An accounting software or system is computer software that records and processes accounting transactions. It usually comprises of various modules to aid different aspects of accounting such as accounts payable, accounts receivable, general ledger, billing, stock and inventory, purchase orders, sales orders and bookkeeping. Depending on the specific software, it may also have modules for debt collection, electronic payment processing, payroll, timesheet and reconciliation.
Depending on your company’s needs, you may choose to have the software developed specifically for in-house use only or use off-the-shelf software (one that has already been developed). Traditionally, such software could only be purchased but as cloud computing makes its mark on the way companies do business, subscription models are being made available. Subscribing to software means you pay a lower fee per month to use the software instead of needing the high capital outlay that purchasing software requires.
There are different accounting software types on the market right now, and due diligence should be practiced when selecting one that suits your needs. Consult with professionals if needed. The Inland Revenue Authority of Singapore (IRAS) has an Accounting Software Register, which can be found on their website. This is a list of software whose owners have provided written declaration to IRAS that their software is compliant with the requirements set out in the e-Tax Guide. IRAS also has a Guide on Accounting Software for Software Developers available at the same page.
The Information Development Authority of Singapore (IDA) provides grants to both GST-registered and non-GST-registered companies looking to adopt IT solutions to enable their businesses to run more efficiently. The iSPRINT funding was created to enable companies to quickly adopt pre-qualified infocomm packages. All the accounting software listed on IRAS’ an Accounting Software Register are eligible for iSPRINT grants. For more information on iSPRINT, visit the IDA website.