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Why Cloud Accounting Software is Better Than Traditional Accounting for Your Business?

Do you want to manage your business finances and keep your data safe?

Are you still using traditional accounting software?

Are you looking for some affordable and a better option for your business?

If you want to know answers to these questions, keep reading this article.

When it comes to managing your business finances, you can’t afford to miss this new technology trend  – Cloud.

We live in the Internet era. Every day, more and more businesses are moving to cloud.

The term moving to cloud refers to a business moving away from a traditional model to the cloud model.

The Cloud solution is also known as on-demand service. It is an internet based solution, where shared resources and information are provided to computers and other devices on-demand.

Cloud Accounting VS Traditional Accounting - MindooAccountax

Why Should You Choose Cloud Accounting Software Over Traditional Accounting

With traditional accounting software, a business has one dedicated hard drive on which you need to install, configure, and run the accounting software and financial data is recorded. With the traditional accounting, upgrading software is a tough job.

With cloud accounting software, you don’t need to install any additional software and hardware.

Cloud based services have now become highly demanded services because of high performance, cost effectiveness, scalability, accessibility, as well as availability.

Let us show you some impressive cloud based statistics to make you understand the importance of this emerging trend:

  • It is predicted that the global market for cloud equipment will reach $79.1 billion by 2018. (Source)
  • 82% of companies reportedly saved money by moving to the cloud. (Source)
  • 80% of cloud adopters saw improvements within 6 months of moving to the cloud. (Source)
  • More than half of survey respondents say their organization currently transfers sensitive or confidential data to the cloud.
  • By 2018, more than 60% of enterprises will have at least half of their infrastructure on cloud-based platforms. (Source)
  • 41% of businesses are planning to increase their investment in Cloud technologies, with 51% of big and midsize companies planning to increase spend compared to only 35% of smaller firms. (Source)

Some businesses still prefer to practice traditional accounting methods, because they are not aware of the cloud solution. Here are some benefits associated with cloud accounting software. Take a look:

  • It is very mindooto set up. You can set up your cloud accounting software within few minutes of order placement.
  • A Safe and secure system to keep your documents and financial data private. It also provides backup and data recovery in case of any disaster.
  • You don’t need to buy any hardware or install any additional software.
  • Cloud solution provides you flexibility. You can track your business finances from anywhere with just an Internet connection. You can work remotely.
  • Small businesses don’t have a big budget. Cloud is an on demand service which means you only have to pay for what you use. It will save your business money.
  • You have complete control over your accounting software. You can share the data or information with your team members.

See what Suresh Sambandam, Founder & CEO of OrangeScape has to say:

“In the pre-cloud ERA, the cost of building software was so high that we often have to define a scope and leave out functionality which we feel doesn’t fetch the ROI for automation. Cloud makes whatever that was previously left out of scope as candidate for automation now! Thanks to simplification, access and affordability brought by IaaS and PaaS.”

We strongly recommend that you should go for the cloud accounting software as you will have your financial data on your fingertips even when you are out of the office.

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MindooAccountax has Effective Payroll Feature for You

Talking about the mindooand efficient payroll system of accounting software, it becomes important for the business owners to opt for flexible accounting software. It may be for large organisations or small businesses, cloud-based accounting solutions have raised its bar to suit the particular needs of the organisations. When you choose accounting software for your business, keep a checklist of all the features which you want ready. This will enable you to choose the best from the available solutions in the market. Let’s have a detailed discussion on one of the important features of an accounting software; Payroll.

Payroll MindooAccountax

As this feature is complex and it consumes more time, so many small business owners have to rely on their accountants or automated software systems for it. The payroll system which you choose for your business must be effective and accurate. A high-end accounting solution having payroll system will accommodate all the features that can provide accuracy of employee records. Your payroll system must be able to store the employees’ personal details and their various working hours. While you have access to the automated accounting system, it will reduce the chances of human error to a large extent. The stored data can also be easily changed; say e.g. if the lunch break time-in is not proper, you can correct it. It also lets you process the salaries based on the attendance of the employees. Based on that data, you can quickly prepare the salary slip and process it further. If you want to process any employee’s salary later than the regular date, you can cancel the set date and then can set a new date with the details. You can choose how often your employees will get paid, i.e. weekly, twice a month or on a monthly basis. Flexible mode of settling payments is one great advantage of the advanced payroll systems. For the deduction of tax, gratuity or provident fund amount, you can easily enter their net salary amount and the final amount after deduction will be calculated. The gross amount is payable to the employee as their salary amount. And the same process will be done when employees are paid extra for their hourly rates or bonus amount.

The accountants managing payroll for their clients can get real-time updates from the cloud-based accounting software. Additionally, they can view the details on the dashboard and can also track the changes made in it.

About MindooAccountax:

MindooAccountax is a fully-integrated payroll system for small businesses as well as the accountants that make it mindooto work across different modules. It has been considered as one of the outstanding payroll systems that offer advantages in terms of time, cost, accuracy and organisational size.

No matter you run payroll as many times as you want and access it from anywhere, you can pay your employees at any time with MindooAccountax.  By using this high-end cloud-based accounting software, you can stay in touch with your customers and also can enjoy the best advantages this software offers. Our excellent cloud accounting software lets you manage important dates and deadlines seamlessly. Our system is a white labelled product and can be accessed from anywhere and any device. Also offer Android apps and iPhone app which help in managing payroll feature from smart phones or tablets.

Stay connected with your business from anywhere and at any time.