Gathering and analyzing financial data are central to the success of a business. However, information that is outdated, inaccurate, irrelevant, or hard to understand can lead to costly mistakes. Financial management software can help finance managers assemble accurate and clear data. With reports that pull real-time information from a company’s various departments, the process of financial analysis can be simplified and optimized.
The primary function of a financial management system is to help managers keep close control of a company’s income and expenses. This is achieved through simplifying the billing process, minimizing accounting errors, and providing accurate, timely reporting. With an organized system in place, the time of the accounting staff is optimized, with fewer hours spent researching tax regulations and issuing and processing invoices. In addition, accurate financial information makes it easier for the chief financial officer (CFO) to plan budgets and make important fiscal decisions.
Financial management software usually comes in a suite that comprises a number of financial applications. While offerings differ among vendors, most packages include several standard applications: accounts payable and receivable, general ledger, and financial reporting. The software can be purchased as part of a larger ERP financial management system or on its own.
Importance of Accounting Software
According to a survey by Dynamics Markets, about 97% of finance managers find some aspect of the financial reporting process stressful. The research showed that companies that don’t use financial management software experience more difficulty generating coherent reports, which leads to confusion about the data and makes financial analysis an uphill battle.
Financial management software can alleviate such problems. Financial reporting and analysis tools allow users to generate real-time reports whenever they like and provide them with tools to help them understand the information. Most modern software is now made with simple user interfaces, which is easier for accountants to use without the aid of the IT department.
Choosing Accounting Software
1. MYOB Accounting system is easy to use
MYOB Accounting System is simple accounting software for SMEs. Simple, yet powerful accounting software with emphasis on workflows and business processes. It will help you automate every financial aspect of your business.
MYOB Accounting software is GST-ready and GST compliant. The latest version has been tested to be compliant with Windows 8.
To keep your business going, you need to invoice your clients and customers and track the outstanding balances owing to you. There are bills to be paid, statements to be mailed, jobs to be managed, and the banking to be done and reconciled.
Things happen daily, weekly, monthly.. all the time. It’s a lot of work. MYOB Accounting will help lighten your load.
MYOB Accounting software is GST ready and GST compliant
MYOB Accounting is GST and VAT ready for countries where GST and VAT are applicable.
MYOB Accounting system is widely used in GST countries such as Australia, New Zealand, Singapore, Indonesia and Hong Kong, and many more. Therefore, it is globally tested for GST processing. The Technical Support Team has been handling inquiries from users in GST countries where MYOB is widely used, and we are well-positioned to answer queries relating to GST processing with MYOB accounting software.
MYOB is also an approved GST Accounting Software in Singapore and Malaysia for the purpose of Government subsidy. The Malaysian version is GST compliant with the Malaysian GST requirements.
MYOB Malaysia released its latest version of MYOB Accounting v20 and MYOB Premier v15 in May 2014. The Royal Malaysian Customs Department has approved both MYOB Accounting software for purposes of obtaining financial assistance for GST implementation
2.EZ ACCOUNTING Software – Save Time, Simple, Reliable
EZ ACCOUNTING makes it easy for companies, small or large to have a great accounting service platform. It has support for multiple companies and clients and with its sleek and easy-to-use interface, office accounts have never been this easy. Described as “Drop dead easy to use.” by its users, EZ ACCOUNTING was developed in Australia for small and medium enterprises (SME). A special added feature includes XBRL, IAF text format which is verified and accredited by Singapore ACRA for its XBRL features, and Singapore IRAS for compliance to the guideline on accounting software for ti’s IAF text file.
User – Friendly Interface makes it easy for anybody who did not use any accounting or inventory system before to master it within few hours of training by our support team of trainers.
To Small Medium Enterprises (SMEs), We provide them with a complete rapport while molding businesses into success with ideal management. EZ Accounting is now IRAS Accredited!
Get up to 50% on your IT implementation; you can benefit from SPRING Singapore’s effort to help local enterprises upgrade market competitiveness through IT implementation. Software is NOT the solution – our professional implementation will get you the results to be successful.
Source: MYOB & EZ Accounting
Please feel free to reach us at https://www.ezaccounting.com.sg/Tags: accounting software, Accounting Software Business, accounting software singapore, Best accounting software singapore