Cloud Platforms: One Solution for a Post Covid-19 World
The world has changed, what about you? Get on the cloud to accelerate business transformation in these troubling times.
No one ever saw it coming.
Now, after 6 months and more than 5 million cases worldwide, the devastation caused by Covid 19 is plain for all to see. Not only has the world suffered a massive human impact, but there is a significant commercial impact as well.
At home in Singapore, workplaces were shut down for weeks. Over 80% of the workforce has been working from home since the circuit breaker came into force. At the time of writing, many companies do not have a date for a full return to their offices in sight.
Even after the circuit breaker ends, the new normal in Singapore will forever be changed.
Remote work will no longer be viewed skeptically. People are realising that telecommuting may not necessarily be inefficient or lead to less work done. Major companies such as Google and Mastercard are already planning to effect a permanent shift to remote working even after the crisis ends.
A growing number of SMEs in the corporate services sector are also keen on exploring remote working and telecommuting as a long term arrangement.
On the other hand of the spectrum, the compulsory work from home situation has seen many corporate services providers struggle to adjust. The key factor that sets this group apart from their better prepared contemporaries is digitalisation. While some already had the IT infrastructure to support telecommuting in place, others were forced to respond to the lockdown overnight.
Traditional firms that have not incorporated the latest technology into their workflows are likely to have particular systems (e.g. accounting software) that can be accessed only in the office. Staff members managing these systems will be effectively immobilised, causing affected firms to experience much larger falls in productivity than others.
What are cloud based platforms and systems?
Enter cloud based systems, which have proven to be game changers in these challenging times. They utilise servers that are accessed over the Internet, as well as the software and databases that run on these servers.
Users of cloud systems do not have to manage physical servers themselves or run software applications on their own machines. Business owners will be able to access their company’s financial information anytime, anywhere since digital files in the cloud can be synchronised across multiple platforms.
There will be no need to travel to the office just to check on cash flows. Managers can spend more time on making great decisions for the business instead of reading through thick piles of management reports.
Popular cloud platforms
One of the most popular cloud based accounting platforms in the world is Xero. The software uses a single-unified ledger that allows users to work on the same set of books in real time regardless of location and operating system.
Another cloud service to look at is Airtable, a piece of real-time collaborative technology that is best described as a builder of professional spreadsheets, databases and forms. It simplifies data collection,and provides a convenient backend storage option.
We also have Starboard, an all in one cloud-based corporate governance platform. It has everything a corporate service provider needs for entity management and stakeholder engagement, including customisable job templates as well as document trackers.
Corporate service providers have to move their business operations, and that of their clients, to the cloud if they haven’t already done so.
The adoption of cloud platforms will accelerate the changing role of accountants from bookkeepers to business advisors.
Professionals in the corporate services industry are already being called to a higher level of thinking and communication. Hard-hit businesses require their expertise more than ever, higher-value assistance that goes beyond bookkeeping and compliance related tasks.
Clients need help regarding issues that include cash flow forecasting, financing option reviews as well as the interpretation of government relief packages. Clients don’t just want an obedient deckhand that can only handle routine work, but an intelligent and resourceful chief mate that can help them navigate their ship in these rough waters.
How accountants and corporate secretaries deal with this crisis for themselves and their client portfolio may very well translate into lifetime client retention. This is a good time for corporate services providers to prove their mettle and start building a reputation for themselves as the go-to business advisor in the post Covid-19 world.
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We would like to show you how we start planning for your firm to join the future in both a time and cost-effective manner.
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*Photo by Daria Nepriakhina on Unsplash