What is Cloud Accounting?
Cloud Accounting is an online accounting method that lets you manage your accounting operations over the internet. By leveraging the power online accounting, you can easily access your accounts anywhere, anytime, and from any device.
It's the same with preparing your invoices. Anywhere, anytime, really.
How Can Cloud Accounting Help Me?
Starting off a business with a low headcount and managing all your business tasks efficiently in-house can be daunting. Startups and small businesses often struggle in statutory areas like accounting and bookkeeping. Investing in cloud accounting services has made more sense in recent years.
Cloud Accounting enables businesses to perform accounting activities with ease and flexibility.
This is true even without accounting knowledge.
With the ever-improving cloud accounting software, it’s no longer a difficult task to prepare invoices, receipts, purchase orders, and payment, by yourself.
And with this, you single-handedly ensure better cash flow. What’s not to like?
Why Is Cloud Accounting Good For My Company?
These are some advantages you will experience with the use of Cloud Accounting Software
- Eliminates the need to store, enter, or manage data, eradicating the need to maintain expensive desktop or computer hardware.
- Business information is automatically updated and can be accessed from anywhere, at any time, helping your business surpass all-time and geographical limitations.
- Eliminates the need to maintain different ledgers. You only need to maintain one ledger in the cloud. This ensures data accuracy and significantly lowers error at Balance Sheet as well as tax level. Accurate data reduces the chances of non-compliance with the tax regulations in Singapore.
- If your company employs an overseas accountant, you can interact with them in real-time without the hassle of sending data files from time to time.
- The monthly/yearly subscription fee structure for access to the cloud accounting software avoids the huge initial outlays at the outset.
- The cloud accounting software gets updated by the service provider on their server, removing the hassle of having to download updates, unlike desktop applications.
- It offers unified collaboration and mobile capabilities.
- There is no need to engage technical personnel to maintain or update the online accounting system, reducing your expenses to increase your profit margin!
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To remain competitive in Singapore, you need to stay in the loop with the latest in technology.
By opting for cloud accounting services, you can stay ahead of the curve with top of the line accounting operations.
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Compliance with Local Laws
Why do you need a Corporate Secretary?
Section 171 of the Singapore Companies Act, Chapter 50 requires ALL Singapore Companies to appoint a Singapore Company Secretary to handle on-going statutory compliance matters.