How cloud accounting is redefining small businesses
Cloud accounting has changed the game for us accountants. Gone are the days when accounting was all about entering data into Excel sheets and using complex command lines to generate numbers and reports.
Modern accounting allows for data to be processed in the “cloud” and returned to the user—decreasing processing…
The struggle is real: obstacles to digitalising your accounting processes
As the Covid-19 pandemic raged across the world in April 2020, Microsoft CEO Satya Nadella observed, “We’ve seen two years’ worth of digital transformation in two months.”
We saw this same urgency among many SMEs in Singapore. By October last year, 83% of SMEs in the country had already established…
How data and insights can help you do better business
Small and medium enterprises (SMEs) have been surprisingly resistant to adopting new accounting technology—and this reluctance has come at a cost.
A recent survey of accounting and finance professionals around the world found that the majority of companies had not implemented any automation technology to ease their workload, with only…
The struggle with compliance in Singapore
Singapore is one of the best places to start a business. The latest 2019 Global Competitive Report released by the World Economic Forum ranked Singapore first overall for its financial market development, highly-qualified workforce, and infrastructure.
There are also a number of grants and incentives to help entrepreneurs and small…
5 practical financial tips to grow your e-commerce business in a post-pandemic world
Covid-19 has created a watershed moment for e-commerce, putting it firmly at the forefront of retail in Singapore and the rest of Southeast Asia.
According to the e-Conomy SEA 2020 report by Google, Temasek, and Bain & Company, the pandemic has led to a 30% rise in new digital services…
What can SMEs do with their historical data?
Every day, 2.5 quintillion bytes of data are generated from everyday activities such as logging exercise and sleep, writing up emails, and filing reports. One IBM report from 2016 shows that 90% of the world’s data was created within the past two years—and each year will bring exponentially more. Much…
How to build a working relationship with your accountant
While it might seem like accountants should be the ones in charge of maintaining relationships with their clients, it benefits business owners to be proactive about relationship building as well. Why? Because most accountants are under-utilised!
Most founders and business leaders know that they can approach their accountants for tax…
The shifting role of accountants and the future of accountancy
Nowadays, many of us can open a mobile app or browser and complete certain aspects of our work online. We might schedule a call, respond to an inquiry, or snap a picture of our latest work-related expense. Digitalisation trends such as faster internet (4G or even 5G), artificial intelligence, and…
Top skills for the modern accountant
With the rise of automation in accounting in recent years, tedious tasks like data entry, payroll generation, and manual bookkeeping have become more efficient and less time-consuming. In fact, the finance function is expected to have at least 80% of its tasks automated by machines.
At Harvest Accounting, we embrace…
How do you find the best accounting service to partner with?
Running errands, keeping customers happy, managing staff—the list goes on. While running your own business is rewarding, it’s also extremely tough.
Adding on to that list of things to do, you also have to manage your own finances. It’s not easy keeping track of your finances every month, especially when…