Must-Have Modules for Your Accounting Software
There are so many choices of accounting products available in the market today. Choosing the right package to use can be challenging and confusing if you’re unsure of what to look for. With the demands of today’s business industry, the requirements of the company should always come first. Every Singapore establishment looking to invest for reliable software should think about their needs before checking out products. This practice is especially helpful for small-scale business owners in getting better product that can potentially help their establishment grow.
To help you get started with your search for the right accounting software, here are the basic modules that every accounting program must have.
1. General Ledger
This Singapore software feature available on www.million.sg from Singapore is the one responsible for creating financial documents, including balance sheet, trial balance, and profit and loss statement. It also collects the financial activities of the business and summarizes them all into easy-to-understand set of accounts. The financial statements are very important for the year-end financial report.
2. Accounts Receivable
This module keeps track of all the receivables and helps process the receipt of payments. This module is important for profitable organizations as cash flow is the bread and butter of the entire business operations.
3. Accounts Payable
This module is the opposite of accounts receivable. It’s an accounting software module that lets you record transactions with suppliers for purchased products and services. In order to balance the finances, it is important that outgoing transactions are well-managed as well.
4. Inventory System
The module gives information of the number of stocks available on hand and where they are located. This is a very helpful feature, especially when a buyer inquires whether you can supply a product in bulks. With an inventory system in place, you can immediately confirm whether or not you have enough stocks to supply.
This module allows you, or your HR department, to efficiently manage the payment scheme of your employees. Everything, from bonuses, wages, to time in lieu, is dealt with in a single interface in a few clicks of a button. Purchasing an accounting program with payroll system is obviously helpful, particularly to large scale companies.
6. Fixed Assets
With this module in place, you are well-informed of all assets and equipment your business currently owns. This module keeps you informed of what tools and resources you have in your premises and what equipment are being used.
7. Electronic Banking
To link your business bank account to your accounting software, make sure your software features an electronic banking module. This module lets you view updated financial information in your software and make financial changes right then and there
8. Project Costing
This module is very common to project-based Singapore businesses. Project costing lets you record all expenses and profitability of all projects taken on by your company. Doing it the automated way gives accurate results, which is critical in ensuring that the company prioritizes more profitable projects and limit the less-profitable ones.
Equipping your accounting program with the right modules is the key to a well-organized accounting system. However, let’s also keep in mind that the more modules the software has the more costly it gets. Therefore, plan carefully about your modules and requirements to come up with a good product that will bring value to your business.