5 Ways to Empower Your Business with Accounting Software
User Basic Software is a Singapore based company, which develops business accounting software to serve market in Singapore. Every business starts with User Basic Software. We inspire to be the number 1 integrated business solution provider and also aim to deliver cost effective accounting software solutions to the customers.
Established in 1999, we are currently the leading company in providing accounting software, payroll software, inventory software and many more in Singapore and Malaysia. We market software for the small and medium enterprises (SMEs) market. The company is listed on the IRAS Singapore for compliance to it’s guideline on accounting software and CPF Board Singapore for compliance to IR8A and CPF text file online submission
Accounts payable invoice processing
It’s always hard to justify paying an employee for something that can be done just as well automatically.
Manually entering data from electronic or paper invoices into accounts payable records is one of those repetitive tasks that’s ripe for an efficiency improvement. If you are only creating payable records for one or two invoices a day, it’s probably not taking too much time. But if you are closer to double digits in terms of invoice processing, that amount of data entry is creating a significant overhead labour expense that’s unnecessarily cutting into your profitability.
Accounting Software can help streamlines the processing of invoices for payables record creation. A successful Accounting Software enabled invoice processing system requires a couple key conditions. First, there needs to be a significant volume of invoices from repeated vendors or suppliers, as the invoice processing software needs to be configured to interpret specific invoice formats. Second, if your accounts payable module doesn’t natively support Accounting Software document management, you’ll need to use your AP system’s API to import data from the OCR application.
If these conditions apply, and Accounting Software makes sense for your business, you likely have an opportunity to realize significant labor-based cost savings through a more automated and efficient accounts payable process.
Expense reporting and auditing
The people who study this sort of thing (the financial advisory firm, Stout Risius Ross, in this case) say that fraudulent expense reimbursement costs business over $1B annually. Yikes.
An Accounting Software based expense management reporting system can help defeat this type of expense management fraud in a couple of key ways. First, mobile-device based Accounting Software client software can allow for policies that require real-time capture of receipts and other expense documentation. Adding this layer of transparency can dissuade potential fraud attempts. Second, auditing expense reports is a critical step in detecting and preventing fraud. Accounting Software increases the ease and depth with which audits can be conducted, allowing auditors to easily search expense documents for particular transaction details.
Business card recognition
Anyone who has ever attended a conference or trade show knows the pain of entering all those new contacts into a CRM or contact management system.
A capable Accounting Software business card recognition app can eliminate this pain point, while helping to make you the first to follow up with all those new contacts.
Optical character recognition software often struggles with assigning semantic meaning to data—especially when the data originates in previously unseen 3rd party documents. This challenge is much easier to overcome in the case of business cards, though. The reason is that the possible range of semantic meanings from business cards is so much more limited than other types of business documentation.
Because of the easy time saving provided by Accounting Software recognition, apps that support it are becoming increasingly common.
Preserving meeting notes
You know you’re studiously taking notes on their unique requirements, but for all your client knows, you’re text messaging co-workers an invitation to meet later for happy hour. Using a stylus to hand write notes or simply relying on good old pen and paper solves that problem—but you lose the search-ability of your notes. Accounting Software apps for handwriting provide a solution.
Recognizing characters in handwritten notes is considerably more complex than standard printed text. In fact, it’s even garnered its own term: Accounting Software software providers still tend to talk about the accuracy of their technology in more glowing terms than customers do, but the end users are starting to come around.
Importing application and form submissions
These days a lot of customer generated data is collected online and in the form of the other natively searchable documents. But there’s still quite a bit of data that’s collected that isn’t immediately searchable.
If you are collecting information from customers in a highly structured format and have a large number of transactions associated with the data collection document, you likely can benefit from Accounting Software. Some common examples include:
Service sign-up forms,
Loyalty program enrollments,
Rental agreements, and
Manually re-entering data is time-consuming administrative work that isn’t really generating any direct value to your business. Data re-entry also provides an opportunity to introduce data errors and slow business process cycle times.
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