As proclaimed by the World Economic Forum, Singapore is the world’s most open and trade-friendly economy. Hence, the trading industry forms a big part of Singapore’s rich and successful economy. Wholesale traders in particular buys products and either puts them up for resale or use them to develop another product. So whether your company is into trading electronics, pharmaceutical goods, food products, and other commodities, know that there is much challenge in keeping up in this big and competitive business sector in Singapore.
If you are more or less prepared to face the challenges of this big industry, then we’re guessing you have already decided to use Xero cloud accounting software to aid you in running your business smoothly. Well, kudos to you. As experts in the finance and accounting industry in Singapore, we here at Enterprise Global know how hard it is to simply survive the tough competition in the trading industry. So using a competitive and beautiful accounting software such as Xero will definitely take you to greater lengths.
Besides taking care of your accounting needs, Xero Singapore, will make all the other stressful tasks of running a trading a business a whole lot easier. Xero accounting is actually integrated with more than 400 third-party applications to make tedious and time-consuming tasks like inventory management, expense tracking, billing, client management, and others easier to handle.
So whether you’re just about to start your trading company or you’re already taking care of one, we truly recommend that you consider using these Xero apps:
You won’t ever have a problem with your trading company’s Client Relationship Management (CRM) when you have Insightly and Xero to back you up. This powerful collaboration enables you to have a clear and complete picture of your trading business from the early stages of prospecting up to closing sales and collecting payments. As building and nurturing client relationships are the bases for any kind of business to thrive, Insightly simply makes it easy for you to do all that with its built-in relationship intelligence. Here are some of its awesome features:
- Track organization hierarchies, partnerships, and contacts connections
- Automatically import and export bank statements in real time
- Never miss a payment deadline as your sales team can easily create Xero invoices with Insightly with just one click
- Send invoices to customers wherever you are using your mobile, PC, Mac, or tablet.
- Sales pipeline management and workflow automation tools
- Setup workflow automation to ensure consistent on-time deliveries
This third-party application isn’t hailed as Xero’s #1 employee management software for nothing. Doing payroll, monitoring productivity, and managing timesheets is now a breeze with Xero and Deputy. Your trading business naturally depends on your workers to move; so with these apps in your hands it’ll be a lot easier for you to monitor and manage them more efficiently. As a result, the happier your staff and employees are, the better their work will be, and thus, clients will be more pleased than ever. Want to know what Deputy can do more for you? Here’s a brief summary of its features:
- Find staff and create customised schedules for them even when you’re on-the-go
- Keep track of when and where your team starts and ends their shift
- Complete payroll in just one click – Deputy does all the computing (allowances, overtime pays, penalties, etc) for you
- Easily monitor your employees’ attendance and productivity
- No more manual data entry and checking of clocked-in hours
- Never worry about staff getting paid incorrectly
DearInventory is a powerful app that enables you to manage your trading company’s products, customers, suppliers, purchases, and sales in one efficient and user-friendly system. It is truly recommended for trading companies that have wholesale and distribution customers. If you need more advanced features like serial and batch tracking including specialized costing methods like FIFO or light assembly options, then DearInventory is simply the perfect software for you to use. Here’s a quick rundown of some of its features:
- Simplified Xero inventory management
- Seamlessly integrated with Xero to streamline and automate your operations
- Eliminates the hassles of manual data entry
- Multi-currency, multi warehouse locations, multiple price tiers, and product traceability
- Import payment transactions to Xero
- Monitor back orders, customer returns, restock requests, and purchase orders
- Customize your logo, receipts, invoices, quotes and POs
- Easy reporting of Inventory movement, cost analysis, stock on hand, profit summary, and more
- Integration with Shopify, eBay, Magento, and ShipStation
If your trading company is still starting and is at the very early stages, then you wouldn’t need much of an advanced software like DearInventory. On the other hand, you can use an efficient one like Vend. It isn’t true when people say Vend is only for retail businesses as wholesale trading companies like yours can take advantage of this competitive software as well. It’s simply one of the world’s best software for POS and inventory management. By using this powerful collaboration, you’ll be able to automate all those difficult trading tasks and focus on stabilizing and running your business. As you’ll be required to do very minimal admin tasks, you’ll make better business decisions and consequently get greater profit. Here are more of its features:
- COGS (Cost of Good Sold) are automatically posted to Xero
- View profitability against your staff’s wages, rent, marketing expenses, and more.
- Automatically sync daily totals of sales, purchase orders, and etc to eliminate manual data entry and human error
- Reconciling bank statements, accounting sales, and tracking sales orders is as easy as one click
- Monitor business health, employee productivity, customer satisfaction, and more
- View discrepancies between your daily cash payments, petty cash withdrawals, floating payments, and others
- Sync contacts between Vend and Xero
If your trading company focuses on capitalizing the big chuck of online buyers in Singapore, then you might just want to use an effective software like CarryTheOne. Your online trading store will be at par with your toughest competition once you take advantage of its collaboration with Xero. You can seamlessly import your online store sales into your Xero account by using CarryTheOne. And the best part is, it is compatible with every top eCommerce platform today. Here are more of its awesome features:
- Automatically import your orders and customer information into Xero
- Automatically apply payments to the invoices created
- Compatible with BigCommerce, CRE Loaded, Magento, OpenCart, osCommerce, Salesforce, Shopify, Zen Cart
- Automatically match items ordered with items in your Xero inventory
- Easily set and update prices, cost prices and descriptions
- Multi-currency support
- Invoices are intelligently matched to existing customer records or new customer records are created on the fly
- Full support for discount vouchers and coupons as well as VAT, Sales Tax, etc
- Reconcile payments from Xero’s PayPal Importer and Bank Feeds with your invoices
- Extensive yet easy configuration (with contextual help)
Running a buy-and-sell or trading business isn’t as easy as what others usually think. And just like the other companies in Singapore’s big and thriving industries, it comes with its own set of hurdles and challenges. But if you’re wise enough to use Xero accounting software along with apps like Insightly, Vend, Deputy, DearInventory, and CarrytheOne, making your trading business successful in the bustling economy of Singapore is never going to be impossible.