Manual accounting has been the mainstay of all businesses in Singapore for the last so many centuries. This is a time tested and proven method of book keeping that has helped business owners to meet the legal requirements and also to keep track of their financial transactions. Of late however, there has been a buzz surrounding the latest offering called accounting software that has been designed to make accounting easier and more efficient. This is an attempt to make use of computer software and internet to obliterate the need of retaining the services of a manual accountant.
Internet and software taking care of accounting needs
Accounting system has revolutionized the way entrepreneurs have traditionally looked at accounting in their businesses. Even those who have dreaded the dual entry system of book keeping taking science instead of commerce to stay clear of accounts have found that this new way of accounting to be a fun way to keep record of their financial transactions. All a business owner is required is to make correct entries of all financial transactions on the bookkeeping program by Million in Singapore as and when they take place, and voila, his accounts are automatically taken care of and he is free from all worries of the taxmen in Singapore.
No need to be computer savvy or knowledgeable in accounts
The best part of using accounting software lies in the fact that even those who have had no formal training in the field of accounts can easily understand how to keep accounts and to make the best use of this accounting software. Here, it is necessary to make clear that the use of accounting software is not limited to keeping accounts using and its ability to generate financial statements at any time and from anywhere and the business owner benefits from its ability to create invoices and credit notes as well. This is not all as accounting software is designed to make payrolls of employees also.
Know your tax amount and pay in time to avoid penalties
Singapore is one country where tax evasion has stringent penalties and this is why accounting system has become so popular among the entrepreneurs here. This special tool has the ability to come up with the exact tax amount so that a businessman is always in the know of the tax due of him and he is spared from facing a penalty that is common for non payment or delay in payment of taxes.
No compromise with sensitive financial information
This new system http://www.million.sg/ in Singapore obliterates the need for safe keeping of account books and producing them every time taxmen require them. In fact, your account books are in the safe custody of a server kept inside a building that is heavily guarded. So if you have any apprehensions about the safety of your sensitive information, forget it as no one has any access to the information without your permission. This is a major concern of businessmen in Singapore who need to keep their information secret and often the first question asked by entrepreneurs of companies selling accounting software is whether their financial information is safe or not.
There are so many different types of businesses that it is impossible to make a general accounting system that works well in all business atmospheres. This is where customization of software comes into play. If you are in the market in Singapore to buy accounting software tailor made for your business, you will have to ask for customization form the company. You also need to ensure that there is strong customer support and future up-gradation so that you are not left in the lurch with any changes in tax structures.