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Singapore Telecommunications (SingTel) launched a cloud-based financial management solution for small and medium businesses (SMBs) in Singapore.

The financial management solution, QuickBooks Online, is a product of Intuit, a US-based financial software provider that boasts to have four million customers worldwide since founded in 1993.

Delivered on a subscription basis, QuickBooks Online allows business users to manage business tasks including invoice creation and cash flow tracking. It can also generate GST returns, handle multiple currencies and create customizable budget reports.

The software is said to be able to back up user data every two hours and offers "secure access from any location via the Web." Rather than storing all financial data on the user's computer, the software stores them on central servers to minimize data loss.

Accountant Kathleen Zhu said: "With QuickBooks Online you have all the reports you need to manage and monitor the accounting and profitability of your business, the reports are easy to generate, email and print. Inputting all my expenses even my recurring expenses only took me 20 minutes. The multi-currency function also works really well for us, and very useful in terms of tracking."