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Humanising Finance
February 2018
5 ways to get into the habit of saving
     

GUIDE ON CLOUD ACCOUNTING FOR SMALL BUSINESS OWNERS

 
As Singapore works towards building a smart nation, the government has called on businesses to ride on the wave of digital transformation. SMEs are getting on the bandwagon to automate operations that will better empower them to thrive in the digital economy. One of the ways is to automate and streamline accounting tasks via a cloud platform.

A research that studied SMEs' administrative load across multiple geographies revealed that on average SMEs spent more than 20% of their administration time on accounting. Among all the different types of administrative tasks, accounting is the costliest, followed by invoice generation and taxation.

Given the benefits that may be leveraged from digitalisation, it seems obvious that companies should consider cutting-edge solutions that lead to shorter processing time and lower costs.
 
What is cloud accounting?
 

Cloud accounting software functions just like a desktop accounting software, except that business owners are now able to access the company's accounting information on the go. The e-software is hosted on remote servers where the data is sent into "the cloud" for processing before it is returned to the user.

There are several advantages of cloud accounting compared to desktop accounting. Going digital not only eliminates the need for businesses to purchase hardware for on-premises installation, but also saves money on system backups.

Key advantages:

  • No hefty capital investment - Usage is subscription-based and cost is chargeable on a pay-per-use basis;
  • Usage - Allows multiple user access;
  • Accessibility - Data is stored in the cloud and can be accessed via an internet browser on any mobile device or computer;
  • Scalability - Should there be changes to GST, CPF and other policies which may impact the accounting process, software updates are usually taken care of by the service providers from their back end; and
  • Convenience - Able to generate electronic invoices for clients in the office or at home. Actual payments and collection can be facilitated through Business Internet Banking, helping business owners to save time.

With automation in place, a small business owner can track sales and inventory through a simplified dashboard, and automatically forward transactions to recipients via email. Financial reports can be generated instantly, paving the way for ease of corporate tax filing.

As most banks require financial statements for credit underwriting, a well-documented accounting system will allow the business to better comply with accounting standards and improve their long-term credit worthiness.

   
 
Maybank has partnered Financio, a cloud accounting software developed for small business owners in Singapore, to offer new and existing Maybank FlexiBiz and PremierBiz customers a 90-day free trial of Financio's premium plan.

In addition, Maybank PremierBiz Account customers get to enjoy the premium plan free for 12 months, while Maybank FlexiBiz customers can sign up for the premium plan at S$8 a month.

 
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Always wanted to find out more about a finance-related issue? Email us at: corporateaffairs@maybank.com.sg
 
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