What is IRAS-compliant Accounting Software?

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

Sources:
IRAS Accounting Software Register:
https://www.iras.gov.sg/irashome/Businesses/Self-Employed/Getting-it-right/IRAS-Accounting-Software-Register/

Looking for IRAS-compliant accounting software, contact us at +65 8687 8143 or email sales@bevootech.com!