Starting a business in Singapore can be a huge achievement in itself. However, it’s just the tip of the iceberg of an overwhelming process of getting several business operations in place. Any latency in getting different systems active can lead to the ship of your new venture sinking deep. Thus, it’s important to know about different accounting systems or tools that you would require to integrate with your business account to sustain your daily business operations. This blog will present you with a list of exactly that.
But first, what is a business account?
A business account is an official account that a business owner is required to open with a bank. The business account serves as the destination for all business transactions, including international transactions.
Business accounts can be decked up with several features that can ease up the process of managing a business from a financial perspective. These features include:
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Multi Currency support:
Businesses that operate internationally are specifically benefited from the multicurrency compatibility of business accounts. A multi currency account supports the collection and storage of funds in other currencies other than the SGD. Businesses are, therefore, required to pay the currency conversion fees less frequently. As a business owner, you can even choose to convert between currencies only when the foreign exchange rate is favorable.
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Cashback and reward services:
Business payment cards issued by different business account providers can be used to claim different rewards, such as cashback or discounts.
What are some of the accounting systems, services, or tools that can be integrated with a business account?
- Reimbursement Managing Systems: Every business that employs others will have to deal with reimbursement at some point in the lifetime of the business. Although reimbursements can be managed manually, it’s a good idea to upgrade to an automated system, which can reduce the turnaround time and improve productivity of financial teams. Many reimbursement management system providers allow businesses to integrate their business accounts within the system. The business owner or manager is then simply required to enter basic details, such as the information they would like to collect from employees and the types of expenses that are reimbursable.
Whenever an employee files for reimbursement, they’ll have to enter the details demanded by the business. Once the request is approved, the amount will be automatically transferred from the business account to the employee’s personal bank account.
- Account Payables and Receivables: Every business has to work with different vendors to provide their products and services to their customers. These vendors serve as the bridge between a business’ offerings and a customer’s residence. Account payable and receivable systems are the ones in charge of managing the different types of financial transactions related to these vendor relationships.
Both account payables and receivables involve tasks such as invoicing, tracking payments, reconciling accounts, and communicating with vendors and customers regarding financial matters. Integrating these systems with your business account streamlines these processes, reduces errors, and provides valuable insights into the business’ financial health. This, in turn, enables the business to operate smoothly and sustainably in a competitive market.
- Payroll Management Systems: Apart from managing the relationship with different vendors and customers, businesses are required to stay on good terms with their employees. That’s when payroll systems come into play. A payroll system is a software employed by businesses to streamline and automate the procedure of compensating their workforce. It computes employee earnings and tax deductions, monitors hours clocked in, and disburses payments via direct deposit. Integrating payroll systems with business accounts can automate the disbursement of payroll, which will, in turn, improve employee satisfaction.
- Tax Preparation Software: Although Singapore is regarded as a tax haven for businesses, businesses are obligatorily required to file their tax returns on time. Traditionally, a business would be required to spend hours in appointment with an accountant to get this done. However, this trend can be disrupted with the introduction of tax preparation software. Once this system has been integrated with the company’s business account, financial teams will be able to draft tax documents with optimal efficiency and accuracy in less time.
- Enterprise Resource Planning Systems: They are software solutions designed to facilitate the efficient management of your entire organization. Integrating these systems with the business account can help streamline the payment processing for different recurring expenses, saving the company time and enabling it to focus on other areas of business development.
To conclude, there are a multitude of accounting systems that can be integrated with a business account. This integration enables a business to settle different accounting-related obligations in less time with optimum accuracy.
