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

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

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!!

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

Track Time and Integrate With Accounting Software

Employ time tracking is a difficult task for business people.  Business people need proper time tracking system to know how the employees spend their time in business hours to complete the single task or multiple tasks. If the time is not tracked properly they may lead to productivity issues, poor company morale, etc.

First, give a brief explanation about the time tracking to employees

Implementing the time tracking system in business is a critical task. So you have to clearly explain the benefits of the time tracking system. Such as

• Improves the company workflow
• Helps in recognitions
• Big data for future strategy
• Helps in finding the spot areas to capitalize on productivity

Then select the perfect time tracking program

Time tracking apps available with a lot of features such as integration, remote check, etc. Before purchasing the time tracking system for your business you have to ensure that the time tracking system can able to integrate with the accounting software.

Through the time tracking system you can simply manage the projects and analyze the profitability.

By tracking the time you know how much time is spent on the project and you can measure whether the specific project is profitable, costly to your company. You can also able to track the hung up situations in the project.

Time tracking APP provides notes to update the project status, expected and unexpected issues. Through these notes, you can analyze your client projects simply. This system also automates the payroll process.

This system helps in company workflow such as

• You can able to understand your business functioning
• Able to measure the employees’ performance based on their effort
• Able to get the business overview
• Based on these benefits you can simply do your decision making or reach your goals etc.
• These features help you to find the unnecessary cost in their budget.

Do you want to integrate the time tracking system with your accounting software? Just schedule the appointment with us!! We also are providing the best accounting software for business people. That software is MYOB Accounting software, ERP Accounting software, Quicken software, Payroll software, Point of sale software, Sage UBS Accounting software, etc. Get your software live demo!! Ping us on + 65 6227 1797 / +65 6746 2613 and Email us on sales@onestopaccounting.com.sg