What is Cloud Accounting?
Cloud accounting allows you to access, store, input and amend your accounting data online. the software runs on a server accessible anywhere. It allows the user to run the business from anywhere. Using cloud accounting software allows multiple users to access the same data at the same time, allowing synchronisation within the company.
What is the difference between Offline and Online Accounting?
Offline Accounting
Pros
- More suited for larger enterprise with in-house accounting team.
- It is easier to customize the software to your company needs
Cons
- Expensive Software and require manual software update
- All information are stored in the licensed computer, accessibility to the computer may not be immediately available.
VS
Online Accounting
Pros
- Basic setup is available to new users and all software update is managed by the service provider
- The real-time financial report can be shared across the company management.
- some cloud accounting software provides mobile apps, which allows them to record payments/expenses more conveniently and effectively
Cons
- Access to the accounting data will be lost if billing is not paid
- Slow processing time and unable to view accounting data when there is lack of internet access.
How Business Tax Accountancy can help you?
Business Tax Accountancy Pte Ltd is a Xero Certified Advisor.
We will be able to provide real-time cloud accounting solutions. We are able to guide and provide training for business owners on book-keeping entries into the system or provide book-keeping services while allowing them to use the system for invoicing. Our services will reduce time spent on accounting and allow business owners to focus on the daily operations of the company.
