More and more accountants and businesses are moving towards cloud-based accounting and with 88% of SMEs demanding cloud solutions, this isn’t something that is going to slow down anytime soon. However, we recognise that many accountants and small business owners feel reluctant about the transition. So, here’s a quick breakdown of cloud accounting and what it could mean for the future of accountancy in your business.

Because what you present in the financial statements are meant to make it comparable to ALL other companies, not just companies in your trade, but all companies in Singapore and across the globe. This enables any reader of the financial statements to understand them.

In the past, when things were simpler, small companies kept shoe-box accounts i.e. all their receipts and documents folded and chuck into old shoeboxes for a full year, then its off to accountants whom have to draw up everything based on half-rotted and faded thermal documents, directors’ memory and some guesswork.