Traditional vs Online Accounting Firms: Which Should Your Business Engage?

Whether your company uses traditional or online accounting services, accounting is a crucial aspect that pencils the results and success of the company. These numbers, while not always exciting, helps to steer your company in the right direction with data and analytics.

With the rise of online accounting firms in the market, let’s deep-dive on the differences of online accounting services for small business and traditional accounting methods.

Traditional Accounting Methods

Time is money – when it comes to traditional account methods, many man hours are wasted on keying data into accounting software via a computer. Employees have to get documents authorised and vetted manually, often relying on physical copies before transferring these data into a centralised software system. This process is time-consuming and requires high effort, while also increasing the potential of human errors, leading to discrepancies in numbers.

As accounting software with full features are often very expensive, coupled with its annual maintenance cost and the cost of hiring in-house accountants, makes these old school methods a costly accounting solution. In addition, there is a possibility of data breaches if the device security is weak. Beyond security, data loss is very much another possibility with laptop or machine downtime and server malfunctions. This will affect business productivity, while being a cost-inefficient way to do the numbers.

Accountants engaged to audit your company’s records means there is a need for onsite auditing in your office. As auditing is a long and tedious process, time and effort will be needed to share transaction details and adhering to requests for physical paper documents. These are additional costs to the company.

Online Accounting Services

On the flip side, cloud accounting takes care of all your IT needs easily as data is stored and secured in well-managed data centres and maintained by professionals. One of the key concerns of online accounting services could be a lack of features to perform your company’s diverse accounting tasks. Not to worry, online accounting firms have software that are feature-rich, from invoicing, direct payments, to budgeting. These are tools that every major MNC frequently adopt and now made available to your business.

The online accounting platform also provides greater internal control where you can set access rights to selected employees. As all information and data are stored in the cloud, you can access these data from anywhere at any time, even on your mobile devices, as long as you have an active Internet connection. Your access to real-time data can help to accelerate strategic business decisions, ultimately streamlining processes.

The accounting service is now seamless, as your accountant can now perform their duties without the need to travel or schedule site visits. You can address their questions and queries at any time, allocating your valuable time for higher priority tasks. As all accounting services are done online, you can go paperless and do your part in tackling paper wastage.

The best part of online accounting services for small businesses is its scalability factor – you can pick and choose from a diverse list of industry-leading features for a customised solution that meets your business needs. 

New Technologies for a Digitalised World

As we move towards digitalisation, it has become more apparent that online account services like Myco are the way forward for small businesses. Not only there will be cost efficiency, but the time also saved from traditional accounting methods can be optimised for better resource allocation to drive business productivity.

Make the switch from traditional accounting methods to online accounting services for small businesses today! Find out more about our online accounting services here.

Incorporate your company in 3 clicks


We understand that incorporating a company in Singapore can be confusing and difficult. Too many paperwork, incomplete documents, complicated pricing structure and hidden costs are common struggles when it comes to incorporation of a company.

To simplify things, we’ve come up with the 3-click approach – the easiest way for online company incorporation! Here’s how to incorporate online with Myco.

The 1st Click

Enter your chosen company name here. If one is available, simply clickon the type of registration you are proceeding with, whether as a local or a foreigner.

The “Half-way-there” Click

You’re almost there. Verify and authenticate your identity with SingPass, where the platform will retrieve all relevant documents securely – all without the need for manually entering them! Once you have logged into SingPass, click “AGREE”.

The “I-got-my-company-incorporation-online” Click

The last click for your online company formation! Save yourself the trouble of logging into your internet banking and pay securely with Stripe, one of the most reliable and secure payment gateways in Singapore, once all your necessary data is gathered. At the payment page, simply click “Proceed” and you’re all set! Documents will be generated within the hour and automatically sent to relevant for their e-signatures. 

Once all stakeholders have signed, your incorporated company will be setup and go live within the day. Now that’s what we call online company incorporation made easy. Find out more about our incorporation service here.

5 Benefits of Adopting Online Accounting Services for Small Businesses

5 benefits of adopting online accounting services for small businesses

Online accounting firms are gaining popularity, accelerated by the pandemic and the increasing adoption of digital documents and e-signatures across key stakeholders. These online accounting services for small business is one of the many first steps in digital transformation and breaking away from the use of physical paper.

Here’s why small business accounting services, such as Myco, are so popular today.

1. Focusing on what matters to you – your business

Take advantage of online accounting services to save your valuable time dealing with accounts and administrative work. With a ready-made solution that takes care of your mundane tasks, you can put your mind in developing and growing your business.

2. Be anywhere at anytime

Gone are the days where you need to visit multiple offices and scheduling dates to get your accounting work done. As long as you’ve got a network connection, you can perform your business transactions anytime, anywhere. From tax queries, checking payment periods to calling for general meetings, convenience’s at your fingertips with the support of online accounting firms.

3. Real-time data at the palm of your hands

Stay up to date with all your company and accounting matters, supported by a cloud that captures, stores and secures all your business data. Your accounts are automatically synced and updated periodically, giving you real-time insights on your company’s performance and sales figures. Never miss a payment with easy access to all accounts receivables and accounts payables. 

4. Save money with no compromise on security

Partnering with industry heavyweights such as Oracle, Docusign, and Xero, online accounting firms like Myco, leverages on state-of-the-art technologies and security systems. Being a cloud-based platform, you can achieve cost efficiency with minimal investment on servers and security systems. Your business needs and interests are well taken care of by reliable and trusted global partners.

5. Go green

Sustainability’s one of the trending topics for businesses today. Make a difference in our world by opting for greener methods of accounting. Reduce the use of paper and your business’ carbon footprint from traveling and transporting additional logistics with alternative methods of e-signatures and online account services for small businesses.

Learn more about our online accounting service for your business here.