How cloud based integrated accounting services can help improve your business
How cloud based integrated accounting services can help improve your business – When it comes to starting up, every single step is tough and takes a lot of hard work to get through to the next stage. As founders ourselves, we have seen the difficulties of starting up first hand and have went through this phase a couple of times. The oh so familiar steps that we go through seems to be many and to name a few:
- Funding – Tough to find people who can understand your product and much less put their faith in you
- Employees – The first few are the hardest to come by, who wants to work for a company that may not have any prospects the next year
- Customers – Starting up means you have no brand and no track record to speak of. Customers do not like to work with those with no experience
This are just to name a few and there are still so many things that you need to worry about. Packaging your product so that you can make it a possible sale, you need to learn to market your product or services, you will also need to make sure while balancing this whole suite of things, you do not go broke. Management is not easy and for anyone who has been part of a business starting up or just simply running a business is not easy without some reports done up for you.
K Cloud Accounting Singapore was founded by someone who has been through some of this and hopes to be your partner along the way to help you go through this tough times together as a partner. We all know that Accounting is important but not sure where and why?
- To report to somebody
Whether it is your investors or to the government, this is an important part of running a business. You will have to get it done up to appropriate standards that are acceptable in this time and age where regulation is mostly done to protect those who own the business.
Investors who either come from institution or angels will be keen to be updated on a regular basis, monthly or quarterly so that they are able to guide you along or find out whether they should continue to invest in this business or not. This makes for important investment decisions that can be done at a timely manner and most investors would want this to be done up properly.
Reports can be customized in manners that will be useful for the persons or organizations that you are reporting to, so if you need to do some form of report for your investors and therefore will need more operational details, that can be prepared for them and this will mean less time spent manually picking out relevant data and leaving the hard parts to the system to do it for you.
Financial Reports and Management Reports can be easily pulled out for reporting to ACRA. So you will definitely save time and money and effort in running your business
2. To make management decisions
Many a times, management personnel do not realize the importance of up to date accounting and data. But in this time and age where everything moves so fast and decisions have to be made on the go, the need for monthly data and daily bank information is more important than ever.
Management can identify where it is losing money and plug it sooner than later, they could also figure out what is working and where profits are coming in from and make it run faster and harder for the company. The worse thing that can happen for a business is when you are not aware that something is losing your cash but you are not working on it fast enough and that means we are not able to achieve what we can achieve.
Management decisions can only be made with data that has been turned into proper management information. And this can only be achieve with an accounting partner that is able to achieve this with monthly timely bookkeeping/accounting work done up. When you have good data with good analysis , you get good return on so that when you have a board meeting you can make decisions or plans that will help you to go towards a certain direction of what you think will help the business grow and help the business to prosper and do well.
The topic speaks of it being cloud based integrated accounting services and we have not really touched on this topic other than explaining the reasons why we need to have good accounting work done up. So the whole idea of a cloud based integrated accounting service comes from the fact that it is the base of the whole flow of management services that can be provided with the use of cloud based software, XERO.
K Cloud Accounting takes advantage of Xero Accounting’s unique features such as:
- Bank integration – Banks push bank data into the application so that you get a daily update of your bank balance and also allows for bank reconciliation
- Cloud based access + App based access – You can access data through the web or on your smartphone as and when you need it
- Monthly subscription – Affordable access to constantly updated software
We take advantage of this 3 features and integrate them together with our processes and also our pricing packages to provide a full suite of services that can help you to improve efficiency.
Our cloud based integarted accounting services packages start from $150 a month and includes the following:
- Accounting Services
- Un-Audited Financial Report Compilation
- Tax Computation & Submission
- Corporate Secretarial Retainers
- Annual General Meeting
- Annual Return
All included services that a Private Limited (Pte Ltd) company in Singapore will require to report to the government and the best thing is that at this price, the work is done every month so that you do not have to worry when it comes to getting things done up regularly and not having to go through a last minute rush to find out where and how you spend the money that you were planning to report into your accounts. Gone are the days where you have to go to many places to get your work done and you can just have a one stop shop where all the requirements and needs that you have can be found and done from one vendor and that will be us!
The package also means that you split up payment into 12 months installments instead of a one full year plan that means you have to shell out a few thousand dollars when you want to get something done at the end of the year. The package also increases with volume of work which means you only pay for the amount that you will be using for your needs.
We have yet to really discuss the benefits of such an integration of service and software to achieve a great deal of productivity gain. So we have shared that there is bank integration, cloud based access , monthly subscription, integration with payroll services and also our integrated all in one services. Lets look further into this 4 topics right now and we can finally conclude how we can take advantage of:
- Bank Integration with major local banks
When we say integration, we see great improvements in how the bank and the accountant can work closely together to provide seamless services for the client that we both are trying to service and give good quality work for.
Major local banks such as UOB, DBS and soon OCBC works closely with the software to push the bank data from the bank into the accounting software platform on a daily basis. This allows for two very important things that can help you and your accountant to improve the efficiency of the business. You can now check on your bank statements as and when you enter the application and at the same time, bank reconciliation can be done with it almost instantaneously. This saves tons of time of both you and your accountant and this means more time to be spend on making more money and also focusing on things that are important for the growth and survival of the business.
2. Cloud based access through website and applications
This is what really makes a big difference when it comes to getting access to information from anywhere and everywhere and also doing so anytime. Gone are the days when you need data and you have to go back to your desk to generate them. Neither do you need to go through your accountant to get a report, whenever your accountant says that the work is done. You can just login and generate the necessary reports yourself without the need to go through so many red tape and also not needing to print which saves you lots of ink and paper.
The servers are up 24/7 which allows you access anytime and anywhere around the world. The mobile businessman is the one in control all year round and able to make decisions when they need to do it and this is great for anyone who wants to achieve great success but at the same time have a work life balance.
Application access is also one of the key productivity keys with so many people having smart phones as their key source of communication today.
The risk of security lapses are also controlled with the use of 2FA to allow access which prevents hackers from gaining access to your important data.
3. Monthly subscription model of payment
Most accounting software will require you to work with paying upfront a few thousand dollars before you could even consider making any form of submission or changes and this cost can be high for a startup that is running low on funds. A three thousand dollar investment can be too heavy and deemed unnecessary. The great thing about the software that we are using and taking advantage of is the simple and easy to use monthly subscription model that will allow easy access and also easy to use system.
This form of subscription also mean that if you do not want to use the software you wont have to think about a costly exit but that of course is not what people have in mind but then again it might a consideration that some business might have.
4. Integration with singapore payroll services software
Our K Cloud Accounting has a collaboration with one of the leading payroll software company in Singapore to be done together with our fully integrated system of all the services together with payroll services. Payroll is tough and with a software that is award winning, it will be much easier to run something with it and to get things done at a faster manner. Most people do not realize that outsourcing all this non core features can mean that you company can grow much faster and better than anyone else.
When all services are integrated through the cloud and also the use of the cloud based software, you are able to achieve more with less time and that is what we want to achieve in the long term.
5. Integration with all other services
We have all 6 required services under one roof and this is what makes our services so good because you do not have to go to many places to get something done but instead get all your work done within a certain location.
Integration through service processes and at the same time information technology upgrades ensure that you as a customer is served to the utmost respect and efficiency and this means great quality work done with the fastest processing speed and with the best ideas in mind for you.
K Cloud Accounting is a leading Xero Partner and Xero Advisor in Singapore. We work closely with startups and partners with many coworking spaces and local firms targeting startups to provide the high quality services that they will demand from their partners in the corporate space.
Our founder is himself a young entrepreneur with lots of ideas and goals and is happy to help those in need with the knowledge he has gain over the years as a founder.
Call us now to speak about the possibilities of a partnership with us and you will be glad you did!