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

Tips To Improve Your Business Budgeting & Forecasting

Budget and forecast help you to make a business strategic plan. In this article, we will discuss how to improve your business budgeting and forecasting to achieve your business financial goals.

Few Tips to Improve Budgeting and Forecasting

• Keep Budgeting and Forecasting Flexible
• Implement Rolling Forecasts and Budgets
• Budget to Your Plan
• Communicate Early and Often
• Entire Team Involvement
• Be Clear About Your Goals
• Plan for Various Scenarios
• Include Profit and Cash Flow Goals
• Let Excel Go

Keep Budgeting and Forecasting Flexible

Always keep flexible business budgeting and forecasting. That helps you to provide a more accurate and best result for your business. If these things are not flexible, it may affect your business.

Implement Rolling Forecasts and Budgets

Based on the business performance result you can roll out the forecast and budget of your business. You should do the forecast for every quarter, not for the entire year. By doing like this you can able to adjust your business plan budget to improve the accuracy of your projections.

Budget to Plan

Initially make your business plan and then merge your budget to it. To make a budget plan you have to know the actual revenue.

 Communicate Early and Often

Forecasting and budgeting may affect the business’s every aspect. To minimize those issues you have to communicate with all departments and monitor their entire work process. Through this monitoring, you can make some alignment in your business operational and organizational strategies.

Entire Team Involvement

Team Effort is an important one in Budgeting and forecasting. Financial department people always predict accurate and realistic budget for business by using all department information. The entire team provides various perspective budgets that explain how the business is going and how the business could be in the future.

Be Clear About Your Goals

Forecast’s main purpose is to predict the business’s financial future. Based on the forecast, you can able to decide by understanding the previous process implementation’s impacts. If you are clear about your business goal, then you can accurately predict the business’s financial future.

Plan for Various Scenarios

You have to review the external market and economic trends that may affect the business. For this purpose, you have to roll out the forecast to stay on the top.

Include Profit and Cash Flow Goals

In budgeting and forecasting, you have to include the profit and cash flow goals. These two metrics should be tracked for decision making.

Let Excel Go

Excel and spreadsheets are not the most reliable source to do budget and forecast. Just Go for Singapore Accounting Software.

These are the few tips to improve your business budgeting and forecasting. For further details, Visit us userbasicsoftware.com

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!!

Track Financial Performance Indicators

Accounting tools are the best key performance indicators to measure and track company performance. KPI always provide a clear view of your business.  This KPI also helps in finding the underperforming area to prevent the loss. Here we discuss some of the financial performance indicators. Continue Reading…

Some of the Financial Performance Indicators

• Operating Cash Flow
• Working Capital
• Current Ratio
• Debt to Equity Ratio
• LOB Revenue Vs. Target
• LOB Expenses Vs. Budget
• Accounts Payable Turnover
• Accounts Receivable Turnover
• Inventory Turnover
• Return on Equity
• Quick Ratio
• Customer Satisfaction

From the above list, we will discuss a few of them briefly.

Operating Cash Flow

To know about your routine operating expenses, you have to track and analyze your operating cash flow. Through this process, you can able to compare the operating cash flow with a total capital.

Working Capital

Working capital is immediately available cash. Working capital can be calculated as

Working Capital = Existing Assets – Business’s existing liabilities.

KPI Equation consists of accounts payable, accounts receivable, short term investment, Cash on hand, etc.

Current Ratio

Current Ratio calculated as Total Assets/ liabilities

Through the current ratio, you can able to understand the solvency of the business. To improve your business growth you have to maintain the credit rating level. For this purpose, you have to calculate your business current ratio.

Debt to Equity Ratio

Debt to Equity is one of the major critical KPI. This KPI helps you to focus on financial accountability. Based on the KPI you can able to analyze whether you are using the shareholder’s investments for business growth.

Account Payable Turnover

Account payable turnover rates are calculated based on how business owners pay off suppliers. Account payable turn over can be calculated as total costs of sales during a period divided by average accounts payable for that period.

Account Receivable Turnover

Accounting receivable turnover rate is calculated based on how business owner collecting the payments dues from the clients. Account receivable turnover is calculated as Total Sales for a Period divided by average accounts receivable for that period.

Inventory Turnover

Inventory turnover rate is calculated based on how much inventory items sold within a particular period. Inventory turnover is calculated as Sales within a particular period divided by average inventory in that particular period.

Based on the inventory turnover KPI you can able to view the productivity and company sales strength.

These are the few financial performance indicators. To learn more about the accounting software you can reach us at accounting software support number + 65 6227 1797 / +65 6746 2613 or Email us sales@onestopaccounting.com

3 Major Integration Features In Accounting Software

Along with small businesses, accounting software brings some transformation in the accounting software industry. Previously accounting software provides a limited option for SMBs. Now the accounting software provides enterprise-level software for Small Medium Business.

If you are decided to deploy the accounting software for your business, then you have to do some integrations and implementation. During the implementation, you have to consider the following things such as expense tracking management, mobile timesheets. Integration can be done with any accounting software for example POS software can be integrated with Quickbooks.

Before purchasing the accounting software you have ensured whether the integration features available and it helps you in the following areas.

• Improve Data Aggregation
• Reduce Data Entry
• Establish an Automated Workflow

Improve Data Aggregation

Through the accounting software integration feature you can track and sync the financial data between multiple applications. Two-way synchronization is done at all times whenever you transfer financial information from one source to another source. Integration features help you in redundant data entry.

Reduce Data Entry

Integration always transforms your business workflow. The automation process is available in the accounting software to handle the key information. Learn more about the accounting software to import and update from your bank, payroll, etc. In uploading and importing, integration features help you to avoid the manual data entry

Establish an Automated Workflow

By automating the review, approval and accounting processes you can eliminate the manual data entry works. To handle your accounts payable accounts receivable you can reach the No:1 Accounting software provider Singapore. We suggest you some accounting software with integration features that simplify your accounting tasks.

If you don’t have any idea regarding accounting technology you can reach our accounting software support team. They guide you to choose perfect accounting software based on your business requirement. We have various accounting software such as ERP Software, Quicken Software, EZ Payroll, EZ Point of Sale, EZ inventory, Cloud accounting software, MYOB software, Retail POS Software, etc. We also customize your accounting software based on your business requirements. Do you like to book your software? Just ring us + 65 6227 1797 / +65 6746 2613 and Email us on sales@onestopaccounting.com Hurry up!!

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

MYOB Essentials Accounting vs. Xero

Online accounting is the most important thing for every business. Through the online accounting software, you can access your business data through the network from everywhere. So the accounting softwarecompanies continuously improve their software for SMEs.

MYOB Essentials Accounting provides an online accounting solution for small to large scale business and this software is the rebranded version of MYOB Live Accounts. By using this software, you can easily manage the tax, invoicing, payroll and reports.

Xero software is cloud-based software for small to medium-sized businesses. By using this software, you can manage the invoice, accounts payable, purchase orders and reports. Through this software, you can automatically import the bank and credit card statements.

Let us compare the MYOB Essentials accounting and the Xero software in this post.

Dashboards

MYOB Essentials accounting dashboards are designed well and easy to access. Tasks and top menu bar are available in the dashboards. So you can navigate easily. This dashboard also provides a screenshot of cash in, cash out and account balance.

Xero dashboard is the graph based dashboard. To know the detail information you have clink on the menu bar of each graph. And the tasks are listed under the tabs.

Bank Feeds

MYOB: To provide a reliable and secure feed, MYOB uses Bank Link server. MYOB internally process the data for accuracy. Then such data will be uploaded into the MYOB file.

Xero: Two types of feed used in the Xero. Xero is establishing a bank relationship and to import the feeds directly. And it used the Yodlee, which is a third-party provider. Yodlee sends the transaction details to Xero by login into the user bank profile.

Inventory

Both MYOB Essential accounting and Xero having an inventory tracking feature. In both systems, inventory items are tracked for sale and purchase. But inventory levels are not able to track.  For advanced inventory management, you can integrate the third party products.

Payroll

MYOB Essential Accounting allows unlimited employees in the payroll that is easy to use. But in Xero, only one employee can able to access. Based on the package, employees can able to access the payroll.

These are the few comparisons between MYOB Essential Accounting and Xero software. To know more about the MYOB keep touch with us!! EZ Accounting software is leading the accounting software provider in Singapore. We also provide various Singapore accounting software such as UBS Accounting software, Point of sale, Payroll, Inventory software, MYOB and Quicken software, etc. Do you want to book your software live demo? Call us +6562271797 / +6567462613 or Email sales@ezaccounting.com.sg. Hurry up!!