How Cloud accounting based outsourcing can help COVID-19 battered startups

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How Cloud accounting based outsourcing can help COVID-19 battered startups

Kavita Singh

@Kavita Singh

February 17, 2022

Cloud Computing

251

The pandemic has brought a massive change in the way companies did business.

Startups have been one of the most impacted, and are grappling with insurmountable challenges. They are finding it hard to keep their businesses afloat, as per several reports, Indian startups laid off almost 20,000 of their workforce last year, and the lockdown announced in 2021 again has derailed their recovery, they are again experiencing salary cuts and layoffs which again has strained their businesses further.

They have been continuously trying to adapt to the new normal by innovation, lean operations, cutting real estate footprint, and largely cloud accounting outsourcing.

The pandemic has played the role of a catalyst for the growth of cloud accounting globally. In the last year, organisations have geared up cloud adoption due to a variety of factors, such as enabling remote working, seeking efficiency, and cost savings.

Likewise, India’s small and medium businesses (SMBs) present a huge untapped opportunity. Recently, a NASSCOM study revealed that over 60 percent of the SMB survey’s respondents have adopted cloud, nearly 50 percent are still at a nascent stage, and only about 15 percent are advanced users. The SMBs will also fast-track cloud adoption due to the pandemic, with many skipping the proof-of-concept stage.

With the rise in virtual work triggering the urgency for reliable, secure, scalable off-premises technology services, cloud accounting software is helping organisations be efficient, organised, and flexible.

The startups are finding it hard to justify hiring an accountant, and in many cases, they end up figuring out things on their own, which pushes them to look for cloud-based accounting software and trusted partners who delivers robust, scalable, and readily deployable financial solution to survive and be future-ready for any volatility.

The accounting software should provide a comprehensive set of services – cloud bookkeeping, statuary accounts, management accounts, payroll, smart services and taxation. It should provide them with an insight into their business’s financial health and evaluate their performance from multiple angles.

Vikas Chadha, MD-GI Outsourcing writes about the benefits of cloud accounting

yourstory#cloud accounting#cloudaccountingsoftware#fiannce and account outsourcing#startups#GI

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Kavita Singh