Companies have to keep the score when conducting business operations. Accounting helps you recognize the best practices and it ensures the quality of your financial reporting. If you are not willing to hire a trained professional and you want to manage bookkeeping on your own, consider using accounting software. What you need to focus on is building your business. MYOB software Singapore, for example, lets you run your company and keep the financial records, no matter how little you may know about accounting. If you are used to taking matters in your own hands, a computer program of this kind will certainly be useful. Yet, if you are still on the fence, the following 3 reasons will certainly convince you.

Accounting with Excel is not productive

Managing your accounting with Excel is not a good idea. Why? Because this computer program is limited. You cannot do the same things with Excel you would normally do with accounting software. More precisely, you can handle bank and credit card transactions, make financial reports, make payment summaries. What you have to remember is that each company in Singapore is responsible for maintaining its reputation as a trusted business. You cannot do your bookkeeping with a computer program like Excel.

Management information

You can produce reports with the help of a management monitor. The computer program will provide you data-driven input, like for example the age of debtors. Thanks to this kind of information, you will be able to make better decisions on the long term. With the help of accounting software, you can decide what matters in your organisation. The information is computed  based on your need as a manager. The computer program communicates financial information that lets you determine whether your business is at a loss or a profit.    

Dealing in multiple currencies

Customers prefers the convenience of paying in their own currency, which is the reason why you need to set a price and invoice them in that currency. As you know, bookkeeping with multiple currencies is not easy because rates fluctuate over time. Thankfully, accounting software allows businesses to trade in multiple currencies without difficulty. You enjoy automatic conversion, not to mention that you can track and report currency gains and losses. Basically, you will no longer have problems with exchange rates. If until now you have not used accounting software, it is time you did.

The bottom line is that you should focus your attention on growing your business and not on bookkeeping. Companies in Singapore are required to prepare and keep a book of accounts. If you cannot maintain yours in a timely manner, you should really consider using a professional computer program. If you are planning on growing your business of course. There are many packages on the market that allow you to control the financial records with success. When choosing bookkeeping software, it is best to keep in mind MYOB. This software is suitable for small and large businesses alike. Most importantly, it carries out important functions like invoicing, paying wages, and it provides regular accounting reports.