– Manage Your Accounting Needs Smartly with InCorp and Xero

August 31, 2022 Posted by: Talha Ismail


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Online Pay Runs | Basic Online Payroll Software | Xero SG – Talenox + Xero

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Payroll is more than just payment. Understanding employee motivation. They don’t own the business, so they won’t be the ones making a large profit when or if you sell it They have their own career paths and personal goals They may only work in your business for a short period of time They may not have financial stability and need regular pay-cheques to get by They have monthly costs such as rent, food and utility bills to consider No matter how much they love your business, they are still working for you with the goal of getting paid.

Give your employees what they need. Automated direct payments: Peace of mind comes from knowing that a bank deposit will be made on the day it was promised.

So don’t keep your employees waiting for their salary. Direct automated payments will ensure that there are no delays. Fast updates to tax codes: Your employees’ tax codes can change. Sometimes that’s due to new legislation affecting their income tax band. Sometimes it’s due to changes in personal circumstances, like marriage or parenthood.

Your system should update tax codes quickly and easily. Accurate tax information: Most employees have income tax deducted from their salary before they receive it. That’s your job as employer, and it’s important to get it right. If you deduct too much, your employees may not have enough money left to live on.

If you deduct too little, they may have to make a lump sum payment to the tax office at the end of the year, which could cause them financial hardship. As well as the moral requirement to get these deductions right, there’s also a legal one. Let your employees help: As your business grows you may have dozens of employees or more. Each time they move home or change their personal status, that information must be updated in your system. It makes sense to give employees limited access to their own information, so that they can make changes directly.

This should cut down on mistakes, and you can set it up so that any changed information is checked before it’s updated. Manage holiday accounting: Your payroll system should keep track of the number of days each year that an employee has been on leave, along with their total leave allowance and any carry-over from the previous year.

You can improve workflow efficiency by letting your employees apply for leave directly within the system. Their applications can then be approved or denied by their manager, without excessive paperwork.

Process expenses and travel claims quickly: These are costs that are incurred by your employees but chargeable to your business. Make sure your employees are reimbursed as quickly as possible — this saves any potential stress. Make regular healthcare, pension or superannuation contributions: These payments may not be very large, but they add up over time — and so do any errors.

Good payroll accounting software will take care of these payments automatically. Benefits, overtime and sickness pay should also be handled quickly and efficiently if you want to keep your employees happy.

Choosing the right payroll software. Simplify tax paperwork: Tax paperwork is unavoidable if you run a business. Good software will make it as simple as possible, by linking into your accounts and retrieving all the necessary information at once. Then all you need to do is check it and submit it — usually online.

Take care of new employees and ex-employees: A few clicks should be all it takes to handle paperwork and payments for employees leaving your business. It’ll be a little more complex when new people join, but good payroll software will take you through the process easily. Reduce IT costs: The best software is one that you don’t have to worry about.

No in-house support costs, no expensive upgrades and little to no downtime. By using online payroll accounting software sometimes called cloud payroll software you can stop worrying about IT issues, because it’s all taken care of remotely.

Give you access from anywhere: Online payroll accounting means your data is stored securely and you can access it online, from wherever you are.

So you don’t need to be in the office to approve payments or check the monthly payroll figures. I have years of experience with Xero and helping small businesses move over to Xero. Really enjoy reading investing books and learning about new technologies in finance like crypto and blockchain technology.

Xero accounting services are the accounting services done using Xero. Xero is an accounting software that has transformed SME accounting. It uses the cloud to keep and store your data and have many useful features that automates previously mundane bookkeeping tasks. An important feature of Xero is that you can use it on any device.

You can use it on your phone or work computer. This means that you can access your financial statements at any time as a SME owner. You can keep track of your business expenses and income easily with our Xero accounting services. You can also generate financial reports in a matter of minutes. Xero even has an app — the Xero Mobile App. It allows you to manage your business even when on the go. In short, Accounting Xero services are a great way for any SME looking to outsource their accounting while keeping a close eye on finances.

Our accountants will meet with you in either your office or our office in Woodlands and we can discuss the best way to go forward. If you already have a Xero account, please bring over your login details for us to look over your account together.

Accounting used to be done manually by bookkeepers and accountants. However, accounting has not evolved thanks to technology.

We now have software like Xero that automates a lot of the mundane aspects such as adding income and expense transactions. Accounting is usually done by accounting firms, companies, or governments. Financial accounting involves the recording of financial transactions and reports for use in external reporting under generally accepted accounting principles GAAP. Xero accounting services offer businesses an affordable option for easy-to-use account software and accounting bookkeeping services.

There are many accounting software options available for businesses. But Xero is a favorite among small business owners because it offers an easy-to-use accounting interface. It also has dozens of features that allow you to track your profit and loss as well as manage expenses easily. For example, it has a feature that automatically adds your income and expense transactions from your OCBC corporate bank account.

Transactions can be imported directly into the system without having to type in each individual transaction by hand. For example, think Google Word versus Microsoft Word. Both have very similar functions by the key selling point is that a Microsoft Word document can only be accessed through your computer. On the other hand, you can access any Google Word document through the internet by logging into your Google account. The same goes for Xero.

You can access your Xero accounting software from any computer on any device. Engaging WLP Group with our Xero accounting services is as easy as meeting with our accountants for our first meeting. Please bring along an IT administrator or someone who can show us your financial data if your company uses an ERP. Xero cloud accounting is affordable for small businesses and easy to implement into existing accounting systems. If not, our bookkeepers can help to transfer all your transaction data over to Xero.

But many accounting softwares such as Wave can be easily transferred to Xero. It works on any device — laptop or mobile phone, anywhere in the world! There are no contracts either — just pay monthly when you use it. For Xero online accounting services, you just need bookkeepers.

They will take care of the accounting and finance functions so your business can focus on what it does best! Xero cloud accounting services can be used by any type of company.

Not every company needs an expensive accounting firm to handle their bookkeeping. Your data stored on Xero means that its on multiple servers run by Xero around the world. Additionally you can now access your financial information anytime with Xero online accounting services. This is perfect for busy business owners and accountants who want round-the-clock access. A lot of manual work has been automated in accounting. Think about bookkeeping a decade ago. Before, you had to manuaally write down all transactions into a physical book.

 
 

Payroll Software Saves Money | Xero SG.

 
Payroll is everything from the people you employ, to the amount you pay in wages. The right payroll accounting system will keep your employees happy. Make payday a breeze with payroll software. The Talenox HR/payroll system integrates seamlessly to Xero cloud accounting. Perfect for small businesses.

 

Payroll Accounting Software | Xero SG – Track payroll payments in Xero

 

If an office laptop is lost or stolen, all your vital payroll information might be lost. Or worse — financial details could be hacked, potentially leaving you or your employees out of pocket. Cloud-based tools use strong encryption to keep your data secure and online, reducing the chance of data loss. Need to check some figures at the weekend when the office is closed, or while away on a business trip?

No problem — just log in remotely at any time and access what you need. So online payroll software can do everything that conventional products can do, but with the added advantages of the cloud. It frees you from your computer, your desk and even your office. Just as with any other type of purchase, it’s important to shop around to get the right payroll accounting software to suit your business.

Some of the features that could be valuable to you might include:. It’s important that the software you buy is easy to use and reliable. Check user forums and talk to other small business owners to find out what they recommend. The answer is yes — but only if you choose wisely. The right payroll software will more than pay for itself in the long run, by reducing the amount of work you have to do manually.

So if you do your research and get the right software preferably cloud-based , then you’ll be able to spend less time processing payroll. That will leave you free to do what you do best — running your business and making it grow. Xero does not provide accounting, tax, business or legal advice. This guide has been provided for information purposes only.

You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the provided content. Access all Xero features for 30 days, then decide which plan best suits your business. Guides Can payroll software save you money?

Payroll is vital for your business. What to consider for payroll. Payments to your employees: Dates and amounts must always be recorded Payment types: There’s a difference between salaries, hourly rates, bonuses and commissions Taxation: Make sure you keep the tax office informed of taxes collected on behalf of your employees Reporting: Keep up with key government reporting dates for employees’ pay and deductions Leave entitlement: Track holidays taken by your employees, including any carry-over to the following year Sickness tracking: Record all employee sick days Maternity and paternity payments: A complex area that requires careful reading and understanding of government regulations Superannuation: Note the amounts paid in by you and your employees Expenses payments: What they were for, and how and when they were reimbursed?

Benefits and perks: These must be accounted for in order to be properly taxed Significant dates: Including dates of employment for new joiners and dates of termination for those who leave.

The cost of compliance. What is payroll software worth to your business? What will the software cost you? How much does payroll work cost you now? Will the software help your business stay compliant? Four key benefits of online payroll software. Anytime, anywhere access. Multiple access. Data security. Note: This is only application for DBS at the moment. Other banks like Citibank does not have this feature. That combined with real-time bank feeds — meaning transactions are imported directly into the system without having to type them all in individually by hand — makes keeping track of your accounting easier than ever!

Singapore is notorious for its heavy fines. Contact us for more details! Xero operates on a single ledger system. This means that your data only needs to be input once. The system can then produce powerful reports customised to the requirement of government departments, your parent company and investors. The reports out of Xero are compatible with management packs as they can be exported in the flexible CSV format.

Pay your bills easily. Use Xero to track everyone you need to make payment to. This includes your suppliers who you might make regular expenses to.

Send invoices to all your clients via email in one click. All the accounting and adding the income entry will be done automatically for you. Reconcile your bank statements automatically. Thankfully Xero has partnerships with all 3 banks has APIs set up with all 3 banks.

This means that all your bank statements will be checked with our records on Xero to make sure that everything is up-to-date. Add receipts easily through a mobile app. Xero has its own mobile app that you can download on your iPhone and use to upload receipts onto your Xero account. You can do this for every transaction and this will save a lot of time from scanning your receipts or uploading photos onto your laptop to then upload them to an accounting software system.

Yes, we are! We have been a Xero partner since and have a good relationship with Xero in order to provide the best accounting software for our clients. Xero was founded in and focused on helping small and medium-sized businesses with their accounting. They expanded through a first-mover strategy and soon grew all over the world, out from the small region of New Zealand to the rest of the world. This includes Singapore!

Xero SG is a subsidiary of Xero. For instance, Xero has DBS bank feeds integrated with its software to enable accounting firms like ourselves to do bookkeeping easily. So to answer your question — Xero SG and Xero are the same. They are both Xero! The only difference is that Xero SG is focused on bringing Xero to Singaporean accountants and business owners. Xero Services Package Fee. Quick Takeaways Xero is an accounting software commonly used by small businesses because of its simple user interface and useful features like invoicing.

Add employees as contacts in Xero, including information such as their wage rate, bank account details, tax number, email, and postal address.

All personal information and pay details are protected with multiple layers of security. Email or print payslips showing employee earnings, any deductions, and total pay.

Quickly and easily view employee payslips at any time, from anywhere. For a comprehensive and compliant online payroll solution, we recommend Talenox. Other third-party payroll apps that integrate with Xero are also available in the Xero App Store.

Access all Xero features for 30 days, then decide which plan best suits your business. Made by the Forge use Xero to make quick decisions.

 
 

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