How to make sure your Accounting System Hong Kong is secure?

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When running a Business we have particular software systems that store extremely important information. Putting the entire business into accounting software can set off red signals regarding security. After all, your bank account details, pricing and revenues along with supplier and employee details are all saved in the software. Any leak simply indicates that your entire business processes and private and confidential information may be jeopardized.

Thankfully accounting management software has inbuilt security to safeguard your data against malicious attacks. Let’s have a detailed look on what these measures are and how they protect your data:

Personnel and Location Based Security

If the accounting system you use is a pure service, the data will have to be stored on off-site servers. The accounting software firm will ensure safety of data by limiting access to certain authorized employees only, and creating authorization standards: password protection or dual approvals for server access.

A quick way to judge security is the attitude of the staff who you deal with. How do they input the data, how meticulous they are in the storage of physical and soft files, and who do they allow access to the data?

Natural Disaster Protection

When working on security plans, we tend to overlook protection against the natural disasters our area may be prone to like fires, tornadoes, or earthquakes. In the case of data storage servers being located in the same area as your workplace, there is a high chance of total data wipe out. So, during the selection of service providers, ensure that you select one that offers off location server storage.

Data Transfer Encryption

Ask your service provider about what encryption services they use and how they ensure security during transfer of data. This will not only allow you to know the procedures used to safeguard data when at storage but also during the transfer of data from one storage point to another.

Authentication

The most common causes of security breach happen due to unauthorized access. This access may be internal in the company or external from attackers. However, there are numerous protection methods that can help you solve this problem. The most common protection method is authentication – from setting up an email password with its numerous requirements to an automatically expiring password, there are many forms of authentication you can choose from.

Regulatory Requirements 

Take the assistance of your government and only hire accounting system providers that meet the regulatory requirements. To do this, it is equally essential to know about the requirements for cloud based storage, off-site storage, capital investments and board of directors amongst others beforehand. By focusing on these requirements, you can ensure that you have used the basic selection criteria for a reliable accounting firm and reliable accounting management software.

5 Signs Your Business is ready for an ERP System

As you expand your business, you will inevitably experience some growing pains but the transition into a professionally run company can be a lot smoother if you know when it’s time to update your software
As a company grows, you undergo several stages of development and several stages of formalising your business processes. From payroll and accounts to IT systems and marketing, you add the relevant processes to your operations and learn as you go along. For small companies, it is inevitable that these process will be separate and disjointed – you can only do what you can at the time. When companies reach a certain size in terms of profitability and/or number of employees, a reactive approach to adapting to the changing nature of your business is insufficient. There will come a time when you need a comprehensive top-down approach to your operations and strategy. This is when you need to implement an Enterprise Resource Planning system (ERP).

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What is ERP?
ERP is a kind of software that allows for the integration of various different business processes including human resources, accounting, marketing and IT. It allows businesses to have a cohesive approach to their business operations instead of running different software programs for different parts of the business. It often saves money, time and allows for a greater top down view of the business. Here are the tell-tale warning signs that you need to adopt an ERP solution:

Your IT is becoming unmanageable

If your IT system is constantly experiencing problems, from the website and email servers to remote working, then you may be in need of ERP software. If your IT technicians are constantly putting out fires, then you definitely need ERP software. It could be time to stop solving problems by adding another layer of software and start afresh.

You don’t have direct access to information about your business

If you find yourself unable to easily access past sales figures, client buying habits and profit margins, then your systems are inadequate. ERP solutions can collate all this data and present it to you ready for straightforward analysis.

Accounting is unnecessarily difficult

Accounting is never easy but it is not that complicated either. If you are battling with paper invoices and several spreadsheets, you need to find a better way. Outdated accounting software designed for smaller businesses will slow your accounting team down.

You never know exactly how much stock you have

ERP software tells you exactly how much inventory you have at any given time. Without adequate stock keeping, client orders will be late or unfilled. This when the complaints start piling up. ERP software allows you to effectively manage your stock so that you have exactly the right amount at any given time, all according to your specific client requirements.

Different departments are using different software

This is standard for growing companies but once you are at the level where you are using professional software to manage your processes, you should be looking to adopt an integrated ERP solution to bring it all together.

The bottom line is that when simple processes become unnecessarily complicated and time consuming, you should consider upscaling your process management. The benefits of an ERP solution are huge – it can allow for smooth and efficient operations as well a top down view of your business that allows you to develop strategies for the future instead of constantly reacting to problems.

 

6 Reasons Your Business Needs Accounting Software

There are many reasons your business requires accounting software but if you’re a young business, you probably are not aware of what the benefits are.
Whether you’re a startup or an established business, you need to be accounting for all transactions. There are several reasons for this – some are legal, some are for the effective management of your company and others relate to positioning your business for further growth. Accounting software should lie at the heart of your accounting processes.

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1. Financial accounting is a legal requirement. Wherever you are in the world, you will need to document all transactions, profits (or losses), income, assets and liabilities. This is a requirement for tax purposes and these details will also need to be prepared for shareholders and creditors. In order to do this effectively, you need a solid accounting system based on accounting management software.

2. It makes your life easier. As a director or owner of business that is growing, you will inevitably have teething problems when transitioning from a small company to a large and professionally run outfit. Part of this transition includes formalising your accounts. Instead of tracking sales and inventory using Excel, for example, you will need something more robust to show the state of your finances and inventory at any given time.

3. Accounting management software is an immensely valuable tool in that it tells you where you are as company. It gauges your health as a commercial entity and tracks past performance. Using historical data, trends can be ascertained and strengths and weaknesses identified. Seasonality can also be identified, and you can see which products are most profitable. Having this information allows you to improve and tweak your business and devise management strategies for the future.

4. Customer information is another important part of accounting management software. With all sales tracked, you can identify which customers are buying what products. This gives you valuable insight into your clients’ buying habits and positions you to create targeted marketing campaigns.

5. The beauty of an accounting system based on accounting management software is that it streamlines and automates your corporate processes. It can automate invoicing, banking, payroll and a lot more besides. This means your business can save a huge amount of time and expense.

6. Management accounting software means that you have your company information at your fingertips. If the tax office ever comes calling, you will not have to frantically scramble around looking for half-baked Excel files to find your accounts. Everything will be available and, if used correctly, in order.
You simply cannot manage a business properly without an accounting system based on management accounting software. Further more, if you want to transition into a business that plans for the future with a defined strategy, you need to know the current state of your business against it’s past performance. Strategy defines a mature business, and for that, you need quality management accounting software.

 

Book-keeping a thing of the past, say hello to your Accounting Software program

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The necessity to keep accurate and up-to-date accounts is an important task in any business. However, for smaller businesses this can be a time consuming task that is often continuously pushed back and forgotten about. This is a problem frequently faced by businesses that are not big enough to employ a specialized accounts person, and hence, the job of keeping accounts is often left to the business owner or manager. The importance of knowing and keeping track of your income and expenditure is imperative to running your business successfully and thanks to technology there are many great software programs available that will save you time.

Accounting management software works like any other software, you click away and you see results. Gone are the days of a pen, paper and calculators, all you need now is your own personal computer to manage your business books and keep them from going haywire. By simply entering data and creating rules for the same spends you can quickly reconcile invoices. It’s also very easy to create invoices for your clients as well as quickly and effortlessly complete your company payrun.

Accounting systems allow you to control your business operations like any other business management system. They save data and calculate your expenses, costs, gross profits and net profits instantly by inputting figures. Accounting systems save you the pain of balancing your books manually only to find your figures are way out. So why not opt for an accounting management system which makes the general running of your business efficient.

With a variety accounting management software systems available for small and medium sized businesses, the options are endless. It might be an idea to really do your research when looking for the right accounting management system. Read reviews and look at what each system offers to help find one that best suits your needs. If you are a larger enterprise don’t be deterred into thinking that these systems will not be robust enough for your company. The truth is many of these accounting systems will allow large enterprises run their finances effectively. There’s not always a need to spend extreme amounts of money on systems that you won’t utilize to their full capacity.

If account management was not such an integral part of running a business, most business owners would probably not want to waste their time doing it because it is a mundane job. However, since it takes up an essential part of running the business effectively, why not streamline your processes as easy as possible by purchasing decent accounting management software. So toss your accounting books to the back of your office and start running your accounts department with state-of-the-art accounting management software today!

 

What Does Accounting Software Actually Mean for Small Businesses?

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In the modern world, the reason that technology has completely amalgamated is due to the fact that it has brought convenience in all business industries. In every organization, either big or small, the presence of accounting system acts critically in book keeping. Therefore, there are different sorts of accounting software which are specially created in accordance with the size of the business. In older days, only big businesses used to perform accounting activities by the use of accounting software but today even small businesses are engaged to use the accounting software.

Accounting software has revolutionized the financial systems of small businesses. Some of the reasons are stated below:

  • The advantage of using accounting software in small businesses is to keep a check on the financial information of the business. The information is easily accessible, secured and sorted out in a particular manner. For instance, if the accountant needs to find out the payment of a bill, then it will be much easier to track every single detail in regard of the transaction. Likewise, if one loses a receipt, the important data or the information is still manageable. Initially, paper recording created a menace for small businesses. But with the accounting software, the receipts can be made effortlessly. Rather than flipping one paper after the other, one can search for data that is secured in an efficient manner.
  • Accounting software specifically designed for small businesses offers numerous focal points over manual frameworks. The software executes all capacities that a manual framework does, yet records and accounts are maintained automatically and the procedure is speedier. For example, with the manual record keeping system, it is difficult to maintain records and it is quite time consuming. By using the accounting software, the record maintenance saves a lot more time.

  • Numerous small business accounting systems are perfect with other programming and projects which are used with the particular business. By coordinating the current accounting software with alternate parts of the business can save money and time. For instance, numerous online organizations can coordinate the internet shopping basket with the accounting software to consequently issue receipts and accommodate the deals from the site.

  • Another point of preference for small business owners to utilize accounting software is the ease of projects. Fundamentally, this can be exceptionally reasonable and of incredible worth. Costs for preparing ought to likewise be considered, however they are generally reasonable for small business entrepreneurs.

  • New components and upgrades are regularly released for your existing software or new accounting software is developed and produces. It is really important to staying up to date with your accounting software to guarantee the business process run smoothly and accurate records are kept. Accounting software developed for small business may offer extended components your business can utilize to save money, save time, and support deals – all this just the tip of the iceberg.

Five Reasons to Use Accounting Software

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Technology is one of the wonders of science. It has made our lives easier and enables us to complete lengthy processes and documents in the blink of an eye. So, why not use it with the most sensitive data of a company i.e. the Accounts department?

Hence, it is time to bring about an important change to your business operations for this year and switch to computerized accounting software. If you use a manual accounting system, in Excel or on paper, you are wasting precious time suited to more productive work and even putting your company at risk.

A survey recently carried out by Sage, of 700 small business owners who do not use accounting software, found out that they are more likely to have problems with accounts payables, accounts receivables, and invoicing than business owners who utilize computerized accounting. “The old methods of spreadsheets and manual pen and paper is often a “complete and utter disaster, " was said by Shaquela Tracy, CPA, from the Chicago accounting firm, The Meekins Group.

Following are five reasons to convince you to use accounting software for your small business:


1. Efficiency

Using a software accounting system will save lots of time that would have been spent on boring, time consuming calculations. After learning the basics, it takes no time at all to run reports for taxes or to look at past transactions.

2. Accuracy

Using a computerized system leads to fewer mistakes. You can make sure all entries are correct and record every expense item, as almost all systems can synchronize with your bank accounts. This means that you can save your time easily even at work.

3. Automation

It is extremely easy and fast to generate reports with real-time data on the condition of your business’s financial system. With regard to the program used, you can create budgets, invoices, and checks with a single click. For an additional cost, you can even add payroll services.

4. Backup

Unlike a paper based system, there is no risk as the computerized software can easily back up your data to the cloud. So it is easily restored whenever you want.

5. Cost

You can buy accounting software at an extremely low price, or even use a free service online. At the end of the day, the time saved can be used productively to help your business flourish. And having transparent, efficient financial records will make it a lot easier to make correct business decisions and obtain financing.

Shaquela Tracy says that using accounting software saves you from a lot of useless hassle and also saves a lot of time. It is always necessary to be extremely accurate as the IRS may call and request a report at any time. So it keeps you safe in case you are audited at any time.
So, how do you choose an accounting program that is best for you? Find out more in our next post: Choosing the Best Accounting Software for Your Small Business.

 

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