Top 5 Business Accounting Mistake

Most of the entrepreneurs have an idea to start a new business. But 90 % of startup business fails within a few years. Improper financial handling is one of the big reason for startup fails. In this post, we discuss the top 5 business accounting mistakes.

Common Business Accounting Mistakes

• Blur the Line between Personal and Business Finances
• Lax Accounting Practices
• Declaring Revenue before Final Delivery
• Mismanagement of Capital Expenditures
• Limited Financial Analysis

Blur the Line between Personal and Business Finances

Startup business people forget to separate their finances from business finances. That is a major issue for startup business owners. In the starting stage, it is not a big problem. When the business grows, this the blurred line between your personal and business finances that is a major problem for future business decision making. To avoid such problem you can use Quicken Accounting Software which helps you to maintain separate personal and business account for financial Purpose.

Lax Accounting Practices

Most of the startup business owners are not hire an expert accountant. Because they are mostly focused on other things such as payroll, bank reconciliation. To avoid such confusion you can purchase accounting software for your business. Accounting software helps you to track the financial transactions, accounts payable, accounts receivable, etc. We provide the best accounting software for Small business.

Declaring Revenue before Final Delivery  

Before determining the business profit you have to consider your business expenses. For a start-up business, it is one of the important things. Our suggestion is to declare your revenue before the final delivery.

Mismanagement of Capital Expenditures

You have heard many startups that have an extraordinary year, just to be compelled to close down the next year. They make a mistake in spending spree with money from their cash flow. This is one of the dangerous tactics for small business owners. For this purpose, you have to use separate your personal and business financial accounts.

Limited Financial Analysis

Before starting the business you have to do budgeting and forecasting. Through this analyze, you can adjust your business budget as the business develop. You should monitor the business status regularly. For this purpose, you can use the Sage UBS Accounting software that provides up to date financial report for your business. To improve the budgeting and forecasting you can read the blog:

Avoid these common business accounting mistakes in your startup business. Get success in your business.

For further details call our Singapore accounting software support team at 65-6746 2613 or 65-6227 1797 (9 Lines) or Email us on sales@ezaccounting.com.sg

Improve Cash Flow by billing with QuickBooks Online

Accountants know the multiple factors to lower the operating costs when the business has adequate cash flow. If the client provides early payment discounts, then it is an added advantage. By this, you can access lines of credit for less time and reduce interest expense.  If you want to save on financing, you have to cash purchases of assets. For strong business financial statement, you have to maintain healthy cash flow. It helps you in negotiating rates in banking purpose.

Do you know the best method to track and improve cash flow in your business? By shortening the collection time on accounts receivable you can simply track and improve the cash flow of the business. For account receivable purpose you have to offer many convenient payment options to receive payments faster and easier. Most of the small business owners use the QuickBooks Online as small business accounting strategies.

Invoicing with the Pay Online Option

For payment convenience, QuickBooks offers invoice feature. You can able to create an invoice in the QuickBooks online. Through this QuickBooks, you can send the email to your client. When the QuickBooks system finalizes the invoice, then the client will receive the invoice into their inbox. In the invoice mail, you can provide invoice online link, line-item details, payment terms, etc. Once the client reviewed the invoice they can go to the payment option by clicking the “Pay Online” option.

For payment, the client can use any kind of payment mode like a credit card, bank transfer, etc. At the time they can save their payment information for future payments.

Save on Bookkeeping Errors and Delays

Meanwhile, you can able to see the invoice marked as paid in the QuickBooks Online. If the transaction process is not recognized in the bank account, then the systems mark that payment as pending deposit. If the payment deposit in the bank account then QuickBooks online updated. The system also automatically processes the payment and eliminates errors and delays.

For these online payments, transaction fees are charged by Intuit or merchant account for credit card transactions.

These are the important feature of QuickBooks online. To learn more about the QuickBooks, quicken software keeps touch with our accounting software support!! We also offer various accounting software such as EZ Accounting, EZ Payroll, Sage UBS Accounting Software, ERP Software, MYOB Accounting Software, etc. To book your software live demo contact our accounting software support team via call 65-6746 2613 or 65-6227 1797 (9 Lines) or Email us sales@ezaccounting.com.sg

Tips for Fixing Your Business’s Cash Flow Problems

Cash Flow management is a major factor for small business success. You have to manage your business cash flow to make your company as a profitable company. Most of the small business owners lack in accounting practices. To avoid such a problem here we provide a few tips to fix your business’s cash flow problems.

Complete a Cash Forecast

First, you have to know the current status of your business cash flow and then you have to predict your future cash flow. Business growth always associated with Cost. For example, if your business lead increases you have to hire some employee to complete that task. For this purpose, you have to do 12-month cast forecast for your business. It prevents you to avoid multiple payments.

Offer Clients Incentives

Most of the clients send their invoice payment near the due date. To make them pay earlier you can provide some offers like 2% to 5% discounts if you pay invoice earlier than 5 to 10 days.

Practice Smarter Invoicing

To improve invoice practices you can use QuickBooks software which generates invoice automatically. By using this software you can able to send the work completed document easily and able to receive the invoice timely.

Your document should convey the following things to your client

• What the terms are
• When the payment is due
• How the payment should be made

If you want to add multiple services in your invoice, finally you have to ensure all costs are itemized or not. It makes your invoice calculation simple.

Decrease Expenses

Decreasing expenses is the simplest method to fix your business cash flow problems. For this purpose, you have to analyze the cost benefits of each expense. You can able to cut expenses in the following areas. Such as

• Office Rent
• Office Supply
• Utility Expense etc.

Raise Revenues

To boost your business cash flow you can raise revenues before cut the expenses. To get revenues high you can raise your goods and services price that can improve your business profits.  To promote your brand and service you can use inexpensive promotional campaigns. This is also one of the best methods to improve your business cash flow.

Still doubting cash flow improvement? You can reach our accounting software support team. They will guide the accounting principles and best accounting software which helps you to improve your business growth. Further details you can call us +65-6746 2613 or +65-6227 1797 (9 Lines) or Email Us sales@ezaccounting.com.sg. Schedule your software demo!!

The prominence of MYOB Accounting Software

MYOB is an Australian tax and accounting Software Company which provides a wide variety of products for small to large scale business Browser-based, cloud-based, or physical installation based software. To maximize the software’s usability MYOB uses a number of partnerships. It’s a Microsoft Gold Certified Partner, which implies that MYOB works easily with Microsoft programs. It’s also cooperated with PayPal, convenient coordination for online business. At last, MYOB is cooperated with Westpac to implement a business startup toolkit called ‘Open for Business’.

Features of MYOB Accounting Software

• Can able to work online
• Easy to calculate GST and Track the GST
• Easy to manage invoices, quotes
• Inventory Management
• Expense tracking and paying
• Easy to manage the customers and suppliers
• Built-in automatic leave calculation with payroll
• syncs with your bank accounts and credit card

These are some of the features of MYOB accounting software.

Important Factors of MYOB Accounting Software

Expense Reporting

Expense management reporting system with MYOB accounting software helps you to find the expense management fraud through a couple of key ways.  Real-time captures of receipts and other documentation are allowed in the mobile device based accounting software. By allowing these documents you can prevent potential fraud attempts.

Expense Auditing

Auditing expense reports is a basic advance in identifying and preventing fraud. Through this accounting software, the auditors can able to easily browse the expense documents for specific transaction details.

Business Card Recognition

Any individual who has ever gone to a conference or expo knows the torment of entering each one of those new contacts into a CRM or contact management system. These pain points are eliminated by the Accounting Software business card recognition app which helps you to follow up with all those new contacts.

Preserving Meeting Notes

You realize you’re studiously taking notes on their one of kind prerequisites, however for all your customer knows, you’re text messaging collaborators to meet later for party time. Utilizing a stylus to hand writes notes or basically depending on great old pen and paper takes care of that issue—yet you lose the inquiry capacity of your notes. Accounting Software applications provide a solution for handwriting.

These are the important factors available on the MYOB accounting software. Are you looking for best MYOB software? Please feel free to call us for a demo right now!! You can reach us on + 65 6227 1797 / +65 6746 2613 or Email to us on sales@ezaccounting.com.sg

Source: https://www.ezaccounting.com.sg/the-prominence-of-myob-accounting-software/

Important Needs of Accounting Software

Speed – data entry onto the computer with its formatted screens and built-in databases of customers and supplier details and stock records can be carried out far more quickly than any manual processing.

Automatic document production – fast and accurate invoices, credit notes, purchase orders, printing statements and payroll accounting software documents are all done automatically.

Accuracy – there is less room for errors as only one accounting software entry is needed for each transaction rather than two (or three) for a manual system.

Up-to-date information – the accounting records are automatically updated and so account balances (e.g. customer accounts) will always be up-to-date.

Availability of information – the data is instantly available and can be made available to different users in different locations at the same time.

Management information – reports can be produced which will help management monitor and control the business, for example the aged debtors analysis will show which customer accounts are overdue, trial balance, trading and profit and loss account and balance sheet.

GST/VAT return – the automatic creation of figures for the regular GST/VAT returns.

Legibility ­– the onscreen and printed data should always be legible and so will avoid errors caused by poor figures.

Efficiency – better use is made of resources and time; cash flow should improve through better debt collection and inventory control.

Staff motivation – the system will require staff to be trained to use new skills, which can make them feel more motivated.  Further to this with many ‘off-the-shelf’ packages like MYOB the training can be outsourced and thus making a particular staff member less critical of business operations.

Cost savings – computerized accounting software  programs reduce staff time doing accounts and reduce audit expenses as records are neat, up-to-date and accurate.

Reduce frustration – management can be on top of their accounts and thus reduce stress levels associated with what is not known.

The ability to deal in multiple currencies easily – many computerized accounting  software packages now allow a business to trade in multiple currencies with ease.  Problems associated with exchange rate changes are minimized.

Source: https://www.ezaccounting.com.sg/blog/important-needs-accounting-software/

Features and Functions of UBS inventory software

Sage UBS Inventory Software allows easy stock control with the flexibility to handle all kinds of inventory control transactions and provides instantly updated inventory status whenever you want it.

UBS Inventory Software

This system acts as an invoicing system where invoices and delivery orders can be printed conveniently, allowing smooth transactions for the business. Improvements are also done progressively over the years based on customer feedbacks to ensure that the system meets the immediate business needs for users. There are also 4 types of stock valuation methods available, namely, Fixed cost, First In First Out (FIFO), Monthly average and Moving average

• Credit limit control during invoicing
• Long characters of item code
• Two level of grouping stock
• 4 valuation method – Fixed Cost, FIFO, Monthly Average, Moving Average
• Multiple location set up
• Multi unit of measurement
• Able to keep track of serial number and batch dates
• Supports graded stocks (eg clothes that has different sizes with the same stock code)
• Item Assembly (B.O.M)
• Track Maximum, minimum and reorder quantities, generate forecast base on order on hand
• Inquiry and search by key words

Also, there is inventory software which is EZ Inventory software which also has functions similar to Sage_UBS inventory software that can generate stock card reporting and other stock details reporting.

Source: https://www.ezaccounting.com.sg/blog/features-functions-ubs-inventory-software/

Most Five Signs That Your Business Has Outgrown its Accounting Software

Most of the accounting software developed for small business accounting.  When the business grows, large scale business owners face some burden in handling the accounting. For in the case, you have to find the best financial management solutions to streamline your business accounting practices. Here we discuss five signs to find the best financial management solutions. Those signs are

• Expanding Payroll
• Need for Elaborate Reports
• Inability to Customize
• More Than 15,000 Transactions
• Sluggish System

Expanding Payroll

When a business grows, business people hire some more people. In this case, you have to expand payroll software.   Some accounting packages will not support additional numbers. So you have to update your software from the best accounting software provider or else you have to manually handle the payroll is the best-case scenario. Get our EZ Payroll software to handle your employee payrolls.

Need for Elaborate Reports

For the financial report, accounting software provides some templates.  When the company grows, the business owners need to elaborate corporate reports to provide state regulations compliance.   These features are available in our EZ accounting software packages. Get your best financial report from our Singapore accounting software.

Inability to Customize

Accounting software provides limited access for financial accounting report customization that is field changing, column adjustments.  If you need a detailed report for the corporation and state tax department, you have to purchase the best accounting package. We also offer custom solution software for every business.

 More Than 15,000 Transactions

For large scale business, you have to buy accounting software which supports transactions more than 15,000 transactions. That should rapidly increase transaction in the future. Get these features on your accounting software by reaching us!!

Sluggish System

                                                  

After purchasing the accounting software which supports an increasing number of transaction, that system may become slow and bogged down. It may take the loading speed issue. To handle these issues you have to contact the Best accounting software provider in Singapore.

If you want to know more about the accounting software for your business, you can reach our accounting software support team to schedule a live demo!! We also offer various accounting software such as ERP Software, Quicken Software, Sage UBS Accounting software, Sage UBS Inventory software, EZ Accounting, EZ Payroll, EZ POS, etc.  To book your software live demo call us 65-6746 2613 or 65-6227 1797 (9 Lines) and Email us on sales@ezaccounting.com.sg