What is cloud accounting?
Traditionally, for small businesses we will buy off the shelves accounting software (e.g. MYOB, quickbooks pro, autocount, million, etc..) and install the program on a computer, laptop or in a server. These software have one common limitation - that is it is often limited to one user or locked to one computer or users can only access to the system in the office.
Cloud accounting in layman terms, mean storing and accessing the data and accounting system over the internet instead of on your computer or servers' hard drive.
With cloud accounting, this means that you no longer need to go to office to use the system nor your colleague or staff need to wait for you to complete your tasks before being able to use the accounting system. In fact, all personnel in your business can access the cloud accounting system at the same time, at any location and any time of the day!
Are small Businesses suited for cloud accounting?
Based on our past 10 years of practice, we truly believe cloud accounting is the accounting system that all small businesses should consider getting into using it. Before we dive into this, let's define what are these small businesses we mentioned earlier. Generally, we categories micro business (< S$1 million revenue) and small business (<S$5 million revenue) as small businesses. Anything between S$5 and S$15 million we will group them as small enterprises and etc.. you get the drift.
When a business gets bigger it will have more resources (e.g. staff, cash, IT infrastructure, etc..) to invest in more sophisticated software solution (e.g. SAP B1, Microsoft Dynamics). But before a business gets to that stage, it has limited choices previously as to how they can keep proper records for tax filing and to track their business performance.
Below are why we believe cloud accounting is perfect for small business:
Access anywhere - Cloud accounting can be accessed regardless of location, time, or device. Your staff and yourself are no longer restricted to going to office or warehouse just to access to the accounting records.
Multi Users at the same time - All your staff can use cloud accounting at the same time and information are updated real-time. This allows for better and informed decisions to be made easier and faster.
Low investment - Cloud accounting removes the need for business to buy IT infrastructure such as a server or dedicated computers to use an accounting system. Cloud accounting also remove the maintenance or upgrade costs associated with traditional software.
Fast and easy to implement - Lastly, cloud accounting is easy to set up and implemented in the early stage of the business. The cloud accounting system is also able to scale along with the business when it grows to become a small enterprise and beyond. Such scaling does not come with the need to invest further in IT hardware or software upgrades.
We cannot stress more that it is very important to start early and get right to track your business numbers. This is so you know which area to place focus on to capture more revenue or which segment to stop targeting.
Do I need this?
If you run and operate a business, our suggestion is please sign up for cloud accounting! You do not need an expensive ERP to earn more revenue, nor the traditional accounting software can cater to the modern time business's needs where everyone is online and able to retrieve data and information at the snap of our fingers.
Cloud accounting involve low costs to get started and more importantly it is easy to understand and use. We offer 3 plans to help you jump onto the online accounting wagon to digitalise your business numbers. Feel free to give us a text if you needed more clarification.
3 steps to digitalise your accounting
Step 1. Signing Up
Step 2. What To Do After Signing Up
Step 3. Periodic Review
There is a better way to handle your accounting.
Our goal is to arm you with the numbers and insights you need so you can focus on building your business. We will help you navigate your books, understand your cash flow, and enable you to make better decisions for your future.
CHARTERED ACCOUNTANT | ACCREDITED TAX PRACTIONER
ACRA REGISTERED FILING AGENT | CLOUD ACCOUNTING CERTIFIED ADVISOR
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— Coco, F&B Owner, ACA Client Since 2016