Accounting is one of the most complex and detail-oriented tasks, which requires lots of documentation, paperwork, and stringent procedure. The desktop accounting system used by many accounting companies in Singapore is no more in trend. It is outdated due to its several limitations and barriers. Today, multinational companies, corporates, and business houses prefer cloud accounting systems and software to manage their book of accounts.
Here are some of the reasons that state why large companies are now moving to Cloud Accounting Systems:
One of the greatest advantages of cloud accounting is the easy and mobile access that it provides. Cloud makes data and software easily available online at any time, anywhere. One can easily get the required access to their data within no time. Cloud accounting systems safely encrypt your data and files in a cohesive server. All you need is to log in from your web browser using your login credentials. The easy accessibility of cloud accounting has attracted large companies to adopt cloud accounting systems for maintaining company accounts.
Cost and time effective solution:
Desktop accounting requires a large setup with multiple computers, hardware installations, maintenance of the system, etc while Cloud Accounting does not require any huge set up all you need is a good internet connection to perform your daily tasks. Cloud Accounting is done using the cloud servers and therefore, there is no cost of IT infrastructure involved for the same. You can access your data and work at your convenience from your office or home as and when required.
Cloud Accounting is secure:
Accounting Company in Singapore gives utmost importance to the discreteness and security of the data and therefore Cloud Accounting is embedded with advanced features and watertight security to ensure no tampering or leak of data. The accounting information is encrypted on the source and saved in the cloud. So only, the selected employees and relevant people from the accounting team can access the data using confidential login details.
Work smarter with accessible data in the cloud:
Cloud accounting makes it easy to share and collaborate with other team members. It allows you and your team members or accounting advisory team to access the same data from any geographical location. Cloud accounting saves a lot of time by eliminating the need to go back and forth and exchange multiple emails. This is one of the greatest reasons why major large companies are hiring professional accounting firms in Singapore for Cloud accounting systems.
Cloud Accounting is Sustainable, it fosters no paperwork, and considerably reduces the reliance on extensive paperwork. By using Cloud accounting one can now directly send the invoices to the clients via email thereby, reducing the cost of printing and posting invoices. It can also speed up the payment process by cumulating all the bill and receipt information comprehensively.
Cloud Technology has revolutionized the internal systems of companies and individuals drastically. It has become a part of our daily lives whether we access our social media accounts, upload our photos, or perform an online bank transaction; cloud technology is everywhere. Incorporating cloud accounting can help large companies to systemize their accounting work and save on accounting expenditures as well.