Topics In Demand
Notification
New

No notification found.

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

February 17, 2022

251

0

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.

yt

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


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


© Copyright nasscom. All Rights Reserved.