Increasing awareness and use of mobile devices has driven the rapid adoption of online applications in Indian business. Here’s why your business’ accounting should be taken to the web.
With something as important as your business’ financial data, you want to make sure you’re managing your accounts in the most efficient way possible. That is why, if you haven’t already done so, your bookkeeping and accounting processes should be managed online.
What is cloud, or online accounting?
“The cloud” refers a network of remote servers that enables businesses to store, manage and process data and use programs through a web-based interface. Data and programs stored in the cloud can be accessed from anywhere via the internet, which is a huge advantage for small companies who don’t have a large IT budget.
Cloud, or online bookkeeping software can actually be more affordable than traditional software because there’s usually no upfront investment like purchasing CDs, or hiring an IT consultant to help you with installations. Making your bookkeeping web-based also means that you can access the important financial data you need wherever you are in the world. And, because data is stored remotely, it’s safe from unforeseen circumstances such as office break-ins and unpredictable power cuts.
The benefits of taking your accounting online
Online accounting lets you store your financial data on cloud servers and access it over the internet from any device – from laptops to smartphones. It has all the same functions as traditional accounting software. But the benefits you get with online accounting make the old software seem restrictive and troublesome. That’s because you can only access traditional software from the computer it’s installed on and backups or upgrades could be costly.
According to Deloitte, SMBs using cloud technology “grow 26 per cent faster and deliver 21 per cent higher gross profits”. The consultancy’s 2014 survey of companies in Europe and North America revealed 85 per cent believe cloud technology enabled them to scale and grow faster. Moving to the cloud, it concluded, freed up time, capital and resources and powered “sustainable rapid growth”.
It is estimated that Indian SMBs are switching to online software services at a compound annual growth rate of 20 per cent, and businesses are urged to “ride this disruptive technology wave to emerge as winners” or face being marginalized by competitors.
Keep your books more efficiently on the web today
With software like QuickBooks, you can track sales and expenses, download bank transactions and access business data on your computer or preferred mobile device, anywhere, anytime. Instead of having multiple software for other accounting related tasks like payroll and invoicing, everything is in one place. Having this real-time visibility over your finances means you’re better informed and you can react faster and optimize planning, even if you’re halfway across the world.
To find out how online accounting can save you time and money and enable your business to go further faster, click here.