When you’re running your own business you’re expected to manage every aspect of it. Finding the right accounting software lets you focus on the aspects of the business that drive growth. 

Having a great product or service is just one part of running a successful small business. There's plenty of operations and processes that goes on behind the scenes that are needed to support your business. Your accounting processes aren't visible to customers, but they need to be running smoothly for the business to operate effectively. 

Successful entrepreneurs need to streamline their back-of-house functions so that they can focus on the main game. If juggling figures isn't your strong point, don’t worry. Help is available for business owners facing challenges in managing accounts, taxes and paperwork while they are busy growing their business.

You don’t need an accountant

The good news for small businesses is that you don’t necessarily have to hire a full-time accountant. A good solution that can take care of the fundamentals (and ideally, more) will free you up to be creative, to network and to promote your product and business.

One software option is Financio Premium, an accounting automation software designed to meet the particular accounting needs of startups, micro and small businesses. It sets out to be a user-friendly, cloud-based product which requires no accounting knowledge to operate. Financio has also been developed with the younger generation of business operator in mind, incorporating social media style elements along with a range of standard capabilities that make the accounting function in your business more efficient and responsive to your needs.

Affordable compliance

The IRAS have listed Financio as a compliant accounting software. This means Financio meets IRAS' technical requirements to comply with your tax obligations. A few simple clicks and business owners can create accurate GST F5 & IRAS Audit File (IAF). This file is needed for SMEs to meet their tax obligations. 

This software is also one of the most affordable solutions on the market. For small businesses, it offers excellent value for money ensuring accurate and compliant accounts. For S$9.95 a month, the platform allows for unlimited users, meaning you don't have to pay per user - it's a fixed rate each month.

Financio: Key functions

• Issue GST F5 & IRAS Audit File (IAF) as required by IRAS in just a few clicks.
• Generate accounting entries and tax records automatically, just by issuing invoices, record payments and expenses.
• Create and send invoices in three simple steps: select the customer, select the product or service you are selling, save the invoice – and your customer receives a link to view the invoice online
• Inventory tracking and management
• Connect, share and collaborate with your customers and other businesses
• Customers can share the files and leave comments related to the invoice
• B2B transactions are very simple when both parties are connected to Financio
• Simplify communications by adding your business partners as friends in Financio so you can send messages and share files, just like on social media
• Multi-currency.
• Multilingual interface in English, Chinese or Bahasa Melayu
• Protect your accounts with banking level security

Effectively managing accounts, tax and bookkeeping is a vital for the success of any small business. Fortunately, you don’t need to be a trained accountant to keep on top of the books. Digitalisation and automation of the different processes ensure mistakes are minimised and your figures are up to date. Instead of spending hours sweating over sales figures small business owners can focus on what they do best – offering unique products and services.

Summary

• Keeping on top of accounts is vital for the survival of any small business
• Software like Financio helps small business and startups manage their accounts without an accountant
• Financio allows you to send invoices in just three simple steps
• Small business can meet their IRAS requirements by issuing a GST F5 & IRAS Audit File (IAF) in a few clicks
• Automating accounting functions allows you to focus on growing your business
• Financio is one of the most affordable cloud accounting apps on the market

Click here to find out more about Financio Premium or take a free trial today