What is Cloud ERP Accounting software?
28 May, 2021 by
Navin
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Choosing the Accounting software that goes well with your accounting system is important and it is becoming as a need for most of the business to maintain their bookkeeping, record management, expense tracking expenses, etc.,

What is Cloud Accounting? 

Cloud Accounting is the process of accessing and managing an accounts system through the internet or web. Accounting professionals can manage or access their accounts details with their desktop or any devices through internet access. Also because of the online-based system, they can access the records from anywhere around the world and on any device that has an internet connection using a browser. Most of the professionals are using and suggesting the ERP Cloud accounting, because it helps them to manage their account details like invoices, reports, etc., and access their work like payment and receiving, generating invoices, etc., from their convenient place

What is Cloud Accounting Software?

Cloud accounting software allows users to perform or access their financial data from anywhere through the cloud without any company hardware. Cloud Accounting Software saves time, which means you don’t need to have a manual track for your work or wasting time on chasing or posting invoices. It is completely user friendly and also easy to use.

Cloud vs. On-Premise

The difference between cloud and On-premise software depends on where it resides. On-premise software can only be installed locally which will be accessed through business computers and servers. Whereas cloud software is hosted by a third-party vendor’s server using the web. So that we can access it from anywhere through the web.

Primary Benefits

There are plenty of advantages and benefits while using accounting software. We’ll see Some of the advantages below:-

Saves time with Automation:-

 A big chunk of work of an accountant like creating an invoice, tracking transactions, payment reminders and much more can be automated and that's what accounting software can do best.

Improved Security:-

Rather than keeping your data on your office shelf, it’ll be a lot safer when it is covered besides the layer of high-end encryption algorithms.

Real-time Data:-

It will generate important financial reports instantly, You can keep track of all the metrics you want like Inventories, Expenses, Bills, etc., Real-Time data managing and accessing is one of the top advantages of Accounting software

Easy Collaboration:-

           By using a simple login method everyone in your team can access financial data and accounting in real-time from anywhere. It’ll save more time when compared to the method of using one access at a time.

Improved Accuracy:-

Accounting Software will always make sure that the financial and accounting records are organized in a proper, accurate manner at every single time. In that case, there is no way a typical accounting error can occur.

Flexible and Easy Accessing:- 

         Because of fully computerized and online-based software, you can access accounting from anywhere and whenever you want using whichever devices you have like Tablet, PC, Laptop, or Mobile Phone, etc.,

Key Features

Most of the accounting ERP software comes up with advanced features in the market. Choosing the correct features that will fit your industry is vital. Here are some of the basic common features of Accounting ERP software;

Manage Bills & Expenses

Control supplier invoices and get a clear view of your future bills to pay.

Invoicing

Create accurate and professional-looking invoices, manage recurring billings, and easily track payments.    

Bank Synchronization 

 Sync your bank statements with your bank automatically, or import files with the Bank synchronization feature.

Account Payable and Receivable

Organize and manage the invoices that have been paid or not and your payments to companies, partners, etc.,

Best Cloud Accounting Software

ODOO Accounting Software

Odoo is the best ERP accounting software in Chennai that meets the industry's requirements in this modern age. It offers the best and quality service for major needs of the company’s like CRM, eCommerce, accounting, inventory, point of sale, project management, etc., More than 5 Million users grow their business using ODOO across the globe. Some of their Accounting software features are mentioned below

Expense Management

 It allows one to keep an eye on the targeted budget and avoid over-expenditure. Using this feature it is easy to follow the expense records of the team. They can also add receipts as an attachment through any device into the expense management system. It’ll also avoid losing receipts.

Invoices

Manage your bills invoices and get paid faster using this feature. Keep track of bank account  and status of invoices and you can easily create an invoice with the quote you send to your clients and send the professional-looking invoice in just a click

Draft invoice prepositions:- 

  Invoice generated automatically by software depends on the sales order, delivery order, or timesheets.

Accounts Receivable 

Advanced payment terms:- 

   It support various payment methods like payment for one or many invoices, Cash discounts etc.,

On the fly reconciliation:-

While creating an invoice, Odoo software reminds outstanding payments automatically

Account Payables  

 Control Bills:-

 Odoo accounting software automatically compares the vendor bills and the paid receipt to make sure you've paid the correct amount. This ensures that technical account problems are avoided completely.

Bill Digitalization:-

Once we upload the pdf or images of files in vendor bills, Accounting software can automate the creation using an artificial intelligence

Performance Reports

Business Intelligence report:-

A number of standard reports are available - Profit & Loss, cash flow statements, reports, executive summary and aged payable/receivables, etc.
Customizable Dashboard
Users can create or customize their own dashboard by assembling the required reports. And be able to get dynamic calculations on required fields.

And More Standard features of ODOO software are listed below:-


  • Analytic accounting

  • Subscription

  • Assets and Revenue Management

  • Connect.  like, Tax cloud integration, Google spreadsheet, Flexible import, and export, etc.,

  • Legal statement of profit or loss, General ledger, etc.,

  • Advanced access rights

Quickbooks Online
Quick books online is a Cloud Accounting Software available online for small businesses like nonprofitable business, eg:- charities, religious, artistic, or education, etc also for whole-sale dealers, and much more. It is available for both Android and IOS software. Some of the common features are listed below
Invoices:-
 Create a custom professional invoice, sales receipts, and estimates that can able to send in minutes.
Online Banking
 With banking integration feature of Quickbooks online software. Your statement and transaction details will get updated automatically
Reports
 Can able to see how our business is performing using Accounts reports or also via customizable dashboards.

Time Tracking

Using a time tracking feature, users are able to clock the billing time of vendors or employees so that it can be added to invoices and report files

And other standard features like.,

  • Sales track management

  • Expense Tracking

  • Job Costing and profit tracking.

Last Word:-
Cloud accounting is the smartest way to carry your Accounting activities to the next level and to avoid technical errors completely Best way to solve the traditional, as well as modern problem, is to keep learning and stick with the modern technologies and solutions. It will not only solve the problems, but it will also raise your business standards and deliveries to the next level. But there are plenty of Software options available in the market choosing the right one that fits your business is important.
Navin
28 May, 2021
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