Accounting is one of the most crucial elements of business; businesses exist
to make money, and accounting ensures they do.
Without efficient accounting, your business is sure to fail. Traditionally,
accountants were the only way of keeping your business books. However, the
accounting industry today has grown significantly. Accounting software is the
best way to keep your books in today’s business environment.
The Singapore Business Federation encourages SMEs to adopt digital business
technologies for their growing or established businesses.
The use of accounting software is essential for any business, and has
been adopted by many companies in Singapore. It enables businesses to grow
faster because of the numerous benefits that accounting software in Singapore
1. Efficient Tracking and Monitoring
The transfer of stock is an important part of any business. It is a
time-consuming process and prone to human error, fraud, theft, and damage.
Accounting software can help you track your inventory and make sure that
everything is accounted for properly.
A good accounting software will help you to easily reconcile your stock on
hand with your inventory account for any given date and keeping track of item
quantities held at each location to prevent stockouts.
2. Sending and Receiving
Wouldn’t you like it if your customers were invoiced automatically in time,
and reminders sent when they failed to remit payment in due time? Well, it’s
possible with accounting software.
E-invoicing is a great practice to adopt. It saves you time and money, ensures
easy reference and tracking purposes.
When sending an invoice, all you need it to enter the customer’s details, and
the software automatically populates when they are entered into the system
during the registration process. The next step is simply to click “send”.
With E-invoices, you enjoy getting faster payments through faster invoice
processing, validation, and payment. E-invoices also improve efficiency by
avoiding error-prone manual data entry and skip labor-intensive steps.
3. Time Billing
Time billing is a feature that allows you to track the time you, employees, or
suppliers spend on various client projects. Time billing makes it easy for you
to invoice your clients for the time you spent on their projects, and it’s
also great for keeping track of your own time, analyzing and understanding how
you and your staff spend their time and if it is profitably spent.
If you have clients who pay by the hour, then they might benefit from knowing
exactly how much they’re paying each month or week. This is especially true if
they are paying large sums of money in one go—such as when they hire an
accountant full-time or sign up for retainer services.
Time billing gives them this kind of data so that they can better manage
their cash flow and make smarter decisions about how much money should be paid
out at once to avoid getting stuck with an unexpected bill later down the
4. Integrated Bank Feed and Bank
Accounting software could allow you to seamlessly integrate with more than 5
major banks in Singapore. This means that you can be up and running within
minutes without needing to set up any external connections or
All transactions will go through the same system that you use for accounting
purposes which makes it easier to reconcile your books at the end of each
month or quarter. You only need one software for everything.
Alternatively, accounting software will enable you to sync daily bank feeds
and process online payments to vendors while eliminating switching effort
between accounting software and online banking portal.
5. Helps you stay compliant with local
laws, taxes, and regulations
By using an accounting software, you save money in the long term. This is
because you don’t have to hire a person to manage your accounts, which would
cost you a lot of money each year. By using an accounting software, it will
take less time and effort for you or your staff members to handle all of your
finances, making them more efficient and productive within their roles at
The accounting software will help you;
• Stay on top of Singapore’s tax
• Easily keep track of your GST (Goods
and Services Tax)
• Automate the preparation and filing
of Form C-S and Annual Return to IRAS and ACRA
6. Robust Inventory Management
Inventory management is important for any business. Inventory management helps
you track the stocks and items that you own, allowing you to be better
prepared for a sudden increase in demand or an unexpected shortage of
You can use the inventory management feature to make changes to your
inventory. This can include adding new items, removing old ones, and updating
prices for existing items.
With a god accounting software. You will enjoy the flexibility to
maximize your ROI and grow your business.
7. Business Analysis Opportunities
You can also use accounting software embedded with business intelligence
capabilities to perform several other tasks, including:
• Business analysis opportunities
• Business analytics
• Business intelligence
• Business information
Make informed decisions based on accurate and detailed information with over
200 flexible reports and charts. To detect common processing errors and ensure
your business information’s integrity, just use the inbuilt Data Auditor.
8. Know Your Cash Position
Accounting reports provide detailed insight into your company’s current
financial situation, which helps visualise and plan your business with quick
and easy cash flow analysis.
With this, you can quickly identify potential issues and opportunities and
make well-informed decisions. You will know exactly how much cash you have and
how much you need for business expenses and investment.
It’s Easy to Get started
Using accounting software in Singapore can save you time, money, and headache.
PSG grant accounting software
is 100% Singapore tax-compliant accounting system with a robust inventory
management solution that helps you track everything from your purchase order
to stock and sales invoice.
The bottom line is that a great accounting solution saves you from
having to do everything manually and allows you to focus on growing your
business while letting an automated system handle the day-to-day tasks.