Despite being one of the smallest nations in Asia, Singapore’s economy is both sophisticated and advanced. The island-nation consistently ranked as one of the world’s most accessible places to run a business, attracting many foreign investors and entrepreneurs. Similar to many countries across the globe, Singapore’s law requires companies in the country to publish their financial reports.
Apart from outsourcing accounting services, Singapore companies can choose to utilise accounting software to manage their accounting and bookkeeping. One of the more popular accounting software in Singapore is the Xero accounting software. Xero accounting in Singapore is an alternative to QuickBooks, which has been utilised by many small to medium-sized businesses over the past few years. Apart from having a secure three-tier pricing system, here are five top advantages of Xero accounting software to Singapore’s SMEs.
It is cloud-based
One of the most exceptional features of Xero accounting software is that it is cloud-based or web-based, which is desirable by most small businesses. As long as there is an internet connection, users can access the software through any devices no matter where they are.
Hence, the business owner, accountants, bookkeeper, salespeople, and other employees who have been given access to the software can keep up with any changes in accounting. They can easily view their accounts and transaction details as well as balances, regardless of whether they are at home or visiting a client remotely, with no additional charges.
It promotes seamless integration.
While Xero accounting in Singapore is an excellent standalone system and can get the job done on its own, business owners can integrate the programs to various other software easily. For instance, Bill.com, which is a cash-flow management program, and a variety of different payroll providers software, can easily be integrated with Xero.
Easy to use
Another great benefit of this software is that it is user-friendly. Many Xero users found that they can operate the software quickly, even without any in-depth knowledge of accounting. Every terminology used in the software is simplified and easy for a layperson to understand. For instance, instead of using the term accounts payable, the software uses the term purchases. This attribute makes users keep coming back for more. In contrast, other accounting software like Quickbooks is difficult for users without an accounting background to understand.
Moreover, users can easily upload or attach files on the platform to serve as supporting documents during transactions, allowing users to include necessary details related to the individual transaction when creating new journal entries and search backup information when reviewing a previous entry. They can also track any changes on the particular transaction and further improve the accounting staff’s capability to stay on top of every moving element.
Automated bank feeds
The software incorporates automated bank feeds, which enables users to set up a bank feed for the program to get everything done for them, rather than having to sit down and import each bank statement manually into the program. This feature helps users to save plenty of time and effort.
Provides currency conversion
Another selling point of the software is that it has a built-in currency converter that converts entries created in distinct currencies automatically. For instance, the Singapore company may add a bill entry in US dollars, and the system would automatically convert it into Singapore dollars. This feature is especially helpful for Singapore companies intending to grow into a multinational entity.
Xero accounting software is up and coming in the accounting sector, offering plenty of benefits to SMEs in Singapore. Some of its advantages include being accessible on virtually any device, easy to integrate, easy to use, provides automated bank feeds, and has a built-in currency converter.