23 Aug 2021
These days, business owners have realised that managing finance manually is not efficient and effective. That is the reason why they started utilising an accounting system which is supposed to help them manage their budget more productively. In this article, we would like to analyse several Accounting Software benefits for your business’ development.
Simpler Bank Reconciliation
Bank reconciliation is one of the principal accounting features of businesses and accounting solution helps to operate it more smoothly. By simply checking out all transactions detected on statements, the software makes it easier to reconcile enterprises’ bank accounts in the system. A summary of all unmatched transactions can be conveniently accessible and summarised for quick reference. Unpresented and pre-presented checks will be maintained in the system for the next round of reconciliation.
Management of cash flow
Cash flow issues have been one of the biggest problems with a company. Luckily, accounting software can help. Since accounting software can record and keep track of account payables and account receivables, it enables companies to follow up with current and even future cash flow status through receivables management. The system centralises all clients’ accounts receivables information for quick access to track all unpaid bills. Moreover, if any orders for a customer are about to be generated, the system will notify the financial controller and salespeople. Therefore, enterprises can rest assured that their cash inflow will not be endangered.
Cost reduction
One of the most considerable accounting software benefits is to reduce the overall costs of companies. In fact, this system automates the majority of essential calculations and administrative operations, allowing firms to take control of their revenue structure without having to hire a third-party consultant. Moreover, its speed and productivity enable each member of the accounting team to accomplish more in less time. As a result, the accounting department’s payroll and administration costs are reduced.
Financial Data security improvement
Financial data is one of a company’s most sensitive assets. It must be well-protected to avoid falling into the wrong hands. Due to this system, all the confidential data will be stored in a centralised system and just individuals with access rights can see the information.
Real-time data and financial reporting
Accounting system enables enterprises to monitor financial data in real-time. At any time, companies can find out the exact amount of money that comes in and goes out. Therefore, they will have the capability to come up with the best strategies and plans for refining their financial management.
Another benefit of this solution is to provide tools to create and customise their own financial statements according to their requirements. Enterprises can also choose a suitable format for each report like tables, chart pie, graphs, etc. This function allows better monitoring and analysing financial situations, as well as comparing current performance to previous performance.
Customer / Supplier Relationship Maintenance
People might think that there is no link between financial management software and maintaining customer and supplier relationships. In fact, the system is designed to facilitate efficient billing and invoicing, avoiding all types of delays and confusion. It enhances the professionalism and credibility of a company’s performance.
For instance, the accounting solution in Synergix ERP System is able to generate a list of overdue payments that are due in more than a certain number of days. After users choose the payment they want to pay for, the system will automatically generate a payment voucher for them. When a payment voucher is created after a payment recommendation, the system will automatically generate a cheque number. This will definitely save time for the payment process, thereby enhancing the suppliers’ satisfaction.
Summary
In conclusion, Accounting management software is a helpful assistant for companies because of its advantages. It helps to simplify the accounting process for enterprises and as a result, they can not only efficiently manage your financial status but also save time and money. The accounting solution in Synergix ERP software also includes many other features like multi-currency capacity, tax reporting tools, contract entries, inter-bank transfer, and cheque printing that will fulfill our clients’ requirements.
Readmore: All-in-One Guide to Understanding Accounting Software in 2024
GRANTS
To support enterprises to embark on this digitalisation journey, the Singapore Government has released several grants. Productivity Solution Grant (PSG), which covers up to 50% of the qualifying cost, has been extended to March 2022. Besides, Enterprise Development Grant (EDG) is also offered to reduce net cash impact.
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