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Cloud Based Accounting – A New Approach for Accounting?

If you are looking for a hassle-free way to manage your bookkeeping, you might want to consider cloud-based accounting in India. This course of action is quickly becoming the most popular and convenient way for small business owners and accountants alike to keep their books. The following article will provide information about how this type of accounting works, as well as some of its benefits and drawbacks.

Introduction

Cloud – based accounting is an increasingly popular method for small business owners and accountants alike. Cloud is a term that refers to a collection of interconnected computers that work with each other to perform a particular task. These computers can be configured and utilized without having to physically relocate or adjust the computer system. Cloud-based accounting works by using the same hardware and software used by traditional bookkeeping firms. However, instead of having these resources at their disposal, cloud-based bookkeepers must utilize online resources such as software programs and services.

* The US is that the most vital public cloud market with an expected spending of $124.6 billion in 2019

* Australian businesses upto 42% are using paid cloud computing to run their business processes

* European businesses use cloud-based financial software upto 38%

Benefits of Cloud Accounting

  1. Access your accounts anywhere
  2. Access to real-time information
  3. Access to the app ecosystem
  4. Live bank feeds
  5. Always working with the latest software version
  6. Secure sharing of data
  7. Connected online payment

When should your company use Cloud Accounting?

To get the most out of cloud accounting, its important to use the additional digital and real-time data capabilities that the cloud provides. Cloud accounting is an ideal choice if your business wants fast access to detailed financial breakdowns, management information and key performance indicator (KPI) metrics. There is a lot of choice when it comes to building an app stack and creating a custom suite of business apps, most platforms offer an openAPI.

How safe is cloud-based accounting?

The data of cloud based accounting is usually stored in large rooms or warehouses. Vendors often have different server locations in different states to make sure data doesn’t reside in one place. Online backup and restore is a feature of QuickBooks Online Advanced that allows users to revive previous versions from a selected point in time. Think of it as an auto-save function. Multiple copies of your data are kept in different locations to make sure that you don’t lose it. Cloud-based accounting software uses encryption to store data. Your information is changed into a code.

Which companies offer cloud based accounting software?

• RealBooks – Online Accounting Software

A free accounting software particularly for one user with up to 500 entries a year. With RealBooks you’ll add a vast concurrent number of users, open multiple companies, and multi branches thereunder . It also integrates with Retail POS Billing, Barcoding, and Inventory that creates RealBooks more compatible for enterprises with Retail POS stores.

• Reach – Accounting Software

This Accounting Software comes with features like the Business Dashboard, CRM, Inventory Management, Billing & Invoicing. It also includes Repair Management, Accounting & Tax Management, Mobile App, and many more integrated with an ERP system.

• Zoho Books – Cloud Accounting Software

If you’re looking for a simple, easy-to-use business accounting to help you manage your accounts online, youre in the right place. Zoho Books one of the most automated accounting software for small businesses in India, and its also one of the most popular in India. Zoho is one among the topmost online accounting software on the worldwide market. It is ready accounting software that permits you to send invoices, reconcile bank transactions, track inventory, generate reports.

The Technology Learning Curve

Stating a small example of what can happen when you don’t explain things clearly and concisely? The shift from pen and paper to digital spreadsheets for the purpose of bookkeeping shows how the modern era leads to the digitization of the entire accounting process. This is based on the idea that entrepreneurs have the skills to use the new gadgets and tools in the first place. It is possible to enter numbers into a software program without knowing what they mean, the key is understanding what they are saying, not blindly entering numbers. Cloud based accounting allows accountants to assist their business clients in ways that weren’t available five years ago, but it never allows accountants to be out of work. Current accountants have one quality that may never be replaced, and that’s humanity, which is one of the most valuable qualities of the profession. How good is artificial intelligence at identifying the right move for the right client at the right time? The humanity of accountants is something that you can’t automate, never replace and never be granted, and it’s something that you simply can’t automate.

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