CALTRiX is an accounting firm in Malaysia that focuses on supporting small and medium enterprises (SMEs) with the automation of accounting processes by using the latest integrated cloud technology.
A Xero Gold Partner, CALTRiX is gaining fast momentum as a front runner in the cloud accounting space in Malaysia.
We speak with Founder and CEO - Alfred Ang, on unlocking the benefits of cloud technology in accounting and steps accountants can take to grow their business further.
There were three key things:
1. Real time info
2. Avoid new data being overridden with the old data
3. Cloud accounting trend I foresaw coming from 2018 onwards
Before starting CALTRiX, I was actually a distributor of a desktop accounting software, and we also sold desktop payroll and point of sale (POS) software. During this time, I realised that it was very hard for business owners to make vital business decisions as they were unable to access data in real time from wherever they were, as data would typically be stored on a physical desktop server.
In addition to this, when I was still in this role, we would outsource our own accounting needs to an accounting firm. But we soon realised that when we would upload their data into our system, it would override any new data that came in, creating problems in the accuracy of our numbers. All of these hurdles eventually lead to starting CALTRiX in 2015 and adopting Xero as our accounting software from 2018, where I saw the opportunity to make the switch into cloud accounting because I recognised that its features would create a better way of working within our team and with our clients.
Accuracy of data. Especially when it concerns statutory requirements like things related to Employees Provident Fund (EPF), Social Security Organization (SOCSO), etc. So that our clients are confident in the figures when it comes to paying their staff.
The benefit of using a cloud based software is whenever there are statutory updates, it is updated immediately in the software and you can trust that you’re processing data compliantly in real time. Compared to using a desktop based payroll software where statutory updates need to be uploaded manually and configured before you can proceed to process payroll data compliantly.
First is support and how responsive it is, the second is localised features and the third is integrations with other softwares that can help to improve payroll processing efficiencies. Such as time and attendance, or POS software.
Be ready for change. Because of the many uncertainties nowadays, accounting firms must not be rigid.
I think they should look into technology more. I think accountants should have their own department to look into digitalisation to see what software can be used for their customers so that they can deliver the best service possible. I don’t believe that one software can cater to any business, that’s impossible.
The second thing would be to move to operating in the cloud, because it automatically opens up more opportunities for you to recruit talents to your team from anywhere who may be skilled in different areas, and add more value to the team and clients. Ultimately influencing client retention.
My team and I spent a lot of time searching online about solutions that can fit into our firm’s needs. If you’re an accountant looking to digitalise, you can definitely talk to me and connect with me through LinkedIn - I don’t mind sharing whatever I can to help others.
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