How To Utilize The Accounting Software In Your Small Business

Bank reconciliation made simple. You don’t miss deductions when you reconcile your bank account on computerized accounting software. The account won’t balance if you don’t post the bank charges or the missing receipt for that debit card transaction at the office supply store.

Easy input.

 If you don’t like keyboarding in your transactions, most banks will allow for a direct download of your bank account data. With a few keystrokes, you can enter an entire month’s worth of transactions. Tracking credit cards used in the business can be simple and you will remember to post the finance charges. Reconciling the credit card balance in the same way you reconcile the bank balance to the statement will ensure that all transactions are accounted for.

Formalized financial statements.

A computerized accounting software program can provide profit and loss statements and balance sheets that are necessary to evaluate your business’ progress. If you are seeking financing for your business, you must present investors with financial statements.

History of the business.

 There is nothing more educational and satisfying then bringing down a comparative income statement to compare your current year activity with prior year(s). A spreadsheet program can give you this as well, but the data entry is clumsy and more prone to inaccuracies. Speaking of spreadsheets, you can always dump your data from the software to your spreadsheet program in the event you want to play with the numbers and do projections.

Customer history and aging.

 Using a software’s invoicing feature allows you to track your customers’ purchasing history and payment habits. Aging reports can be generated to facilitate collection efforts. In fact, you can note collection attempts in a special “Notes” box on the customer profile screen.

Vendor history and aging.

Rather than simply cutting checks when bills are due, you can use the accounts payable system to track bills as they arrive and plan for cash flow. Using software will also provide you with reports for each vendor. It makes it easy to locate prior payments and invoices.

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Main advantages of UBS Software

Automation: Since all the calculations are handled by the software, computerized accounting eliminates many of the mundane and time-consuming processes associated with manual accounting. For example, once issued, invoices are processed automatically making accounting less time-consuming.

· Accuracy: This accounting system is designed to be accurate to the minutest detail. Once the data is entered into the system, all the calculations, including additions and subtractions, are done automatically by software.

· Data Access: Using accounting software it becomes much easier for different individuals to access accounting data outside of the office, securely. This is particularly true if an online accounting solution is being used.

· Reliability: Because the calculations are so accurate, the financial statements prepared by computers are highly reliable.

· Scalable: When your company grows, the amount of accounting necessary not only increases but becomes more complex. With computerized accounting, everything is kept straightforward because sifting through data using software is easier than sifting through a bunch of papers.

· Speed: Using accounting software, the entire process of preparing accounts becomes faster. Furthermore, statements and reports can be generated instantly at the click of a button. Managers do not have to wait for hours, even days, to lay their hands on an important report.

· Security: The latest data can be saved and stored in offsite locations so it is safe from natural and man-made disasters like earthquakes, fires, floods, arson and terrorist attacks. In case of a disasters, the system can be quickly restored on other computers. This level of precaution is taken by Clever Accounting.

· Cost-effective: Since using computerized accounting is more efficient than paper-based accounting, than naturally, work will be done faster and time will be saved. When one considers that Clever Accounting, one of the latest online accounting solutions, starts at a low monthly subscription (check out pricing here), then computerized accounting really becomes a no-brainer.

· Visuals: Viewing your accounts using a computer allows you to take advantage of the option to view your data in different formats. You can view data in tables and using different types of charts.

The way to reach best accounting software for small businesses, we began by asking business owners which accounting software they use, what they love about it and what they think makes a "perfect" accounting software.

We also researched popular accounting software that frequently appeared on reputable review websites, top lists and business websites. We then created an extensive list of accounting software. Next, we evaluated each software by signing up for a business account and testing them ourselves. This first-hand experience helped us get a better idea of how features work and whether they are worth the price tag. It also helped us assess whether the software is as easy to use as each vendor claimed. We chatted with sales reps and customer service teams and asked a variety of questions as small business owners looking for accounting software. This also helped clarify any concerns and issues we came across while researching and testing each product.

How can we used to evaluate each software?

·         Cost

·         Ease of use

·         Time-saving features

·         Reporting capabilities

·         Mobile access and mobile features

·         Accountant access

·         Service limitations, including the number of customers, invoices, users, transactions packages allow

·         Customer service

·         Additional services like credit card processing, tax preparation and payroll services

·         Integration with third-party apps

For More details: www.singaporeaccountingsoftware.com

Benefits of UBS Software

Automation: Since all the calculations are handled by the ubs software, computerized accounting eliminates many of the mundane and time-consuming processes associated with manual accounting. For example, once issued, invoices are processed automatically making accounting less time-consuming.

Accuracy: This accounting system is designed to be accurate to the minutest detail. Once the data is entered into the system, all the calculations, including additions and subtractions, are done automatically by software.

Data Access: Using ubs accounting software it becomes much easier for different individuals to access accounting data outside of the office, securely. This is particularly true if an online accounting solution is being used.

Reliability: Because the calculations are so accurate, the financial statements prepared by computers are highly reliable.

 Scalable: When your company grows, the amount of accounting necessary not only increases but becomes more complex. With computerized accounting, everything is kept straightforward because sifting through data using software is easier than sifting through a bunch of papers.

Speed: Using  ubs accounting software, the entire process of preparing accounts becomes faster. Furthermore, statements and reports can be generated instantly at the click of a button. Managers do not have to wait for hours, even days, to lay their hands on an important report.

Security: The latest data can be saved and stored in offsite locations so it is safe from natural and man-made disasters like earthquakes, fires, floods, arson and terrorist attacks. In case of a disasters, the system can be quickly restored on other computers. This level of precaution is taken by Clever Accounting.

Cost-effective

Since using computerized accounting is more efficient than paper-based accounting, than naturally, work will be done faster and time will be saved. When one considers that Clever Accounting, one of the latest online accounting solutions, starts at a low monthly subscription (check out pricing here), then computerized accounting really becomes a no-brainer.

Source: www.cleveraccounting.com

Visit us: www.singaporeaccountingsoftware.com

Way to Reach the Business via Accounting Software

The way to reach best accounting software for small businesses, we began by asking business owners which accounting software they use, what they love about it and what they think makes a “perfect” accounting software.

We also researched popular accounting software that frequently appeared on reputable review websites, top lists and business websites. We then created an extensive list of accounting software. Next, we evaluated each software by signing up for a business account and testing them ourselves. This first-hand experience helped us get a better idea of how features work and whether they are worth the price tag. It also helped us assess whether the software is as easy to use as each vendor claimed. We chatted with sales reps and customer service teams and asked a variety of questions as small business owners looking for accounting software. This also helped clarify any concerns and issues we came across while researching and testing each product.

How can we used to evaluate each software?

• Cost
• Ease of use
• Time-saving features
• Reporting capabilities
• Mobile access and mobile features
• Accountant access
• Service limitations, including the number of customers, invoices, users, transactions packages allow
• Customer service
• Additional services like credit card processing, tax preparation and payroll services
• Integration with third-party apps

Visit Us: www.singaporeaccountingsoftware.com

The Importance of Accounting Software

The Importance of Accounting Software

Accounting software is a class of computer programs that enable you to manage your business’s financial transactions. Such programs can vary widely in scope, with some programs designed for little more than simple bookkeeping and some designed to manage the entire financial comings and goings of large businesses. Using accounting software helps companies to use the resources in their accounting departments efficiently, and can reduce costly bookkeeping mistakes.

Accuracy

Accounting software can help to increase the accuracy of your records by reducing or eliminating human errors in calculation. Manual bookkeeping processes involve making a lot of mathematical calculations by hand. An incorrect calculation early on in the in the process could have a great impact on the end balance. Computers, on the other hand, are virtually incapable of making such errors. However, it should be noted that accounting software is not immune to human errors arising from data entry or interpretation mistakes.

Speed

Using accounting software allows businesses to process their accounts with greater speed than manual processing. Part of this speed increase comes from the use of computers, which are able to process figures far faster than the human brain. In addition, accounting software allows organizations to increase efficiency by introducing automation. Say, for example, that a business needs to record sales tax on all of its transactions. Accounting software could be configured to do that for each entry automatically, rather than having a staff member work out the tax longhand.

Cost

The benefits resulting from the speed and efficiency of accounting software often go hand-in-hand with reduced overall costs. The use of an accounting program allows each member of the accounting team to do more in a given time, potentially meaning that a smaller team is needed overall. This, in turn, can reduce the accounting department’s payroll and administration costs. However, these savings should always be balanced against the cost of the software itself and any additional hardware needed to run it.

Reports

Accounting software helps businesses to supply the necessary members of staff with timely and accurate financial information. For example, suppose that a company’s finance director needs a report of cashflow to take to a meeting in two hours. Many accounting software systems have built-in reporting modules that enable users to create this type of report by simply filling in a form or clicking a button. However, creating such a report manually would be a time-consuming process.

Tax

Filing your business taxes can be a complex process, requiring you to keep close track of all your business’s transactions. Accounting software helps to make this process easier by ensuring that all of your business’s financial details are in one place. In addition, companies such as Intuit and ATX produce tax return software that integrates with their accounting programs. This allows you to calculate your return itself semi-automatically, rather than spending time and resources working out the necessary details by hand.

Source: smallbusiness.chron.com

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Say Goodbye to Papers

Say Goodbye to Papers

If you entered the accounting profession 10 to 15 years ago, you were taking a job in a business that had been transformed by the arrival of accounting software. At the enterprise level, this meant working with major ERP systems like SAP, Oracle, Salesforce and others. Smaller businesses were working with simpler but still very effective software like QuickBooks. The ubiquitous double-ledger paper that had dominated accounting departments for generations had seemingly been banished.

Still, the paper mind-set endured, despite the ever-present nature of accounting software. The pages were simply transformed into electronic format – first on floppy disks, later as email attachments. Accountants still labored to gather, compile and sort data, which was then circulated to other parts of the business. Even as things changed, they stayed the same.

All that is about to change. For an eager young CPA getting ready to set up their career in accounting, they have to prepare for a new feature of the accounting department: robots.

Before you crack a joke about how accountants were always automatons, the robots in question aren’t physical – they’re software. And their impact is becoming more and more profound. Today, the process in many accounting departments is based almost exclusively around human effort. Individuals pull data from different sources within their ERP systems and they produce reports that they pass on to others. As a result, the process is stuck with human limitations, including an error rate that hovers around 10-15 percent, even in the best of circumstances.

At the same time, the demands on accounting departments only grow more onerous. For public companies, accounting departments have to jump through the various hoops created by regulators to ensure a high standard of compliance. The only way to increase the output is with additional human effort – accountants working 80 hours plus a week, and individuals checking and rechecking each other’s work, with little to no true reduction in risk or enhanced controls.

This has opened the door very widely for the introduction of process robotics into the accounting profession. And why? These robots aren’t simply replicating human effort electronically. They’re integrating with the rest of the ERP system to completely automate accounting processes end-to-end, and not just at the user interface (UI). Let’s take one example among many: revenue recognition. As anyone who has sweated to decide if revenue should be recognized, deferred or an expense should be booked, this process is not complex: it’s simply thousands of A/B decisions in a row. The challenge is to ensure accuracy and consistency, and accountants traditionally do an outstanding job. But a software robot can carry out these tasks in a blink of an eye without having to be monitored, and maintain 100 percent accuracy. Another example is account reconciliation: each month most large organizations have at least two hundred people preparing reconciliations. But these same processes could be performed by one robot on a real time basis. This is something a human just can’t accomplish. Why can’t we have a one-button close?

So What’s the Problem?

Typically, at this point we run into two major objections to the thought of a robotic accounting department. Firstly, controllers and chief accounting officers fear a loss of control. They’re used to working with a team, and are concerned that the software process will go awry and they won’t be able to intervene. This concern is overblown. The nature of software robots is they offer multiple points of entry all through any given process. The user can interact with the whole process, or any individual point, yielding a level of control that goes beyond what can ever be achieved working with humans. With standard COSO (Committee of Sponsoring Organizations of the Treadway Commission) controls, the oversight still relies on humans watching humans. Robots perform tasks accurately 100 percent of the time, barring malicious intervention such as hacking or a technology malfunction.

The second concern is existential, and very relevant to anyone embarking on a career: will software robots make accountants themselves obsolete? The answer is an emphatic “no.” Software robots can handle the gathering and processing of information. That still leaves the features that make accounting an attractive proposition: the analysis of information, the insight into how the business is performing, and the guidance that can drive growth and profitability. People used to speak of a triumvirate of doctor, accountant and priest as the three guiding lights in life. Accountants have been buried under information in recent years. With robots they can retake their position at the decision-making table.

What this does mean is that trainee accountants have to orient their education towards this new style profession. That means embracing skills in areas like relational databases and recognizing that even Microsoft Excel is becoming less relevant, as is the necessity to mail such documents from one person to another once their task in a process is complete. In short, the new generation needs to be actively eliminating the work silos that create more problems than they solve.

In 20 years in the industry, the most common complaint I hear from accountants is that they are forced to run too lean. Process robotics is changing this factor for the entire industry, and the pace of innovation has surprised even me. Teams that were once too lean will now find that their day-to-day to-do lists are getting shorter and shorter. This is a chance for accountants to up their relevance – but it will require new skill sets and finally saying goodbye to the paper mind-set.

Source: accountingtoday.com

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Five benefits of insight-driven inventory control

Five benefits of insight-driven inventory control

Insight-driven inventory management lets businesses move on from the reactive tactics of the beyond and end up forward looking and proactive. This technique can bring about sizeable discounts in cost of goods sold (COGS) and a marked will increase in gross margin go back on stock (GMROI).

1 Improves customer support and loyalty

As clients themselves, companies remember the fact that customers anticipate that what they’re seeking out is in inventory. Outlets need to fulfill this expectation without carrying a lot inventory that they end up with a poor return on inventory investment. With the aid of presenting the proper stock to the proper clients on the proper time, with an optimized time-phased inventory plan, businesses can find the right balance of consumer call for and stock prices.

2 Reduces stock-outs and overstocks

Industry specialists agree that overstocks and stock-outs are the maximum large participants to profit erosion. The value of inventory-outs extends properly beyond the lost sales – they lessen logo equity and reduce the effectiveness of promotions. In addition they create a dangerous ripple impact with the aid of distorting call for, which can lead to inaccurate forecasts.

Businesses additionally have to put on the fee of employees seeking to satisfy customers who the out-of-stock need object. By way of automating the stock making plans technique, companies can take the guesswork out of buying and substantially reduce these problems. Companies who aren’t taking advantage of inventory forecasting abilities are lacking out quite a few possibilities.

3. Decrease inventory prices

Business groups the use of sensible statistics to order and allocate merchandise will speedy reduce their stock charges. And with a call for forecasting device, businesses can generate accurate forecasts that help optimize their inventory levels, and in the end growth income and profit.

4. Synchronizes deliver and demand

Integrated stock making plans can supply agencies the insights into how fluctuations in deliver and demand have an effect on the stock. Organizations can then focus on enhancing inner and external communications inside their supply chain, and use this as a springboard for achievement.

A supply chain can offer greater cost when it’s miles responsive. An included business control solutionenables corporations to higher apprehend the stability between deliver and call for and correctly deliver merchandise to clients. It’s vital to be flexible to customer demand, and green inventory management will dramatically speed up the order-to-shelf time.

As product portfolios grow large and companies move international, there is a lot much less room for errors. Agencies must perform with a more degree of precision and extra responsiveness if you want to accommodate the pressures of greater complicated product levels and decreasing stock levels.

5. Streamlines stock planning

The stock making plans method can end up convoluted if structures and strategies are not in region. Extending the stock making plans procedure allows coordinate all planning and execution functions, and enables deliver organizations closer to the patron.

The inventory making plans process can also be extended to encompass transportation planning. To further streamline inventory operations, an included inventory management solution can deliver all of the touch points of inventory making plans collectively.

Conclusion

Insight-driven stock control is helping agencies reach their vital economic targets. By using bringing intelligence and visibility into their inventory management they’re handing over tremendous cost savings and vast increases in earnings.

With stepped forward visibility into deliver and call for, organizations can make crucial selections approximately in which to reduce stock and nevertheless keep the very best stage of customer service. integrated inventory making plans gear provide the ahead-looking facts and intelligence that allow agencies to be proactive about the destiny as opposed to being reactive primarily based at the past.

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A quick precise on Sage UBS Accounting

A quick precise on Sage UBS Accounting

Sage UBS Accounting is step one to automatic enterprise. With extra than 180,000 installations it is now a family logo amongst Small Medium companies (SMBs). Many establishments of higher getting to know pick Sage UBS as a part of their course as it is simple to use and has comprehensive reviews. This gives a continuous availability of fresh and certified accountants for SMEs to enlarge their enterprise.
The modules available in Sage UBS include:
Sage UBS Accounting is suitable for maximum corporations and businesses.
Some examples are
• Accounting
• preferred Ledger
• Debtors
• Creditors
• fixed assets
• Retail
• eating places
• buying and selling companies
• Training institutions
• Wholesaler
• Accounting corporations
• Co-operative Societies
• Production companies
• manufacturing businesses
• Non-pro t businesses
The gadget permits businesses to work simpler and more efficaciously with the subsequent features:
Extra Dashboard reports to offer smooth get admission to critical statistics for better collection, fund management and business decision making payment offerings which serves to improve performance and safety of your transactions SMS to provide flexibility on retrieving data at once from the machine and sending it across to clients or suppliers with a personal message connected.
Wizard Setup to enable customers a brief begin in the installation tactics assignment flows displayed for clean reference and direct get right of entry to the desired display Transaction Wizards which offer step-by using-step manual to enter transactions
Debtor Receipt & Creditor fee displays to present consumer an outline of all financial institution balances for better coins control and the ability to carry out offset technique concurrently
4 forms of inventory valuation strategies are included:

The gadget enables corporations to work less complicated and extra successfully with the subsequent capabilities:

• Wizard Setup to allow customers a short begin within the set up procedures
• Project flows displayed for smooth reference and direct get right of entry to the required screen
• SMS to provide flexibility on retrieving facts directly from the device and
• Sending it throughout to clients or providers with personal message attached

Makes Inventory Management and Inventory & Billing

Sage UBS inventory & Billing makes stock manipulate less complicated with the aid of setting the control again into your fingers. It affords you with the flexibility to handle all types of stock transactions and have instant updates and stock reputation at your fingertips. Sage UBS stock & Billing performs as an invoicing device where you may print invoices and shipping orders

New functions:-
Licensing
License (Mobile) – Sage UBS mobile license provides comfort for those users at the pass. Convey your license with you while operating out of the workplace without the worries of capability alternative fee of a broken or misplaced dongle.
Spark off & Deactivate feature is made to be had for the ease of the user in scenario wherein a known or planned reinstallation of Sage products is needed. User can clearly deactivate the contemporary license from present laptop and prompt it for this reason in every other new laptop to resume work
Enhanced Online Update
Maintaining your accounting software up to date is just a click away. With internet access, users can experience the cutting-edge updates and features nearly as instantly as it is made available on our server
Enhanced RSS
Permits person to live in tune with the modern-day Sage merchandise statistics / updates at the same time as operating at the system
In-App store
Giving convenience and versatility to the consumer to self-provider their necessities whilst running on Sage merchandise, including Sage cowl renewal, including customers, join help Plan, and so on.
Chat Support
With a legitimate Sage cover, user might be capable of chat on-line with our crew of helpdesk specialists to cope with your queries and problems related to Sage merchandise
Billing easy, efficient and Informative
Fixed price
Month-to-month common
First-in; First-out (FIFO)
Transferring average
Option to alert clients straight away while delivery Order and income bill are generated.

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