3. Choosing an Appropriate Accounting Software

Before the use of accounting software, accounting records were kept manually in the form of ledgers – cash book registers, sales ledgers, purchases ledgers, and general ledgers. But presently accounting software has become more prevalent, capable, and affordable such that it is very rare to see a business using manual ledgers to record financial transactions. All you need is a qualified bookkeeper or an accountant-trained person to key in the financial transactions in the accounting software. In the market, there is numerous accounting software available for purchase. Accounting software caters to small, medium, and large entities. How do we select suitable accounting software for an entity? Key factors to consider in the selection of the desired accounting software include the following:

S/No	Questions
1	Is the accounting software used for one or more companies?
2	Is it to be used for a local, regional, or global setup?
3	Do you prefer a cloud-based or desktop/server-based installation?
4	Is it for one or multiple users?
5	Is it for single currency or multi-currencies?
6	Any preference for off-the-shelf or customized accounting software?
7	Company’s intended budget for this purchase?
8	Do you need to obtain a government grant or funding?
9	Do you plan to integrate accounting software with other business software?
10	Is the vendor able to provide customer support?
11	Is there prevalent accounting software used by your competitors?
12	Are your auditors/accountants proposing any accounting software?

IRAS, the local tax authority, has a list of software vendors who provide and comply with local requirements. You can explore by clicking the link: https://www.iras.gov.sg/digital-collaboration/for-software-developers/accounting-tax-software/iras-accounting-software-register-plus/asr-plus-listing In addition, you can also select a suitable software vendor under Productivity Solutions Grant. You can explore by clicking the link: https://www.gobusiness.gov.sg/browse-all-solutions-erp-and-standalone-solutions/accting-mgmt-and-sales-mgmt-system Happy shopping for accounting software.