Bookkeeping and other accounting works are tremendously time-consuming tasks. Apart from that, manual method of managing financials can be a risk to the accuracy records. If you want to keep reliable and accurate cash flow reports, without the headache, why not consider installing accounting software? If you’re in doubt of whether it’s a good investment or not, read on to find out the reasons why most Singapore companies can’t live without an accounting program in their system.
1. It can instantly provide information at a click of a button
Accounting software provides you an automated environment for your financial records, meaning there’s no need to search for files and data manually. By just keying in the file name or any other information about the file, you’ll be able to locate and access the data you need. Furthermore, accounting programs provide automatic updates to your activity records to give you a clear report of your company’s financial status.
2. It keeps track of your employees’ records
With an accounting program, you can keep track of your employee’s information, such as their allowances, payrolls, and tax deductions, and calculate finances in an automated manner. High-end accounting software has a section dedicated for managing employees’ wages, which makes calculation or salary much faster and easier. Calculating year-end reports and tax office works with million accounting system from Singapore only takes seconds as well.
3. It stores client information securely
If you haven’t used an accounting program yet, you must be keeping your client information on spreadsheets, word documents, or worse on ledger papers. Hough these methods are already enough for storing purposes, they cannot provide automatic calculations, updates, and most importantly optimum security. With accounting software, you store important client details, such credit terms and limits, contact information, and bank account numbers, and set passwords to protect the contents.
4. It provides automatic updates of on-hand stocks
Automatic update of stocks informs you whether or not you can supply purchases. This feature is especially useful for Singapore companies that offer multiple products. By simply keying in the product details to the computer, you’ll immediately get an accurate count of the product on-hand and confirm your client immediately about his or her purchases. Some accounting programs are also capable of subtracting sold goods to the inventory records for updated monitoring.
5. It serves as a single platform for all accounting tasks
Aside from keeping records, you need to perform all accounting tasks to keep your business up and running. With an accounting program, there’s no need for you to keep file drawers, and open up folders and spreadsheets. All documents, records, and reports you need to complete any bookkeeping task can be easily located in a few clicks of a button.
In short, integration of accounting software in a business can lead to a proactive performance. Aside from saving money and time, the software also improves your accounting knowledge and, therefore, enables you to run your business more efficiently.