Monday, June 19, 2017

Comparing MYOB Singapore Edition of Accounting and Premier

Many might have forgotten about MYOB Accounting, as over the last few years, we have been selling mostly MYOB Premier in Singapore due to government grants. Most popular reason being since it is supported, most people would want to maximise the grant by buying the highest value solution in the market. Another reason is that MYOB Accounting is not an IRAS compliance accounting solution.

IRAS does not endorse or enforce any company to buy GST compliance software, but it does make GST reporting breeze (just by using the GST F5 return report in MYOB Premier).

However, since all the grants are no longer available for accounting and payroll, can users consider MYOB Accounting edition instead as it is definitely a cheaper edition?

We attempt to simplify this comparison for you to decide if you should consider between MYOB Accounting or MYOB Premier Edition.

Comparison Component
MYOB Accounting v24 Singapore Edition
MYOB Premier v19 Singapore Edition
Price Difference (with GST)
Work collaboration
Single User ONLY
Single or Multi-user (can add-on user license later)
GST Compliance
YES (with IAF and GST Return)
Single/Local ONLY
Inventory (location)
Single location
Multi-warehouse location
(Price Level)
Single selling price
Multi-price level and quantity breaks
Time Billing

The above is a quick comparison for fast decision, and therefore is not a complete comparison for full features. For full comparision, please refer to MYOB official website.

To all you to decide which version, just ask youself these 4 questions:
  1. Do you have multi-location warehouse?
  2. Do you deal with foreign currency?
  3. Do you bill customer based on time spent?
  4. Do you have more than one user accessing MYOB?
If your answer to the above 4 questions, yes you may just buy MYOB Accounting. The table gives you a more comprehensive comparison if you want to cover more ground checks to be sure.

Still in doubt? Contact us for further clarifications.

William Tan
Tel: 6347 7000

Wednesday, June 14, 2017

Click on Invoice to Allow Payment via PayPal

Clicking Invoice to Pay via PayPal

Online Payment is not new. We have been paying our bills and online purchases via credit card and merchant services like PayPal etc. As the adoption is increasingly getting popular, we would want to explore how our customers can pay for our services using online payment.

Many would have argued that in B2B businesses (business-to-business), companies would not want to pay via credit card or even debit card. How do online business solutions like Xero, Quickbooks Online and Salesforce CRM receive their subscriptions? Businesses has no choice but to pay via online facilities as these services does not accept off-line payment. So we do feel that acceptance of online payment has to take-off or has already taken off.

Benefits of Online Payment:
  • Faster sales decision as online payment is using credit card (or future money)
  • Better cash flow as money will come in first before your delivery
  • Guaranteed payment compared to risk of bounce cheque
  • Cut down the effort of chasing receivables which may eventually turn into bad debts
  • No more credit terms! Let the merchant bank take the risk, while you take the money first
  • No traveling to bank, look for parking or even engaging courier service to do banking
Therefore the benefits is beyond convenience. 

How do we do it:

Click-to-PayPal Invoice
Click-to-PayPal with Moneyworks

Call us to show you now!

William Tan
tel: 6347 7870

Wednesday, June 7, 2017

Go Cloud or On-Premise?

Go Cloud or On-Premise?

As technology moves in massive wave, it does confuse and contradict our plan to grow the business. More and more solutions are already on Software-As-A-Service or cloud platform, some ended up with no choice but to jump into the cloud band wagon. 

Let's look at a typical business solution like MYOB which is the most adopted accounting solution in Singapore. More than 50% SMEs in Singapore adopted MYOB as their accounting solution. However, this solution is an On-Premise solution. Does this means there is no market for cloud accounting solution? Answer is NO, or at least adoption has yet to pick up. Online (or Cloud) solution like Xero and Quickbook-Online is coming in very aggressively.

Let us go through the pros and cons of cloud to help us decide better:

  • Access anywhere and anytime for mobile workforce or travelers
  • Lower initial investment cost
  • No hardware or infrastructure involve
  • No long term commitment required
  • Easy to adopt and scale with add-on
  • No asset ownership
  • Total cutoff if internet access fails either on hosting server or your own internet fails
  • Cloud server might face security issue (even some defense ministry also can get hack)
  • Is easy to bring data up, but is never easy to bring it down (eg. you cannot migrate from Quickbook Online to Quickbook on-premise version)
  • Cheap for inflexibility in features and functions, but it might add up to be more expensive if you need to add on more functions to scale up

Best of both world: Private Cloud - On-Premise yet accessible over internet

You can turn some of your solution to private cloud. How? You can deploy remote desktop solution to enable you to access from outside office all the application that are desktop based and being shared like MYOB. You host your Windows machine within office doing all necessary backup and allow access from public area can help you have full control and the best of both worlds:
  • Access from anywhere and anytime
  • When internet is down, you can access within your office (business goes on)
  • When server or host computer is down, access your software from any other computer first, while trying to restore your server or host computer
  • Not tied down to internet service provider or software vendor
  • You can open or close the application from the internet world (means you choose if you want to access from out of office or not)
  • Backup and restore is in your hands
Remote to office with Samsung S8
You are in control of how you want your business operations to be...

Please feel free to contact us at:
Tel: +65 6347 7000

Monday, May 8, 2017

Announcement: Moneyworks version 8

MoneyWorks 8 is a major upgrade, packed with a host of requested features. It gives you more control, greater flexibility and makes it even faster to work with the data you need.


We've added major features across all MoneyWorks products.

Unlimited Contacts
Serial number tracking
Keep as many contacts as you want per organisation.

Smarter Allocations
Smarter auto-allocations
Automatically coding bank statements and transactions is more precise.

More and bigger fields
More fields
More and longer fields for storing extra customer, product, job, and transaction information.

  • Separate colour naming per table (i.e. transaction colour names can be different from account, names etc).
  • Improved support for HiDPI (high resolution) displays on Windows
  • Better Dropbox support for automatic off-site backups.
  • More standard reports
  • Customise/personalise your emails with mail merge when using smtp emailing
  • Creation of emails in Outlook on Windows is faster: messages with signatures now appear in your outbox instead of in a new window
  • Smaller files (existing files shrink in size by 15-50%)


As well as all the enhancements above, now your forms capability just got better.

Enhanced Forms Design
Form sections
Sections and revamped list sizing make for better forms.


We've also added power features to MoneyWorks Gold/Datacentre, and extended the already impressive ability to customise and to integrate with other systems.

Serial/Batch Tracking
Serial number tracking
Track item serial and batch numbers.

Enhanced security
GL secutiry levels
User roles and account security levels.

Bigly customisable
Window Builder
Add your own custom windows and lists to handle operations that are unique to your business.

  • Location tracking: Track stock by location, with or without serial/batch tracking. There is no effective limit on the number of stock locations you can define.
  • User roles: Users can now have their privileges set by roles. This makes it easier to manage the privileges for large numbers of users.
  • Dashboard calendar: Calendar to help you manage and plan, with separate calendars for company and each user, plus user definable calendars (e.g. for meeting room booking)
  • Departmental reconciliation: The Bank Reconciliation can now be used to reconcile arbitrary departmentalised accounts.
  • Timesheet Entry: Can now be used to enter budgets, serial numbers and locations.
  • Credit terms: Can be more than 127 days.
  • Powerful new scripting capabilities: Including support for file handling, CURL, BASE64 and the new MoneyWorks custom windows.


Significant speed improvements for these operations when operating over a high latency network (i.e. an internet connection or bad WiFi network):
  • Stocktake
  • Changes to chart of accounts structure
  • Timesheet entry
  • Bank statement auto-coding
  • Reports with breakdown settings

  • Backups and archives can be directed to a Dropbox or OneDrive folder, for automatic off-site backups.
  • Console now displays expiry dates for SSL certificates.
  • REST server now supports HTTP/1.1 for faster processing.


Please note that Snow Leopard on Mac and XP/Vista on Windows are no longer supported.
  • Mac 10.7 Lion or later required. 10.11 El Capitan or later recommended
  • Windows Windows 7 or later required. Windows 10 recommended
For more detailed requirements please see Systems Requirements.


For more detailed information on changes in MoneyWorks 8, see the change notes
Download NOW:

Call Hanna at: 6347 7870

Monday, May 1, 2017

MYOB Premier v19 and Accounting v24 Singapore Edition

MYOB has just launch the new version Premier version 19 and Accounting version 24

What's new? Only 3 new features to look at:

Easier Bank Reconciliation Import 
DBS Bank Statement Feed

DBS bank statement MT940 format for easy bank reconciliation into MYOB software. This latest version comes with " Bank Feed" feature to import bank account or credit card account statement for automatic bank reconciliation.

Connect Contact Details To Website 
Contact Details for Webstore

Easily integrate customer card file information from MYOB to website or e-commerce site. Use Web Contact Details field in card files to easily import customer information into abss Webstore.

Easily Save And Refer To Invoice And Purchase Order
Invoice/Purchase number now reflects in attached pdf

All MYOB invoices & purchase orders will be saved using Invoice & Purchase Order Number for easy reference. Easily capture the PO or Invoice numbers on the document when need to attach it on emails or save the file on the computer.

If these features are suitable to you, you can download and try out now.

Tuesday, March 29, 2016

Singapore Budget 2016 - what is in it for business?

Much anticipation of Singapore budget concluded on 24 March 2016. Business owners starts to ask: what is in it for us?

Well here's the quick summary for business owners:

  1. Special Employment Credit (SEC) will be extended to  31 December 2019.
  2. The SME Working Capital Loan will provide loans of up to $300,000 for local SMEs. The Government will co-share 50% of the default risk of these loans with participating financial institutions (PFIs).
  3. Automation Support Package:
    1. SPRING’s CDG will be expanded to support the roll-out or scaling up of automation projects at up to 50% of the qualifying cost. The grant is capped at $1 million
    2. Qualifying projects may be eligible for an Investment Allowance (IA) of 100% on the amount of approved capital expenditure, net of grants. This IA is in addition to the existing capital allowance for plant and machinery. The approved capital expenditure is capped at $10 million per project.
    3. To improve access to loans for qualifying projects, the government will increase the risk-share with PFIs under SPRING’s Local Enterprise Finance Scheme (LEFS) equipment loan, from 50% to 70% for qualifying projects undertaken by SMEs. We will also expand LEFS to cover equipment loans for non-SMEs at 50% risk-share with PFIs.
    4. IE Singapore will work with SPRING where relevant to help businesses to access overseas markets.
  4. Expand the SME Mezzanine Growth Fund from the current fund size of $100 million to $150 million3, by providing additional funding of up to $25 million to match new private sector investment on a 1:1 basis.
  5. Trade Associations and Chambers (TACs), SPRING will introduce a new LEAD-Plus programme to support TACs in attracting talent, developing their capabilities, and strengthening their processes and services.
  6. Proceed with announced levy increases for Work Permit holders for all sectors except Marin and process (which will be deferred).
  7. CIT rebate will be raised to 50% for YA 2016 and YA 2017, subject to a cap of $20,000 rebate per YA.
  8. To support more M&As, the existing cap for qualifying M&A deals will be doubled from $20m to $40m, such that: a) Tax allowance of 25% will be granted for up to $40m of consideration paid for qualifying M&A deals per YA; and b) Stamp duty relief will be granted for up to $40m of consideration paid for qualifying M&A deals per financial year.
  9. Extending the Double Tax Deduction (“DTD”) for Internationalisation scheme.
  10. The cash payout rate will be lowered from 60% to 40% for qualifying expenditure incurred from 1 August 2016.
  11. Under BIPS, businesses will enjoy an additional 150% tax deduction on wages and incidental expenses when they send their employees to volunteer and provide services to IPCs, including secondments. This will be subject to the receiving IPCs’ agreement, with a yearly cap of $250,000 per business and $50,000 per IPC on the qualifying costs.

We might have missed out some portion therefore, kindly refer to for full update. 

You may contact us for full version in pdf

Thursday, February 11, 2016

Moneyworks Gold - Creating a new company document in 2 minutes

This is a tutorial on how you can quickly deploy an accounting software by creating a company file and start working on your company accounts in 2 minutes.


If you are keen in downloading Moneyworks, please click on the link here.

If you want to know more about Moneyworks, please send your enquiry by clicking this link.