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How Much Would You Spend On Your Accounting Software

Moderator: Mr. Navinder Duggal, MD, Regional Head of SME Propositions - DBS, Mr. Aadi Vaidya, COO - Zilingo, Ms. Lee Wan Sie, Director, Strategy and Digital Economy - IMDA, Mr. Rhys Brown, COO - ABSS

ABSS COO Rhys Brown recently attended the “DBS Digital Day 2019” as a guest panel speaker. It is moderated by Navinder Duggal (MD and Head of Regional SME Propositions, DBS) together with senior management from Zilingo & IMDA Singapore. We talked about SME automation and the challenges faced in this new digital world.

With over 350 attendees, it’s clear SMEs across South East Asia have many questions about business automation, and the role accounting software plays. DBS is the largest bank in Singapore, and ABSS is their Partner of choice for Accounting solutions.

If you are looking to automate your business, below are some key points that came from the discussions:

How Much Would You Spend on Your Accounting Software?

Wants and needs are two very different things. How much would you spend on your accounting software and how much do you need to spend may also be different. Don’t be dazzled by spin and glossy advertising. Good accounting software will improve productivity, save you time and money and reduce stress. When you are surveying the market for accounting software, look at what your needs are first. This includes how much you need to spend and how it can integrate with other important areas of your business, e.g. Your banking provider or current HR systems and processes.

Accounting software for SMEs

Every business needs accounting. During your working life, you will meet good accountants and other accountants. What your business needs are good accounting services, professional accounting and bookkeeping. You don’t necessarily need to go to one of the big accounting firms. Accounting software will help you to easily meet most of your initial basic accounting needs ranging from reconciliation to issuing tax invoices and proforma invoices. Take a look at how to replace your current manual accounting needs with good accounting software. Just think of all the time and effort that you will save by automating your accounting. Accounting software will also help you minimise your mistakes!

A Mini or a Ferrari

If you are learning to drive you probably shouldn’t start by buying a Ferrari to learn with, even if you can afford one! It’s the same for accounting software. Cars aren’t free, but some accounting software is. So if you are thinking about how to start a business, are growing your small business or are transitioning to an e-commerce business, try out some free accounting software packages. There are plenty on the market to choose from. Finding the right accounting software package for your business at the current time involves a bit of research, trial and error.

Once you decide to start automating your small business accounting with accounting software, then decide, what is your budget? Once you find an accounting software package that meets your needs and fits your budget, you will need to implement and start using it. You will see the benefits quickly. The money and time that you save by using proper accounting software may help you to expand your business. Then, as your small business grows and your accounting needs develop, you can upgrade your accounting software to meet these new accounting needs.

Costs and Benefits of accounting software

Price and value are the basics of economics. Your decisions about which accounting software to choose and how much to pay will influence the benefits that you get for your business. Make sure that you know how to use your new accounting software. Spending time getting to grips with new technology can often be daunting. Don’t let it intimidate you. It’s not difficult. Set aside a certain amount of time with someone who knows what they are doing. There is help on hand from ABSS to assist you with any questions that you may have. Once you are comfortable using your new accounting software, don’t forget to keep upgrading and you can also take advantage of new developments, these are happening all the time. Take a look at ABSS’s new DBS bank feeds. These help with reconciliation and more.

Budget for your accounting software

You may get annoyed at reinvesting in your own small business. It may seem like a never-ending, sometimes thankless, but necessary way to grow your business. The trick to investing is in saving money. As you reach your small business and financial milestones, make sure that you keep checking that you are balancing your long-term needs and your short-term wants wisely.

Ask yourself how much would you spend on accounting software? The answer should be: just enough to get the job done in the current time.

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