After your incorporation, what is next: Cloud Financing in Singapore’s top 3 industries

"Success is a decision. Dare to choose it." - Jill Konrath

Cloud Computing in Singapore's top 3 industries

Cloud computing has become a popular technology in the last few years. As digitalisation continues to grow and evolve, cloud computing continues in its evolution as a viable and cost-effective business strategy. It is clear that technology in current markets and industries is showing no signs of slowing down, and with the right processes and tools at hand, going digital with Cloud Accounting software can save your business significant time and money. This will in fact provide you with the avenue and momentum to push towards business development and growth.

Cloud computing initiations include eliminating complex implementation and maintenance costs, improving performance through real-time reporting and the automation of manual and mundane tasks to give back time to the different members and teams across your business to focus on value-adding projects.

Adopting a Cloud Accounting software may pose certain challenges or change of business structures during the implementing of new systems. However, such short-term challenges will reap you and your business long term gains. It has enabled a stronger understanding of cash flow, a clearer overview of business activity, opportunity for real-time reporting and the automation of low-value tasks that previously held finance teams back. Furthermore, fear not as there are professionals who will also be able to help you with the integration and initiation of your cloud accounting software with your current software and documents.

Businesses in the Food and Beverage Industry. Why are you that busy?

As F&B businesses grow, there will be more paperwork and administrative matters.

Many F&B businesses saw cloud computing as a tool that could provide deeper interaction with consumers and increase business opportunities. This is, of course, beneficial only if the businesses effectively deploy the technology and efficiently use it. Because of such benefits, many businesses in food supply chain management have also begun to adopt cloud computing, big data and analytics. Big data and analytics allow your businesses to gain insight and knowledge on your customers while sifting through large amounts of data. Say goodbye to mountains of paperwork and time-consuming administrative work. Effective use of cloud accounting and technologies can analyze data to size markets, understand consumer habits, develop new product strategies, target specific categories of consumers, and support marketing campaigns.

Cloud computing and big data are driving the food industry as a whole, with the cloud infrastructure providing the backbone to gather and analyze data through the food supply chain from start to end. Starting from the field where the crop grows, to the warehouses that store it; the containers that ship the crops, to the consumer that buys it. This is an important viable alternative to previous costly investments in hardware and software, allowing the industry to react faster to shifting environments in the marketplace and gain a competitive advantage. You will be able to have full view of your operations, while also being able to zoom in to the smallest of details to gain clarity and insights.

Businesses in the Education Industry. Unable to decide your next step?

In the Education sector, it is tedious work when you mark papers, record grades and send invoices to parents and students.

Over recent years, technology and the importance of cloud computing have caused significant shifts in education and how students learn. Just a few years ago, teachers could predict careers that students would have in the future and thereafter the work to prepare them for it. However, educators in current times no longer have that luxury. By incorporating meaningful technology into the classroom, both students and teachers will be able to see improved outcomes and increased engagement.1

Cloud computing fosters opportunities for many businesses in the educational sector. Teachers can connect their students to multiple programs and applications, allowing students to be innovative in their presentation and efficiency of their work and submissions. For example, a student could respond to an assignment by uploading a video recording, a presentation deck, a word document or even a picture of a piece of artwork they made individually or with their peers.

Cloud computing also helps education businesses to meet data protection obligations to ensure student and employee information is kept safe. If your business adopts cloud computing in your business structures, investing in cloud security measures that provide a base level of security on your cloud infrastructure.

One of the biggest obstacles for teachers is time. The cloud offers various solutions that give teachers more time to focus on instruction. Since students and teachers can access materials from anywhere at any moment of time, teachers can spend less time making copies and more time on quality education. The ability to collaborate effectively with others is imperative for students to master. The cloud allows all users to have easy access to resources across multiple platforms and with one another, creating a strong foundation for developing collaboration skills.

Businesses in the Retail Industry. What are current trends?

Retailers integrate their e-commerce platforms with cloud accounting software to save the daily hassle of reconciliation and tracking.

Cloud computing help the retail industry in many aspects. From reducing infrastructure, storage, and computing costs to enabling real-time access to operational and inventory data. Cloud computing has transformed the retail sector in multiple ways, including efficient inventory management, data security, better user experience, enhanced profitability, and disaster management. Being able to keep up with rising trends and competitions is necessary for your retail business to stay at the top.

Efficient inventory management is one of the common challenges faced by retail businesses. Big retail companies that manage multiple stores at different locations are unable to check or manage their stock in real-time. By adopting cloud computing, retailers are able to have a broad view of their stocks.

Cloud computing is often hard to implement, especially with the huge magnitude of numbers a retail business would have to handle, access and forecast on a daily basis. However, it saves its users a great deal of money. Regardless of where you are in your digital transformation journey, you should take advantage of the cloud’s new technologies that can provide you with the performance, security, and cost control you need.

Cloud computing has a vast database. Retailers like you can leverage the data from connected devices to analyze buying behaviors, trends, and interactions with the brand to gain a competitive edge in the decision-making process. Cloud computing also helps to reduce IT infrastructure costs. Retailers can use it to decrease the spending on software, infrastructure, and licensing fees.

As cloud computing has great potential towards its scalability, cost-effectiveness, and reliability, it has grown to be an essential for most retail business owners. Do not forget to always keep a back-up of your data. As you build your knowledge on cloud computing, cloud handling and the technologies that come with them, you will also build confidence and open greater opportunities for your business.

Singapore is very business friendly, and I find that not being afraid to ask for help, whether it be from your colleagues, staff at IRAS or ACRA, or your company vendors, a lot of information comes freely and accurately if you ask directly, and saves a lot of trouble guessing or ‘googling’.

Lilia Pritchard

Enjin

After your incorporation, what is next: Cloud Financing in Singapore’s top 3 industries

"Success is a decision. Dare to choose it." - Jill Konrath

Cloud Computing in Singapore's top 3 industries

Cloud computing has become a popular technology in the last few years. As digitalisation continues to grow and evolve, cloud computing continues in its evolution as a viable and cost-effective business strategy. It is clear that technology in current markets and industries is showing no signs of slowing down, and with the right processes and tools at hand, going digital with Cloud Accounting software can save your business significant time and money. This will in fact provide you with the avenue and momentum to push towards business development and growth.

Cloud computing initiations include eliminating complex implementation and maintenance costs, improving performance through real-time reporting and the automation of manual and mundane tasks to give back time to the different members and teams across your business to focus on value-adding projects.

Adopting a Cloud Accounting software may pose certain challenges or change of business structures during the implementing of new systems. However, such short-term challenges will reap you and your business long term gains. It has enabled a stronger understanding of cash flow, a clearer overview of business activity, opportunity for real-time reporting and the automation of low-value tasks that previously held finance teams back. Furthermore, fear not as there are professionals who will also be able to help you with the integration and initiation of your cloud accounting software with your current software and documents.

Businesses in the Food and Beverage Industry. Why are you that busy?

As F&B businesses grow, there will be more paperwork and administrative matters.

Many F&B businesses saw cloud computing as a tool that could provide deeper interaction with consumers and increase business opportunities. This is, of course, beneficial only if the businesses effectively deploy the technology and efficiently use it. Because of such benefits, many businesses in food supply chain management have also begun to adopt cloud computing, big data and analytics. Big data and analytics allow your businesses to gain insight and knowledge on your customers while sifting through large amounts of data. Say goodbye to mountains of paperwork and time-consuming administrative work. Effective use of cloud accounting and technologies can analyze data to size markets, understand consumer habits, develop new product strategies, target specific categories of consumers, and support marketing campaigns.

Cloud computing and big data are driving the food industry as a whole, with the cloud infrastructure providing the backbone to gather and analyze data through the food supply chain from start to end. Starting from the field where the crop grows, to the warehouses that store it; the containers that ship the crops, to the consumer that buys it. This is an important viable alternative to previous costly investments in hardware and software, allowing the industry to react faster to shifting environments in the marketplace and gain a competitive advantage. You will be able to have full view of your operations, while also being able to zoom in to the smallest of details to gain clarity and insights.

Businesses in the Education Industry. Unable to decide your next step?

In the Education sector, it is tedious work when you mark papers, record grades and send invoices to parents and students.

Over recent years, technology and the importance of cloud computing have caused significant shifts in education and how students learn. Just a few years ago, teachers could predict careers that students would have in the future and thereafter the work to prepare them for it. However, educators in current times no longer have that luxury. By incorporating meaningful technology into the classroom, both students and teachers will be able to see improved outcomes and increased engagement.1

Cloud computing fosters opportunities for many businesses in the educational sector. Teachers can connect their students to multiple programs and applications, allowing students to be innovative in their presentation and efficiency of their work and submissions. For example, a student could respond to an assignment by uploading a video recording, a presentation deck, a word document or even a picture of a piece of artwork they made individually or with their peers.

Cloud computing also helps education businesses to meet data protection obligations to ensure student and employee information is kept safe. If your business adopts cloud computing in your business structures, investing in cloud security measures that provide a base level of security on your cloud infrastructure.

One of the biggest obstacles for teachers is time. The cloud offers various solutions that give teachers more time to focus on instruction. Since students and teachers can access materials from anywhere at any moment of time, teachers can spend less time making copies and more time on quality education. The ability to collaborate effectively with others is imperative for students to master. The cloud allows all users to have easy access to resources across multiple platforms and with one another, creating a strong foundation for developing collaboration skills.

Businesses in the Retail Industry. What are current trends?

Retailers integrate their e-commerce platforms with cloud accounting software to save the daily hassle of reconciliation and tracking.

Cloud computing help the retail industry in many aspects. From reducing infrastructure, storage, and computing costs to enabling real-time access to operational and inventory data. Cloud computing has transformed the retail sector in multiple ways, including efficient inventory management, data security, better user experience, enhanced profitability, and disaster management. Being able to keep up with rising trends and competitions is necessary for your retail business to stay at the top.

Efficient inventory management is one of the common challenges faced by retail businesses. Big retail companies that manage multiple stores at different locations are unable to check or manage their stock in real-time. By adopting cloud computing, retailers are able to have a broad view of their stocks.

Cloud computing is often hard to implement, especially with the huge magnitude of numbers a retail business would have to handle, access and forecast on a daily basis. However, it saves its users a great deal of money. Regardless of where you are in your digital transformation journey, you should take advantage of the cloud’s new technologies that can provide you with the performance, security, and cost control you need.

Cloud computing has a vast database. Retailers like you can leverage the data from connected devices to analyze buying behaviors, trends, and interactions with the brand to gain a competitive edge in the decision-making process. Cloud computing also helps to reduce IT infrastructure costs. Retailers can use it to decrease the spending on software, infrastructure, and licensing fees.

As cloud computing has great potential towards its scalability, cost-effectiveness, and reliability, it has grown to be an essential for most retail business owners. Do not forget to always keep a back-up of your data. As you build your knowledge on cloud computing, cloud handling and the technologies that come with them, you will also build confidence and open greater opportunities for your business.

Singapore is very business friendly, and I find that not being afraid to ask for help, whether it be from your colleagues, staff at IRAS or ACRA, or your company vendors, a lot of information comes freely and accurately if you ask directly, and saves a lot of trouble guessing or ‘googling’.

Lilia Pritchard

Enjin

How we helped

At Tisch Global, we are professionals of over 30 combined years in anything Accounting and Finance. Being your modern business advising firm, we bring the best-in-class knowledge and tools to support the startup, growth and maturity of businesses in the many industries throughout Singapore.

We are your growth partners at different business stages:

If you are a Young StartUp, let us materialise your vision.

If you are a Fast-Growing Small Business, let us support your business goals.

If you are a Mature SME, let us give you that competitive edge.

How we helped

At Tisch Global, we are professionals of over 30 combined years in anything Accounting and Finance. Being your modern business advising firm, we bring the best-in-class knowledge and tools to support the startup, growth and maturity of businesses in the many industries throughout Singapore.

We are your growth partners at different business stages:

If you are a Young StartUp, let us materialise your vision.

If you are a Fast-Growing Small Business, let us support your business goals.

If you are a Mature SME, let us give you that competitive edge.

Written by, Sai Prema | After Incorporation Whats Next | 14 June, 2022 | #TGInsights