You probable already know what an accounting software is. First time heard of cloud accounting software ? It’s accounting software running on the cloud, just like your Gmail, Google Drive and what not. As innovation continuously grows, cloud accounting software is becoming the more practical and efficient choice for many SMEs in Malaysia. Let’s see why.
What is Cloud Accounting Software?
Cloud accounting software is an online software that records all financial records of the company. Unlike traditional software that stores the records on the local computer, it stores the records on the cloud.
With cloud accounting software, your company accounting personnel now have the freedom to work remotely. This will benefit both the company and the employees. The accounting personnel must be knowledgeable in using the software to avoid human errors that affect the reporting accuracy.
How do Cloud Accounting Software works?
The company subscribes or procures a license of a specific cloud accounting software. With the software up and running, the company can then grants permission to the authorized personnel.
The authorized personnel can access the accounting software through different devices such as computer or mobile devices. With cloud accounting software the personnel also has the flexibility to work remotely or in the office.
Benefits of Cloud Accounting Software
Switching to cloud accounting software from the conventional one may not be straight forward. While it is an overwhelming task for some entrepreneurs, there are many factors to consider before choosing cloud accounting software.
Flexible Accessibility
Since it utilizes digital and online platforms, authorized personnel can log-in and access the account anytime with any device available. It gives freedom to your accounting personnel to modify and review financial records comfortably and immediately. Additionally, business owners are capable of checking the work of the accounting personnel anytime.
Centralized System
The “cloud” infrastructure allows multiple persons to access the financial records, promoting productivity within different departments of the company. Besides it ensures that everyone in the company is using the same data as the basis of business decisions. Collaborative spaces lessen the burden of employees in managing data resulting in more efficient outcomes.
Speed
Cloud accounting software can automate various manual tasks, such as creating complex ledger files, bulk data entry and etc. With this, the least efficient tasks are reduced, giving more time for your personnel to analyze and strategize data.
Security
Cloud accounting software performs backup instantly. Cyber threats, computer viruses are getting common nowadays. If those incidents happen, your company financial records are protected and can be easily restored by the software.
More Affordable
Using cloud accounting software does not require an IT personnel to maintain desktop-based systems used in conventional accounting software. Monthly subscriptions or lifetime access are the two options to acquire accounting software. Choosing the right software options is key to ensure cost efficiency in the long run.
Cloud accounting software has its risks and downsides. Mainly its reliance on strong internet access and improved security practices from the users. But considering the benefits described above, it’s a practical choice especially for start-up businesses. Cloud accounting software is continuously emerging, seeing that large business enterprises are utilizing the cloud innovation as well.
How To Choose the Right Cloud Accounting Software?
You are convinced that cloud accounting software is the way to go ? Before you decide on which product, do pay attention to the following aspects:
Business Appropriateness
Different cloud accounting software has different functions and specialties. Large business enterprises in Malaysia commonly use AutoCount who have gained over 600 000 active users on their latest update. On the other hand, SQL Accounting, QNE, and Biztory work best with SMEs to medium-sized enterprises. A user-friendly software interface is helpful for SMEs, knowing that some software requires advanced technical skills.
Functionality
Function distinctions are an extremely significant factor to consider when choosing a cloud accounting software. For instance, payroll processing, expense reporting, and bills paying services are some of the significant operations of cloud accounting software. However, some software has its unique function that separates them from the others, such as Mr. Accounting that has its built-in calculator, which is a practical option for accountants.
Upgrades
to the online nature of cloud accounting software, the storage and function constantly gets new upgrade. Updates are necessary to maximize the functions of the software. Do watch out the fine print before subscribing to ensure that the upgrades / updates doesn’t cost you a bomb. As the business grows, your accounting software may need new upgrades, or a shift to other software.
Best Cloud Accounting Software in Malaysia
The following are some of the most used and popular cloud accounting software in Malaysia:
AutoCount
Invoices, receipts, payrolls to accounting and inventory control, this software provides all that you need. It is one of the most trusted application in Malaysia. Even the Malaysian government uses AutoCount as their cloud accounting software. With its comprehensive functions and good automation, it’s not hard to understand why over 600K people are actively using AutoCount.
SQL Accounting
Despite targeting SMEs to medium merchandise enterprise, it remains a dominant accounting software in Malaysia. Besides common accounting features, it provides pre-made templates and is excellent in inventory and transactions monitoring. Aside from that, it specializes in payroll management to help your business perform daily activities efficiently.
QNE
QNE Business Solutions is another leading cloud accounting software specializing in the Malaysia market. It has good search engines within the software. It also provides higher data threshold to accommodate more files while maintaining the speed of the application. In terms of data security, the software encrypts all of your financial data and perform scheduled back-up regularly.
Biztory
Despite fairly new to the accounting software market in Malaysia, Biztory aims to be globally competitive. It offers complete accounting functions with user friendly interface, which is perfect for start-up companies. Biztory manages to be efficient and useful to SMEs while being precise with the accounting process and data analysis. Moreover, it offers a free 30-day trial for the undecided entrepreneurs.
Conclusion
Every business regardless of size needs a reliable and efficient accounting platform to monitor the company financial aspect. Cloud accounting software enhances productivity of your accounting personnel and as a result bring rapid growth to your business. Financial records and reports generated from the accounting process provides an accurate overview of the company health. With this overview made accessible via the cloud infrastructure, you will be able to make well informed decision for the company.