Cloud Accounting Software: Benefits and Features

Cloud accounting software or online accounting software is an accounting server hosted on a remote network. It is both safe and convenient. You can access your financial data anytime from anywhere. You get an up-to-date view of your financial data when it is hosted on the cloud. What’s more, with GrofleX cloud accounting software, you don’t have to worry about wasting time to install and update like the regular software. Simply access it from your mobile, laptop, or browser. GrofleX supports all the requirements for your accounting. The operation of the software is easy; you don’t have to be a trained accountant to use it. With the GrofleX online accounting software you can:

Access financial data 24/7 from anywhere.
Collaborate with your colleagues.
Safeguard your data through automatic backups.
Track all the income and expenses.
Send professional invoices, offers, delivery notes, and reminders.

You can collaborate with the bookkeeper or accountant provided if you have time for it, and if you have the necessary financial know-how. This is probably not the case with small businesses and freelancers. More information about the benefit of this accounting software for small businesses can be found in the article “How GrofleX Accounting Software benefit My Small Business“.

What is Cloud Accounting Software?

Accounting software that is hosted on a remote server is called cloud accounting software. The users save the data on the cloud where it is processed and sent back to them. You can access it via the internet or any other network on a cloud application software. Everyone in the company can have access to the software on their own devices. Thus, companies no longer have to install individual desktops with software installed on them. The same data on the cloud can be accessed by your remote team or colleagues using the same version of the software.

Cloud Accounting Software: Features

Below listed are some great features offered by GrofleX online accounting software.

Manage your business easily

The software helps you access data, manage the business, and stay updated on your computer, laptop, or mobile phone. The detailed charts and business analytics tool provide the best combination for financial management and scaling.

Track Your Expenses

You can track all your expenses for taxation purposes even using the mobile app. You can simply record or download the receipts from the GrofleX cloud accounting software. This will help businesses maintain a clear record of the finances because playing with the working capital is similar to playing with fire. One wrong step and heavy losses are incurred, leading to a significant loss in the working capital. Do read: Automate your payment reminders with GrofleX to get a clear idea of the payment automation and how to optimize tracking of expenses.

Create and Send Invoices

Create and send in minutes professional invoices, purchase orders, custom and sale receipts, and estimates. GrofleX software has features to automate business accounting to help prevent performing mechanical repetitive tasks, and also spend the time productively. Automating prevents errors like double-entry or data entry errors, which lead to significant losses if not identified.

Position of Your Business

The tool helps you track the current position of your business with the help of dashboards and customizable reports. The real-time tracking facility is one of a kind, and try it out yourself to get a taste of scaling up your business using GrofleX Cloud Accounting Software. This will create your position of superiority over your competitors, through the correct use of advanced software like cloud computing, which has become a necessity in this digital era, where every business is hosted online.

Control your Cash Flow

Enter bills from vendors, and pay them only when they are due. Schedule payments don’t only save time, but they help you keep control of your cash flow. GrofleX cloud accounting software helps track account payable or accounts receivable with ease, and hence easing the unnecessary burden of maintaining records mechanically.

Tech Support

The best feature of cloud-based accounting software is access to tech support. You can access tech support via telephone or chat and get instant help from technical professionals available who will walk you through any issues you might have with the cloud-based software. Experts are present 24/7 to provide chat as well as call assistance in case any problem is faced in any of the features. This is extremely crucial because the guidance of such experts can optimize your dashboard, helping you make your decisions with more ease.

How Does Online Accounting Software Work?

Using cloud accounting software help you manage your books anytime across multiple devices.

You can access and manage your financial data from your computer, laptop, tablet, or smartphone anytime you choose.
Give access to your colleague or accountant can log in and work with your data online.
Estimate your cash flow and current income and expenses – your data is synced and backed up automatically.
After every revision, you don’t need to worry about saving because it is automatically synced to the cloud database.

Archive and Backup your Data

What’s more, GrofleX not only protects you against the frequent changes but helps in maintaining books properly for compliance in a later audit. Are you stressed about losing data? Tough manual backups? It’s the time to change.

GrofleX helps you access your financial data 24 hours a day, 365 days a year.
Prevent unauthorized access to your data with strong passwords and an authentication process.
The cloud accounting software helps you manage everything in one place. Record your transactions, send invoices, automate payments, etc.

Above all, automatic backups ensure that your data is archived securely and in accordance with the law in the long term. This prevents any kind of security leak, and helps store your data securely, making it accessible with just a click of a button!

Cloud Accounting Software: Is My Financial Data Safe?

Cloud accounting software provides you with a more secure method of storing your financial data than traditional accounting software. Storing critical data on your company laptop or computer could be lost or stolen, resulting in a data breach. However, with online accounting software, your data is stored on the cloud, and access to data is encrypted and password protected. Sharing data with cloud accounting is easy and secure. To access the company data you need access rights to the system with a unique password. Traditional accounting methods need a flash drive to share data, making it vulnerable for data to get lost or stolen. Lastly, the data stored on cloud accounting software can be retrieved in case of any damage or natural disaster. Cloud providers have back servers which means you can still access the data if one or more server is down.

Cloud Accounting Software: Save Money

The objective of adopting any new technology is to save money and time. Is it the case with online accounting software? Let’s look at different ways how it will help you save a few bucks and make it easy:

Less cost involved in building a secure infrastructure to store data.
No, IT staff is required to maintain or update cloud accounting software.
Few overhead expenses and no requirement to purchase individual software, which means more savings for the business.
Companies no longer have to invest in skilled staff and their training.
Save money on office supplies every month.
Cut back on costs with increased productivity and efficient working.

Bottom Line

The old adage “Time is money” is more relevant today than ever before. Cloud accounting software provides real-time information to business owners and helps them make informed decisions. Access to real-time financial information keep them informed as to the financial position of the company and take all the necessary decisions. Small business owners can leverage accounting automation to track their cash flow with the income and expenses statement. If the business owners find that the amount is being spent on a particular task with little or no ROI, they can immediately cut down the unnecessary spending. In recent times, cloud platform has gained traction, and those businesses who use them in an informed and optimized manner are the ones who can gain an edge over their competitors.

Conclusion

If you are looking for more tips on online accounting read a few GrofleX blogs: Basic Fundamentals of Accounting Future of Accounting Software in India – Trends and Forecast Basics: Accounts and Records Under GST.