Cloud accounting is widely accepted by small businesses. Cloud Accounting is termed as online accounting and manual accounting called as traditional accounting. Why we need cloud accounting? The best answer would be to save time, money and to reduce accounting errors. Also, cloud accounting is the best way to do accounting as you can save & edit all your data at any time and anywhere as data will be saved on server. These are some features which attract small businesses to use accounting software.
Entrepreneurs do business to earn money and finance is a very important part of any business. So its very important to have a track of cash flow in real-time.
The days are gone when accounting was a difficult & unmanageable task for a company. There are a lot of offline accounting softwares available in the market like Tally, DK etc. But these are a little bit complicated and only an accountant can operate this softwares and the biggest risk in using this software is data security. If your computer faces virus attack then you may lose all your data as you have to format your system. The best way to secure your data is to use online/cloud accounting softwares.
Let’s compare amidst cloud accounting and traditional accounting to understand why cloud/online accounting is better?
Drawbacks of Traditional Accounting
- The software is not up to date neither data.
- Data is not secure as data will be saving on a drive so anytime you can lose your data.
- Only one user can access one account unlike could accounting software.
- It’s expensive as one accounting expert need to hire to operate this kind of software.
- You could not get real-time profit & loss data analysis report.
- No extra features like budget forecast, payment reminder etc.
Benefits of Cloud Accounting Software
Trouble free data access
The main advantage of cloud accounting software is anywhere data access. You can access your data from any device and at any time. There is no need to have this software saved on your system as its web-based software. As data will be stored on a server so you just need to login to your account and then you can do all account activities, unlike offline tools.
Real Time data input
Cloud accounting software allows users to input all data as it happens in order avoid any misplace. These online softwares also provide their customers day basis profit and loss analysis report to help them to take better profit-oriented decisions. This feature is very essential for small business owners as they don’t have time to squander on accounting or any analysis rather on any business growth activity.
All your data will be saved on a server and will be there till you are using the software also data will be automatically updated as and when you input your sales, purchase or any other data.
Cloud accounting provides you the facility to give access your team members to use your account. As an owner of the business probably you don’t have time to do accounting works like data entry, profit & loss analysis, online invoicing, GST filing etc. In this case, you can give access to other employee or team member to edit or input data. You can also give other access to the respective employee as per your requirement.
Decreases Manual work
If you are using cloud accounting software then you have to do just one work i.e. data entry and the rest work software will do automatically like the tax deduction, balance sheet preparation, profit & loss analysis, budget forecast etc. Cloud accounting also discourage paper waste. As you are using software so the use of paper becomes negligible.
Cloud accounting minimizes the rate of error in data entry. These softwares available for customer use after thorough testing consequently decreases the data error ratio. Cloud software automates all accounting works. You can also opt for bar-code entry of data if you don’t want to do manual entry.
Cloud Accounting is the easiest and best way of accounting. It provides business owners all reports like P&L report to help them in order to take better business decisions for a profitable growth.
Are you willing to take all your data to a cloud accounting software? Do you need the real-time profit & loss analysis? You are very busy, and you want other members to handle your accounting works with a multi-user facility?
Then use SlickAccount the best and easy to use GST accounting software. We are also providing money management and chartered accounting software.
Here are the features we are having in our GST ready accounting software.
- Create your own invoice within a second
- Email invoice, auto remind & take online payment
- Create all kinds of invoices, returns & payments
- Automated reminder & get paid faster
All taxpayer need file GST returns within the stipulated date. This whole process seems cumbersome for some taxpayers. But don’t worry we have the best solution for GST return filing which will help you to file returns easily and with less time. Use our GST ready Accounting software for Small Business to get your GST enabled invoice, inventory management also for GST return filing. Slick Account always tries to add new features to its software to make Small Business accounting painless & simple. We always strive to provide our customers an easy to use & best accounting software small business with all features they need. Forget about old and perplexed accounting by using our profit-oriented & easy to use small business accounting software also you can track all your past data which will help you to take better business decisions. Go for our free trial to know more about our service. Sign up for the free trial: https://www.slickaccount.com/gst-software/
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