Benefits of using Cloud Based Accounting Services in Singapore
Benefits of using Cloud Based Accounting Services in Singapore - Cloud Based Services are becoming very common in Singapore and around the world. With file storage becoming one of the most popular manners of using the cloud for business, businesses such as Windows and Dropbox has made a business model out of providing cloud storage spaces for free to customers and requiring upgrades when the customer reaches a certain level of disk space usage.
Benefit 1: Cloud services allow you to operate from anywhere, anytime
Cloud Based Accounting Services are also becoming a more popular form of doing accounting and also preparing of invoices, quotations and receipts. Accounting Software used to be desktop based and the only way of getting anything done is to have invoices issued from the desk of an office but that is not true anymore in this time and age. Businesses are able to tap on new technology like cloud based accounting software to run their businesses from anywhere in the world at any time of the day.
The benefits of Cloud services are also that you can use it cross platform, whether it is your phone or your tablet or even your desktop, with just one access password, you can access it from any device. This saves a lot from the traditional networked versions of desktop based software because all you need is internet connection and not need to pay the extras of getting an add-on version of something to get things off the ground for your to start running a new software.
Running your business from any location also comes with the benefit of doing it anytime. You can be at home and realizing that you missed something out you can turn it up and just use it to do the updates that you have.
Not only can you monitor your invoices and receipts, you can also monitor your cashflow to make sure that you are running on a positive and not in financial issues and this helps you to run your company in a proper manner that makes it a great financial help.
Benefit 2: Updates are pushed directly to the software without you even knowing it
When you are using desktop based software, the one main problem is that there are updates that can come in regularly and you have to stop all work or wait for later in the day when no one is in the office for you to do the patch on the server and if compatitbility is an issue, it might end up corrupted.
The good thing about Cloud based accounting software is that all the updates are pre-tested for bugs and there will almost be no issues once it is released. Most of the time such releases are integrated through a weekend down time of a few hours and that will come through to everyone on the software after the update. With no working hour down time, you save a lot of time and resources to get your team and yourself up to speed.
Benefit 3: Fees are usually cheaper than buying software off the shelf
Most software will cost a couple of thousand of dollars, for the cheaper ones, it can be high hundreds. The good thing about cloud based software is that they try to go by volume sales and that is how they are able to grow fast and corner the market fast with their new services. Most cloud software cost in the tens and this is the strength of it. Getting started in a business takes a lot of cash and with such low cost, the cash can be better used in growing your business through buying capital goods that can help in growing the business and not just regulatory significance.
The fees are also either paid off monthly or if you are able to pay upfront for a longer periods, there are very good discounts that can be given to you buy the software owners.
Benefit 4: New functions are normally bundled together
The good thing about having a software that gets updated regularly is that the features normally come together with the software. You dont need to buy new subscriptions to get the new feature that is being integrated and most of the time the basic packages gives you access to almost everything unless of course you are a more sophisticated user who uses other software components to better integrate your manual services to the online world.
There is not need to install new software on the computer and for some who are not computer savvy, this might be a very stressful work for you.
Benefit 5: You do not need to be concerned about security of your servers or your computer
With your very own user and password login and at the same time the 2FA or 2 factor authentication system that are in place for most systems this days, you do not need to worry that someone is going to intrude into your system and cause trouble for people that are using the system. Neither will your accounts be leaked to the world. The security of the systems in place are very strongly done and there is almost or very little chance that some one will be able to intrude.
Compared to your desktop or server which most people do not really pay attention to. If you get a virus or worse a ransomware attack, most of the time you will end up losing access to most of your system files and most of your working files such as your accounting files and this is something most people do not really realize is actually a big business risk to anyone who is running a business and needs all this files to be intact and running properly on a daily basis.
You also do need to worry about a fire or a natural disaster or a power trip killing your data because all this are now stored in the cloud with backups always available for you and that will ensure that the system data is always in place and you are in a safe place.
Koh Management through its new partner firm, K Cloud Accounting Pte Ltd will be offering Xero Accounting Services in Singapore for startups that have lower budgets but with big aspirations. We have packages that will allow you to use our systems and our services to create a successful company for the long term.
You can visit their website at: http://kca.sg/