Singapore has been the business destination of many countries around the globe. This is due to the excellent business opportunities the country offers. There is a great support for private businesses in Singapore. The government offers a lot of support to private businesses and gives many tax benefits to them. The business environment in the country is very good and this has seen the rise of many small businesses offering various services. They also are doing import and export of goods which is the main business in the island nation. Such companies are unable to maintain their accounts themselves and this is why cloud accounting services in Singapore have gained much popularity.
There are many benefits with using cloud accounting services especially for companies with very minimum staff strength. But before we go into that let us understand how cloud accounting works. Cloud accounting software also works the same as your other accounting software. Instead of installing the software in your office computer, the software is installed in a server that is out of your office. The server is operated by the company that offers you the cloud accounting service.
The user interface of the software is installed on your computer and you can make your entries from there. You can also view your accounting details from your computer. The company that offers the service will offer you different packages depending on the scale of your operations. As your company expands you can keep increasing your service needs and storage. All you need for starting your cloud accounting is a computer and subscription to the software.
With cloud storage, there is no such danger. All data is safe there. These service providers always have a backup of all the data. Most of the cloud service providers have the backup of the data in different locations. So, even if their servers are destroyed in one location for some reason, your data will still be available at another location and you can soon get back to business.
Most cloud accounting software providers in Singapore offer you two packages mainly. You can either choose the Xero Accounting Software or the Quickbooks Online accounting software. There are multiple benefits of using either one of these.
This cloud-based accounting software will help you to maintain your accounts perfectly. This software will help you do your invoicing, reconcile bank accounts while allowing you to know your latest financial position from anywhere you want. As you can get your reports any time you want, you can share the latest information with your clients and suppliers. This software is a complete accounting package that will not need any extra effort from your employees.
Xero accounting software helps you create invoices very easily. You can create customized invoices that will help to improve your brand image. You can send invoices by email to your customers immediately. This will help you to get your payments faster. You can also maintain your inventory properly using this software. With updated inventory, you can place your orders in time to prevent stocks from becoming empty.
You can make purchase orders easily with this software. You can keep an eye on the sales and payments. This will help you to collect your payments on time. This will improve the cash flow and make running the business very easy. The software allows you to manage the expenses of different officials. This will help you notice any excess expenses and take necessary measures. With this accounting software, you don’t have to worry about security as it is properly secured from any attacks.
QuickBooks is online accounting software that helps you do a variety of tasks about accounting. It helps to drive your business in the right direction. It helps save your time which you can use for more productive work. The accounting software also incorporates inventory management in it. This is the software that will help to run your business efficiently.
QuickBooks allows you to see your financial records across a variety of devices. You can access the information using your smartphones, tablets, and desktop. You can view real-time data from anywhere you want. This means that you are never out of touch with the company’s functioning. Even if you are not in the office you can monitor every transaction that is being done. This will help prevent any errors being committed by any of your staff members.
QuickBooks is very to set up. You don’t need a computer specialist to create your account or to operate the software. It is a very user-friendly software that helps you create various documents like invoices, quotations, vouchers, purchase orders, etc. Multiple users in your office can handle the software at the same time. This will save a lot of time.
This online software also allows you to compile your GST data and prepare a report for submission. The software will automatically include GST elements to your invoice and help you calculate input credits from your purchases. This will help to keep you always compliant as far as GST regulations are concerned. Your data is backed up automatically and hence you don’t have to worry about any data loss. QuickBooks ensures that the data is completely secure using the latest security measures.