Accounting has always been an integral part of any business startup. We understand that many businesses are still weighing out their options on whether to invest in a desktop accounting software or cloud accounting software. Our choice, of course, is the latter. Here's why you should consider cloud accounting.
1. From paper to digital
We know the struggle of having to keep all hardcopy records properly. In the digital age, many businesses have transitioned from hardcopy billings and receipts to electronic invoices and scanned receipts. You'd be able to view all documents and records from one source, instead of having to flip through the hardcopies. This also allows auditors to view and analyse real-time data at their fingertips.
2. Ability to access financial information on the go
With more business owners on the move, you'd be pleased to know that your financial information can be accessed from your mobile device, anytime anywhere. You'd also be able to communicate with your accountant through Xero and comment on information that requires their attention.
Worried about security? No fear, the cloud provides backup functionality to prevent the possibility of data loss. You're also able to control the restriction of your team's access to certain financial data on Xero.
4. Integration of other apps
With the combination of Xero and other add-on applications, the opportunities are limitless! From bank feeds, Paypal & Stripe, to reporting and inventory apps, working efficiently all in one dashboard has never been easier.
5. Team Collaboration
Cloud accounting allows multi-user access, without having to pay for "extra licences" on the software. If you're choosing Xero as your preferred choice of accounting software, you would only need to pay on a per-company subscription basis.
With multi-user access, communication among team members becomes easier and coordination in team effort becomes more efficient with real-time data. No more having to rely on "end of day" backups in accounting systems.
6. Reduction of costs
According to Microsoft, 8 in 10 business leaders in Singapore agree that cloud computing and the reduction of IT costs have made it more affordable for businesses of any size to transform digitally.
By moving to the cloud, you not only save on operating costs, but also save time and effort to maintain physical servers and IT upgrades.
Hence, less costs = more cashflow!