How to Choose Business Accounting Software?

 As your accounting data grows, as well as your backup procedures and storage media will need to evaluate the age of your system

It used to be that keeping “the books” for a business was literally a paper-based process, involving a ledger, lots of columns, and a pencil to record a business’ essential financial data. In the digital age, however, even the smallest business can benefit from a wide variety of small business accounting software products on the market. Accounting software can not only help you reduce human errors in your calculations, but it can help you gain insights into your business that you couldn’t see in paper form — such as generating sales forecasts for the next quarter, determining which items are overstocked, and pinpointing your least profitable service.

Business accounting software can be the source of all this information. But finding the best accounting software program for your business can be a challenge, with an explosion of shrink-wrapped software products and online application offerings. In order to choose a business accounting software program, you need to understand some business accounting basics, take a good look at your business and its accounting needs, and assess the products available today.

“It’s really important to get this right. In a lot of cases, it can make the difference between businesses that are profitable versus not profitable,” says Mike Budiac, president of Find Accounting Software, an independent website affiliated with CPAOnline. The website allows you to complete a two-page survey about your software needs which it will match to qualified vendors. “I think it’s pretty essential for everyone these days. And the product prices are so low in some cases, that the smallest businesses can be helped by using the software. As they grow, larger the impetus to do it is even stronger.”

The following pages will detail what types of financial software products exist today, what you need to know about your business before considering accounting software, and ultimately how to decide what business accounting software is best for your business.

Business Accounting Software Options- Types of accounting products available

The range of accounting software products available for small and mid-sized businesses has been growing steadily. Right now, there are a few general categories to choose from: small business payroll and accounting packages, more full-service business management programs, online Web-hosted applications, and free programs. Here is a run-down of each category and some of the popular products available for small to mid-sized firms:

Small business payroll and accounting.

There are several top-selling accounting software programs you can buy off the shelf, or over the Web, that will meet most small business needs by providing the accounting tools and reports you need to use your financial data. Available in a variety of tiered editions and for which there are add-ons, such as a cash-flow calculator. Other popular products include the easy-to-learn drag-and-drop formatted Simply Accounting by Sage Software, which is available in up to 20-seat licenses.

Business management software programs.

These are higher-priced and more full-features accounting programs that may also include other financial functions you need to track in your business, such as point of sale, inventory control, customer relationship management (CRM), billing, purchasing, and even enterprise resource management (ERP). Some popular picks in this, which integrates all business processes into one solution — the latter of which boasts that it’s “everything you need in one powerful solution.”

Web-hosted accounting applications.

A new breed of online financial management applications has emerged in the last few years, taking advantage of the growing confidence that businesses are developing in the Web as a safe business environment. Now that entrepreneurs are indeed becoming comfortable with the ‘software in the cloud model and the inherent benefits it offers, they are in growing numbers starting to look beyond e-mail or office productivity to more sophisticated and sensitive applications like financials.

How to Choose Business Accounting Software: Understand Your Accounting Needs

The first step you need to take in choosing accounting software for your business is to undertake a good needs analysis, which will address both managerial and financial needs. It should be broad, exploring both obvious questions and ones that really make you think. Take your time with this important step, since the last thing you want is to have to repeat this process within the next two years. If you experience unexpected growth that forces an upgrade, terrific, but good planning at this stage can help you avoid having to change software too soon. Get some help before you buy anything.

What you need to know about your business

The first step you need to take before deciding on accounting software is to make sure that you are somewhat financially literate. “One of the mistakes businesses make when they buy accounting software is in believing that they don’t need to know anything at all about financial accounting because the software will just take care of it for you,” says Linda Pinson, author of Keeping the Books: Basic Recordkeeping and Accounting for the Successful Small Business (Kaplan Business 2007). “They need to understand small business accounting.”

There are several ways that an entrepreneur or small business executive can become proficient in understanding what data their business needs to keep (in order to make better business decisions) and what reports they need to generate (for the Internal Revenue Service and state tax authorities). You can read books. You can take classes. You can do research on the Internet. “You can’t use any accounting software if it’s like garbage in and garbage out,” Pinson says. That’s what the result is “if you don’t understand what you’re putting in.”

Another consideration is the type of business you operate. Several different sectors have specialized modules or add-on packages because they need to keep specialized data. If you are a manufacturer, for instance, then you may need to have an understanding of inventory and handling of parts and labor. If you are a retailer, you may also need to have an understanding of your inventory through a point-of-sale program. A doctor’s office needs specialized programs for billing insurance companies, although many may farm this function out to middlemen and/or consultants.

Talk to your accountant and staff

If your business has an accountant — either an outside consultant or an in-house accountant — you would be wise to consult that expert before you take the plunge into accounting software. Your accountant may be able to recommend software that works with programs they have. In fact, Pinson says, some accountants may help you set up your accounting software so that it gathers the data that they need to help you file your taxes, as well. “They know what kind of business you have and what you need,” Pinson says.

Your IT department is just as important as your accountant. You also need to understand your hardware situation. Business accounting software packages use big databases, usually consisting of many different data tables all working together, so take a good look at your disk space. As your accounting data grows, which happens quickly, the more room it will need. This is the most important item to review, but not the only one. You will need to evaluate the age of your system, as well as your backup procedures and storage media.

Source: inc.com

Please feel free to reach us at https://www.ezaccounting.com.sg/

Inventory Management Software

Inventory Management Software enables you to manage business finance transactions. Probably the Singapore's Best Inventory Control Software For Small Business is User Basic Software.

Why the cloud accounting software is good for your business? Why the cloud accounting software is good for your business?

 In addition to staying before your competitors, the cloud accounting software has serious benefits for your business. In lately of remote working conditions for many people, the cloud is central to our ability to perform.

The cloud software offers enhanced security measures, supports remote teams, provides up-to-date information, and enables access from any device any time.

You are likely already using cloud-based applications to power your business. For example, you might be using:

• Skype, Zoom or GoToMeeting to hold online meetings.
• Box, Google Drive, Dropbox or Microsoft OneDrive to store your documents and files in Online.

• Ez Accounting manage your invoicing, cash flow, payments and tax across all of your devices.

• Marketing automation software like HubSpot, Mailchimp or Active Campaign to track and nurture leads.

Here is how the cloud software can save you time, money, and effort.

Increase in productivity

Cloud-based systems ensure your business data is out there at any time, and from anywhere. this suggests you and your employees become more productive and efficient, because you’re not chasing a file that’s located on someone else’s computer. Plus, you’ll look for what you would like much faster.

Cost savings

There’s a true economic advantage to adopting cloud systems. While on-site hardware and software required for physical data storage is expensive to put in and maintain, the cloud offers a budget-friendly solution for business owners. You’ll likely pay alittle set monthly subscription for a cloud-based app, with customized packages designed to suit alittle business budget. Plus, many cloud-based tools are designed to serve multiple functions—making it even less expensive .

Secures your data

You don’t got to worry about your sensitive business data sitting on a server in an unlocked room and guarded by an easy-to-crack password. Cloud-based providers take security to a way higher level with secured data centres, encryption, authentication, and other security measures. If you continue to worry, put protocols in situ to vary your passwords monthly .

Collaborate remotely

Sharing information online can improve productivity and efficiency for business— especially those now working with remote teams. just like the apps mentioned earlier, there are cloud-based solutions for each commercial activity , from project management tools to customer relationship management (CRM) systems to accounting systems. Most solutions are designed to integrate seamlessly with other online services for improved collaboration and customer service.

Files are updated in real-time

Wonder if you’re using the foremost recent file? once you update your files, they’re synched across all devices that are using the cloud application. With cloud-based data you usually know you’re watching the newest version of a document in real time, helping to attenuate errors when file sharing with a team.

Improved business continuity

Should a physical disaster strike, your data remains safe and sound. for instance , if you suffered a fireplace in your premises or theft of your devices, your business data would remain safe within the cloud. you’ll run your business from alternate devices without interruption.

Room to grow

Cloud-based storage can proportion instantly, so you don’t got to worry about running out of space.

Conclusion

Look over your business operations to spot functions or processes that would be made simpler with a web app. Then, do some online research to seek out an app capable of performing those functions, read customer reviews, confirm the worth is affordable and when you’re ready, begin a free trial to check it out. It’s best to modify one area of your business at a time to the cloud so you and your team can adjust. cash in of free customer training offered by most app companies to assist decrease your learning time.

Small Business Accounting Software - Everything You Wish To Understand

Arguably the foremost vital, if mundane, the tip is listed your tiny business’s accounting wants. Most house owners have a general plan of what they require, however, if you would like to reduce price then a particular list is vital. Otherwise, you finish up paying for options you don’t want. Not sure wherever to start? Initial, choose the low-hanging fruit.

Take all the functions you're already doing with Excel/graph paper/post-it notes and place them at the highest of your list. Things like invoices, inventory, and financial gain and expense following. Then raise yourself WHO accesses, or can get to access, this info. (Sales employees, the accountant, the accountant?) Tick off the number of seats your new accounting package can get to support. Now your list has its basic framework. And if you’re a really tiny business WHO simply wants the “basic framework” then stop here. But if not, it’s time to see what “advanced” options you’ll want out of your accounting package.

Use these 3 queries as a guideline:

• What functions can facilitate save time on worker-management?
• What functions can facilitate save time on client relations?
• What applications and processes can the accounting package got to integrate with?
  Let’s go question by question.

Employee Management :

Payroll, sick, personal and vacation day following area unit the foremost common worker management tasks a little business handles. Tiny businesses with important head-counts ought to analysis dedicated human resources management tools and/or payroll process services for these tasks, except for terribly tiny businesses. Base your call on the worth such time-saving can generate for your business. may the time spent on worker-management be instead accustomed generate additional revenue? If thus, tasks like payroll ought to persist in your list.

Customer Relations:

Customers can note of your sales and delivery strategy, however, they're going to bear in mind forever however you gift your bill. However, you manage your accounting procedures says plenty concerning however you manage your customers. Your new accounting package should maintain the goodwill you’ve worked thus arduous to create together with your customers – and assist you to get paid quicker too. Evaluate every stage of your assets method, from order to fund, to ascertain wherever package will pack up any inefficiencies.  Income may be a prime priority for a little business. You would like accounting package to hurry up payment, not slow it down.

Integration :

Consider the applications you’re already exploitation to run your business.  However, would new accounting package integrate with those applications? Maybe you’re a distributor that wants its location system to instantly provide sales and inventory updates to accounting. Perhaps you’re an on the spot sales organization that wants client invoices to post directly into your CRM. (Or perhaps you’re any business that simply desires its previous stand out files to load while not wingdings infiltrating the spreadsheets no matter you're, save yourself the pulled-hairs and check compatibility before you create a choice.

Consult with professionals :

Sure, you unheeded the warnings from your oldsters once you married your long-time sweetheart, however with a package wedding, you can’t afford to ignore those with expertise. If you have got an accountant, raise them for a recommendation. At the terribly least check that your accounting employees are adept together with your package alternative. Get your IT employees concerned too. If you’re reaching to keep data storage and security in-house, your servers can be up to the task. The most obvious, and important, consultation is together with your comptroller or comptroller firm. They're not solely full-fledged with several of the platforms you’re trying into; they're additionally deeply conversant in your business. Ultimately you’ll desire a program your comptroller is comfy exploitation. Why create the skills that are making an attempt to stay you out of authority hell miserable? Check that they endorse your alternative. If this isn’t a proverb, it ought to be: if your comptroller isn’t happy, you’re not happy.

Support is usually unnoted once selecting a package, however as a little business, you’re additional seemingly than most to wish it. Rise if the seller offers product coaching. Rise concerning the hours and breadth of their technical school support. And don’t forget to raise what quantity all that supports prices. If your tiny business has restricted, or perhaps non-existent IT, raise the seller however your information is saved and the way they keep it safe. And the way straightforward it's to recover all of your files if your systems area unit was broken by AN act of God (or man – or workplace cat.)

Don’t overbuy :

This one’s fast and dirty: bear in mind all that point you spent on your list? Honor that effort and persist with your guns. Suspect something that sparkles. The program that will what’s on your list is that the best program. As the little business, the price is vital – you merely wish to pay money for what you’re reaching to use these days. If the program is scalable (and it ought to be) then its bells and whistles are going to be there for you once you’re prepared.
Are you looking out for best and customized inventory management software? Please feel free to call us for a demo right now!! You can reach us on + 65 6227 1797 / +65 6746 2613 or write to us on sales@ezaccounting.com.sgToknow more about us kindly visit our website http://www.ezaccounting.com.sg

Best Selling Accounting Software in Malaysia

Sage_UBS Accounting Software is one of the best selling accounting software in Malaysia that is suitable for traders of the industry. It is specially designed to grow with your accounting needs, meeting the demands of new start-ups as well as larger and more complex businesses.

From preparation of financial reports to integration options with Payroll and Inventory systems, your accounting tasks are now so much simpler and you have better control over your finances with the usage of Sage_UBS software.

Integrating Sage_UBS Accounting Software with Sage_UBS Inventory Software, we can link all the inventory costing to its accounting system and it reduces the time taken for computation of item costing and viewing of item profit margin reporting on a real-time basis.

It comes with different modules which include:

• Sage_UBS Accounting Software
• Sage_UBS Inventory & Billing Sofware
• Sage_UBS Payroll Software
• Sage_POS software

Functions of Sage_UBS Accounting Software:

•  Handle multiple companies
• Multiple currencies
• Different levels of data access security
• Able to compute sales commission to the agent
• Easy to modify any transaction
• Capable of handling transactions up to 18 months
• Lost entries from the preceding month could be inserted
• Goods & Services Tax (GST) computation function
• Generate audit trail reports.
• Unrealised Gain/Loss computation.
• Monthly profit/Loss and Balance Sheet report
• Consolidated Account
• Project accounting (Basic)

 Four types of stock valuation methods

• Fixed Cost
• First In First Out (FIFO)
• Monthly Average
• Moving Average

There is another one Accounting Software called EZ Accounting, it can be integrated with EZ Inventory Software and it will auto-link all invoices and purchase invoices to the accounting system. This is an example of a software which does not need batch posting of its invoices or purchases so as to update to its accounting software.

Do contact EZ Accounting Pte Ltd and we can advise you better on which brands of accounting software you should take up for your business.

What Is Need of Accounting Purpose?

Accounting Purpose

SOURCE: STUDY.COM

Charlie has just opened his own hardware store. Even though he knows the basics of business management, he has no idea how to keep financial records. He decides to take a crash course in accounting.

Charlie walks into class on day one prepared to conquer accounting. The first thing that he notices when he walks into the room is three questions written on the board. The first question asks what accounting is and what its purpose is. The second asks how accounting is important. The last question asks how accounting relates to business.

'Well,' Charlie says to himself, 'if I knew that I wouldn't be here.'

Soon, a rather burly-looking old fellow comes in and leans on the podium. 'Good morning class. I am Professor Potter. How many of you can answer the questions I have on the board?' The room is silent. 'Well, then, I guess we have quite a bit to talk about. I can't promise miracles, but I can promise you that before you leave this room today, you will know the answer to all three questions!'
Professor Potter points to the first question. Speaking loudly, he says, 'What is accounting? I know that you have all heard it before. So, tell me what the word 'accounting' means to you.' Pointing at Charlie, Professor Potter says, 'Go ahead, young man. I'm sure that you can give me some kind of answer.'

Charlie smiles and replies, 'Accounting is just a bunch of numbers that get added or subtracted, depending on if you are making money or paying bills.'

'Not a bad answer,' Professor Potter says, 'but accounting is really much more than that. The textbook definition of accounting is that it is the act of collecting, organizing. and interpreting financial data. In a nutshell, that's true. However, to fully understand the entire concept of accounting, there are a few more things that we need to discuss.'

Basic Accounting Equation

'How many of you know what aloe is?' Professor Potter asks. Several people raise their hands. 'I see that there are a lot of you that know what aloe is. Is aloe the stuff that you can put on a burn to make it feel better?' Professor Potter sees several heads bobbing in agreement. 'That's true; aloe is a plant that is used to relieve the pain of burns. But, did you know that aloe has a place in accounting, too?' Looking around, Professor Potter sees a room full of questioning faces.

He takes a piece of chalk and writes the word 'ALOE' on the board. 'A-L-O-E, class, is an acronym for the most important piece of the accounting puzzle. ALOE stands for assets, liabilities, and owner's equity. These are the components of the basic accounting equation: assets = liabilities + owner's equity.'

'Now that you know what ALOE represents, let's talk about what each term means.Assets are items that are owned, have value, and can be turned into cash. Bank accounts, CDs, cars, property, and machinery are all examples of assets. Liabilities are what is owed. A loan to purchase an asset is a liability. Owner's equity is the amount of money that a person has invested in an organization. The investment may be in the form of a stock purchase or a capital investment made by buying into a company. The most important thing to remember is that both sides of the accounting equation must be equal. If they don't balance, then there is a problem.'

'Let me see if I understand this correctly, Professor Potter,' Charlie says. 'I am opening up a hardware store in a building that I inherited. I know that I have to have $30,000 to purchase inventory, $15,000 to purchase shelving and an additional $10,000 in the bank for beginning operating costs. I had $20,000 of my own money saved, and I borrowed $35,000 from the bank. If I'm looking at this correctly, then my assets are the $30,000 in inventory plus the $15,000 in shelves I bought and installed plus the $10,000 that's in cash that is in the bank for beginning operations. That means my total assets are $55,000. I borrowed $35,000 to get the store going, so that's what I owe, which is a liability. The $20,000 is what I personally invested in the business, so that is my owner's equity. My assets equal $55,000, and the sum of my liabilities and owner's equity equals $55,000. Both sides of the accounting equation are equal. So, I balance.'

'You've got it, Charlie,' Professor Potter says. 'Does everyone understand the basic accounting equation?' The entire class nods their heads. 'Excellent, then we can move on.'

Purpose of Accounting

'Now that you know what ALOE is in accounting, let's talk about the entire purpose of accounting. Can anyone guess what the main purpose of accounting is?' Professor Potter asks.

Charlie, feeling rather a confidant since he has mastered the ALOE concept, decides he will respond to Professor Potter. 'It seems to me that the purpose of accounting is so that a business knows how to classify its expenses,' he says.

'You are on the right track, Charlie,' Professor Potter says. 'But, let me explain this a bit further. Though there are many reasons why companies use accounting, the main reason is to be able to produce financial statements. In order to produce the financial statements, all the income and expenses of the company must be collected, classified, and entered into special accounting books called journals. Accounting is a step-by-step process that follows a specific pattern. The pattern resembles a circle and is called the accounting cycle. The accounting cycle usually takes 12 months to complete, but that's not set in stone. A company can choose how long it wants its accounting cycle to be. Regardless of how long the accounting cycle is, one of the last steps in it is creating financial statements.'

Importance of Accounting

'Since I just told you what the purpose of accounting was, let's talk about why it's important. Do you remember being a child, and it seemed that as soon as you were given the money it was gone?' Professor Potter asks.

Looking around the room, he can tell by the smiles that everyone in the class remembers that time in their lives. 'Now, can you imagine how well a company could run if they had no idea where their money went? I feel safe in predicting that the majority of companies out there would be in ruins and so would the entire economy. In order to even have a hope of success, a company has to know where their money is coming from and where it's going out. That's the importance of accounting and of the financial statements.'

Charlie is curious. He has heard the term 'financial statements' before, but he really doesn't know what they are. 'Excuse me, Professor Potter,' Charlie says, 'I really don't know what financial statements are. Can you explain to them?'

'Charlie, good man, I am so glad that you asked. There are four main financial statements that are created in the accounting cycle. And just so you know, they are created in a specific pattern. The first financial statement is the income statement, which tells how much money was made or lost in a given time period. Next is the statement of retained earnings, which tells how much money that was made was reinvested into the company. The third statement is the balance sheet. The balance sheet is the financial statement that lists all the assets, liabilities, and owner's equity of the company. It's important to note here that the accounting equation is also known as the balance sheet equation. The last financial statement is the statement of cash flows, which tells how much money came in and was paid out in a specific time period.'

Please feel free to reach us on https://www.ezaccounting.com.sg

Accounting Software and its legacy :

Accounting software was one of the first software to come up in offices along with the initiation of Software and Hardware. The reason being is the fact to control Money Flow in the offices. Typically, an Accounting Software is developed using a Database, a Front End tool and a Reports or Dashboards. Accounting software is developed for various formats like desktop, online, network (client-server) and web. For developing online accounting application or software you will need a web development tool like PHP/MySQL. Many Accounting software has been developed using these tools provide great speed and usability.

A well-developed Accounting Software caters to several domains. So, well-designed accounting software can, in theory, meet the needs of several types of firms. However, in run-through a certain amount back bending is required to use a Generic Accounting Software in a manufacture or church or call center or fund management environs.  Here the flexibility of the software boils down to the design of the Chart of Accounts which can provide accommodations for a wide range of accounting necessities.

For most SME’s, a common accounting software will be adequate unless their needs are very specific. However, with the cost of software and hardware on a plunging spiral combined with the high speed and processing power, the SME’s too can think of highly customized software incorporating their own design and commercial requirements.

SME’s Accounting Software

SME’s accounting software has to meet the necessities of many basic requirements of a company like Purchase Recording, Sales, Payments, Receipts, Credit Note, and Debit Note etc. To instrument these features, accounting software has to have been aimed at all requirements in view. At the time of design, the financial statement reports which are to be generated have to be developed and taken into contemplation before going ahead. Furthermore, recent Accounting Software should include on the fly data entry, data-grids, drop-down lists, list boxes, and help. Accounting software has a primary database structure, data entry forms, and business logic.

Looking out for best and customized accounting management software? Please feel free to call us for a demo right now!! You can reach us on + 65 6227 1797 / +65 6746 2613 or write to us on sales@ezaccounting.com.sg know more about us kindly visit our website http://www.ezaccounting.com.sg