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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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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.

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Stay Ahead with Cloud Accounting Software with VAT Return

Desktop based accounting solutions are almost vanishing from the market. With the advent of cloud-based accounting solutions, even small businesses and proprietors are looking for an affordable accounting solution which can accommodate all their requirements.

There are a lot of companies which offer accounting software so at times it becomes difficult to select any one from the many available. However, there are few downloadable applications customised for the small businesses that have remained high rated as per the last year’s counted number. But certainly, cloud-based accounting software is much easier to adapt. Few software offers mobile-friendly apps that enable its owners can access the data from anywhere. So now creating invoices, purchase orders and bills, financial reports, banking, corporation tax, multi-currency and many other functions can be directly managed from your mobile phone. Other obvious advantages of the cloud-based accounting software are:

  • User-Friendly
  • Compatible with Price
  • No Capital Expenditure
  • Real-time Data Access
  • Data Security
  • Savings in Software Maintenance
  • Multiple-Device Access
  • Data Back-Up

Managing and operating a business involves a lot of tasks to be handled. Say filing for VAT Returns can be one of the most time-consuming tasks while managing the account of any business. Complying with the VAT Rules, the owner has to take care of VAT Records and Returns. Calculating correct VAT based on the financial transactions is vital for every business. The cloud accounting software takes care of filing VAT for every business and thus helping your business grow simultaneously.

MindooAccountax Software with VAT Return

 

MindooAccountax makes it mindooto stay on the top of your VAT! It is a cloud accounting software with VAT return where you have to only select the quarter you want to prepare for VAT return for & this software will do the rest for you!

MindooAccountax is a user-friendly online cloud accounting software UK developed to make sure that you meet all the VAT rules. It calculates VAT correctly on international transactions – and gives you all the information you need for your VAT Return.

It does the following tasks in a row:

  • Prepare your VAT Return easily
  • Submit VAT Returns directly to HMRC
  • Support for EC Sales and Reverse Charge VAT
  • Prepare CIS Returns in No Time
  • Submit CIS Returns directly to HMRC

These steps can make VAT Return filing process easier and will consume less time.

You can get in touch with our expert on +44 (0) 333 011 9372 to know more about MindooAccountax! We also offer excellent training to our clients and help them to resolve their queries.