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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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5 Things a Small Business Owner Should Know in 2017

5 things small business owner

Are you a small business owner? Or You have recently launched a business.

Being a business owner is a tough job. No one ever said it was mindooto start a business.

According to the Small Business Administration, only a third of new businesses survive 10 years or more.

Read this statement from Lindsay Manseau,

“Starting your own business is like riding a roller coaster. There are highs and lows, and every turn you take is another twist. The lows are really low, but the highs can be really high. You have to be strong, keep your stomach tight, and ride along with the roller coaster that you started.”

Every business owner wants to turn their business into a successful business. In this article, you’ll find 5 important things which you should know to grow your small business or startup in 2017.

Take a look:

1. Make Customers Feel Great

One simple thing can make your business successful – Knowing your customers and provide them the best experience.

“Every business start with a trusted customer”

It’s your prior job to take care of your customers and keep them happy.

happy customer MindooAccountax

Did you know, 82% of consumers have stopped doing business with a company because of bad customer service?

“Building a successful brand isn’t just about ROI; it’s also about building authentic relationships with people.” — Ryan Holmes

Understand the pain point of your targeted audience and come up with a solution.

2. Importance of Digital Media

We live in the digital world. You MUST understand the importance of digital marketing or online marketing.

As Bill Gates said, “If your business is not on the internet, then your business will be out of business.”

Online marketing is the best and cost-effective way to advertise or promote your business.

importance of digital media in Business

54% more leads are generated by online tactics than traditional paid marketing.

The U.S. spent $59.82 billion on digital advertising in 2015 and spending is expected to reach $113.18 billion in 2020! (Source)

There are some effective digital marketing channels available out there:

  • Search Engine Marketing
  • Search Engine Optimization
  • Content Marketing
  • Social Media
  • Email Marketing
  • Video Marketing
  • Mobile Marketing
  • CRM

3. Marketing Automation

Marketing automation is the new trend in marketing and tech industry.

For a small business – Time is Money.

It allows you to automate and measure your marketing tasks. It will help you to save your time, increase efficiency, generate leads, segment your audience, nurture your leads, measure investments, and improve your marketing ROI.

On average 49% of companies are currently using Marketing automation. With more than half of B2B companies (55%) adopting the technology.

You can optimize your email marketing campaigns and your social media posts (and campaigns).

4. Cloud based (On-demand) Services

On-demand or cloud based services will improve access to small businesses and new startups.

We live in the cloud. On demand service like legal services, website creations, cloud accounting and financial software, cloud computing, marketing tools and more – make our life easier and allow us to access a business from anywhere at anytime.

MindooAccountax Software with VAT Return

If you want to work faster and smarter the cloud software is the great way to improve your business efficiency.

Here you’ll find some benefits of cloud accounting which will help you to determine why should you consider cloud for your small business.

5. Artificial Intelligence

Artificial Intelligence (AI) is the new big thing in tech and business world.

Jana Eggers, CEO of Nara Logics said:

“Businesses are rapidly embracing artificial intelligence to gain a competitive edge and stay relevant to consumers as brand engagement will be reimagined next year.”

80% of respondents believe AI improves worker performance and creates jobs. (Source)

AI has become the part of our daily life. AI used in banks and financial systems, medical science, gaming zones, ecommerce chatbots, messaging apps, etc.

AI can help you to increase your business reach,

So what do you think about these trends? Do you have anything to share? Please feel free to contact us.

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Top 5 Reasons: Why Small Business Need Cloud Accounting Software!

Are you a small business owner?

Do you want to make your business smarter and faster?

In today’s digital world, there are many tools and technologies available to reduce the headache of business owners.

Cloud accounting software is a great medium to manage and secure your financial data. It can also help you to save your time and money.

Small Business need Accounting

Some business owners don’t understand the importance of cloud accounting software for their small business.

They are not familiar with the term. “Cloud”. Do you?

Probably you haven’t noticed but we’re all in the cloud.

Let’s take a look – what is the cloud?

Cloud simply means The Internet. Cloud services run on Internet.

Cloud is an on-demand service. You don’t need to be installed any software. It allows you to access your data from anywhere at anytime with just an Internet connection.

You may not even know, but you use cloud in your daily life – Gmail, Drive, Facebook, Dropbox, Netflix – all are cloud services.

RightScale conducted its fifth annual State of the Cloud Survey and found that 95% of respondents are using cloud.

Cloud technology will transform the way you do business. And your data will be secure on the cloud. You don’t need to worry about your data security.

In this article, you’ll find 5 reasons why you should consider cloud accounting software for your small business.

Let’s dive in!

#1. Access your data from anywhere, anytime

Do you know what’s the beauty of this software?

You can access your data (or run your business) from your home, work, or even on the road with any device – you just need the Internet connection.

Access your data from anywhere Cloud Accounting MindooAccountax

You can keep any eye on your financial data, no matter where you are. The Cloud accounting software provides a flexibility for you and makes your life easier.

#2. Pay for what you use

You know what’s the best part of cloud accounting software – Pay as you go, no hidden or extra charges.

It’s an on-demand service. You can choose any plan according to your needs so you only have to pay for what you use. You can upgrade or downgrade your plan anytime. It will save your money and gives a financial flexibility to the organization.

#3. Collaborate with your team

We know working with team enable you to be quicker and more effective in your business. Cloud accounting software helps you to collaborate with your coworkers.

Collaborate with your team MindooAccountax

You can share your data with anyone, anywhere instantly and your edits show up in real-time.

Stay up-to-date on what’s happening on your team with automatic activity updates that show who edited shared files and when.

#4. No need to install any software

With cloud accounting software, you don’t need to install any software. Everything is run online.

You don’t have to care about any updates include security updates, software upgrades, and many other features. Your service provider will take care of everything and you can spend more time focusing new business opportunities.

You can also sync your software with third-party tools.

#5. No need to worry about data loss

As a business owner, your most common issue is security. Your Cloud accounting software provider offering critical security features specifically designed to keep your data secure and safe.

So, you don’t need to worry about losing data.

Now, I’m sure you now have understood that why you should move your business to the cloud. Cloud accounting software gives an option to run your business from anywhere in the world.

Have you adopted cloud accounting software for your business? Or you have any query. Please share your views in the comment section.

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10 Benefits of Cloud Accounting for Your Business

According to an estimation, more than 37% of small businesses have opted for cloud based computing solutions. This technology has provided many opportunities to work in the most comfortable way. Business accounting software has replaced the traditional way of accounting with cloud accounting solutions. It is no surprise  that cloud accounting has taken over the previous desktop based accounting versions.  If you want to work faster and of course smarter the cloud software will prove crucial investment for your business.

Save time and money using cloud for your business

It is fascinating to watch this industry shift to mobile and cloud based technologies. And this has completely changed the way the accounting process works. Through this way, the business owners and accountants are enhancing their operations and have become more tech-savvy in every way. A report identified that an array of industries now owns this new digital innovation; cloud innovation! And this technology has become a cornerstone for the future generations too.

There are numerous benefits which are enjoyed by these professionals after they have started using cloud solutions.

  • Flexibility –

Cloud based accounting solution gives you complete flexibility to access your business data from anywhere and at any time.

  • Disaster Recovery –

Businesses who have opted for cloud based solutions including Software as a Service eliminates the need of disaster recover all together. The cloud vendor does it all on your behalf.

  • Automatic Upgradation –

Cloud based accounting solutions update the software directly as the upgradation part is handled by the in-house developers. Such updates are FREE of cost without you having to do anything.

  • Increased competitiveness –

Cloud technology has levelled the field for small businesses which was previously occupied for only medium and huge organizations. It has come with a lot of benefits for the business owners on which they can make key decisions for their better business future.

  • Security –

There is always a threat of data loss while using traditional accounting software, but in cloud accounting solution, the users can store their data, files and also can set access permissions.

  • Reduced Costs –

Although in a few cases, migration to cloud accounting system can range above your marked monetary expectation, but later it will be a huge cost-reduction in hardware and software expenses.

  • Real-Time Information –

After moving to cloud based accounting solution, you can access data from anywhere and at any time. And this feature helps the owners and accountants to manage and share the data, files, invoices, bills & expenses, sales and also can do staffing in an efficient way.

  • Enhanced Collaboration –

For small business owners and accountants, the multi-user access makes it mindooto collaborate with their teammates as well as the clients.

  • Increased Productivity –

The cloud Accounting software gives you the flexibility to work from anywhere and the seamless transition of uploading the data and being able to access it on the go.

Cloud Accounting MindooAccountax

The mobile nature of the business owners and also their customers have  witnessed to be more adaptive to cloud based solutions. By understanding as what the clients want, collaborate with them and communicating with them instantly will make your business prosper in no time. And this has surely become the key indicator of how businesses are performing great and are chosen by a plenty of business owners.