If you find your bookkeeping process tedious and creating important financial reports a bit frustrating, it might be time to consider using a cloud-based accounting software such as QuickBooks Online. Cloud-based accounting software can help streamline all of your accounting processes and it benefits your business in several different ways.
Simple GST Compliance
If you’re like most small business owners, you want to make it as easy as possible to file your GST returns. To do this, consider using GST-enabled accounting software — it automatically applies GST to all of your invoices, allowing you to pull important financial documents quickly so you’re ready to file your return. You can also use your accounting software as a reminder to file your GST returns. Simply set up the software by entering in the monthly, quarterly, and annual due dates for your GST returns.
Save Time With Automation
Most cloud-based accounting solutions let you create automatic workflows that save you time. For example, you can enter your vendor’s information into the system and set up a workflow that automatically pays that vendor on the due date each month. You can also automatically send recurring invoices to your customers once their information is entered into the system.
View Real-Time Data
Cloud-based accounting software connects to your business bank accounts and can help you track inventory, sales, and expenses. As long as you keep everything up-to-date on a regular basis, you know you’re always seeing real-time data.
Access Financial Data Anywhere
Cloud-based software is accessed via the internet so you won’t be tethered to your office. By using cloud-based accounting software, you can check your company’s financial information from the office, your home, or even via your mobile device.
Makes Collaboration Easy
If you don’t like compiling financial reports for your accountant, using cloud-based accounting software is a good option for you. Because the software and all of your financial information is hosted in the cloud, it can be accessed from anywhere and you can set up access for your accountant so they can log into the software as needed. You can also control the amount of access you give to your employees. For instance, if you have an employee processing your payroll, you can give that employee access to the payroll portion of the software without letting them have access to your bank accounts.
Software Improves Accuracy
When all of your financial information is stored in the same place and you enter necessary information into the system regularly, you lower the risk of costly accounting errors. Most cloud-based accounting software is easy to use, lets you enter expenses and income as needed, and allows you to categorise all of your transactions. This way, every time you pull a report or review your finances, you know the information you’re looking at is correct.
When you use cloud-based accounting software instead of an Excel spreadsheet, you don’t need to know different accounting practices, formulas, or shortcuts. To get accurate reports, you simply need to enter your income and expense information on a regular basis.
No Installation Required
Because cloud-based software is hosted online, you don’t need to purchase and install a program directly to your computer. Traditional accounting programs need to be installed on all of the computers in your accounting department; to access cloud-based software, employees simply type the information into the address bar of the web browser and log into the account. Also, because you aren’t using software that’s on an in-house server, you don’t need to employ an IT team to do things like update the software.
Tech Support Available
One of the best things about using cloud-based accounting software is the amount of available tech support. You have several different ways to contact the tech support department of the software company, including phone, chat, and forum support. Forums often give you access to other small business owners in India who may be experiencing the same issues as you and have some advice. The relationships you build with other business owners in forums like these can be invaluable, especially if you’re in complementary industries.
Ultimately, transitioning to cloud-hosted accounting software is a big step. But it’s a step that helps you save a lot of time and money. If your bookkeeping process stresses you out and the thought of reconciling your accounts makes you dread paperwork, consider switching to a cloud-based accounting software as soon as possible.