The forward-thinking accounting firms in Singapore advocate cloud computing and the use of an accounting software. The benefits of using a software ideal for the needs of the company far exceed the costs and temporary disruption it might cause. The migration of files, adaption of the new system, recruitment of the right people and installation of the applications could be a hassle. But you also have the option not to go through all these! They can be delegated to the experts in the accounting firms in Singapore.
Here are eight of the top changes and benefits brought about by technological advancements to small and medium business organizations:
1. The Paperless Office
Modern business technologies shrunk the office spaces. We no longer need the bulky filing drawers, the stacks of office documents, and most of the quintessential office equipment like fax machines and photocopiers. The use of paper has gone down to the minimum. The modern and more environmental-friendly office setup only needs computers, internet connection, desks and chairs. Thus, offices are more space-efficient, clutter-free, and productive.
2. Cloud Processing
Instead of the extensive office filing and storage system that includes filing cabinets, drawers, paper files, and complex access and safekeeping management, we now have cloud computing. This is the digitized equivalent of the paper-based filing system. All office files, documents, and reports are digitized and uploaded to a central server where access is efficiently managed and security is optimized through an off-site storage facility.
3. Real-Time Postings
Cloud computing and the use of accounting software can provide real-time updates and reports. As most accounting software can now be integrated with bank accounts, payroll and productivity software, billing, and collection, users can generate financial reports that are updated and accurate. Updated reports and financial statements can be generated whenever required, any day of the year. This leads to better decision-making, forecasting and auditing processes.
Related: Why Companies Outsource Their Payroll?
4. Work Anywhere
The most significant change in business technology has impacted how we work today is the freedom to choose how, when, and where we work. Connectivity and accessibility enable us to work anywhere and anytime we prefer. Through cloud computing, work files can be accessed and shared from anywhere around the world. Thus, you can still check on your company numbers while on vacation, during your commute, or from home.
5. Simplified Work
Most accounting software, used by outsourcing firms in Singapore, already features integration with other business accounts like bank accounts, payroll features, billing and collection functions, and even inventory. Any updates are automatically posted, and the system is updated real-time. Thus, reporting is streamlined, accuracy and correctness are guaranteed, and staffing need is reduced.
6. Enhanced Securities
One key element of cloud computing is its off-site, third-party storage facility. This removes the physical files from your office and care. Everything is stored in the clouds, where access can be restricted, and file management is easily regulated by passwords and permissions. With the sophisticated security protocols in place, file loss due to thief, fire, and unauthorized access are prevented.
7. Cost Efficiency
Accounting services in Singapore are at the most affordable today. Business innovations and technological advancements allow small and medium enterprises to enjoy the best and expert services from accredited corporate service providers in Singapore. Whereas before where you need to buy the entire software, build your technical infrastructure and hire professionals, the company only needs a stable internet connection, subscribes to an accounting app service, and assign an external accounting firm to do the work.
8. Effective Delegation
The latest state-of-the-art business apps and platforms enable businesses to efficiently delegate tasks, reduce the worry. This allows the busy startup entrepreneur to focus on growing his or her company, or the team to concentrate on innovations and creative endeavors. Why go through accounting books when you can hire the best corporate service provider in Singapore? Learn more about cloud computing – its benefits, challenges, risks and your options. Choosing the right software for your business is key to a successful migration to the clouds.
Today, let’s fix a date with us to have an initial meeting. We are very glad to help you in identifying a suitable cloud computing system that will best fit your business needs.