There are hundreds of commercially-available software options out there, with some catering to specific industries and added features to address the demands of their markets. More than that, it can produce standard reports that can be modified to suit the needs of the user. What makes it an excellent choice is that it can be configured to accommodate the specific needs of a business, and contains several layers of error detection to prevent the entry of incorrect financial data. You need to be careful when using a spreadsheet because it’s more prone to error, since it’s easy to make mistakes while writing down financial information, which will lead to inaccurate financial statements.Ĭommercial off-the-shelf software is one of the most prominent accounting software types used by businesses of all sizes all over the island. It’s an inexpensive (sometimes free) accounting software with a flexible system that can be configured based on your needs. It’s not the most advantageous option out there, but it should be enough to record and monitor occasional business transactions. Spreadsheet is commonly used by small businesses and organisations with an extremely low number of financial transactions. As there are different types of businesses, there are also different types of accounting software to accommodate their specific needs. Most businesses in Singapore use a form of accounting software to easily streamline and monitor their financial records. Types of Accounting Software in Singapore
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