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What is accounting software?

Accounting software is a fundamental application that enables an organization to record cash flows for internal and external analysis and audit. It is the primary tool for assessing an organization's financial health and compliance with tools such as general ledgers, accounts payable and receivable, purchase orders, inventory management, and billing.

Good accounting software is essential for entrepreneurs who want to drive their business to success. It should not only be able to provide a summary or detailed view of P&L along with your other financial transactions, it should also ensure that you comply with the legal requirements of the specific region or country in which your business operates.

In addition to accommodating changing legal requirements, your choice of accounting system software should enable you to automate time-consuming accounting tasks, speed up tax preparation, and reduce the risk of human error in the workplace. In this article, our software experts present a comprehensive definition of free accounting software, explain how a free accounting software Malaysia can help you run your business, and give you a list of candidate applications to help you acquire the ideal system.

What is SME Digitalisation?

The SME Digitalisation Grant is a 2020 budget initiative designed to encourage SMEs to integrate digitalization into their business operations. As part of this initiative, the government will provide each company with an appropriate grant of 50% of up to RM5,000 to sign up for approved digital services in S. The grant of RM500 million over 5 years is limited to the first 100,000 SMEs.

5 digital services covered by the SME Digitalisation Grant Malaysia Initiative:

• Electronic Point of Sale System (e-POS)

• Human Resources (HR)

• Payroll System / Customer Relationship Management (CRM)

• Digital Marketing / Sales

• Purchase

• Enterprise Resource Planning (ERP) / Accounting and Tax

What is ERP software?

ERP stands for Enterprise Resource Planning and refers to the software and systems used to plan and manage the entire main supply chain, manufacturing, services, financial and other processes of an organization. ERP software can be used to automate and simplify specific activities within a business or organization, such as free bookkeeping software and procurement, project management, customer relationship management, risk management, regulatory compliance, and supply chain operations.

Individual ERP applications can offer software as a service (SaaS), while a complete set of ERP applications forms an ERP system that can be used to efficiently communicate and integrate business processes from business software Malaysia to enable data flow between applications, usually through shared databases. Either in-place / in-place or in the cloud.

Cloud ERP integrates all aspects of an enterprise. Cloud accounting software system allows you to improve productivity and project management, which helps you plan, budget, forecast, and accurately report the financial health and processes of an organization.

What is EA Form?

We need EA forms to ensure that we are reporting the correct income and tax exemptions. You can also use the EA form Malaysia to check if the pay level is higher than the tax payable. Employers must prepare and distribute the EA annually by the last day of February. Failure to prepare and submit an EA Form to employees by the last day of February, a fine of 200 to 20,000 ringgit or imprisonment for up to 6 months, or both.