Block chain and cloud technology have been a common buzz word in today’s business context. These technology enablers has provided much disruption to how businesses operate and altered the fabric of how businesses grow.
Keeping up with BlockChain and Cloud Technology for your Business
Posted on September 10, 2020 by Gauge Team
Block chain and cloud technology have been a common buzzword in today’s business context. These technology enablers have provided much disruption to how businesses operate and altered the fabric of how businesses grow.
So what are the implications of this technology and how can businesses tap onto this new wave of technology. In this article, we will share 5 tips as to how businesses can benefit from the use of blockchain and cloud technology for your business.
1. Take Advantage of the Singapore Electronics Act – Have records Signed anywhere
Saves time for your business on the collection of source documents. The legislation in Singapore; the Singapore Transactions Act has enabled businesses to take advantage of using mediums like blockchain e-document signing and adoption of paperless record keeping; doing away with the need to schedule signatory meetings or worry about fading and misplaced receipts.
2. Going Paperless – Save that Storage
Saves storage due to the Singapore mandatory requirement of having records kept for 5 years, with the aid of cloud technology, businesses can operate without worrying about missing documents or the task of retrieving dated records on customer disputes or vendor payment. Imagine an e-library where records are kept and indexed accordingly to date and supplier or category. Having your business on the cloud will enable better indexing and ease of document retrieval with a simple click of a button.
3. Milking Cash With the Cloud
Cash flow improvement will come along when you use cloud technology, with payments with banks and supplier payments and sales transactions; the cloud allows seamless coordination and matching of payments and collections. You can opt for prompts suggestions or set it to auto reminders; like those you see by telecommunications providers on repeated mails on outstanding payments to your customers.
4. Automating Emails Invoices
Let’s be honest, how many times do you actually delete your mails; well I don’t. With the expansive growth of data storage and accessibility, we have come to terms with the “archival mentality”, a need to keep everything just in case. This may pose an issue when searching for documents at a later date. With the aid of cloud technology, you can set rules on vendors or expense mails so that they do not get missed. Imagine having to go by vendors across users and downloading attachments, and later or discovering a missing attachment a few months later. The cloud helps to put things in order.
5. Run your Business Everywhere and Anywhere
Being able to operate your business on the go is great if you are intending to separate yourself from being on the business rather than being in the business. The dream for every entrepreneur is to have their business run by itself and grow exponentially; obviously being able to sell the business at the end of the day for good money should be the aim of every business. Using the cloud enables connectivity anywhere on the go, and unlike conventional desktop operations, this enables multiple users to access and work on the operations of the business at the same time. This promotes real-time involvement and supply live feeds on the activities that affect business success.
Tapping onto innovation for small and medium business was an expensive affair in the past; high cost in customization and heavy investment on costly in-house servers. But with advent pace of technology, cloud storage is quickly replacing the use of costly severs and a host of app developers providing browser based applications that are industry-specific and affordable with pay as you use models. Find out how to stay ahead of the competition and grow your business, reach out to us for a non-obligatory discussion on how to improve your business with technology.
At Gauge and Company, we are leading provider of Accounting, Taxation and Corporate Secretary Services in Singapore for SMEs and Startups. We offer high service quality, a commitment that we promise to you and our clients. We are here to answer your Business Tax and Financial questions and welcome you to Contact Us!