Setting Up Xero Accounting For Singapore
When we speak about Bookkeeping services in Singapore, the prime bookkeeping service that we provide on your
The request is to set up a Xero Singapore account for your business. Xero is basically an accounting software for small and medium-sized businesses. It saves a lot of time, effort & money with bookkeeping & accounting in Singapore.
Features: Setting up Xero
- Xero lets you create super easy invoices with an additional feature of updation when opened.
- It lets you download their Android or iOS app and lets you log in right from your mobile and have access to your bank reconciliations, store your customer contact details, generate invoices approved expenses and many more.
- It provides you with over 700+ apps relating to HR, Payroll, Inventory, etc., and integrate all of them at one place to make it easier.
- Here’s the best part. For Singapore Bookkeeping Customers once you prepare GST F5 return & IAF ( IRAS Audit File), and save the details, only with a few clicks, it calculates, manages, tracks and files the tax and guess what it is IRAS tax compliant too. In addition to that, it even allows you to manage multiple currencies. But it requires manual effort in customizing with Singapore taxes accordingly.
- Xero has connections with many of Singapore’s leading banks like DBS, OCBC, UOB, HSBC, etc., and so the data of all the transactions are sent to Xero directly from your bank account.
Setting up Quickbooks for Singapore
QuickBooks is more of an alternative or a competitor to Xero than an internationally renowned Accounting Software. When it comes to Singapore Bookkeeping Services, QuickBooks complies with the IRAS & has many other features which we’ll get to discuss in the following lines.
Features: Setting up Quickbooks
- QuickBooks similar to Xero is IRAS compliant too but an additional advantage is that it all you need to do is to record transactions and it auto-calculates the GST reports required by the IRAS, Unlike with Xero you do require an effort of manually customizing the Singaporean tax rates.
- It lets you create customized & professional invoices, sales reports, Quotes in minutes.
- It backs up the data almost every day, making it very less to worry if lost.
- Quickbook lets the accountant manage from anywhere at any time making the workflow easier.
- It allows you to view how the business’s running instantly with an add-on of Customizable Business reports & dashboards.
Both Xero & QuickBooks are globally popular Bookkeeping Softwares that provide their Customers with almost Similar if not one better than the other features. Sometimes it’s difficult to choose the best among them and one ends up with compromising the best one based on personal & business needs.
Section 26 and 27 chalks out certain provisions for non-claimable input taxes that incur in a business. The rules are laid out by the Inland Revenue Authority of Singapore(IRAS). It exempts the Singapore companies and its owners from claiming the following deduction. These expenses are not considered for deductions as they do not actively participate in business processes.
Why Outsource your bookkeeping services to Meru Accounting?
- We have a team including members who are Xero Certified Professionals.
- Our Founder is a CPA (Chartered Accountant of India) himself and is also a Silver partner with Xero.
- Over the years of experience with Singaporean Bookkeeping Services, we have achieved goodwill & a great command with the Singaporean Bookkeeping Laws & Rules.
- The amount of money spent on outsourcing bookkeeping is way cheaper than hiring an in-house accountant.
- You get to choose the software & we work on it and our services are customizable based on our customer needs.
