As you may know, all private limited companies need to file its accounts on time are required to file annual returns with ACRA to ensure that the company’s information on ACRA’s register is up to date under the Companies Act in Singapore.
Since 2020, SMEs can now automate the preparation and filing of their statutory returns with the IRAS and ACRA using dedicated accounting software that has seamless filing integrated into the software. One such accounting software is DashBod!
Typically, you are way too busy to be bothered with routine compliance work such as this every year, but it is a necessary requirement nonetheless. Which is why, DashBod is the optimal solution for you to make the process of filing your AR AGM effortless with Seamless Filing.
Not only do you save 90% of your time with Seamless Filing, there are other benefits to using DashBod as well. Let’s take a look at some of the reasons why you should consider DashBod as your premier accounting software:
DashBod will automate the majority of your manual work. As this software is linked to both ACRA and IRAS systems, it eliminates the need to log into two separate portals to do the filings, namely ACRA’s Bizfile+ and IRAS’s myTax portal, thereby streamlining the entire process with this newfound convenience.
All you need to do is key in and consolidate business transactions and leave the rest to us. After you have input the data, DashBod will automatically convert source financial data into statutory filings. There will be back end authentication of end-users to ensure secure submission. Finally the filings will be directly submitted to the relevant agencies.
So hands off, DashBod is taking the wheel.
2. Saves Time
In turn, this saves you time, a lot of time. Companies can take up to a staggering 9 hours to perform manual filing. Using DashBod will help cut down that time to a speedy 30 minutes. This translates into time-saving of more than 90% for companies, thus freeing up time to do other tasks, improving efficiency and productivity.
Time saved can be spent on other tasks that further your business—for instance, clienteling. Building a good customer relationship is always something better done in person. That human touch makes it all the more special. It’s that connection, through a handshake, a smile or maybe talking business over a cup of coffee, whatever it is, it’s irreplaceable.
Dedicating more personal time for your customers shows them you care, and you do, don’t you?
3. Minimise Errors
In addition to a time save, incorporating this software would minimise the number of errors made. The filings are auto-generated using the accounting data embedded in the software and submitted directly to both ACRA and IRAS seamlessly, thereby eliminating human error.
Some of these errors are more common than one would think. Common accounting errors include:
• Data entry errors (mistakes that are made where and how items are entered in your accounting system)
• Error of omission (Failure to record an item)
• Error of omission (Mishandling of an item by putting it in the wrong place)
• Error of duplication (When you enter the same item of income or expense more than once)
No more careless mistakes to be re-visited and corrected in the books.
Plus! an upcoming updated version of DashBod account will be able to file Annual Return and Financial Statements (in Simplified XBRL format) with ACRA using DashBod if your company meets the following conditions:
a) The company has revenue of S$500,000 or less for the current financial year;
(b) The company has total assets of S$500,000 or less as at the current financial year-end; and
(c) The company is not
– listed or is in the process of issuing its debt or equity instruments for trading on a securities exchange in Singapore;
– listed on a securities exchange outside Singapore; and
– a financial institution.
EBOS Cloud Accountants is the preferred partner for DashBod Accounting and if you are still hesitant on switching over to DashBod, why not reach out to us and try it for FREE for a month as see if DashBod the accounting solution that YOU are looking for!
If you would like to know more about DashBod, visit www.DashBod.com or get in touch with us!