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ACCOUNTANT CASE STUDY | INTUIT QUICKBOOKS | SINGAPORE

Q: What is cloud accounting software?

Cloud Accounting Software, also known as online accounting software, is accounting software that helps you maintain your books of accounts online. Unlike the traditional accounting software installed on your desktop, computing accounting software is hosted on a remote server rather than a server on your business premises. It is based in the cloud instead of being installed on your computer.

Q: How does cloud accounting software work?

In cloud accounting software, the accounting data is sent on the cloud, processed on a remote server, and then returned back to you as a user. In simple terms, cloud accounting software allows users to access software applications through the internet or other networks through a cloud application service provider.

Q: How cloud accounting software can take your business to next level?

Cloud accounting software allows for scaling up to cloud capacity, accessing financial information on the go and facilitating collaboration among multiple users.

Q: How secure is cloud accounting software?

Cloud-Based Accounting Software releases regular software updates for security as well as the latest accounting features. Such updates make your financial data safe and also give you the advantage of the new-age functionality. This saves you time and helps you take your small business to the next level.

Q: What are the Benefits of Working in the Cloud Accounting Software?

Working on cloud lends mobility, provides data security, saves time and cost, brings automation, and prevents data loss & gives you mobility, ensures data security and helps you save cost.

Q: Is cloud accounting right for your business?

From the smallest downtown laundromat to the largest Fortune 500 company, your business can benefit from implementing cloud accounting. Whether you have one employee or 1,000 – even if you are the only employee – cloud accounting software like QuickBooks can help you manage your payroll expenses, tax remittances and other business expenses.

Q: What is the future of cloud accounting ?

Nothing stays the same forever and everyday new technologies are being developed that will impact the future of small businesses. From the help of AI to continued integrations, the future of cloud-based accounting systems has never looked brighter.

Q: How do I make sure my data is secure?

When you use QuickBooks Online, your data is stored on our servers in the cloud. We know that data is one of your company's most valuable assets, so we go to great lengths to protect it.

Accounting Practice uses data to find hidden potential

Bee Lian Ong, Founder
Abundant Accounting Pte Ltd

Overview

Abundant Accounting Pte Ltd is a Singapore based IT, accountancy and consultancy firm. They focus on helping their clients to automate their accounting processes through digitalisation. They recognise the importance of providing clients with a forward looking accounting solution which provides access to real time data.

Key to their approach is their clever use of QuickBooks Online which helps them to deliver improved efficiencies and help their clients to reduce costs. Within their practice they have harnessed QuickBooks Online Accountant to achieve impressive productivity savings.

Results at a glance

Increased Capacity

Automation has provided enormous time savings which has freed up capacity within the team and impacted profitability.

Financial Performance

They can now effortlessly analyse practice financial performance and identify high performing service lines and staff.

Improved Cash Flow

Harnessing the power of automated reminders and detailed aging reporting has reduced late payments and improved cash flow.

Introduction

Abundant Accounting Pte Ltd is a Singapore based IT, accountancy and consultancy firm. While they offer a range of compliance services they also focus on helping organisations reach their potential through digitalization, corporate advisory and management consulting.

The problem

Key to the services that Abundant Accounting deliver is the forward looking insight into a client’s financial data. This meant they needed to find a flexible financial system to provide advanced reporting capabilities with the ability to slice and dice data as well as the capacity to customize in order to meet individual client needs.

For their practice, they were eager to drive efficiency and data accessibility so Abundant Accounting knew the solution they selected would need to be cloud based. They started a market review and were immediately impressed with QuickBooks Online.

Bee Lian Ong, Abundant Accounting Founder and Accountant says “We wanted to be more productive and access client data anywhere and at any time, so we explored a number of solutions, QuickBooks Online was one of our favourites.”

The solution

Abundant Accounting chose QuickBooks Online as the system for their clients to use and QuickBooks Online Accountant to manage practice financials. They selected the solution for its ease of use and ability to customize the solution for each client.

Their approach means that Abundant Accounting is able to use financial data to help their clients to reduce costs, drive profitability and maximize business potential. In order to deliver these services, they need a powerful and agile solution like QuickBooks Online.

A scalable solution

The plethora of available apps that integrate with QuickBooks Online provide scalability and the ability to further build on the solution to match the needs of each individual client.

The Benefits

The team at Abundant Accounting was impressed by the efficiency savings achieved with QuickBooks Online Accountant right from the start. It sped up their work and eliminated many manual tedious tasks which provided more time to focus on high value work.

The powerful reporting capabilities and ability to slice and dice data helped Abundant Accounting to craft strategic reports that drive business decision making.

They are able to harness the data and detailed reporting to deliver cost control projects for their clients. In fact, they were able to help one client transform its business by using reporting to highlight profitable product lines and excessive costs.

The vast array of built-in templates has proven to be popular with clients. They have been empowered by the ability to customize invoices, reports and forms. “The customisable templates are massive time-savers for our clients, as they no longer need to repetitively create business documents from scratch,” said Ms. Ong.

Practice Management

QuickBooks Online Accountant helps Abundant Accounting to run the practice more efficiently too. They are now able to issue quotes and invoices on the go, using the phone app. The automated reminders help to ensure that clients pay on time, and the aging reports show at a glance, those invoices that are long overdue.

Having the ability to perform a deep analysis of the practice financial performance helps Abundant Accounting control their costs and monitor the performance of their various services. They can immediately see which business lines are performing well and decide which ones they will go forward with.

The sales reports help the management team to monitor performance by sales person and region. They use the data to motivate top performers which drives results.

Summary

It’s no surprise that QuickBooks Online has been a valuable addition to Abundant Accounting. The flexibility it provides, and ease of use ensures their clients are able to harness the value it delivers.

Abundant Accounting has been able to harness the power QuickBooks delivers to not only grow their practice but also to help clients to reduce costs, drive profitability and maximise business potential.

#1 online accounting software in the world

4.5M QuickBooks Online users worldwide

600K accountants use QuickBooks

Frequently Asked Questions

What is cloud accounting software?

How does cloud accounting software work?

How cloud accounting software can take your business to next level?

How secure is cloud accounting software?

What are the Benefits of Working in the Cloud Accounting Software?

Is cloud accounting right for your business?

What is the future of cloud accounting ?

Why does a small business need to switch to cloud-based accounting platforms?

As a business owner, you need accounting software that helps you save time, increase productivity and the one that is cost-effective.

You simply cannot rely on traditional accounting software as there are chances of committing data entry errors, subjecting financial information to data loss and viruses as a result of storing it in hard drives and USB devices, and shelling out huge amounts of money on data backups devices and software updates.

Thus, if you are still dependent on traditional accounting software, it’s time to switch to cloud-based accounting platforms.

How do I make sure my data is secure?