Thursday, August 17, 2017

Moneyworks Hack - Landing Cost Calculation


Many will want to know our product's real cost to calculate the product profit margin accurately. For that to happen, you will need to include landing cost, however we know it is quite troublesome to spread our freight cost to each item's pricing.

We may need to calculate every item cost as a fraction to the total and spread the freight cost to the purchase price. This is massive exercise and tedious, and we secretly hope the accounting software we are using can automate this function.

We are fascinated by MoneyWorks scripting capability and that helps us with this special mundane task.

Here is the video I have created so that you can see how easy it can be automated:


This video is based on MoneyWorks GOLD feature.

Should you have any questions, do feel free to comment or contact us for further clarifications.

We definitely hope this article simplify and speed up some of your work.


William Tan
Advanced Micro Control Pte Ltd
Tel: +65 6347 7000
email: sales@amc.com.sg

Monday, August 7, 2017

IT Setup for SMEs of about 5 employees (Part 3)

IT Setup for SMEs of about 5 employees (Business Phone System)

Telephone has been and will remain important communication tools among businesses. So naturally, we have to start looking at phone system setup.

We shall look at 3 options for phone systems to consider:

Option 1: Traditional PABX (or key phone systems)

Most common brands used in Singapore should be Panasonic or NEC.

Pros: Reliable and should last many years

Cons:

  • Limited to system configuration eg Panasonic KXTA824 basic system is limited to 3 incoming/outgoing physical line and 8 extension, but purchase option to scale up
  • Limited to physical location for your extension
  • Limited features like interactive voice response, voice mail and phone recording is not available
  • Have to purchase proprietary phone, and require experience engineer to program
  • Have to run physical phone cabling
Option 2: IP PBX (VoIP Systems)



Getting popular as technology and internet bandwidth advances. SMEs can consider Grandstream for a low end start.

Pros:
  • Expandable up to 30 extension without add-on
  • Can self manage to configure without engineer
  • Not limited to physical location (can bring hone the phones)
  • More features including voice mail, phone recording and interactive voice response
  • Can purchase any brand of SIP phone or use software application like x-lite or gwave
  • Can use a single network cable for both phone and PC/laptop
Cons: Not as reliable, if internet or network is down, all phone will be down

Option 3: Hosted IP PBX (bizphone)

Option 3 will have the same pros and cons as option 2 except you do not need to invest in PBX. Just purchase SIP phone or use software to run your phone by subscribing to a reliable provider will do.


Compare phone solutions
Above table is a quick summary, but not comprehensive enough to cover all brands and solutions. However, it should be generic enough for a quick glance of the 3 solutions highlighted.

Should you have any questions, do feel free to comment or contact us for further clarifications.

We definitely hope this article helps simplify the understanding for SMEs to make sound choices.


William Tan
Advanced Micro Control Pte Ltd
Tel: +65 6347 7000
email: sales@amc.com.sg


Friday, August 4, 2017

IT Setup for SMEs of about 5 employees (Part 2)

IT Setup for SMEs of about 5 employees (Email & Web Hosting)

Email and Web hosting is the next essential thing to work on when you start up a business. Web and email hosting becomes essential because all corporate image starts from a nice website and easily remembered domain. Gone are the days of yellow pages advertising and greenbook advertising whereby most customers will flip directories to search for your service or products.

Domain selection determines how your customer look at you and therefore how your position your company is important. Names can be the services, brand or company. 

Domain name has 2 parts: 
  • Part 1: Name: You can name your domain by companyname (eg asiahawk.com for Asia Hawk Pte Ltd), brandname (eg myob.com.sg for MYOB accounting software but company is Asian Business Software Solutions Pte Ltd), or servicename (eg. bookkeeper.asia for Bookkeepers-On-Wheels LLP). 
  • Part 2: TLD: Top level domain which is after the name represents your market or industry. Most commonly used is .com (International market), .net (internet businesses), .com.sg (Singapore businesses), .sg (also Singapore businesses), .asia (Asia market). 
So you will need to select based on 2 simple conditions:
  1. Easy to remember and communicate to your customer (eg. amc.com.sg instead of advancedmicrocontrol.com.sg)
  2. TLD extension that tells customer we are dealing in which region (eg amc.sg which only deals with local market and bookkeepers.asia which handles Asia market)
Hosting of email and website is the next thing you have to consider carefully. Hosting can be very affordable on international or US service provider as the have the economy of scale to provide a very low cost service. Looking at Bluehost pricing, you will not know how to compare to Simplehost pricing which is much more expensive. However, it is important to know that Simplehost has a local number which you can call in the event of emergency compared to calling US number which you would likely avoid due to operation hours and IDD charges. Do note that both would have some differences especially coming from the point of storage and quality of hosting.

With affordable hosting, some of you might need local service provider to assist you as these hosting service may not provide you with on-site services or getting it done for you. Services to setup email accounts and configuring on your laptop, PC or mobile devices would be available by service company like ours (Advanced Micro Control Pte Ltd), however web design may need to look for web design company to assist you.

Please feel free to contact us for assistance or clarifications.


We seek to help making IT simple for SMEs.

William Tan
Advanced Micro Control Pte Ltd
Tel: +65 6347 7000
email: sales@amc.com.sg

Monday, July 24, 2017

IT Setup for SMEs of about 5 employees

IT Setup for SMEs of about 5 to 10 employees

Let's discuss on how an SMEs of about 5 to 10 employees leverage on IT technology in their operations. We are talking about either an engineering, trading and services industry who serve other businesses (Business-to-business operations).

We are going to look into 5 key areas:

  1. Internet and IT infrastructure
  2. Email and Web Hosting
  3. Telephone Setup
  4. Software for business operations
    1. Accounting and Sales
    2. HR management
  5. Future possible expansion
We will break these 5 areas into 5 emails for easier discussion as our intention is to Simplify IT for you.

Starting from Internet and IT Infrastructure:

IT infrastructure is a jargon for bigger companies and normally would include a server room, server rack, cable management etc. However for an SMEs, we can consider simple setup with the following requirements:
  • Connectivity: Running category 5e or 6 network cables (easily available and is about $95 to $120 per point) for connectivity. Alternatively, you can consider going for wireless, however, nothing is as stable as cable.
  • Router: Usually provided by Internet Service Provider (Starhub, Singtel, M1 etc) when you sign up with a contractual plan of 24 months.
  • Internet Plan: You can subscribe to a fibre plan typically below $100 for 30Mbps and above. Do compare with Singtel, Starhub and other smaller players (like MyRepublic) for best deals if available, but do not compromise on stability and reliability.
  • Network Switch: You can go for 100 Mbps switch or 1 Gbps switch with either 8-port or 16 Port with POE (Power-Over-Ethernet) to compliment your telephony equipment and wireless Access Point for mobile devices.
  • File Server: You can consider NAS which you will need to learn how to maintain or administer or get SMESUITE which covers the services to administer and maintain it for you.
  • Backup: Buying a NAS with RAID is not equivalent to backup. You need a separate harddisk with similar capacity to backup your NAS. However if you choose to go for SMESUITE, all backup are taken care of.
  • Printer: Multi-function laser printer which acts as laster printer, scanner and fax should be good enough for most us. However, avoid copiers unless there is necessity to do mass printing. Attempt to discourage physical print copy if possible as not only it cost more to print physical paper with expensive ink, but also take up storage. 
Simple example of network setup

* Note: You may subscribe to Dropbox or equivalent of cloud storage (monthly subscription applies).

Please feel free to contact us for assistance or clarifications.

We seek to help making IT simple for SMEs.

William Tan
Advanced Micro Control Pte Ltd
Tel: +65 6347 7000
email: sales@amc.com.sg

Thursday, July 6, 2017

Moneyworks Professional Payment Voucher

Moneyworks Professional Payment Voucher

You might have seen or received bank's payment voucher with detachable cheque for you to tear out and bank in, while payment voucher is for your filing and reference. Banks do sell them for about S$1 per cheque.

Sample payment voucher with attached cheque
This desired format does have benefits:

  • Automation in cheque printing without having separate cheque writer
  • Professional and error free as all handwriting is eliminated
  • Alignment of address ease you from writing on envelop
  • Faster in processing payment without repeat writing in envelopment, voucher and cheque
However, to buy from bank at $1 per cheque, is not really practical for cost conscious SMEs.

If you are using Moneyworks, we are prepared to share this simple hack. All you need to is get your printing company to cut some slots and with perforated line for tearing as shown in the youtube video:


This method may cost you a fraction of the cost charge by bank and your free cheques (for some corporate bank account) can still be presented in a very professional way!

Want more information? Contact us at:

William Tan
tel: +65 63477000

Tuesday, June 27, 2017

Comparing MYOB vs Moneyworks

Compare MYOB vs MoneyWorks

Both MYOB and MoneyWorks belongs to the category of on-premise accounting solution with many similarities for sales, purchasing, operations, inventory and accounting for small businesses.

While MYOB has almost dominated the on-premise accounting software solutions among the SMEs, let us take some time to compare MYOB to MoneyWorks

You may ask why MoneyWorks? Both MYOB and MoneyWorks has great feature similarities in which both run on flat single file without database application (like SQL), and both sells in the price range of around S$1,000 for 1 user (MYOB Premier 1 User sells at S$1,297.20 and MoneyWorks GOLD sells for S$895) and less than S$3,000 for 3 users (MYOB Premier 3 User sells at S$2,119.63 and Moneyworks Datacentre sells for S$2,995). 

However, our comparison here is based on the differences between both MYOB and MoneyWorks, so we will not touch on individual functionality for now.

Here is the table of comparison of difference:


Recording
Realtime recording and editing
Post and Reverse Entry
Sharing Method
File and Folder sharing
File sharing through port (Datacentre)
Sharing Technology
Windows Workgroup Sharing
Bonjour technology
Network Type
Wired Networking only, slow on wireless (especially on bigger files)
Wired, wireless and internet capable
Interface
Workflow procedures
Workflow procedures
Forms Formatting
Form customizable with fixed data/field insertion
Form customizable with flexible data/field and formula insertion
Reports
Reports fixed and cannot be amended or customised
Reports are customizable with built-in report writer
Data Access
3 years report (Last year, this year and next year report)
7 years report and transactions
Transaction Access
Module Access for different transaction
One screen to view all transaction
Creating Transaction
New transaction through module section
All transactions can be selected within one screen
Upgrades Frequency
Upgrade almost every year
Upgrade almost every 3 years
Remote Access
Remote Access via terminal service
Direct connection
Companies Files
5 datafiles and pay extra for additional 5
Unlimited datafiles
Platform
Mac OR Windows only (via different version)
Both Window/Mac cross platform

We will not conclude which software is better based on this comparison difference, however, we can do some simple summary for each solution:

You will prefer MYOB because:
  1. Common software, easier to get help via employment or outsource
  2. Fixed software without much customisation and lesser functionality
  3. Suitable for older generation workers so is easier to learn
You will prefer MoneyWorks if:
  1. Need more functions and flexibility
  2. Users both Mac or Windows within the company
  3. Need to access remotely
  4. Needs integration (now or future) to third party applications like e-commerce, warehousing and even POS which allows integration
Want to know more? Do feel free to contact us!

William Tan
tel: +65 63477000



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)
$841.00
$1,388.00
Work collaboration
Single User ONLY
Single or Multi-user (can add-on user license later)
GST Compliance
NO
YES (with IAF and GST Return)
Currency
Single/Local ONLY
Multi-currency
Inventory (location)
Single location
Multi-warehouse location
Inventory
(Price Level)
Single selling price
Multi-price level and quantity breaks
Time Billing
NO
YES

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 all above 4 questions is "NO", 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