Account Software Types, Brands And Training in Singapore

Account software in Singapore is also know as accounting software that comes in 2 types of configuration and installation methods where it is commonly known as on premise accounting software and cloud accounting software. 

On premise Vs Cloud accounting software

On-premises software is installed on a local or in-house server and operates on individual computers on the premises (in the building) of the organization the organisation require to define its own protocol on data security, data backup and maintenance.A one time set-up fees maybe require if the organisation does on have a server or rack station to host the software.Usually one time equipment setup fees maybe required and cost of buying the license of the software.

Cloud accounting software is hosted on a data center or server farm within a dedicated space within a premises with proper security control, environmental controls (e.g. UPS backup, air conditioning, fire suppression systems) and a team of IT personal for maintenance to ensure zero downtime. It is fast in setting up and you need to sign up a subscription and maintenance plan with your accounting software vendors The main disadvantage is if there is no internet connection your business will come to a halt and you may subject to security risk of vendors on unauthorized access to business and customer data.

Brands of accounting Software

Does the brand of the accounting software influence your decision? It is very natural in human physiology that a reputable and popular brand does make a difference. Different brands of accounting software companies have their unique way in marketing and promoting their software and they make it very difficult for consumer to compare the difference. Most brands charge a very low initial subscription fess for a basic entry level accounting software to attract customers but some brands actually charge a little higher with extra added on basic features of inventory or CRM or HR module. 

Most popular brand of accounting software are established outside Singapore and it may not be approved by IRAS and GST complaint for local business this should be part of your primary consideration in your decision making.

Accounting Software Training

Some software vendors may charge companies separately for training that depends on the size of the organisation and how complex is the business model as it may involve your staff in account, HR, marketing, operations and warehouse where you require more training man hours. Another important point of consideration is most companies do not have the luxury to release all the staff on a fix schedule to attend training.Most likely staff may need come back over the weekend for software implementation and training which may be challenging for some companies.

Top 10 Popular Basic Entry Level of Accounting Software in Singapore

For the past decade many accounting software had evolve and they had undergone merger, acquisition and  re-branding of their product and many had explore into the mobile and cloud accounting.Below are some of the updates

  1. Sage 50 formerly known Peachtree – Offers cloud-based features, as well as the option to handle functions from a mobile app
  2. ABSS Accounting formerly known as MYOB – Windows base desktop support where you are the license owner of the software
  3. ABSS Premier Cloud-based solution relies heavily on an internet connection
  4. QuickBooks Online – Small business cloud-based accounting solution relies heavily on an internet connection
  5. Financio– Suitable for micro or small business owners and non-accountants in Singapore
  6. Money Works – Operate on both Mac and Windows platform, high performance, intuitive and easy to use
  7. Xero MAC and windows cloud-based software program solution that relies on an internet connection
  8. Zoho Books Good for sole proprietor or SME
  9. FreshBooks– Freelancers Invoicing Software
  10. Kashoo Design for business owners not accountant

A wise choice to invest an accounting or account software for your business

You need to understand and accept that our labor cost in Singapore had been increasing year on year and what is the best way to protect your profit. You need a solution to Increase in productivity, efficiency and accuracy in your business by avoiding repetitive work, eliminating mistakes and errors in work processing.

Business owner require to acquire technology and trained workers to be more value added to the organization. One of the highly recommended solutions is accounting software which is also greatly support with government grant to help organization to be introduced digitization and automation. In the past the government had introduced CDG and now we can tap on government grant by IMDA where you will be funded between 40% to 50% depends on your software configuration.

Product

Intuit QuickBooks Online

FreshBooks

Zoho Books standard

Sage 50 cloud

Xero

Kashoo

ABSS

Accounting

Lowest Price

$50 / month

$15 / month

$19 / month

$228 (one time payment)

$30 / month

$29.95 / month

$552 (one time payment)

Good For

SMEs

Freelancers

SMEs

SMEs, Desktop/Online

SMEs

SMEs

SMEs

Important and mandatory features for accounting software in Singapore

By using accounting software, it helps companies and organizations in optimizing their use of resources in their business and accounting departments efficiently where costly bookkeeping mistakes can be reduced dramatically

Whenever we consider in choosing an accounting software in Singapore our first thought in mind is the price of the soft software and the subscription cost without truly understand the true value of the software that will benefit your business and organization in a long run.

It is important when choosing accounting software in Singapore to cater for your business needs must be GST (VAT) compliant and Inland Revenue Authority of Singapore (IRAS) approved. If your organization is an MNC the accounting software must be localized to the local tax requirement and flexible whenever there are tax changes by the country.

Why is it important to use accounting software for your business?

By investing in accounting software we can increase efficiency and accuracy that constitute higher productivity and reducing the manpower or labour cost. In a nutshell the accounting software is a powerful tool for your business that could integrate your

  • Human Resource Management System (HRMS) or payroll system,
  • Customer Relationship Management system (CRM),
  • Inventory Management Systems (IMS)
  • Materials Require Planning (MRP)
  • Point of Sales (POS for restaurant, retail, hardware, mini mart)
  • School Systems (student attendance, e-learning, class assets, library, exam results management)
  • Booking systems (Multi User Time slot & Appointment Management, multi user payment)
  • Procurement / Purchasing Management System – managed purchase agreement, purchase request, vendors, stocks, purchasers and the orders)
  • Supply Chain management

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