Apr 18, 2013

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Key Functions of Accounting Software

At first glance, all accounting software appears pretty much the same. All of them offer functions like billing, accounts payable, accounts receivable, general ledger, and a number of other standard accounting functionalities. However, beyond those fundamental features lie dozens of other components and services. Many of these features are considered vital for the growth of Singapore companies, while some are just nothing but marketing gimmicks. So, how will you know you’re getting the best accounting package? What should your software do for the betterment of the company?

Automation
For many business establishments in Singapore, support for basic financial management and accounting transactions alone in their accounting software Singapore isn’t enough anymore. Many companies, especially the large ones, require automated employee payrolls, expenses, and time sheets; departmental and company budgets, and other financial activities to keep pace to the growing demands of the business.

Security
Accounting software adds security to the company’s financial information. You can set passwords to control the privacy of accounts. You can also let users set their own passwords to gain access to specific accounting areas. By using accounting software, you’re assured that files are protected from unauthorized intruders.

Customization
The truth is, no accounting software will perfectly fit to your Singapore company’s needs. However, through customization, you can personalize everything in the software – from formats, reports, and statements to spread sheets, help systems, and user interface. Look for software that lets you set things according to your needs.

Internet Connectivity
Internet has become a staple requirement in big and small businesses, and it’s only reasonable that Singapore accounting software should also adapt to this trend. Go for the software that lets you handle electronic fund transfers, and send and receive text-based and multimedia documents.

Reports
This function allows any business owner to view all the transactions done by his employees. It gives the owner a bird’s eye view of his business. Report functions of accounting software are usually customizable and can either be detailed or summarized, depending on the user’s preference. Furthermore, accounting reports keep you reminded of the payments you have to make, like what you owe to other company in Singapore or how much you would have to pay for the tax.

Analysis
Accounting software also has the key function and ability to analyse your business’ monetary status. With the organized information from your software, you can analyse profitability rate of a product, prepare annual budgets, plan for growth, study every expense made, and make adjustments without the hassle of going through every file and folder just to gather the statistics needed for the tasks.

Scalability
In the years to come, your business will grow and become more prosperous. Do you think your software key functions would be able to keep up with the loads of tasks your growing company demands? Look for a accounting software Singapore program that can be upgraded easily and can accommodate larger number of financial transactions and progressively growing number of users. Ask vendors and understand the software’s scalability for you to be aware whatever your business has to bring in the future.

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