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Five Advantages of Million Accounting System

Five Advantages of Million Accounting System

When consumers mention accounting software, several names like MYOB, ACCPAC and Quickbooks come to mind.  But have you ever heard of Million Accounting Software?  If you have not, let us have a quick look on this particular accounting tool.

Million Accounting System is a reputable accounting software and its technology is certified to have satisfied IRAS’s technical requirements.

User Friendliness

Whether the user is an internal finance personnel or a professional in an outsourcing firm, Million Accounting System is marked as an ideal choice because its interface is straightforward, functional and fully equips the users with essential features.  A non-IT savvy user does not have to spend too much time familiarizing with the software because all frequently-use reports can be generated easily.

Cost Effectiveness

Another beneficial quality about Million Accounting System is that it is immensely cost effective for small and medium enterprises (SMEs) and newly start-ups which are working on limited budgets. Since the accounting software is accredited by IRAS, the buying companies could enjoy benefits under the Innovation and Capability Voucher (ICV) and Productivity and Innovation Credit (PIC) schemes.  It is recommended to check with authorized resellers to ascertain that the business has met all the claiming requirements before the investment is placed.  The acquiring cost is one-off.  There are no recurring costs, such as the annual subscription fee which are found in other accounting systems.

Features

Million Accounting System is built with comprehensive features and designed for a wide range of functions.  Most of the essential elements for accounting, budgeting, analysis and reporting purposes have been catered for.  It supports multi-currency transactions, which means you do not have to worry on the double entries or complexity in computing the currency exchange difference if local currency is used to pay for purchases made in other currencies.  Million Accounting System is GST compliant for Singapore businesses so you can rest assured that a relevant report is available for regular submissions, so long as the accounting records are maintained in the system.

Troubleshooting

An added bonus during an unlikely event that Million Accounting System encounters a technical problem, personalized support is available at various modes (telephone, fax, email, remote access and onsite).  Online chats with experienced consultants allow minor issues to be rectified at the earliest time.  If the issue nature is major, onsite service could be easily arranged by contacting the local reseller or the main company itself.

Trial

If the company wishes to have in-depth exposure to determine if Million Accounting System is compatible with the business model or working culture, a trial version is available for free download.  This allows all relevant parties to access the system’s capabilities by having hand-on experience.

With the above five aspects, Million Accounting System is sufficient to be short-listed for consideration to be adopted by many local and international companies.

Do you have confusion and other related concerns regarding Million Accounting System? Mighty Glory Corporate Solutions offers accounting and tax, corporate secretarial, and administrative and software technical support services to businesses in Singapore. Contact us today to discuss your business needs.

Singapore New Audit Exemption For Financial Periods Starting On Or After 1 July 2015

Singapore New Audit Exemption For Financial Periods Starting On Or After 1 July 2015

The amendments to the Companies Act include Singapore Audit Exemptions for smaller companies with financial periods on or after 1 July 2015. Let’s find out more.

With accordance to the legislative amendments introduced by the Companies (Amendment) Act 2014, the first phase of the legislative amendments has taken effect on 1 July 2015. Amongst the list of proposed amendments, one of the most significant changes would be the new audit exemption for “small companies” concept. In prior to the amendments, a company is exempted from having its accounts audited if it is an exempt private company (EPC) with annual revenue of $5 million or lower.

The amendments have been modified to include a broader set of criteria that defines those entities eligible for audit exemption, reflecting that audit is more of value to broader groups of stakeholders like suppliers, employees and customers than shareholders. This newly introduced concept allows more corporations to opt for audit exemption. This would in turn reduce compliance costs and responsibilities.

Thirteenth Schedule (Section 205C) of the Companies Act states that a company is considered a “small company” if:

  • It is a private corporation throughout the financial period in question; and
  • It satisfies any two of the three criteria below for each of the two preceding consecutive financial years:
  1. The annual revenue does not exceed $10 million.
  2. The value of total assets does not exceed $10 million as at the end of the financial year,
  3. There are no more than 50 employees at the end of the financial year

The qualifying factors are consistent with Singapore Financial Reporting Standards for Small Entities approach, but are slightly different by incorporating additional requirements that the “small company” status to be determined through reference of a two-year period. There is limitation in revealing the reason behind this requirement but there has been justifications made to further justify the criteria, namely to safeguard against manipulation in order to achieve the audit-exemption status and to assess the eligibility on a longer term basis so that the impact of abnormal earnings are reduced and the company will not lose its exemption status due to a sudden yet short-lived increase in their earnings.

As the amendments are scheduled to take effect only for financial periods commencing on or after 1 July 2015, there have been transitional arrangements made for corporations that are formed before the day that the “small company” criteria starts. Companies, which are formed before the effective date, will still be qualified as a small company from the first or second financial period on or after the effective date, on the condition that it is a private company throughout the concerned financial period and meet the quantitative criteria for that financial period.

Once audit-exemption status has been granted to a company, the status shall remain valid until it is no longer a small company when:

  • The Quantitative Criteria is not being satisfied for two immediately preceding financial years; or
  • It ceases to be a private company during a financial year.

Do you have further questions regarding the New Audit Exemption in Singapore? or any concerns on your accounting and tax works? Please do not hesitate to ask Mighty Glory Corporate Solutions. We would gladly answer your questions and provide solutions to your business needs.

Cloud Accounting Or Traditional Off-The-Shelf Accounting Software Is More Suitable For Your Business?

Cloud Accounting Or Traditional Off-The-Shelf Accounting Software Is More Suitable For Your Business?

What is cloud accounting? Cloud accounting or traditional off-the-shelf (or desktop) accounting software is more suitable for your business?  

Having the right-chosen accounting resources greatly assist a corporation to fulfill its accounting purposes and objectives in a timely manner. With the constant improvements in technology, businesses have options to select, namely Cloud accounting or Off-the-Shelf computerized software. Today, let’s discuss about the benefits of Cloud Accounting compared to Off-the-Shelf software accounting.

Cloud Accounting Software

Cloud accounting software is largely similar to the traditional accounting software. But cloud accounting software is hosted on remote servers instead. Users access software applications through a cloud application service provider over their network in order to access real-time information and make changes instantly.  Beside other overheads, cloud accounting services are changed on a monthly basis, rather than one-off costs.  The monthly service fees are PIC claimable.

Cloud accounting services are getting more popular due to its many benefits, which include automatic version updates and initial installation, maintenance or backup are not required.  Businesses can switch to from the existing traditional system to cloud accounting without costly additions to the existing infrastructure.

With cloud accounting, users are able to access the same versions of software and data, even when they are located in different departments or branches. Achieving real-time reporting and visibility as well as greater collaboration capabilities even in remote areas through other means like tablets are also made easier.

Off-The-Shelf (or Desktop) Software

Off-the-Shelf softwares, on the other hand, are affordable to most SMEs and start-ups as they can be acquired and fully implemented at a low one-off cost. These softwares also come with a full range of features that every accountant requires to handle a simple or complicated set of accounts. Peace of mind and security can also be attained because support and maintenance contracts are provided.  Users can locate the closest service provider to resolve errors or problems, without the need of an internal IT team. However, the maintenance costs are not claimable under PIC scheme.  Additionally, off-the-shelf softwares are slow to adapt to industry needs cannot be discounted.  Extra fees are chargeable for a newer version or slight customization to better suit your needs.

Conclusion

Both cloud accounting software and off-the-shelf software have their respective benefits as well as detriments. The surge of companies switching to cloud accounting in recent dates however, reveals a trend to users still deciding between the two. When it comes to easy access, there is no deny that cloud accounting takes the lead.

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Five Reasons To Keep Proper Accounting Records

Five Reasons To Keep Proper Accounting Records

Summary: Maintaining proper accounting records is tedious and time-consuming.  But accounting function is one of the most important tasks in business making. Accounts must be handled with care and diligence.  Why it is important to do so?

Purpose

The main reason of keeping accounting records in the first place is to monitor your business progress, pertaining to financial, operational aspects and more! The ability to know if you are on the right track or overly-invested, identify potential errors and mistakes will ensure your business growth in a smoother journey. If bookkeeping is not done well, information will be hard to extract from the existing records. This may affect your company’s efficiency.

Compliance

Every so often, you are required to submit different types of accounts-related reports to your local government authorities according to the regulations they have stated. The entity would face legal consequences if there is failure in doing timely submission or provision of inaccurate reports.  As a result, the corporation may suffer losses by arranging manpower to resolve the troubled issue and pay the penalties imposed.  This could have been avoided if compliance procedures and payments were done in a timely manner.

Tracking

Keeping proper accounting records also assists in protecting the directors’ own interests. If the business transactions, which implicate directors, have disputes, the accountant can investigate with accurate information and useful evidence with minimal fuss. Common business risk like unusual wastage or misusing of resources would be minimised or detected just in time to save the situations!

Funding

If additional funds are required for business expansion or investment on research and development, the company image in front of the potential investors would be increased if your company has an accurate and updated accounting system.  This would build up their trust in your corporation’s internal running procedures that the business practices are transparent. Keen investors are interested to know how their contributed funds will be invested and when they can witness the harvest. The same concept goes to bankers as well: Accurate and updated accounting information would facilitate the banks to analyse the company’s key performance indicators and likeliness of business risk.

Management

Advanced business planning needs the latest corporate performance results.  It is very risky to make critical decisions without the relevant information to back it up. With a better understanding on the entity’s current market position, appropriate decisions could be made in the current or near-future term.