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Accounting Software in Business Organizations – What Features Do You Really Need?

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Accounting Software in Business Organizations – What Features Do You Really Need?

Many businesses are now implementing accounting software in their businesses instead of relying on the traditional use of spread sheets. The benefit of using accounting software is undeniable, whether a business is just starting out or it is an expanding enterprise – saves a business precious time, money and manpower, allowing accounts to be quickly updated and reports to be conveniently churned out.

So Which Do You Pick?

A new business owner may not know what to look out for when choosing the best accounting software for his business. Good for him, there’s lots of choices available. The downside? Not knowing which to pick!

While every accounting software may seem to be the same (You just need to manage your accounts, right?), there are features that stand out in some accounting software that make them better than the rest.

It’s All About the Money… or is it not?

Most traditional accounting software only fulfill the need for account entries. However, recognizing that accounting is interlinked with other elements of a business, advanced accounting software now incorporates other processes as well. Besides the ability to handle high liquidity assets such as cash, advanced accounting software such as Kingdee KIS also includes inventory and receivables.

Taxes such as GST in Singapore, or VAT in China can also be processed with the software. This enables an accountant to generate a tax report in minutes, which would otherwise take more time in traditional accounting. At the same time, a business owner can have a comprehensive view of his accounts, easily exporting it into a spreadsheet, or printing out the reports for paper filing.

Business owners want to save time (and money) and would look for the most convenient way to handle the accounts. Software such as Kingdee KIS not only deliver that purpose, but go one step further by integrating purchasing, sales inventory and financial management onto a single platform.

Consolidating Orders and Invoices

One of the most frustrating things while managing the accounts is consolidating multiple sales orders, delivery orders and sales invoices under the same supplier or customer account. If an enterprise goes through thousands of transactions a month, think of how much effort would be needed to have everything organized for the month’s accounts!

Advanced accounting software such as Kingdee KIS recognizes the need for flexibility when generating orders and invoices. For example, when a business receives multiple sales orders from the same customer, these can be consolidated into a single delivery order and the purchases can be delivered at the same time.

In the case where there are multiple delivery orders, they can also be consolidated into a single sales invoice.
With the ability to consolidate orders and invoices, this also makes it easier when accounting for the inventory and sending or making payment.

Tax Reports

Which business in Singapore wants to risk filing the wrong taxes? If your business performs thousands of transactions a month, think of the hassle of filing the taxes if done manually!

Advanced accounting software gives the user the ability to generate a GST report within minutes. Even if you have other businesses in the region such as in China, software such as Kingdee KIS is able to manage and generate VAT reports and import duties.

Traditional software tends to be geographically limited in this aspect, giving way to advanced accounting software that recognizes that growing trend of businesses globalizing.

The World’s Your Market

Speaking about globalizing, you’ll need a multilingual accounting software that also supports multiple currencies. If your business is expanding off-shore, you should definitely look out for such a feature when choosing an accounting software, such as the Kingdee KIS. This solution includes an auto-calculation of exchange differences, saving you the trouble of having to consistently check on exchange rates.

And if operating in China and Hong Kong is what you’re doing and aiming for, you’ll also need an accounting software that includes languages such as Simplified and Traditional Chinese, enabling your employees there to manage your accounts with ease.

Choosing an accounting software doesn’t have to be an extravagant affair. Hopefully, these pointers mentioned above will help you recognize your accounting needs and make a wise business decision. It’s advisable to consider your future business goals when making your choice, to ensure that these features will fulfill your business needs.

Confused?

How about contacting our team at Reach Technologies to show you how awesome our Kingdee KIS accounting software is?

Does Your Business Really Need an ERP System?

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Does Your Business Really Need an ERP System?

ERP System

ERP system is an advanced form of general accounting system; but the benefits are enormous. Many people still don’t know why they should opt for this.

Running a Business?

Running an business is never an easy task, especially when you have monitor many processes and departments, from the ordering of raw materials and supplies to the sales and delivery of your customer’s orders. Every department is inter-dependent with another. Failure of the sales department to meet a target would render an oversupply in the warehouse, while overwhelming sales orders can stress the manufacturing department should it fail to meet the orders on time.

If this sounds like your concern, you are probably considering to implement an ERP system into your business.  So how exactly does an ERP system work and how can it ensure that every department is running efficiently to sustain or even grow your business?

The Modules

In order to understand how an ERP system can benefit your business, think of each department as a module. These modules need to efficiently communicate with one another in order to ensure that business runs as usual.

Let us start with the sales department

This department is in charge of getting orders to ensure that the business runs a profit. Your sales team may have a target to reach every month, and with such information, you may also have a projected sales figure in the upcoming months. But in order to fulfill the orders, you’ll have to deliver right?

This is when the purchasing department comes in

Are there enough raw materials or supplies available to meet the orders from the sales department? If there isn’t, the purchasing department inputs its orders of raw materials into a system and sends an order to your supplier. And where should these orders be delivered to?

The warehouse, of course

That’s where everything is stored for delivery or for manufacturing. The raw materials go nowhere and have no value to your customers. So, after the warehouse has reported the availability and supply levels of the raw materials, you are ready to turn the raw material into something valuable and deliverable to your customer.

The manufacturing process begins to product sufficient quantity to meet your sales orders

Can they produce enough to meet deliver the finished products to your customers on time? Unfortunately, if the answer is ‘no,’ then an OT may be scheduled to meet the production dateline. When the production is completed, they may go back to the warehouse to be delivered, and that’s when you collect your money.

The finance department not only collects your money

It also has to ensure that your suppliers are being paid for the raw materials they delivered. Did your manufacturing department clock in OT hours? If so, they can easily see the figures from the ERP software and pay your employees accordingly.

Human Resource Management

Were your employees payed accordingly? Did you have to hire new staff to speed up the manufacturing process? Did your employees feel that they were under-compensated? The human resource department can easily look for relevant data to investigate such instances, which can easily be accessed on the ERP software.

Uh-Oh, Bad Customer Feedback

What do you do with bade customer feedback? To minimize damage, it would be wise to act promptly and find out what happened. Was the quality of the orders compromised because you had speed up the manufacturing process?

Was the quantity not what you had promised? The ERP solution not only allows you to manage your customers, but also allows you to investigate what possibly went wrong during the process.

As a business owner of a growing enterprise, it’s essential to know exactly what’s going on in every department. Communication needs to be efficient and operations need to be carried out without a glitch. But you can’t spend all your time going to every department to check – you need to focus on developing your business!

That’s when ERP software such as the Kingdee K/3 solution will come in handy. See how your business performs overall from a single software, and monitor the processes easily with reports. If you want to run an efficient and sustainable business, you should consider implementing an ERP software like Kingdee K/3.

Speak to Reach Technologies today and we’ll help you customize an ERP solution that meets your growing business needs

3 Awesome Benefits of Using an ERP System in Your Business

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3 Awesome Benefits of Using an ERP System in Your Business

An ERP system is sometimes regarded as solution only necessary for huge companies. But a basic ERP system implementation like that of the Kingdee K/3 ERP can bring in huge benefits for your business and is encouraged by Spring. Here are the 3 awesome benefits of implementing an ERP solution into your business.

1. Integrate Your Finances with Your Business Operations

You don’t need to purchase separate accounting software to handle the finances of your business. In fact, your accounts are such an important part of your business that it should part of your basic ERP set-up. This enables your finance department to communicate effectively with other departments in your business, such as the human resources department, your sales team, or your warehouse management department.

This also allows you, the business owner, to have a more accurate overview of your finances, and which departments could probably use some improvement to improve performance.

2. You Can Really Be the Boss

There’s a saying that a successful business owner is one who doesn’t have to dip his hands into the operations of the business in order to keep things running as usual. In fact, you should be overseeing your business operations, and be able to identify areas of improvement.

This can be done with the Report Writer and Approval Workflow aspect of an ERP solution, such as the Kingdee K/3 ERP system. This module gives you a bird’s eye view of your business, allowing you to generate reports and analyze your business operations. Once you’ve identify an area that possibly have gone wrong, you can dive right in and make improvements to optimize production and profits.

3. Industry-Specific – What’s Your Business in This?

An ERP software can be customized to meet unique business needs, down to the industry. So even if your business is in precision engineering, software such as Kingdee K/3 ERP are specialized to help you. Modules can be included or excluded, and settings can be customized so that they fit into your daily operational needs.

In fact, 3rd party software can also be integrated into Kingdee K/3 ERP. So if you’ve been using AutoCAD, you can include it in your ERP set-up as well!

Sounds awesome, but which modules do I need?

You don’t need to start off by using every module that comes with the Kingdee K/3 ERP solution. Let us help you analyze your business needs and recommend you the best solutions to help optimize efficiency and increase profits. Digital transformation is no longer optional in today’s world. While digital marketing improves your revenue, an ERP solution will push your costs really low. The twin engine will then bring your business to the next level.

Want to learn more about how Kingdee K/3 ERP Solution could help your company? Click here.