Need Of Accounting Software

While bookkeeping and accounting are both essential business functions, there is an important distinction. There is often a misconception that bookkeeping and accounting are the same things. Bookkeeping is the collection, sorting, and recording of the financial transactions of a business. The term accounting is much broader, going into the realm of designing the bookkeeping system, establishing controls to make sure the system is working well, and analyzing and verifying the recorded information. The work of a Bookkeeper and Accountant often overlap. As Bookkeeping is part of Accounting . Accountants build on the information provided by the Bookkeeper. Bookkeeping, as the word suggests, is about 'Keeping Books' and is the first step in the accounting process. An accountant focuses on the bigger financial picture and performs tasks that affect the whole accounting process. A Bookkeeper keeps an accurate and complete record of the financial transactions of a business....

Artificial intelligence is impacting all kind of industries and accounting is no exception. The growth of automated solutions particularly in various finance functions – primarily led to anxiety among financial professionals that their positions might be replaced by machines. With automation becoming more ordinary, however, it’s clear that accountants are still needed in the endeavor. Some accounting practices are starting to employ such advanced technology to simplify their operations. The general result that they are perceiving is saving time, reducing costs, increasing productivity and providing better accuracy. This means this is hardly a trend that will fade anytime soon, so it’s better to catch up with it now rather than later. In reality, small businesses say they are actually demanding more from their accountants and bookkeepers than ever before. In addition to the standard numbers-crunching and tax filing, accountants are expected to serve as strategic advisors to sm...

The principle of payroll software is to make things easier and computerize the process of paying the employees. Payroll software is used to speed up the payroll process, save time and to eliminate errors. The payroll procedure includes responsibilities such as pay using direct deposit to employee’s bank account, producing pay slips, computing deductions and employee remuneration, calculating and filing employment taxes, voiding payments if needed, producing reports, and even generating checks. It is very important that the payroll process is done right. One Stop Accounting is the leading payroll software provider in Singapore they have a wide range of business software. Payroll software may come as a standalone platform or as part of a comprehensive ERP, accounting, or HR package. Whatever its deployment or type, it normally is capable of integrating with other systems like accounting or HR to facilitate the payroll process. One of the payroll software is EZ Payroll wh...

By submitting an itemized return, you can cut your taxable income and pay less tax, thus maintain more cash in your pocket. Here are a few simple tips to get organized and file ready before the deadline: Organize paperwork No matter how technologically superior we become, there is always one tax constant — hard copies. Keeping hard copies is especially essential for the self-employed, who normally take a lot of deductions. When you work for yourself, you must have the paperwork to back your deductions up, as you are more likely to be audited than most. Your organization system can begin with a simple accordion-style file folder with categories for income, expenses, and deductions. Color code each category, and then create folders on your computer as well. Scan receipts and documents Scanning receipts and important documents are one of the most convenient ways to simplify your tax organization scheme. If you have a smartphone, snap pictures of your receipts, scan the...