Singapore is made up of the top businesses from every industry across the globe. It is famous for having one of the most business-friendly policies and regulations when it comes to business transactions and other related processes. Singapore houses any kind of business regardless of industry and size of company operations. However, in a crowded economy like Singapore, it may be harder to stand out and be successful. One thing to do to make sure that your business would drive is to have the right resources and manpower.
One of the necessities, when you want to conduct a successful business in Singapore, is to have an accounting department. Accounting helps in so many ways because it deals with all transactions of a company. For example, it keeps a record of everything that the company has to pay for. In the same manner, accounting also keeps track of all incoming finances. That is why there is a huge demand for accounting firms in Singapore that offer accounting services.
Singapore is also supported through its various programs that aid businesses in setting up these kinds of services. When it comes to accounting, the Singaporean economy offers grants to businesses. This grant is Xero accounting PSG, which helps businesses in terms of subsidizing the fees charged by Xero when you avail their accounting software. The Xero accounting PSG offers up to 80% subsidy to its grantees. However, some businesses still reject the idea of paying for accounting software. Some companies don’t even want to hire accounting firms in Singapore. What they fail to realize is that there are many risks to free accounting services such as software. In this article, let us talk about the reasons why free accounting software is not good for any business.
#1 Not reliable for accounting firms to use
All accounting firms in Singapore do not use free software. This is because they are not reliable. Any software can only be maintained properly when you put money into it. Now, imagine how a fee accounting software is built without funds or without generating funds to maintain it. These kinds of software are not reliable since they lack the monetary support to maintain and handle clients. That is why it is still more advisable to avail of the Xero accounting PSG because this software is proven to be a reliable partner and solution to your accounting needs.
#2 No assured safety
Technology may have many benefits to the way we live today, however, one of the most pressing issues in cybersecurity. You have to be careful what software you download and make sure you are sourcing your software properly, for example, software from this site https://www.loom.com/blog/how-to-screen-record-mac is certified. But you must do this to ensure that it is not dodgy and won’t bring with it bugs and viruses. Then it is also a good idea to make sure you are downloading software for cybersecurity purposes as well. Accounting firms in Singapore that use paid software make sure that this software is safe and would not compromise confidential data from any client. Accounting firms using free accounting software may expose your company to cyber threats and other cybersecurity issues. Xero accounting PSG software highlights their improved security feature that assures clients of confidentiality.
#3 No customer support
Just like the first point, the lack of money or finances that a free software application gets reflex in the service that they give. Since there is no financial support, they would lack the manpower to assist users. Contrary to hiring accounting firms in Singapore wherein customer service would always be prioritized. Xero accounting PSG software also offers fast and efficient customer care.
Things to note when looking for an accounting software
Highlighted features
When you are looking for an accounting software application, you must look at the features that they highlight the most. This way, you would know the strengths of the software. This will set your expectations about the said tool. It is also more advisable to get help from accounting firms in Singapore as they would know which software applications are more fit for you.
Price
Not all software applications are practical and cost-efficient. Some charge ridiculously high prices but give similar services to average-priced ones. It is important to canvass and look for alternatives before signing an agreement with the software provider. As mentioned, the Xero accounting PSG program of the government gives companies up to 80% subsidy to help you get started.
Product reviews
Lastly, looking at the reviews can help you decide if the accounting software is right for your business. Their claims can be different from the actual services they offer. The only to find out how it works in real situations is through the experience of past clients.
Need help?
When it comes to accounting needs, it is more advisable to hire accounting firms in Singapore as they are more knowledgeable and well-versed in this field. WLP Group is a trusted firm that offers external help such as accounting to big and small entities. Contact us today to help you get started.
