-
News & Updates
cloud accounting services Singapore
February 28, 2023
Why Make the Move to Cloud Accounting Services Singapore
Let your business work smarter and faster by investing in cloud accounting services Singapore.
There is no perfect time like the present to switch to cloud-based accounting services from using desktop software or spreadsheets. Regarding cloud-based software, companies can get many benefits from on-premise solutions by allowing users to work anywhere, anytime. It also automates the time-consuming manual processes, enhances accuracy in transactions, and hastens financial operations without exerting much effort.
Corporations can even get more benefits depending on the software, including more straightforward prediction of software costs, reduced spending on hardware, less IT overhead, improved disaster recovery, enhanced threat and security monitoring, increased levels of availability, and excelled performance and scalability.
This article’s main feature is to highlight is to answer the question, “Why is cloud accounting beneficial to businesses in Singapore?” It will also take readers into an overview of the cloud and an in-depth discussion of what cloud accounting is all about. Stay tuned and continue reading below!
An Overview of This Thing Called the Cloud
At its core, “the cloud” is the servers that run and are accessible through the internet and the software and databases on those servers. Data centres contain cloud servers, and they are located all over the world. If you think about the cloud, think about internet banking, and you are using the cloud when you access your bank data.
Moreover, the cloud ensures that data and software are easy to access by users online anytime, anywhere, and from any device. It makes the hard drive of your computer or laptop no longer require functioning as the central hub.
What Is Cloud Accounting?
With cloud accounting, any company can keep their business books online. Record of income and expenses, and assets and liabilities are included. Only people with login credentials can access the data, since the information is encrypted.
In case you did not know, a few businesses started using cloud accounting software, also known as online accounting software, as early as the 2000s. At that time, most software only includes quoting, invoicing, and managing bills tools. Many features have been developed to fully harness the potential of the cloud in different business setups, not only accounting.
Through the year, many service providers began to offer cloud accounting services Singapore to assist enterprises in managing their business finances. A corporate firm like ContactOne is a reliable business solutions provider, particularly cloud accounting services, to many companies. For more cloud-related services, get in touch with us today. We will be glad to hear from you!
Cloud Accounting: How It Works?
Users may subscribe to or be provided with an online accounting software solution by a service provider. Once it has been set up, users will transfer their books to the cloud. The information will be accessible to the user’s account when they login to any web browser or smartphone app.
It is worth noting that many users connect cloud-based accounting to their bank accounts. This way, bank transactions flow seamlessly from the bank to the business books, saving time and many data entries.
Benefits of Cloud Accounting Services Singapore Every Enterprise Should Take Advantage Of
No matter what type of business you have or regardless of your business goals, making a move to a cloud accounting software system can help improve efficiency and allocate real-time updates on financial standing. Learn more about the benefits of cloud accounting below.
-
Less Administration
Because business owners are accessing the software online with cloud accounting, they can take away the need to attend to software installation, backups, and other administrative tasks.
-
Automation
Software in the cloud is always up-to-date. This way, it automatically runs transactions to business books and accounts for the changes in real time. The cloud-based accounting system also automates many accounting and banking processes.
-
Compliance
Through the production of accurate financial statement, cloud accounting help various companies with tax compliance, including quarterly tax estimates and yearly tax returns.
-
Data Security
Getting businesses on board regarding cloud accounting can be challenging because of potential online risk. But cloud-based services are enhanced with rigid security measures to ensure data safety and other business information.
-
Scalability
Scalability is one of the most appealing features of cloud accounting services in Singapore. It can flex and scale to meet your business needs.
-
Accuracy
Cloud accounting can improve accuracy in every transaction by eliminating various error-prone steps manually using a spreadsheet.
-
Customisation
Because every business is different, cloud-based accounting is ideal as it can be customised according to a company’s needs and accounting requirements.
-
Reporting and Data Visualisation
Reporting and data visualisation is real-time, compared to using spreadsheets or paper processes.
-
Integration
Cloud accounting solutions can be integrated into other business applications with the same central database, depending on the provider.
-
Collaboration
Since financial data are accessible online, cloud accounting makes it easier to collaborate with team members.
Get In Touch with ContactOne Today!
For more reliable cloud accounting services Singapore, do not think twice about getting in touch with ContactOne. Call us on +65 6333 0633 or +65 8666 3633. You also visit our website at www.contactone.com.sg.
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.