Incorporate Cloud Accounting And Surge Ahead In Business
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.
Understanding Cloud Accounting Services In Singapore
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.
The Main Advantages Of Cloud Accounting Software
The biggest benefit of cloud accounting services is the reduction in expenses. Accounting software that is available in the market is very expensive. You must install the software on your computers. The software requires a lot of space and this will mean expanding your IT infrastructure. This will create more expenses for the company. There will be a need for extra space to keep the additional hardware. You will also need to spend more on power consumption.
Using cloud accounting services instead of your software will help to reduce expenses on manpower. If you install the software you will need additional IT people to customize the software and ensure that it works well. Maintaining the software on your computers will require regular maintenance too. The software will have a limitation of the period after which you have to renew your license paying money.
Data can be viewed from anywhere. If you have accounting software in your office you can only use it there. If you want to have any data with you must copy it to a USB and carry it with you. When you use cloud accounting service you can access your accounting details from any place. All that you need is an internet connection. You can even use the smartphones to view the details of your account. This will help present the details to you at any place that you are in.
If there are branches of your company operating at remote locations it is easy for all of you to use the same accounting software on the cloud. This will make it easy for the company management to see the data of any branch on a real-time basis from anywhere. This will help you to keep yourself updated with the financial activities of all your branches without their having to send the data by mail or other methods.
Your data safety is assured when you store it in the cloud. When you store all your data in the office IT system there is always the chance that it can be lost. A fire in the office could completely destroy all your data. This could be the end of your business as you will not have previous records. If your office computer develops a problem you could not have access to your data until the computer is repaired. This could mean a short time set back to your business.
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.
Loss of data by hacking is becoming very common nowadays. People know that all the data is on your office computer. It is easy to get into the system and steal the data. You cannot always keep yourselves updated with the latest security systems. When you get cloud accounting nobody knows where your data is stored. Moreover, the service providers keep updating the security of their servers which means that your data is completely safe from being stolen.
With cloud accounting, you always get the latest technology. If you want to upgrade the software in your office you have to buy a new version which will be as costly as the original one. With cloud accounting, you will always have access to the latest software with all the advanced features.
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.
Benefits You Get With Xero Accounting Software
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.
Get Dynamic Accounting Solutions With QuickBooks
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.