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myBooks Online Accounting Software Small Business Accounting

Want to Run Your Business Entirely On a Cloud Infrastructure? Take a look

The easy availability of cloud-based software for small business proved to be a blessing for entrepreneurs looking to make it big in their venture in minimal time delay. Businesses these days can achieve the capabilities they lacked without investing extravagantly.

A cloud infrastructure has several utilities for a small business. Some of them are as follows:

Unlimited storage – one can use a cloud infrastructure to regularly backup and access their business data along with making the most out of easy sharing of files, resources, remote access and many more.

Regular backup – It is best to have a cloud based business since your resources and critical business data will be safe in case the physical infrastructure of your business crashes or the same is subjected to a cyber attack.

It can also be used for hosting – a cloud infrastructure helps a business to share information to its remote workforce, make the most out of a fast and secure email service, host applications so that is can be accessed by the workforce remotely.

Cloud infrastructure is often deemed as the most preferred business architecture due to the level of scalability it provides. That being said, let us take a look at some steps a business can take to run completely on cloud:

  • Get the necessary devices that are compatible with cloud computing.
  • Collaborate with necessary service providers and software companies for remote working like partnering up with companies that provides solutions for proprietary remote access to computers.
  • Get the right set of office tools that are at par with a business that runs on cloud infrastructure like Google Suite, Office 365 and the likes Partner up with performance tracking, expense tracking and benchmarking service providers for best results.

Conclusion

Cloud infrastructure is gaining grounds in terms of popularity among entrepreneurs for the right reasons. Apart from the low cost of running a cloud-based venture, a cloud infrastructure also provides unmatched security to the business, which is the most important aspect. When you partner up with the right vendor, and use the right infrastructure that suits your business needs, you can make the most out of identity verification and advanced levels of encryption.

Summary: Establishing a business is easy these days when compared to the days gone by. Back in the day, an office meant stacking it up with hardware and hiring PC-literate workforce – both are costly in the end. Today, cloud-based infrastructure is in vogue in the corporate sector, here’s why.

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Online Accounting Software Quickbooks Alternatives

Top 4 Quickbooks Alternatives for 2018

QuickBooks has always been one of the most used accounting software. But, with the introduction of several other products similar to it, and that too at zero cost, many small and medium business owners are switching to Quickbooks alternative for managing their accounts. If you too are looking for an accounting software that’s close to Quickbooks then go through this post to find out the four best free quickbooks alternatives.

Zoho Books

The Zoho Books is one of the most widely used Quickbooks alternatives. The software is GST compliant and is a cloud based platform with an easy to navigate panel and user friendly dashboard. Some of the many accounting benefits it offers to the users include – invoice generation, bank reconciliation, report generation and GST filing.

myBooks

Accounting has always been one of the most daunting tasks for small and medium business owners. But, not anymore with the introduction of myBooks, a product of Zetran.com. From enterprise level data security to multi-currency transactions to automated invoices, the my Books accounting software is one of the best free Quickbooks alternatives.

HDPOS Billing Software

The HDPOS billing software is a popular accounting software used by many small and medium business owners. The software offers a full gamut of features that are helpful in fulfilling the day to day accounting needs of any business. It also offers several benefits to its users. For example – batch management, container management, barcode printing, access rights and many more. Before you buy the software, there is an option to download and run the free trial version to get an idea of how useful it is for your business.

Xero

Are you looking for an easy to use account billing software? If the answer is yes then Xero, a cloud-based accounting software with a user -friendly interface would be the best fit for you. The software not just helps turn complex data look simple and easy-to-understand, it also helps arrange that data into charts and templates. It’s one of the best free Quickbooks alternatives for small business owners and freelancers. Here are some of the benefits of Xero – anti-fraud control features, budget pricing, an easy-to-access dashboard, and features similar to that of Quickbooks.

Hope you found the post useful and will try one of the above mentioned free Quickbooks alternatives to see how beneficial they are for your business.

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myBooks

How to manage tax accuracy for your small business accounting

How to manage tax accuracy for your small business accounting

For many business owners, managing finances is usually a very complex aspect of their business. A little mismanagement could turn things upside down and before you know it, the business is down and out. Every business has its fair share of ups even without adding the issues of taxation. Most small businesses often fail to pay attention to their tax issues till it becomes a tad too late.

For your business to be successful you must find an efficient means of managing your finances. The use of outdated or inefficient financial and accounting methods usually stifles the growth of a small business and affects your ROI.

While it may have previously been a viable way of managing your business’ finances, manual methods of financial accounting may be a little inadequate in today’s business sphere. In the early stages, you can experience a notable growth rate in your business but as time goes by and your operational scope widens, it becomes more difficult to keep your tax and finance records accurate.

While there are other methods of managing the financial aspect of your business, getting a comprehensive online accounting software is widely regarded as a very smart choice.

Why should you employ an accounting software?

Comfort is sometimes the enemy of progress and this applies to small businesses too. Manual methods of financial management are fading and more businesses are making the switch to the software solution. There are lots of reasons that justify the massive exodus of business owners’ consideration of business accounting softwares. They include;

Accuracy

The most beneficial feature of a small business accounting software is that it optimizes the accuracy of your records and ultimately reduces or eliminate human errors that stems from calculation. Manual methods involves several calculations by hand and an incorrect calculation could affect your business in the final analysis. Software on the other hand are absolutely incapable of making such mistakes because of their automated process. It is important to however note that your accounting software is not immune to human mistakes that can occur during data entry or commands.

Speed

Managing your tax with the aid of an accounting software provides you with greater speed and an increased rate of turnover when compared to manual methods. An average computer works a thousand times faster than the human brain so your financial management can witness an increased efficiency. For instance, if your business needs to record sales tax, your software can be programmed to automatically repeat the function for all entries instead of having a tax staff undertake the process.

Multiple options

Using an accounting software gives you multiple options to explore. There are a lot of free online accounting software that have been designed for small businesses. While quickbooks seems like the most popular accounting software, there are a handful of quickbooks alternative – Sage, Bill.com, SAP ERP, Turbo cash are all viable alternatives that offer a free trial.

The priority of every accounting software is to ease your financial management stress and steer you clear from all taxation issues. Their user-friendly feature and ease-of-operation makes it outrightly possible to achieve your organizational goals.

 

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Online Accounting Software Small Business Accounting

How to use whatsapp to grow your business

How to Use WhatsApp to grow your business

Whatsapp is one of the most popular apps in the world today. The app is not just globally famous, it is the most used cross-platform messaging app with over 1.5 billion active users. The app processes about 60 billion messages on a daily basis and this makes it a simple platform for anyone to exploit in taking their business to the next level. In India, Whatsapp has overtaken Facebook as the most widely used app and even unskilled and uneducated people like maids and peasants now use the app. It has conveniently replaced the conventional SMS methods and a lot of businesses are now turning their attention to how the app can be used for their profit.

Whatsapp launched its business focus app in January 2018 and it is available for download on Google play store. They announced that the aim of the app was to provide a platform for small business owners to excel in their business. The business version of Whatsapp is similar to the original version save some little features and modifications that allows business owners relate better with their customers.

How do you use Whatsapp to grow your small business?

Customer support

One of the most useful features of the new Whatsapp business is that it allows you interact better with your customers. Running a small business requires absolute attention to consumer queries and feedbacks and Whatsapp business provides for a more efficient relationship. Customers often prefer sending a message to calling your customer service or visiting to express their concerns as well as interests. The Whatsapp business app allows you manage your customer base better by offering a range of one-on-one support through messages, videos, photos, voice notes as well as other useful attachments.

Marketing and Promotion

Every business whether start-up or Multinational Corporation still depends on marketing and promotions to stay afloat. Whatsapp business is a very effective tool for marketing and promoting your brand because of its simplicity and flexibility. Many people consider the app as the new SMS and this makes it a smooth way of pitching your products right in front of your buyers. It can be used to send timely and periodic updates on a new products as well as improvements on existing ones to current and prospective clients. The broadcast service allows for a wider coverage. You can send messages to a lot of people at once. The maximum number of recipients per broadcast is currently pegged at 256 but subsequent updates will surely increase the number.

Effective team communication

The great thing about the Whatsapp business is that almost everyone uses it and it requires no special training or skill. The implication of this is that while some internal means of communication may be difficult to grasp by your business team, Whatsapp business is easily relatable. It’s also efficient because you barely need to prompt anyone to check it as most of your team members are mostly glued to it. You can create a group that includes everyone and tasks as well as schedules can by assigned and expediently executed.

Businesses should learn to focus on the major crux of any business which is marketing and promotion. This is achievable by the Whatsapp business app.

myBooks Easy Online Accounting Software |Best Cloud Based Small Business Bookkeeping Software

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myBooks

How has the gst affected the indian economy in its first year

How Has The GST Implementation Affected The Indian Economy In Its First Year?

The aim of the goods and service tax was to create a business sphere where free and fair competitions would dictate the Indian economic pace. The goods and service tax happens to be India’s greatest tax reforms since the nation gained independence. Since its implementation on July 1 2017, it has been followed by mixed reaction on how it has affected the economy. The new tax structure was geared at transforming the nation’s economy with its 1 nation, 1 market and 1 tax modality by absorbing a number of indirect taxes levied at different rates by states as well as centres by introducing uniformity into the nation’s taxation.

Impacts of the new tax structure – how has the goods and service tax affected the Indian economy

GST marked a new era in India’s economy and the results have been felt by consumers as well as manufacturers. The major talking points include;

Increased competitiveness

This is considered as one of the key rationales behind the implementation of the GST. The retail cost of goods and services manufactured in India reveals that the tax component of each item is about 25 to 30 percent. The implementation of the GST has witnessed a notable reduction in prices because the tax burden on the producer has been chopped off.

Win-win situation for everyone

The implementation of the goods and service tax in India has benefitted everyone. As many as seventeen taxes and levies have been liquidated by the goods and service tax fine-tuning India with the best global practices. Central taxes such as service tax, excise duties, state taxes, surtax, Oct roi tax, value added tax and the others have been fused into one. The new tax regime has not only allowed for a free flow of tax credits it has boosted the ROI of manufacturers and reduced the purchase price for consumers.

Uniform taxation

The uniformity that the goods and service tax introduces to the Indian economy is commendable. After absorbing the numerous taxes, the goods and service tax has simplified the whole process of tax payment. The uniform procedures and rules have expelled the burden of resistance and it has resulted in an increased level of compliance. The extensive range of numerous taxes at various junctures of the supply chain usually confuses the tax payer but the goods and service tax has provided for a better perception and understanding.

Easy financial management

One of the major implementation of the goods and service tax is that businesses in India can now manage their finances with the aid of the GST accounting software. Businesses can keep tracks of their tax records using different business accounting software as well as a range of QuickBooks alternative. The implementation of the goods and service tax has alleviated the usual practice of overburdening the online accounting software used by business to manage the plethora of taxes they initially paid. Whether the producer opts for a free accounting software or the GST accounting software, the uniform tax structure has provided for more focus and easy financial management.

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myBooks

How automation technology will transform accounting in the future.

Accept it or not, automation has been time and again hailed as the bright future that lies ahead of accounting. Even though a generous portion of businesses are still trying to make their peace with this fact yet, they will have to soon implement means that are more sophisticated when it comes to handling their accounts and finances from business accounting software tools. The word “automation” invariably implies that the companies must get over their prevailing practices and switch to recourses that will bear benefits both to the business owners and clients.

Elaborate manual accounting and auditing are now a thing of the past; from endowing the entire responsibility of data analysis on the accountant to requesting him to file tax returns from time to time are left behind in the bygone days. If you delve deeper into the prospects of an accountant working individually sans his tax return filing duty, you would realize how his participation in the welfare and growth of a firm or company cannot be dismissed. With the enhancement and increase of financial domains facilitated by technology, several online accounting software have made their ways into the mainstream practice to improve the overall landscape. Therefore, a modern accountant can now step out of his traditional constrictions and do more than the accounting basics; he can take up the role of a real-time business advisor, guiding the company through safe monetary policies and put their clients forward on the larger map of success. The future of a regular accountant needs to be garnered with the essentials of critical thinking and transparent value judgement based on variables. The skills ensued from these areas will akways remain a priority for companies that are in search of new hires. In the following section, we will be jotting down the chief changes that automation is most likely to bring about in accounting.

Every action will be easy

The biggest advantage of automation technology will inexorably be the ease that it rings in within the rudiments of financing. Considering the ever-swelling influence of technical advancements, most companies are inclining towards technology than human involvement for precision and unambiguous results. With assistance from software like GST-cloud based accounting software, filing taxes and delineating investments and balancing books will not only become easier but, filing reports that are relevant to the business and have effectively brought about major progress will be nothing more than a mere cakewalk.

Web-based software and managers will be trending

Experts predicted that automation and unconventional accounting will be the game changer of finances about ten years ago. There’s no denying that this forecast is inescapably true and currently, these experts are of the opinion that technology will mold the initial shape of everything in its vicinity and eliminate every bit that is standing as a barrier between the way to seamless accounting. Remember those times when almost every string of accounting was at the mercy of your account’s discretion? Even though we cannot wholly disregard this trend but, on some level, the company lagged when compared with the leading competitors. Accounts who are not willing to compromise with the terms will be replaced by the much-talked-about accounting software to accommodate more serious goals.

Unlimited access to cloud computing

The first advantage that is waiting to grace companies and owners on their way of automation is well-synchronized management. The cloud-computing process, as you might all know, creates a common platform to share data from both the concerned computer and other devices. Thereby, accountants can now complete their tasks from any location and update the shreds of financial information through cloud. With cloud computing, the horrors of losing data because of technical failure or fraudulent activities can be completely submerged. For instance, if your system loses all the crucial pieces of information that had so long been stored in one of the computers of your network, then there’s no need to worry. Subscribing to cloud computing will recover every scrap and reimburse it to your primary computer as and when you need it. Name it amd you will have it; real-time metrics that helps you prepare share cash flows, tax statements and earnings will be showered with innumerable improvements by cloud-computing. Additionally, clients can be attended in a one-on-one manner for unadulterated interaction and strengthened credibility.

The bottom line

Other than the above-mentioned profitable areas, there are a few other elemnets which too can mold the face of accounting in the coming years. The popularity of Artificial Intelligence (AI) and robotics can no longer be veiled under manual efficiency. By combining them, the complexities and repetitions of accounting will be warded off to make room for reduced operating costs, increased productivity and accuracy to the T. Also, how can we not mention the boon that social media platforms are? Firms intending to up their game and engage with their potential customers against a wider backdrop are using social media sites to expand their brand reach. In the 21st century, there’s hardly anyone out there who has kept himself away from social media and this is the area that technology is eyeing to take advantage of. Fortunately, most accounting firms have discovered this opening and have realized the changes that the culmination of social media marketing would pool in the existing ones.

As we have already trodden through the importance of modern accountants welcoming the rapidly evolving accounting technology, let us also acquaint you with its different intricacies. The changes include being up-to-date with the technological trends, adapting and optimizing the nuances of accounting software to cover all the due requirements of the company that the accountant has been appointed by.

Hence, it wouldn’t be completely wrong to assert that automation in the field of accounting will surface themselves as profitable to the physical accountants by injecting the privilege of taking care of crucial business strategies rather than narrowing their focus on calculating numbers.