Top 5 Business Accounting Mistakes

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

Sage UBS Software Benefits

In 1990 Sage UBS Software is developed by UBS Corporation Bhd. This software is simple to use and generate reports. They offer various kind of software. Such as

• Sage UBS Accounting
• Sage UBS Inventory and Billing
• Sage UBS Payroll
• Sage UBS Point of Sale

In this post, you will know about the sage UBS software benefits and features.

Benefits of Sage UBS Accounting Software

• You can able to generate standard and user-defined financial reports
• Improves cash flow and asset management
• You can integrate your Sage UBS accounting software with Sage UBS stock control and sage UBS aster register.

Features of Sage UBS Accounting Software

• All accounting functions can speed up
• Multiple company transactions can be handled
• Multiple currency functions
• GST computation functions
• Data access security
• 18 months transactions can be handled
• Gain and loss computation functions

Benefits of Sage UBS Inventory and Billing

• You can integrate the Sage UBS Inventory and billing software with Sage UBS Accounting software
• You can generate the inventory reports
• Sales order processes and purchase can be encompassed
• Inventory parts tracking

Features of Sage UBS Inventory and Billing

• Multiple company transactions can be handled
• Different levels of data security provided
• Foreign currency can be maintained
• Using unique serial codes you can able to track the stocks.
• It has multiple payment modes

Using this software you can able to generate reports. Those reports are

• Cash sales report
• Invoices report
• Delivery order report
• Sales order report
• Purchase order report
• Stock aging reports
• The gross profit analysis report
• The multi-store sales analysis report
• Yearly sales and purchase report

Benefits of Sage UBS Payroll

• Able to track annual and monthly leaves
• You can calculate the pay monthly wise, day-wise and hourly wise
• Able to generate payslips

You can able to generate the following reports using this software. Those are

• Payslip reports
• Personnel report
• Payroll report
• Leave reports
• Pay summary (includes basic pay, deductions, overtime, etc)

Benefits of Sage UBS Point of Sale

• It helps the retail owners to track essential and relevant information for effective business growth.
• Helps in speedup sales transactions
• You can get customer trend analysis report.
• Security management features

You can able to generate the following reports. Those are

• Cash receipts reports
• Sales analysis reports
• Salesperson performance report
• Inventory reports for management control

These are the features and benefits of Sage UBS software. To know more about the Sage UBS Accounting software Read our blog: https://www.userbasicsoftware.com/sage-ubs-accounting/

For further details call us +6562271797 / +6567462613 or email us on info@userbasicsoftware.com

Time Tracking Software Improves SMB Accounting Productivity

Small business people had made some outsourcing in the area of accounting and finance due to the development of new technologies and software products. By outsourcing, they feel that we can control costs, improve productivity, minimizes the risks and business objectives achieved rapidly.

For the following beyond areas, small business owners outsource their product and service. Those are

• Accounts payable
• Accounts Receivable
• Payroll accounting

Time Tracking Software

Time tracking software is the most important human resource tool for SMEs. Through the time tracking software employees can easily track their timesheet and managers can able to analyze and track the employee’s productivity levels.

Time Tracking Software Benefits

• Measures employee performance
• Improve performance reviews
• Assessing appropriate staffing levels
• Improve employee’s performance

Measures Employee Performance

Through this software, business owners can able to identify how employees spent time on each project. Based on the employee performance report you can reward the high performing employee and that motivates other employees to perform high.

Enhance Performance Reviews

Employee’s productivity levels are measured by the manager. That can be easily compared to other employees and other groups.

Assessing Appropriate Staffing Levels

Through the time tracking software report, business people can able to control the payroll cost against week employee performance or inadequate staffing.

Improves Employee Performance

Through time tracking software, the employee can able to monitor them self. They can easily manage their time to complete their projects. In the time tracking system, they can able to set the performance goals, action list with necessary steps.

Finding the Best Time Tracking Software for Your Business

Each business is unique and different. So they need a unique set of time tracking features. Time tracking features have sore features such as

• Easy to use
• Able to generate comprehensive reports
• Mobile and GPS capabilities
• Able to generate employee alerts
• Able to generate reminders

We (User Basic Software) are the best accounting software provider in Singapore. We specialize in customizing the accounting software based on your business requirement. We also provide Quicken software, Payroll software, Retail POS software, Inventory software, Sage UBS Accounting Software, Sage UBS inventory software, etc. Are you looking for the best accounting software for your business? You are at the right place. To book your software demo schedule your meeting with us through call +65-6746 2613 or +65-6227 1797 (9 Lines) or Email us info@userbasicsoftware.com  It’s your time to get exciting offers!! Hurry up!!

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!!

Cloud-Based Accounting Software Security Concerns

In the accounting software world, cloud accounting software is the latest technology. Because that software has lots of features such as easy to access, Mobile access, able to integrate with accounting software. A major advantage is security. Some other considerations to be put in mind while outsourcing accounting such as

• Lack of physical control of servers
• Data transmission
• May affected by loopholes and exploits etc

Most important security concerns are

• Physical hardware security
• User account access
• Multi-tenancy

Physical hardware security

The cloud service provider hosts the application and data on location. To access these data you have to connect the cloud accounting application via app or browser. If you don’t have physical access to control the security, you have to contact the cloud service provider to know about the data center security, data redundancy, back up procedures and processes. Do you want to know more about cloud accounting software? Visit the Cloud Accounting software Page.

User account access

User can able to access the data and functions present in the cloud-based application. Before using the cloud-based accounting software you have to know whether the accounts are audited, is it hard to disable accounts, etc. Cloud accounting software always provides custom user access levels to control data security. If you want identification point for user access, it is available as a beneficial feature to leverage.

Multi-tenancy

Cloud service providers share the hardware for hosting. This means they provide share space for multiple clients it may cause some hacking issues. If the hacker hacks another Company, your data also caught in the crossfire. So you have to contact the cloud service provider to keep your sensitive data in the private cloud. You can also use the API (Application Programming Interfaces) for security purpose. By using the API you can customize the cloud accounting experience.

These are the major security concerns with the cloud accounting software. Do you want to know more about cloud accounting software? Keep in touch with us!! We (User Basic Software) are the best accounting software provider in Singapore. We are offering various accounting software such as payroll software, POS Software, Custom solution software, Sage UBS Accounting software, MYOB software, etc. Book your software now!! Call us on +65-6746 2613 or +65-6227 1797 (9 Lines) and Email us on info@userbasicsoftware.com to get your software live demo!!

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

Restaurant ERP Software Features

Every restaurant business owners use an ERP System to track their workflow and to manage daily operations. By using this system you can able to record the transactions and account status. It also helps with staff management.

Restaurant Kitchen Staff

Restaurant kitchen staffs are responsible for meals preparation, inventory management, and other necessary tasks. By using the ERP software you can able to assign orders to multiple workstations. After order assigned everyone gets to start their work. Through the ERP system, order completion statuses send a signal to the waiter.

ERP software has following functionalities

• Menu Management
• Customization of Orders
• Food Service Suppliers receipts
• Recipe Management

Waiters

The workers who are visible to customers directly are the wait staff.

• Table Reservations – By using the ERP Software you can able to record the customer reservation information such as Table number, time, group size and location request, etc.
• Placement of Order
• Multiple Payment Options – ERP software allows multiple payment modes such as cash, credit card, debit card, discount cards, and gift vouchers. It also has a bill splitting feature.
• Bus Status Notification – ERP software provides automatic notification to bus staff to clean the table after the party function finishes. It also provides information to host if the table is ready for the next customer.
• Orders Completion Message – If the kitchen staff completed the order, the ERP system sends the signal to serve the food.
• Waiting Queue Feature – ERP provides information about the sitting arrangements.

Managing Business Operations

• Employees Attendance reports – Employees attendance reports are tracked along with payroll reports.
• Prevent Internal Theft – ERP software simply tracks inventory levels and usages. It provides automatic notification for any discrepancies
• Real-time Sales Reports – This software provides sales report in different metrics
• Customer Loyalty Program – It helps the restaurant owners to track the frequency of customer visits.
• Customer Feedback – ERP software has customer relationship management0020tool to track customer feedback and offer campaigns.
• Productivity analyses – helps you to track the performance of each employee.

These are the few features of Restaurant ERP Software. Do you want ERP Software for your Restaurant business? Call us (65) 6227 1797 / (65) 6742613 to book your software demo!!  You can also Email us info@userbasicsoftware.com

Inventory Optimization for Small Business

As the marketplace expands and products become available from each corner of the world, Inventory management is turning into more and more complex. Managers are needed to manage and track product coming back in from various location through different transport methods. By using the structured methodology and ongoing data analysis it’s a virtually impossible task.

Inventory Optimization

Inventory optimization is a collection of techniques designed to deliver the right quantity of product at the opportune time for the most reduced conceivable expense. Businesses which are operating without an inventory optimization plan, they may get the risk of overspending and underperforming.

Inventory optimization strategy main objective is to keep up a steady flow of inventory, eliminate the out of stock situations and mitigate loss and risk whereas boosting benefits by means of improved effectiveness and lower stock expenses.

How Inventory Optimization Cuts Business Costs

Both buy-in and stock things are a problem in any business. For manufacturers and construction, for example, delays in crude material delivery may result in losses, as projects are deferred and work crew sits on their hands whereas anticipating materials to work with. In the meantime, different materials that that arrived on time can’t be used and you finally end up paying for storage space.

In the past, businesses with a healthy bottom line usually overstocked important things, and a few of them squander accordingly. For a small business, any wasted cash or time is unacceptable.

Strategies for Inventory Optimization

Plan Just in Time Delivery

JIT delivery is a component of the purchasing strategy.  For this strategy, you have to know about your business needs and suppliers. The trick is to have supplies delivered precisely after you would like them, eliminating warehousing and mitigating loss.

Consider Alternative Warehousing

Some small business has turned to cost-effective warehousing solutions, like shared warehouses wherever their stock space is rented on demand from a merchant as required.

Have A Supply Chain Disruption Strategy

Supply chain disruptions are progressively normal, and at some point, each business should manage the loss of items because of storms or different natural disasters, geopolitical issues.

Know your Vendors

Completely vet merchants to survey their reliability, charges, shipping techniques, and abilities. Use something the organizations can’t: the human touch. With web-based requesting, vendor relationships have turned out to be progressively generic. While it’s productive to order on the web, friendly personal relationships still have advantages. Friendly contacts will keep you on the up and up to about what’s happening, alert you to deals, and twist around in reverse when you need additional assistance.

These are the few strategies are used for inventory optimization.  To know more about the Singapore accounting software keep touch with our blog posts. Do you want an accounting software for your business? Just Call us + 65 6227 1797 / +65 6746 2613 and Email us @ sales@ezaccounting.com.sg to book your software live demo!!  Hurry up!!

Source: https://www.ezaccounting.com.sg/inventory-optimization-for-small-business/

 

 

How to maintain an Accurate Inventory for your business?

Inventory management is the biggest headache for small-medium business owners, especially in the wholesale distribution business. Think without proper inventory management, you can able to run the business? In such a case, you can able to answer for the following few questions.

• How many products are in your inventory?
• When do you need to complete a sale?

If you don’t have enough products in your hand, it is hard to complete the sale and you will lose your valuable customers.

By using the inventory management system you can able to answer for the above questions. That system provides overall product visibility that prevents in stock-outs.

First, you have to understand the inventory management system importance to continue your business growth.

How businesses maintain inventory?

There are many ways available in the business to maintain the inventory. Creating a spreadsheet is one of the basic ways to maintain inventory. In spreadsheet include various columns such as product name, item number, quantity and deduct products which are being sold and shipped. You can also able to add other columns to notify the log of returns and new arrival stocks etc.

But this method requires some manual monitoring to make sure the each and every transaction. The information provided in the spreadsheet won’t be effectively shared and understood. People are inclined to make errors that are very hard to find. Use Singapore Inventory Software for your business for effective inventory management. Inventory Software reduces human errors.

How Technology helped in Inventory Management

Now small and medium-sized businesses differ from the past. These differences are due to technology constant growth that helps in business growth.

In past small medium business uses pen and paper, spreadsheets for business inventory tracking. However currently that further inventory challenges include increased sales, stock keeping units, and inventory turns what works for the small and medium-sized businesses today?

The answer is unusual, technology. Even as technology has caused potential difficulties for businesses these days, it has provided an instant solution.

Certain technologies available for inventory management purposes such inventory management solution is inventory management software.

To know more about the inventory software keep touch with us!! Book your software for your business. It’s the right time to get offers!! Hurry up!! We also provide free live demo!! Call us on 65-6746 2613 or 65-6227 1797 and E-mail us on sales@onestopaccounting.com

Source: https://www.onestopaccounting.com/how-to-maintain-an-accurate-inventory-for-your-business/