per the schedule & by emailing them to your contacts without needing your attention. It saves you from having to process the repetitive invoices manually. It also avoids typos and problems related to manual working.
Business Accounts Reconciliation
One Accounting Software takes only a few seconds to seamlessly reconcile your accounts. It assists in making sure that the cash flowing out of your business accounts tallies with the amounts spent by you. It is an easy way to put your accounts in order without grappling with the numbers yourself.
The software automates the reconciliation process. It speeds up the comparison of entries of transactions recorded in the general ledger or the chequebooks. At the end of the process, the software prepares a detailed reconciliation report for your consumption.
Manage Your Inventory Efficiently
Inventory management is an essential part of any business. The more efficient it is the more rewarding it is. Manage your SMEs inventory with One Accounting Software and benefit from increased productivity, client satisfaction, and revenue. The software makes it easier for you to evaluate the status of sales and purchase orders and stock requirements.
After upgrading to the online accounting software there are no more typos while adding items to invoices or orders. The automation simply speeds up the preparation of quotes, invoices, & purchase orders. You can also attach images to items in inventory. It makes visual identification and referencing easy.
Optimize Your Budget
With a well-developed One Accounting Software, you can plan financial performance & allocate resources. It enables you to measure SME’s performance & provides useful financial data for coping with the adverse events. Access to reliable data assist you in accurately estimating your revenue & expenditure.
The financial reports generated by the software enable you to judge SME’s performance, compare actuals with the budget allocations, and know whether you are over or under the budget.
Preparation of Financial Reports
The business planning and decisions rely on the availability of a variety of financial statements and reports. Now, a small business owner does not have to depend on an accountant.
One Accounting Software can collate information and prepare such reports for them without any significant delay. You can easily access SME’s trial balance, balance sheet statement, profit & loss statement, sales and purchase reports, bank register, & other financial reports. You can use these accounting reports to master your finances.
It today’s digital economy, an SME owner needs access to real-time financial information for making decisions. You cannot achieve it by using the Microsoft Excel sheets or by using the paper and pencil to do your accounting and bookkeeping. You need to upgrade to the latest accounting software Singapore and automate your processes to keep up with the time.