Why Use Cloud Accounting For Your Business?

Traditional bookkeeping has fast become a thing of the past due to revolutionary advances in technology. One such advancement that has benefitted many businesses in and around Singapore is cloud accounting. If you’re asking yourself, “Why use cloud accounting for my business?” – it’s safe to say that you are on the right track to taking your business to the next level.

Let’s take a look at what cloud accounting is and how it can benefit your business in the long run.

The term “cloud” refers to the delivery of computing services via the internet. In the same vein, cloud accounting is made up of the software that streamlines your financial administration and provides real-time visualisation of your numbers.

Cloud accounting software comes with various applications that are integrated with your bank accounts and other cloud-based systems. These systems include eCommerce platforms, billing solutions, and payroll systems. One of the popular cloud accounting software in Singapore is Xero which boasts an ecosystem of cloud-based systems for businesses from different industries and requirements.

Before the cloud, most accounting software was desktop-based. Meaning it had to be installed onto your machine and operate from the same computer. One of the reasons why this option is slowly becoming obsolete is because it gives the business owner limited access to data. Real-time data is what can make all the difference in a highly competitive business landscape.

Just like any software on your computer, it also requires software updates from time to time and takes up a lot of resources to back up. These drawbacks prove sufficient in answering the question of “why use cloud accounting for your business.”

A lot of a business’s success depends on how it is willing to adapt to change. It is, after all, the only constant. Being responsive to changes in technology and leveraging it to make forward-looking decisions can set your business apart from the rest.

Here’s are some of the benefits of cloud accounting:

By consolidating your financial administration with cloud accounting, you can gain real-time reporting on your numbers. With live bank feeds, you will be able to keep track of daily receipts and payments made. You would skip the hassle of collating past financial records and making sense of the digits. You can now view the financial statements and run analysis on the business directly from the cloud accounting software. An instant overview of your financial position via cloud accounting can help you make strategic and sound business decisions for optimal output.

Cloud accounting also allows the accountant and you to work on a single platform and the same information to ensure alignment, and facilitate meaningful discussions between you and your accountant.

Cloud accounting eliminates the need for a central office-based computer. All you need is a stable internet connection and a laptop computer or mobile phone. This means that you can access all your account information from anywhere and anytime – at your convenience.

By now, you should be convinced about “why use cloud accounting for your business.” To add to the benefits thus far, you would even be cutting back on resources that you would allocate for another bookkeeping headcount. You may not be an accountant by nature, and you would want to focus your efforts on strategic business decisions, but the cloud can certainly fill that void.

Cloud accounting has been adopted by many business owners who now have a clear vision for their business. It has helped provide them with clarity on all things finances to better chart a profitable future in dynamic business environments.

Get in touch with a professional cloud accounting service provider today to realise your vision.