Every business, no matter how small, needs an accounting software package to keep track of billing and expenses. But how do you, as a tutor or a tuition centre owner in Singapore, choose an accounting software that will streamline your financial processes? What should you be looking for?
Below are tips on choosing the best accounting software for you. You may also take some time to do more research before finalising your decision:
It may be tempting to go with the cheapest package, but if it takes too long for you to pick up how it works, then it’s probably not worth getting at all. Make sure that whatever software you choose keeps things simple and quick for you to learn.
Cloud-Based Versus Desktop Software
There are two major types of accounting software: cloud-based and desktop. The difference between the two is that a cloud-based system stores all your information on a server in ‘the cloud,’ whereas a desktop system runs on your computer’s hard drive.
With a cloud-based package, there’s no need to worry about losing data if your computer crashes or has been stolen, but there are more privacy concerns with these systems because the data is stored elsewhere instead of locally.
A good rule of thumb in deciding is to identify whether security or convenience is more important to you at this time.
This is an invaluable feature for the tutoring industry because instead of billing your clients at set rates, you can bill them according to their usage of your services.
For example, if one of your students only takes 10 hours’ worth of lessons in any given month, but his neighbour takes 25 hours per week, they would each get charged based on their own unique numbers.
The best Singapore accounting software provider has this capability if you need it!
Managing invoices is a big part of running any business, but it’s especially important for tutoring since most of your money will be made through invoices instead of clients getting billed individually every month.
Every good accounting software should include the ability to track your expenses since they are directly tied to your tax write-offs at the end of any given year.
Customer Support Options
No matter how great a piece of software is, things will go wrong now and then with no rhyme or reason behind it at all.
Make sure your accounting software offers some form of customer support so that someone within your company can get in touch with the software developers if need be.
Spare yourself the headache and choose a program that has this option to stay on top of things instead of having to go through strenuous procedures just to get help when you need it most.
Integration With Other Programs
Integration is one of your best options for saving time, especially if you plan on using other programs like Quickbooks, FreshBooks, and many more.
Make sure that the system you choose integrates well with other platforms, so you don’t have to constantly switch back and forth between different applications over and over again every single day—it will save you a lot of time in the long run.
Support For Time Tracking
If you own a tuition centre, you should make sure that the accounting system allows you to track all of your tutors’ working hours. This would come in handy during payroll and can avoid any confusion or dispute when it comes to the hours they have worked.
For private tutors, it is a good way for you to track the number of hours that you have worked in a month and let you see how much profit you have earned.
Nowadays, there are many Singapore tutoring agencies that need reliable accounting software to manage their business. However, it can be a bit difficult for them to choose the best one since they don’t know how to find one that can meet all of their requirements.
We hope that this article has been helpful for you!