Cloud technology, along with various cloud models including cloud accounting, have increased adoption across the world, and Singapore. Through streamlining processes, businesses functions and overall efficiency, cloud accounting has proven its value to business owners and accountants alike.
Understanding how cloud accounting works and the business value it makes is a simple choice for business owners. Learn more about small business, cloud accounting and why it is important for small businesses across Singapore.
- Cloud accounting vs traditional accounting
- What is the meaning of cloud accounting?
- The advantages of cloud accounting
- Cloud accounting trends in South Africa
- The best cloud based accounting software for medium-sized business
Cloud accounting vs traditional accounting
Cloud accounting software works entirely differently to traditional accounting practices. It allows businesses to access and collaborate on key accounting functions, from anywhere in the world and at any time.
Compared with traditional accounting practices, cloud accounting software solutions allow businesses to reduce error, increase efficiency, productivity and have a holistic and deep understanding of their business.
For small businesses cloud accounting is critical to ensure efficiencies and the insight, reporting and value it offers is unparalleled as well as the speed of access for all involved.
What is the meaning of cloud accounting?
As with many cloud-based solutions, cloud accounting came about with the advent of digital solutions and the focus of businesses to transform in that regard. While still in growth phase, the market is set to grow significantly over the next few years and currently shows no signs of slowing down.
Cloud accounting is taking the process of traditional accounting practices and utilizing the best technology and insight to manage, store and track your business and accounting data. All safely stored within the cloud, and accessible at any time.
The advantages of cloud accounting
When looking at cloud accounting vs traditional accounting, the advantages of cloud accounting are unparalleled. Gone are the days of traditional paper processes, with the shift to digital improvements are seen across the business.
It is important for small business owners, and their accountants, to have access to the latest data and insight into key business functions.
Another key consideration in the COVID-19, and post COVID-19 landscape is the need for a remote and distributed workforce. Cloud accounting makes this possible, without losing the benefit of, and need for, collaboration across the business. Cloud strategy has become a core focus for many businesses, most notably to innovate and reduce various business risks, that are even more highlighted during a pandemic.
In addition, cloud-based solutions go hand in hand with security and privacy, and cloud software allows for your data to be stored safely and securely in the cloud, with various encryption measures to ensure it’s protected. From sales and invoices to reports and income statements, cloud accounting software allows you to do it all.
Overall, cloud accounting allows for a depth of understanding, accessible anytime and anywhere in the world, all with the click of a button.
Cloud accounting software trends in Singapore
Sectors across the board, and in banking and financial, healthcare and manufacturing sectors are all seeing a surge in cloud adoption and a shift to different strategies, to future proof their businesses.
As Covid-19 has accelerated demand and the need for an agile business environment, Channel Asia reports that cloud-based offerings are outshining traditional products.
Various executives across Singapore, Thailand, Indonesia have all reported that cloud can assist with business value, output and innovation.
With the focus on cloud and various measures, choosing the best cloud accounting software provider is key, whatever your business size.
What is the best cloud accounting software?
When looking at cloud accounting vs traditional accounting, the best cloud accounting software is one that is both simple and seamless for business owners and their accountants alike. As businesses across Singapore take steps to innovate the right cloud accounting software helps align focus and decisions across the board.
Cloud accounting software that allows for access, agility and the ability to collaborate and report on key business metrics, within minutes is of paramount importance for businesses as they scale and shift.
Quickbooks is a globally renowned cloud accounting software provider for small to medium businesses and over 4.5 million customers across the world trust Quickbooks to ensure the best solution for their business..
If you are looking for cloud-based accounting software for medium-sized businesses, try QuickBooks today and see how it can enhance your business productivity.