June 16, 2022

4 Benefits of Cloud Accounting Services in Singapore

While starting an enterprise in the Singaporean business landscape is easier than in other countries, many aspects of entrepreneurship will completely baffle you. Not to mention the saturated and competitive market that is this business hub.

Business solutions providers offer various services to help you be on top of your game. However, selecting the right one for your company can be a long process, rather straightforward. Understanding your business requirements is substantial in finding an ideal provider to work closely with. If your primary concern is to look into more ways to grow your business, the best solution you will get is accounting services.

Accounting task involves managing business accounts and keeping track of a company’s financial health. Traditionally, all this is done using desktop software or spreadsheets. But those were long gone. Savvy accountants and bookkeepers know that a cloud-based accounting system is an efficient and better way to serve clients. Despite its many benefits, it is still a challenge to get clients on board with cloud accounting services Singapore.

This article covers the benefits of cloud accounting services to help business owners understand more about this cloud-based technology. Establish a stepping stone towards your business’s growth by reading this article below.

Cost Efficiency

The fact that money is the driving force of every enterprise makes it challenging to decide without considering costs and how much it will make in return. If you are worried about the price that would be tagged along with switching to cloud computing, you are not the only one. It has been found that the initial cost of implementing a cloud-based server concerns 20% of organisations the most. On the other hand, those balancing the benefits and disadvantages of utilising the cloud have to consider more factors, like ROI, other than the initial price.

Using the cloud gives you easy access to company data, which will save you time and money. It will not ask for additional fees for features that you don’t need or want because cloud accounting services in Singapore follow the pay-as-you-go system. This means that you don’t need to shell out some cash if you don’t leverage what the cloud has in store for you.

In 2015, 50% of all CIOs and IT leaders surveyed by Bitglass reported cost savings using cloud-based applications. All this was possible because they only paid for the data storage space needed to service their stakeholders and clients. If you switch to cloud computing today, you will get exactly the amount of space you need and not be financially responsible for any space you don’t need, leading to lower costs and higher returns.

Security

The cloud, or the internet, is a scary place to be, especially if you don’t know how to protect yourself against threats and risks. That is why many companies have security concerns when they make the big switch to cloud computing solutions. Only time will tell when files, documents, programs, and other data are securely kept in the cloud or not. And if you can access your data regardless of location, what’s stopping hackers from doing the same thing?

A cloud host carefully monitors security, which is more efficient than an in-house system, where a company must divide its resources between an array of IT concerns. And security is only one of them. As much as an enterprise wants to avoid potential internal data theft, statistics show that a high rate of data theft happens inside the company, initiated by employees. If that does not sound alarming, we don’t know what it does. Needless to say, it is much safer to store sensitive information offsite.

Here are some solid statistics to convince you that cloud computing will look after your security concerns:

According to Rapidscale, 94% of businesses saw improved security after using cloud accounting services, and 91% said it is easier to comply with government requirements in the cloud. Encryption of data transmission across networks and stored in databases is the key to this strengthened security. With encryption, hackers have less access to your information. Different security settings can be set based on the user’s security requirement as an added security measure. In addition, companies can enjoy up to 53% faster revenue growth than their competitors if they invest in big data, cloud, mobility, and security, according to Dell.

Flexibility

Whether you like it or not, your company has limited resources to distribute all aspects of your business evenly. Now, if you pay too much attention to your current IT solutions, then there is a high possibility that you cannot focus on reaching business goals and satisfying customers. With a service provider managing your business accounts and finances, you will have more time to spend on all aspects that directly affect your key business.

Leveraging the cloud offers flexibility versus having a local server onsite. The cloud can instantly provide if you need extra bandwidth instead of undergoing a complicated and expensive update to your IT infrastructure. The sum of all this can make a tremendous difference to the overall efficiency of your enterprise. In a report published by InformationWeek, 65% of respondents agreed that “the ability to meet business demands quickly” was one of the many reasons a business should move to a cloud environment.

Mobility

As long as you have a smartphone, you will never be left out of the loop when it comes to accessing relevant and up-to-date information from the cloud. With over 2.6 billion smartphones being used globally today, it is a great way to ensure that you are always on track with your business’s financial health. A business owner like you or your staff has many things on their plates. Sometimes, managing a business is overwhelming. But you don’t have to go through all this stress because, by moving into a cloud environment, you can easily access your business information whenever, wherever.

Partner with ContactOne for Reliable Cloud Accounting Services Singapore!

Call us on +65 6333 0633 or +65 8666 3633. You may also visit our website to learn more about us and what we can do to help your business rise above Singapore’s saturated market through trusted cloud accounting services.