What are the Applications of Accounting Software

What are the Applications of Accounting Software

EZ Accounting Pte Ltd, a Singapore accounting software company. Since 1999 we had provide both accounting solutions and IT Services. For years, EZ Accounting had been proven to be more than just reliable. We have all the attributes that SMEs are looking for: Up-to-date, Credible, and Competent.

EZ Accounting Pte. Ltd provides more than just accounting software. We are friends with SMEs, providing them with the answer to bigger, better business opportunities.

Core accounting

Core systems assist with the basic functions necessary to balance a business’ books, including general ledger functionality, the ability to track accounts payable (A/P) and accounts receivable (A/R), fixed assets, and bank reconciliation. Every business requires these core functions to manage its finances.

Project accounting

This type of system helps project-oriented businesses maximize job profitability and efficiency by tracking detailed project costs. Businesses can examine past job costs and estimate future costs to choose the jobs that will achieve adequate profit. It tracks project factors like labor, overhead, materials, and equipment to improve decision-making.

Fund accounting software

These solutions support nonprofits and governmental entities in tracking their development and spending of funds. Nonprofit organizations can track their expenditures of donations or grants to make sure they meet fund provider requirements. These systems also allow government entities to make sure they meet unique Governmental Accounting Standards Board (GASB) regulations.

Inventory management

This type of solution helps companies keep the correct inventory levels to maximize profit, avoid overspending and minimize the costs associated with inventory depreciation. The right system keeps inventory information up-to-date by tracking product levels as well as orders, sales, and deliveries. The Generally Accepted Accounting Principles (GAAP) stipulate specific ways to account for inventory to ensure proper reporting of value for inventory that has depreciated or undergone other changes. Software with inventory management capabilities ensures this is done correctly.

Billing & invoicing            

These systems automate the collection of payments from customers to enable timely and consistent collection with minimal human error. There are many different types of billing and invoice systems designed to support a wide range of industries, business models, payment methods, and operational scales.

Budgeting & forecasting

Users can leverage budgeting and forecasting solutions to project a company’s financial outlook from historical data and estimate future conditions. These systems are typically used in businesses that must consolidate multiple departmental forecasts and budgets and are most helpful where multiple variables drive the ultimate forecast.

Fixed asset accounting

This type of system tracks fixed assets by providing a central database of important asset information, including location, check-in, check-out, the due date for return, maintenance scheduling, audit history, cost, and depreciation. Depreciation schedules are a core element of this specialty.

Payroll management

Payroll accounting software systems help businesses track and process employee payrolls. They also compose and print paychecks, automatically withhold and pay government taxes and generate the necessary legal and tax reports on a regular basis. Automated reminders to pay required fees help businesses avoid legal penalties.

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