Xero is excellent for small businesses. If you are looking for a program to do your accounts, it should be able to handle most accounting tasks for small businesses. It is built on a true double-entry accounting framework. It allows business owners to track and manage sales, purchases, inventory and payroll. Business owners can create records for customers, suppliers, employees. It then allows the user to generate invoices, purchase orders and quotations. On top of that, Xero helps manage fixed assets of the business.

Xero is now integrated with DBS SME banking and business owners can get all their DBS business transactions effortlessly into Xero every day. We believe that more of such integrations should happen in time to come. It is truly a chore to integrate accounts and finances from many various sources on a daily basis. Technology should resolve this issue and Xero is taking a monumental step by working with DBS.

Xero is also available as a mobile app. You can download it on iPhone, iPad and Android devices. This is really an accounting system on the go. It truly was a chore to have to remember to tabulate accounts at the end of every day. Xero makes it possible to update your business’ financial situation on the go.

The company offers a 30-day free trial and after that, they offer three pricing levels. Starter (SGD$20 per month) has monthly limits of five invoices and quotes, five bills, and reconciliation for 20 bank transactions, but payroll and multi-currency are not supported. Standard (SGD$30 per month) adds unlimited invoices, quotes, and transaction reconciliations, payroll for up to five people, and bills. Premium (SGD$40 per month) is the only version to offer multiple currency support. It also provides payroll for up to 10 employees.

When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.

 

Yours Sincerely,
The editorial team at Singapore Secretary Services

 

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