Today Singapore is becoming the hub for all things innovation. With new businesses rising to the occasion, there is a need for fast turnover and delivery. When quality and time are in question, it makes no sense to spend all your time doing accounts on a spreadsheet or keeping physical books. In this era of apps and software, there is a helping hand from many companies like K Cloud Accounting, who have enabled book-keeping and accounting using applications. This is a smart move for all small and large businesses alike. Why run numbers through sheets, when you can do it all through pre-set tools? Here is why you should move to account software today.
1. Efficiency
Unlike using books and spreadsheets, an accounting app is much faster. Since manual changes and additions are not in the picture, this process is seamless. Some apps like xero accountant Singapore, allow you to drag and drop files, rendering the process of manual entry redundant. Additionally, they also organize all your files by date and number and make the sorting of them also very easy. If there is a human error in the entry, multiple results can be obtained. But this is still easy to rectify in accounting software.
2. Reduced Costs
Using a program for accounting will make more economic sense as well. Since the entire accounting is done on a single app, the cost difference is exponential. You reduce the cost of manpower and stationary. Since most of the work is done in-app, you will need a smaller number of people working in this department creating massive savings.
3. The Lower Margin For Error
The moment you bring lesser human brains out of the equation, there is a much lower chance for error. With an accounting app, like the one from K Cloud Accounting, you do not need to depend on humans for generating invoices and the errors in calculations are negligible. There is the added advantage of it being at a single point, so there is a change in the staff managing the accounts, the process does not need to be re-taught to a new employee.
4. Easier Tax Filing
Since there is a check on all your business transactions, all your information is consolidated to one single place. This means you do not need to worry about skimming through hours of paperwork for the information for tax-filing. Some apps also allow you to calculate your estimated returns and advance tax vales right on the app.