Most people already know what “Cloud Accounting” is but if you are still in the dark about it, cloud accounting is a relatively new tool for performing your business’s accounting duties via accounting software accessible via your web browser. It can be used by business owners, accountants, and other staff who have access to the internet which means that you can access it almost anywhere and anytime!
While business owners and other staff can add the appropriate documents and other files, accountants use the program to carry out their job. Cloud accounting software can revolutionise the efficiency of your bookkeeping, streamline your financial administration and provide a real-time view of your key numbers.
Here are some ways how cloud accounting can help small businesses.
Data can be accessed by business owners from anywhere at any time.
Due to their constant mobility, business owners are increasingly embracing tablets and smartphones to get the most recent financial information. They may check the business account balances, unpaid invoices, general cash status, and much more with cloud accounting from any location at any time as long as they have access to an internet connection.
Comparing old accounting software to modern alternatives, the cost of ownership is lower.
Nothing needs to be installed or maintained. Software updates themselves without user input. This lowers costs throughout the board as this makes it possible for small business owners to concentrate on their primary operations. Some cloud accounting software are even flexible in a way that you can cherry-pick the features and functions based on your company’s level and scale your way up when needed.
Small firms typically don’t take the necessary security precautions to safeguard their customer’s financial information. In a digital location, keep your files secure. Both cloud storage services and cloud accounting software save your data on secure servers that only authorized users can access. Data is exchanged over an encrypted connection, backups are taken on a regular basis, and servers are checked for vulnerabilities.
It unites the whole team.
You may efficiently consolidate your business operations if you have cloud accounting software in place. Business owners and accountants may collaborate on the same file concurrently using cloud accounting, doing away with the requirement for physical meetings and data transfers.
There are numerous cloud accounting software readily available out there online and for a relatively affordable price. So, there is no excuse for business owners new and old to adopt cloud accounting. Especially in Singapore, with the advent of PEPPOL E-invoicing and InvoiceNow spearheaded by IMDA to facilitate invoicing procedures for faster and more secure business transactions. There are also grants available for local business owners such as Productivity Solutions Grants (PSG) and Digital Growth Grant (DGG) for those that wish to embark on their cloud accounting journey with ease.
Contact EBOS SG at firstname.lastname@example.org to learn more on how you can start your cloud accounting journey with us!