10 benefits of cloud accounting that old-style accountants lack

Accounting is the backbone of any business and as one of the most important aspects of a company, there are multiple hours devoted to it on a regular basis. Whether you are an accountant or a small business owner dedicated to taking care of as much as possible hands-on in an effort to stretch your budget.

Regardless of your title, having accurate accounting data and reports is critical to the success of a company. With the hours of the day sweeping by and your to-do lists growing longer every day, chances are, you are always looking for more time saving options.

Accounting software and computer technology can greatly improve efficiency and accuracy for tracking and reporting. With the right set up, your bookkeeping and accounting efforts can be streamlined to help ensure you know the status of your cash flow, accounts receivables, payables and taxes at any given time. There are many software options that provide an array of features and do much of the heavy lifting for you. 

Below are ten ways that technology can help you get your work done in less time.

#1 Increased Accuracy: Accounting software can save hours of manual entry and prevent details from slipping through the cracks. This includes entering taxes, income, expenses, inventory, etc. With the reduction of manual entry, there’s more time to devote to reviewing reports to ensure correct reporting and tracking and promptly identify discrepancies.

#2 Timely Tax Filing: A comprehensive accounting software application offers features that assist you with tax preparation and reminders can be scheduled to guarantee timely filing. With the increased accuracy that software offers, you can also avoid costly fees and penalties.

#3 Remote Access: Many of the accounting software companies provide cloud-based services, which enable you to access your finances from practically anywhere. Your business accounting details at your fingertips whether you are traveling or need to work from home. The advancements of technology make remote access possible and the flexibility is unbeatable.

#4 Simplifies Currency Conversions: Dealing with multiple currencies can be time-consuming and frustrating, but there’s software that takes care of it for you. The automation provides error-free computations and invoices can be created to reflect various currencies as well.

#5 Better Security: Keeping track of accounting records is vital for business and the paper trails that are sometimes required not only occupy a lot of space but it also compromises security. Imagine having all the data stored virtually, which would increase security and be easily accessible with a few clicks of a button.

#6 Computerized Accounting System Saves Money: Finding time savers are important but saving money is too. Computerized accounting reduces payroll hours and the people using the software work more efficiently as well.

#7 Real-Time Data: An accounting system offers efficient processes so records don’t pile up on the corner of your desk and instead the data is routinely entered in a timely manner. Not only does this alleviate the possibility of data getting misplaced, but it also provides the option of reviewing any details necessary real-time. Whether an inquiry is made about payroll, collections or deposits, the information will be up to date.

#8 Speed: Various accounting processes are sped up. Technology equates to fewer hours crunching numbers and more time to plan, review and get out of the office to enjoy life.

#9 Visual Tools: Some people function better with visual tools and technology fills that requirement. As accounting data is compiled, along with the numerical reports, there are also options of tables, graphs and pie charts. The reports provide visual tools for sharing information in a variety of ways.

#10 Scalability: Technology enhances opportunities for scalability. When accounting is streamlined, man-hours made available and money is saved, it promotes growth and time to focus on the larger picture instead of the daily tasks. Technology and software options are expanding all the time, so rest assured it can grow with your company.

The Singapore accounting companies play a key role in the growth and development of the area. The reputation Singapore has built for itself for its business-friendly attitude is boosting its competitiveness worldwide. Accounting services are in strong demand because of the many advantages they can offer to safeguard businesses. Contact PikoHANA for more information.