Accounting has always been part of business, and the person in charge is the one responsible for managing business support areas, including financial accounting, management accounting, financial forecasting, auditing, payroll, and more. But is the role of business accountant really changing?
There are key challenges facing the business world today, and management accountants will have to adapt to these changes. Technology, the Internet, improved accounts, and accounting software have all influenced how accountants work and brought efficiency to Singapore businesses.
Singapore businesses use a mix of financial and management accounting with their business operations. Financial accounting using SME million software for accountants in Singapore takes care of the company’s financial activities, listing sales, expenses, liabilities, assets, and cash flow; while management accounting focuses on the allotment of costs to goods or services, preparing financial information for business decision, and creating budget for business functions. Both of these features are important requirements for better company management and are both can be found in an accounting software program.
Centuries ago, during the pre-computer age, accounting was manually processed with paper and pencil. Columnar sheets were a thing during those years. Columns were added up, moved from one page to another, and financial statements were gathered manually.
Just like any other industry, the advent of computer and the Internet have changed business accounting. Although the concept stays the same, the processes were made automated for faster and more accurate results.
Accounting software continue to improve and develop cutting edge technology that helps corporations get the most from today’s technological advancements by improving the way how businesses work, improving efficiency, and adding value to data.
Cloud-based accounting software is the latest technological breakthrough in the field of business and accountancy. Working in a cloud-based system means that business data are available online—anytime, anywhere. Business owners can easily update and review records from any Internet-enabled device, such as PCs, laptops, smart phones, and tablets. Likewise, collaborative works between accountant and client becomes much easier. With cloud-based accounting software enabling real-time working relationship between the two entities, the accountant can instantly provide clients with advices about their business to help owners monitor and improve productivity of their business.
With the help of technology and more advanced accounting software, accountants and financial advisers are in better position to offer insights and expert advices to their clients without the distraction of hard-to-analyze spreadsheets.
Moreover, with the ever-changing rules and regulation of Singapore’s financial industry, accountants often find themselves as business regulators. They are the ones responsible to ensuring that their client’s financial records adhere to the legislature.
Cloud accounting software opened the door to a more valuable service for accountants and business owners. A variety of accounting software can be used by accountants—to help them manage their clients’ businesses—and a selection of others especially tailored for small business owners who prefer to manage accounting and bookkeeping of their business on their own.
Making a Choice
If your company has an accountant—either outsourced or in-house—it would be a wise decision to ask for their advices and recommendations as to what accounting software to purchase. Accountants know what software programs work best with the type for business their client has, as well as what software functions complements their existing programs. In fact, an accountant can help setup the software so that it gathers the right information needed to file taxes, monitor cash flow, and many more.
Likewise, the IT department of the company must also be considered. It’s important to understand the hardware solution and find out whether the system can afford such complexity. Business accounting programs use big databases, usually consisting of various data tables all running at the same time, so it’s important to have a good look at the system’s disc space.
Accounting is—ever since—part of business management. However, options for better management were not as great as we have today. All thanks to modernization, it has paved the way for a more reliable business accounting processes.