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Data Migration Entry
Data migration for accounting software refers to the process of transferring financial data from one accounting software system to another. This process is necessary when a company decides to switch from one accounting software to another, or when it needs to consolidate data from multiple accounting software systems into a single system.
The financial data that needs to be migrated typically includes information such as customer and vendor records, transaction history, chart of accounts, inventory data, and other financial data. The data must be carefully extracted from the old system, transformed to fit the new system's data format and structure, and then loaded into the new system.
Data migration for accounting software can be a complex process that requires a deep understanding of both the old and new accounting software systems. This process must be carefully planned and executed to avoid data loss, data corruption, or other errors that could impact the accuracy of financial data.
Some accounting software systems provide tools and services to simplify the data migration process, such as data import/export tools, data mapping tools, and consulting services. It is important to carefully evaluate the data migration process when choosing a new accounting software system to ensure that it meets your company's needs and requirements
Automated Bookkeeping
Bookkeeping is a tedious and time-consuming task. We collect data, analyze and record it in the your accounting software. Provide comprehensive bookkeeping and accounting services to help your company succeed.
If you want to focus on your business, but are still worried about accounting and bookkeeping, we can set up a system where you only need to log in once a month to update numbers.
Get peace of mind with our bookkeeping services.
Cloud Accounting
Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The goal of accounting is to provide information that is useful to various stakeholders, such as shareholders, creditors, and managers. This information can help stakeholders evaluate the financial performance and position of a business,
We do full accounting for business and professional. This includes bookkeeping, monthly reports, GST, Accounts receivable, Accounts Payable etc. It will help you to manage and organised your cash flow and make better decision.
We are using cloud base accounting software QuickBooks, Xero, ZohoBooks etc. Which you can access anywhere on your computer or phone.
Accounts Receivable
You need to collect your sales money from customers, but you don’t have time to send them reminder or e-mail. We can help you to do in auto mode so your customer will get notification once payment due and you will get paid on time. It will help you to manage your cash flow.
Account Payable
In Business you need to pay money on time to your vendor to keep good relation and avoid any penalties or late fee charges from them.
We will keep your payable records once is due will informed you by e-mail, SMS, WhatsApp with full details of accounts statements. And inform you in advance for coming month playout due. It will help you to manage cash flow to smooth business transection.
GST
We record all transection in accounting software and prepared GST calculation for your GST filling. We provide you full GST calculation report with invoice number and amount to keep in track your GST for future purpose. Its save lots of your time, Hessels, and Hessels and avoid late filling penalty
Monthly Reports
Some type of business needs specialised reports like Total Sales and product wise sales, customer wise payments details, Monthly profit and loss, Cash flow, Total amount received in months etc
We are specialised to create monthly report for you as per your requirement. Its easy to understand and help you make better decision of your business plan.
Budget and forecasting
Business need to make future planning to create future expenses and income so they can prepare their expansion plan to do it. We help you to understand your business better and create budget for you so you can expand your business accordingly and in accurate way our experts could be a budget for you as per your requirements and business need.
Payroll
Businesses need to pay their employees every month we will keep all employee attendance records and make the payroll accordingly it will save you lots of time and you can focus on your business same time we will keep this payroll in our budgeting and cash flow we will issue pay slip according to mom requirement and file auto inclusion scheme to IRAS Singapore.
All payrolls now on cloud based software so you have full access to see all your employees attendance past payroll current payroll and pay slip. we will make you to help to make it payroll automatically so at the end of the month you can issue salary accordingly. it will save you lots of time an effort to make monthly payroll our expert team will help you to maintain all this.
Singapore has specific payroll requirements that employers must comply with to ensure that they are meeting their legal obligations and providing accurate and timely pay to their employees. Some key requirements include:
- Central Provident Fund (CPF): Employers are required to make CPF contributions to provide for their employees' retirement, healthcare, and housing needs. CPF contributions are deducted from employees' salaries and paid to the CPF board on a monthly basis.
- Employee income tax: Employers are responsible for deducting and remitting income tax on behalf of their foreign employees to the Inland Revenue Authority of Singapore (IRAS) on a monthly basis.
- Statutory contributions: Employers must also make contributions to other statutory funds such as the Skills Development Levy (SDL), which is used to fund training programs for employees, and the Foreign Worker Levy (FWL), which is paid for the employment of foreign workers.
- Payslips: Employers are required to provide payslips to their employees detailing their gross salary, deductions, and net pay.
- Employment Act: Employers must comply with the Employment Act, which sets out the minimum requirements for employment contracts, working hours, overtime pay, and other employment-related matters.
- Annual tax reporting: Employers are required to file an annual tax return with the IRAS and issue IR8A forms to their employees, which detail their total income, taxes paid, and CPF contributions for the year.
Failure to comply with these payroll requirements can result in penalties and legal action. Employers should ensure that they have the necessary systems and processes in place to manage their payroll obligations effectively. Many companies in Singapore choose to outsource their payroll function to specialized payroll service providers to ensure compliance and minimize administrative burden.
Managment Reporting
Management reporting involves collecting and analyzing data from various sources and presenting it in a clear and concise manner. The reports are typically created on a regular basis, such as weekly, monthly, or quarterly, and are designed to provide managers with a snapshot of the organization's performance during that period.
The purpose of management reporting is to provide managers with the information they need to make informed decisions about how to allocate resources, improve operational efficiency, identify trends, and develop strategies to achieve organizational goals. Effective management reporting can help managers identify opportunities for growth and improvement, as well as potential risks and challenges.
Management reports can take many forms, including financial statements, dashboards, scorecards, and ad-hoc reports. The format and content of the reports will vary depending on the needs of the organization and the specific requirements of the management team.
Inventory Management
One key aspect of inventory management is setting inventory levels that are appropriate for the organization's needs. This involves taking into account factors such as lead time, demand variability, and safety stock requirements. Once inventory levels have been set, the organization must monitor inventory levels and adjust them as necessary to avoid stockouts or excess inventory.
Effective inventory management can help organizations reduce costs, improve customer service, and increase efficiency. It can also help organizations minimize the risk of stockouts and overstocking, which can negatively impact profitability and customer satisfaction.
We will help you to manage all your inventory -Update your inventory status, Print Bar Code, Stock take etc
Income Tax
In Singapore, companies are subject to corporate income tax on their taxable income earned in the preceding financial year. The current corporate tax rate in Singapore is 17%. However, new companies may be eligible for partial tax exemptions in their first three years of operation.
To calculate the taxable income, companies are required to deduct allowable expenses from their gross revenue. Allowable expenses include business expenses incurred in the production of income, capital allowances for fixed assets, and donations to approved charities.
- In addition to corporate income tax, Singapore has a system of Goods and Services Tax (GST) which is a consumption tax on the supply of goods and services in Singapore. The current GST rate in Singapore is 8%.
Companies in Singapore are required to file their tax returns with the Inland Revenue Authority of Singapore (IRAS) by November 30th of each year, or by December 15th for e-filing. Companies that fail to file their tax returns on time may be subject to penalties and legal action.
To ensure compliance with Singapore's tax laws, companies should maintain proper accounting records, keep track of their income and expenses, and seek advice from tax professionals when necessary. It's also important to stay up-to-date with any changes to Singapore's tax laws and regulations to avoid potential penalties and to optimize tax planning opportunities.
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