Best Accounting Software For Startups New Business & Sole Trader Singapore
Startups companies in Singapore are usually very focused on top-end revenue and exponential or quantum leap growth potential in their business and a sole trader is also known as a sole proprietor where your business structure is simple usually run by one individual and owns the entire business. Both organizations share the same similarities with very lean headcount and owners may not understand much about accounting and bookkeeping task. Sole proprietor and star up business are very dynamic and decision had to fast and accurate to secure the deal where you need to have all the organized information at your fingertips. Accounting software for startups and sole trader is a very important tool that enable you to manage and tackle the task within the shortest possible time. Whether you need a on premise or cloud base standalone accounting tool or a fully featured accounting suite that depends on how dynamic is your business model.
What types of Accounting Software are suitable for Startups and Sole Trader?
An entry level basic accounting software should be good enough for a start and you may add on the sophisticated modules with additional features as and when your business starts to grow and scale. You may consider to select a on premise or cloud base accounting software the dash board display is very important and it must be very user friendly for you to operate.
How does the accounting software benefits Startups and Sole Trader?
Using accounting software, you can reduce the costly errors on bookkeeping mistakes, sales records and billing processes transactions can be automated with functional modules such as accounts payable, account receivables, general ledger, automate tax calculation, reconciliation of accounts generate profit and loss, balance sheet and trial balance reports where your accounts visibility is under control.
What are the add on modules and features of an accounting software?
The sophistication of these modules can vary from vendor to vendor and you need to check the integration capabilities. In general, the followings are some of the common addon module
- Customer Relationship Management (CRM)- allows you to be efficient and productive to follow up your quotations, tracking customers history and adding reminders for the sales calls and meetings
- Warehouse management System (WMS) – improve inventory management, more productive and accurate in picking and improve in supplier and customer Relationships
- Human Resource Management System (HRMS) – manage your payroll, leave administration, recruiting, training analysis and performance appraisal
How new start up implement an accounting software?
To implement accounting software for a new startup is pretty challenging as start ups are very dynamic organisation and there is a very tight budget where you cannot afford the slightest mistake in your choice of selection on the accounting software. 21as Pte Ltd is where we provide free advisory and consultation by our experience and professional certified account to review and map your business process and provide you accounting software solutions to suit your business model.
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