Inland Revenue Authority of Singapore (IRAS) maintains an Accounting Software Register of software classified as IRAS-compliant accounting software.
Although it’s not a requirement for accounting software to be IRAS-compliant, accounting software that are IRAS-compliant come with features that facilitate tax reporting and tax audit. Thus, using IRAS-compliant accounting software bring about productivity and compliance benefits.
Benefits of IRAS-compliant 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 reliability of the data
* Audit trial 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
Standard Accounting Software Features:
- 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 unrealised Gain/Loss computation
- Ease of generating monthly profit * loss and balance sheet report
- Accounts consolidation
- Supports project accounting
IRAS Accounting Software Register:
Looking for IRAS-compliant accounting software, contact us at +65 8687 8143 or email [email protected]!
80% Grant on Your Accounting Software
Eligible SMEs can apply for grant up to 80% for IRAS-compliant accounting software.