Business continuity planning: 3 reasons why cloud tools are essential
With Singapore’s Disease Outbreak Response System Condition (Dorscon) level raised to orange since Feb 7, many companies islandwide have activated their business continuity plans. Common business continuity measures include getting employees to work from split sites, from home and on split shifts.
As the coronavirus continues its global spread, the outbreak is forcing the world’s largest work-from-home experiment. Companies in Singapore and around the world have had to figure out how to stay operational in a virtual world, including leveraging technology to instil stability and minimise disruptions in their operations.
Video conferences are replacing face-to-face meetings to minimise risk of infection across teams and premises. Online collaboration and cloud tools, such as cloud accounting platform Xero, have also become essential for telecommuting, empowering individuals and companies to carry on — business as usual — from anywhere and on any device
Xero is an online accounting software that offers multiple tools to manage cash flow, generate financial reports, assess business performance, send invoices and more, as well as to share these data with employees on a single platform that’s accessible from the office, home or even on the go via a mobile app.
Similar to other cloud tools, Xero provides users with real-time access with an internet connection. For global small business owners who are always on the move, it means being able to immediately see an entry made by your accountant and staff from any device and location. A quick response is extremely crucial at a time when global supply chains and markets are being disrupted by the coronavirus outbreak. A cloud-based software can also easily connect to other apps and tools. Xero’s bank feed integration feature, which has over 100 banks globally on board, lets you view real-time financial data on the platform. By setting up direct bank feeds from your bank accounts, transactions are then imported securely to Xero each business day for convenient tracking of the money going in and out of your company’s accounts.
In times of crisis, this real-time connectivity offered by cloud tools allows for undisrupted collaboration within and without businesses — wherever its employees, factories, suppliers and customers may be.
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