Business

How to Manage Your Business Accounting In the New Norm Using Cloud

Want to learn how to manage business accounting using cloud?

To cope with all the social restrictions that have been brought by the COVID-19 pandemic, Singaporeans have turned to apps when it comes to communicating with their loved ones, ordering food, and entertaining themselves. Two out of three consumers have decided to download at least one shopping app between mid-May and mid-June. It is also important to note that people have increased the time they spend online during the COVID-19 pandemic.

Although this pandemic has made a whole lot of people want to spend the majority of their time online, the trend of using on-demand online services started much earlier. Even before this pandemic started, people’s demand for convenience has resulted in the rise of some cool apps such as Grab in Southeast Asia and WeChat in China.

These two apps provide several different services, such as shopping, transportation, and financial services. Under one umbrella, they offer a truly special and unique experience for just about anyone who wants to use them.

The Evolution of Apps

Keep in mind that neither one of these apps would be the same if it wasn’t for all the technological advancements that smartphones have gone through over the past 10 years or so.

Things like programmable interfaces and GPS tracking have effectively turned the average user’s smartphone into a mini-platform that can be used for pretty much anything and everything the world of the Internet has to offer. Because of this, both the sharing economy and the world of e-commerce have become extremely popular among smartphone users.

The smartphone penetration rate is 82% in Singapore, which is the main reason why apps have become extremely important for consumers and businesses alike. While consumers can use their favorite apps to search for their favorite brands, buy things online, and schedule virtual meetings with their loved ones, small business owners can use those same apps to manage projects, collaborate on documents, store files, track business expenses, access their financial accounts, schedule meetings, and create social media content.

Now that small business owners can use a wide variety of software solutions when it comes to fulfilling their business needs, it has become a natural habit for them to turn to their favorite apps whenever they feel like they want to supercharge their growth. It’s all about the future!

Facing the Future

Super apps have successfully managed to combine several different services into one super platform. Some business accounting software solutions, such as Xero, are providing business owners with access to all sorts of business processes and tools through integrations with other cloud software solutions.

Many business owners’ future is most likely going to be volatile, complex, uncertain, and ambiguous. Using a platform like Xero is one of the best things that you can do for your business these days. And now, here are five different ways Xero can help you future-proof your business!

An Ecosystem That Can Back You Up

For many people, running a small business can be a lonely job. This is especially the case with people who take on multiple roles at once. Xero can help connect business owners to an ecosystem of partner apps and advisors. This will help them increase their business profitability.

Such applications include HR and inventory management with Xero. Currently, there are more than 800 partner apps in the official Xero ecosystem, with each one of those apps being able to handle the equivalent amount of workload of at least one headcount.

Automating Mundane Tasks

Xero’s partner apps share information seamlessly with Xero in real-time. Thus, you don’t have to worry about pretty much any data entry tasks since they are all done for you automatically. Some other mundane administrative tasks are also automatically done by artificial intelligence.

On top of that, Xero users can also connect their accounts with some of the most popular banks in Singapore. These banks include HSBC, OCBC, UOB, and DBS. The platform would allow their financial data to flow directly into their business accounting platform.

Getting Insights in Real-Time

There are many small business owners out there who are concerned about their cash flow during the COVID-19 pandemic. However, that is something that Xero’s digitalized business accounting process can take care of.

This process provides a real-time view of both the company’s cash flow movements and its liquidity status. If you have an active Internet connection, you are good to go. You don’t have to worry about any of that stuff.

A Cost-Efficient, Scalable Software Solution

Since their resources are not unlimited, many business owners tend to spend more money than they need to spend. Unlike traditional systems that include hardware, installation, and software upgrades, Xero comes with no upfront costs.

Xero is a cost-efficient, scalable software solution that allows its users to subscribe to a plan of their choosing. Having the ability to scale up or down on available features makes it easier for business owners to deal with any potential unforeseen disruptions.

Securing Your Data

The risk of cyberattacks will become increasingly higher with the digital transformation of businesses. This includes the shift to working from home. That being said, some applications that some business owners use to deal with their business operations contain vulnerable information. Attackers could take advantage of.

Xero is a cloud-based platform. There is absolutely no doubt that it offers better data security than traditional downloadable programs. This is because you have full control over who has access to your business accounts. This means that you don’t have to worry about whether or not one of your employees’ computers will get stolen or corrupted somewhere down the road. Xero encrypts its users’ financial data with the same type of security that is used by banks.

Related: Tips for Ordering your Tax Free Money

As Singapore slowly reopens its doors to the public, small business owners need to be much more nimble. Businesses should also be more agile. If they want to have any chance of getting through the COVID-19 pandemic with their businesses still in one piece. Cloud-based platforms like Xero can help small business owners protect their businesses. The platform protects from just about any potential disruption that you can think of.

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