What is Cloud-Based Accounting Software?

As a business owner, accounting is a very time-consuming yet critical activity that you have to do. You will be able to analyse your business performance with the necessary data at your fingertips if you start off with proper bookkeeping from day 0. In today’s market, the use of cloud-based accounting software is gaining popularity. We explore the various advantages below.

Accessing Your Financial Data, Anywhere and Anytime

In the past, most businesses will be using either an excel spreadsheet to do their accounts or purchase an accounting software licence.

The biggest problem with this option is that the data is entirely offline. Cloud-based accounting software allows you to access financial data via an app or web browser so long as you have a working internet connection.

It allows you to issue invoices or record bills on the go.

It Is Now Easy To Collaborate

Continuation from point 1 above, cloud-based accounting will mean you can have multiple users access to the accounting data at the same time. And you are not limited by location.

For most small businesses, it is very common that they outsource their accounting work to third party accounting firms. Now, you can grant limited access to multiple users to assist you in your bookkeeping with cloud-based accounting software.

Time-Saver With Automation

If you have invoices that you need to bill your clients in the near future, or perhaps to invoice clients on a recurring basis, you can do all these with cloud-based accounting software.

Improvement of Your Business Workflow

Cloud-based accounting software can do a lot more as compared to using an excel sheet. Amongst the commonly used accounting software features, you can add modules to assist you with various tasks of your business. Such as GST computation, human resource management or payroll accounting.

It can be as holistic yet simple, and sophisticated as whatever your business requirements are.

The formulas are all pre-programmed and all you need to do is just ensure that the data input is accurate.

Readily Available Technical Support

The majority of cloud-based accounting software is on a subscription basis, as such these companies are incentivised to give continuous and robust technical support if you encounter difficulties. A few of the accounting vendors actually run regular webinars to teach users how to use their software effectively.

Cybersecurity and Disaster Recovery

Many people have fears about storing their information in the cloud. In actual fact, it is a lot more secure than you think. Storing the data in a cloud will prevent you from losing your data in the event of a fire or accident destroying your physical drive (such as computer viruses corrupting your files).

It is important to go to vendors which have software that is compliant with the accounting reporting standards in Singapore if you have the intention to set up a business here. Our team of Accountants are recognised globally and locally. We do provide a full suite of accounting services for your business needs and we tie-up with the major cloud-based accounting vendors in Singapore. (Xero, Financial, Quickbooks, etc) Talk to us today!

 

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