Release Note - ABSS Accounting Connect & Premier Connect version 1.0

Release Month: 10 December 2024*

Introduction

This document outlines the launch of two new products within the ABSS product suite:

• ABSS Accounting Connect 1.0
• ABSS Premier Connect 1.0

ABSS Product Suite:

The expanded ABSS product suite now comprises:

ABSS Accounting Connect (new launch)	Subscription Model
ABSS Premier Connect (new launch)	Subscription Model
ABSS Accounting	On-premise license purchase (remain as usual)
ABSS Premier	On-premise license purchase (remain as usual)
Financio Payroll by ABSS [Essentials]	Subscription Model
Financio Payroll by ABSS [Premier]	Subscription Model

ABSS Accounting Connect & ABSS Premier Connect:

ABSS Accounting & Premier Connect is cloud-connected accounting software. This solution connects you to our cloud services, local government agencies, and statutory boards. Currently, we provide IMDA InvoiceNow, AI Scan cloud services and Interactive Sales & Purchase Dashboard. We have mobile app services and bank connect services coming soon.

These subscription-based offerings cost-effective access to ABSS functionality, enabling online connectivity to your on-premise database, and offer the following features:

New Features

Cloud Connect	Cloud Connect connects you to our cloud services, local government agencies, and statutory boards. Currently, we provide IMDA InvoiceNow, A.I scan cloud services and Interactive Sales & Purchase Dashboard. We have mobile app services and bank connect services coming soon. For more details, please click here.
InvoiceNow Compliant:	InvoiceNow is a nationwide e-invoicing network that enables companies of all sizes to process invoices in a more efficient manner, reducing business costs and shortening payment cycles. This streamlines Business-to-Business (B2B) and Business-to-Government (B2G) invoicing by syncing the incoming invoices and eliminating manual processes, saving your time and ensuring compliance. For more details, please click here.
Interactive Dashboard:	Interactive Sales/Purchase Dashboard are powerful tools designed to provide intuitive graphical interfaces for evaluating your sales and purchase data. Our latest feature allows you to seamlessly sync your accounting data to the cloud, enabling you to analyze total sales and purchases over customizable timeframes, such as the last 7 days, 6 months, or 12 months. In addition to these capabilities, the dashboard offers insights into your business performance by showcasing the top five customers based on their purchasing activity and the top five suppliers contributing to your inventory. This functionality not only helps you identify key relationships but also supports strategic decision-making to enhance your business operations. For more details, please click here.
A.I Scan (OCR):	Automates document upload to your accounting system by scanning bills and receipt, improving efficiency and reducing manual processing errors. Includes a complimentary set of AI scan transactions, with additional volume available for purchase. For more details, please click here.
Financio Payroll by ABSS:	Subscribe to Financio Payroll for integrated solution to manage payroll and accounting. Boost efficiency, save time, and manage everything in one place. *Free up to 3 employees for ABSS Premier Connect subscribers.
Mobile Connect (coming soon):	Allows for processing invoices, purchase orders, receiving payment, and checking customer account status on the go with the ABSS Connect mobile app. *scheduled for early 2025.
Bank Connect (coming soon):	Enables seamless bank reconciliation, reducing manual tasks and saving time and money. Initial connectivity with DBS  following by Maybank Singapore. Please refer to the ABSS website for a comprehensive list of supported banks by country, *scheduled for early 2025.

Transition to Subscription Model

ABSS have transitioned from the a perpetual license model to a subscription model. This change allows us to: 

• Enhance customer service and strengthen relationships.  
• Improve responsiveness to customer needs through timely feedback. 
• Simplify and standardize the renewal process with automated renewals. 
• Eliminate product shipping costs by facilitating direct download and installation of the latest version. 
• Ensure continuous compliance with regulatory updates. 

Datafile (Company File) Fees: Subscriptions are valid for a single company file. Discounts are available for managing multiple company files per subscription. Please refer to the price list for details.

Applicable to ABSS Premium Cover Customer

ABSS Premium Cover subscribers with active coverage as of 10 December are eligible to subscribe to ABSS Accounting Connect and ABSS Premier Connect free of charge within the duration of their existing cover's validity period.