For accurate and efficient financial management, a robust and IRAS-compliant accounting software for Singapore SMEs is all you need. 70% PSG grant available for eligible Singapore SMEs.
Why SMEs Should Invest in Accounting Software
Managing business finances from assets, liabilities to net worth can be made manually. However, doing so can be overwhelming and time-consuming, not to mention, can cause huge discrepancies to arise. Even worse, poor financial management often results in major financial loss. In this case, investing in accounting software can be your best bet.
Accounting Software: The Importance of Accounting to Businesses
Most businesses have numerous data records and a long list of assets, liabilities and profits. While enlisting them on ledgers can still be possible, sticking to the good, old accounting technique can put your business in jeopardy. An effective solution: efficient financial management through accounting.
Accounting refers to the comprehensive and systematic recording of the financial processes of any business. It allows business owners to monitor income and expenditures while providing cohesive financial information to business investors and to the government as well.
The main goals of financial management include ensuring legal compliance, maintaining consistent cash flow, maximising profits, reducing expenditures and expanding market value.
For an accurate and efficient financial management, a robust PSG grant accounting software is all you need.
Benefits of Accounting Software to Singapore SMEs
Accounting software is a fundamental application used by accounting professionals and entrepreneurs to process accounting transactions and to simplify financial management. It is considered as an essential tool for monitoring an enterprise’s financial health and ensuring statutory compliance.
In essence, accounting software helps lessen complex and time-consuming data recording, allowing entrepreneurs to focus on their business strategies and execution.
Major Benefits of Accounting Software
1. Convenience
Having the ability to access your financial data anytime and anywhere you want is crucial to efficient business transactions. With a cloud-based accounting software in place, managing all your accounting records is now possible.
Another reason that makes accounting software even more convenient is that it simplifies taxes. Dealing with the amount of taxes you have to pay can be exhausting. But calculating the number and filing your returns manually is a whole lot more.
Accounting software lessens the stress that comes from this process by keeping everything you need in one simple interface. With a little knowledge and training or none at all, SME owners can now manage all accounting transactions on their desktops without the cost of an external party.
2. Cost-efficiency
With automated calculations, data storage as well as administrative procedures, accounting software can insanity reduce the costs of printing and data distribution.
3. Accuracy
Recurring human errors such as miscalculations and mistakes in data reports often lead to major financial losses. Even worse, they can result in bankruptcy. Accounting software can be of great help in this matter. Accounting software allows better accuracy than manual accounting can do.
4. Accessibility
In most cases, a clear overview of a business’s finances helps entrepreneurs understand the needs of their businesses. However, getting accurate and detailed financial forecasting can be timely. This is where the importance of accounting software comes into play. Accounting software allows business owners to see real-time financial status giving them the time they need to plan for the future ahead of them.
5. Security
Financial data is the heart and soul of any business. As such, it should be protected against any loss or damage that may occur. One of the most effective techniques used by many is data backup. However, doing it manually can take a lot of time and effort.
Accounting software can be of great help as it is designed to keep your data safe while ensuring easy and time-efficient retrieval whenever you need them.
6. Improve customer relationship
Accurate and faster invoicing can help build customers’ trust. With accounting software in place, business owners can expect fewer delays and errors. Thus, creating a strong image of credibility and professionalism.
Key Features of Accounting Software
From quotations, invoices, bank reconciliation, book-keeping, inventory management and more, IRAS-compliant Accounting Software can simplify all accounting transactions for your business.
The key features of our Accounting Software include:
- Manage all accounting and inventory management functions in the company
- Real-time management dashboards
- Accounts financial reporting
- Support multi-company transactions and reporting
- Supports multi-currency transactions and reporting
- Role-based and customisable data access security
- Flexibility of modifying transactions
- Capable of handling transactions up to past 18 months
- Support recording of advance and post-dated cheques (PDC)
- Support insertion of previous month entries when required
- Supports computation of sales commissions
- Supports Goods & Services Tax (GST) computation
- Audit trail reports
- Supports Gain/Loss computation
- Ease of generating monthly profit * loss and balance sheet report
- Accounts consolidation
- Supports project accounting
Accounting Software has built-in features that allow SME owners to manage stocks and inventory updates, providing real-time reports for advanced business management. Through real-time reports, the application can forecast sales and stock values in multiple formats with powerful built-in designers that can project through custom dashboards.
Obtaining Accounting Software through Government Grants in Singapore
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Productivity Solutions Grant 2023 (PSG)
The Productivity Solutions Grant 2023 (PSG) is a Singapore government subsidy that aims to encourage business owners to take on digital transformation through IT solutions and equipment.
From 1 April 2022 onwards, the maximum support level will be up to 70%. For eligible pre-scoped solutions, enhanced support level of up to 80% will be extended from 1 April 2022 to 31 March 2023 for Food Services and Retail sectors.
The Productivity Solutions Grant 2023 (PSG) is centered on adopting digital transformation in sector-specific solutions including retail, food, logistics, precision engineering, construction and landscaping industries. The PSG Productivity Solutions Grant 2023 also covers the adoption of solutions such as customer management, quality assurance, data analytics, financial management and inventory tracking.
The scope of the generic solutions included in the Productivity Solutions Grant 2020 will be expanded to help SME owners on the Covid-19 business continuity measures. The expansion will cover:
- Online collaboration tools
- Virtual meeting and telephony tools
- Queue management systems
- Temperature screening solutions
Eligibility criteria for the Productivity Solutions Grant 2023 (PSG) application:
- All businesses that are registered and operating in Singapore.
- IT solutions and equipment’s purchase, lease or subscription will be Singapore.
- Businesses with a minimum local shareholding of at least 30%.
- Annual turnover not exceeding $100 million.
- SMEs with less than 200 employees.
Start-up companies operating for less than six months can still push through with the Productivity Solutions Grant 2023. However, the application will be subjected to Enterprise Singapore (ES)’s assessment.
The entities listed below do not qualify for the Productivity Solutions Grant 2020 support:
Charities and Institutions of Public Characters (IPCs),
Government agencies and their subsidiaries
Religious Entities
Voluntary Welfare Organisation (VWO)
Requirements needed for the Productivity Solutions Grant 2023 application:
Like any other official application, all eligible SMEs are required to submit legal supporting documents for the application of the Productivity Solutions Grant 2020. The requirements needed are as follows: :
- A signed acceptance of quotation/contract or a purchase order
- An invoice
- A bank statement to prove that a payment was made.
- A copy of the cheque payment or receipt.
- Screenshots stating the company’s name and the name of the IT solution.
- The licence number of the software with a requirement of a one-month usage report.
Bevootech Accounting Software: Accounting Software for Small Businesses in Singapore
Leave the good, old accounting techniques you’re used to. Make the most out of your business with Bevootech Accounting Software. We at Bevootech offer a comprehensive and user-friendly accounting software packed with features that can be easily learned and mastered.
Why choose Bevootech? With 70% PSG Grant Accounting Software, you’ll get Singapore IRAS-compliant Accounting Software that can guarantee accuracy, efficiency and productivity like no other.
Benefits of IRAS-compliant PSG Grant Accounting Software
* Easily prepare GST F5 return & IRAS Audit File (IAF) for IRAS tax filing
* Easily generate financial statements for tax reporting
* Comprehensive software usage documentation to guide users
* Built-in internal controls to ensure data reliability
* Audit trail features to support audit requirements
* Ability to archive and restore data
* Ability to automatically generate an IRAS audit file in case of a tax audit
Bevootech, your account and inventory software management assistant. Give us a call at +65 8687 8143 or send us a message at sales@bevootech.com for your PSG Grant Accounting Software.
70% Grant on Your Accounting Software
Eligible SMEs can apply for grant up to 70% for IRAS-compliant accounting software.