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myBooks Online Accounting Software

Which is the Best Accounting Software for Small Businesses?

When running a small business, it is often challenging to manage expenses and maintain a financial book. That’s when you need the help of functional cloud-based accounting software to help you run your business smoothly from anywhere.

For small business owners, managing their firm’s accounting system and maintaining financial book is essential for keeping a check on the amount payable and receivable. But managing all the financial data manually is not possible. Therefore, you require myBooks, practical and highly-customizable accounting software to utilize your business’ day-to-day functions with ease.

Besides financial management, it even integrates a multitude of other applications and programs to run your business effortlessly. MyBooks by Zetran is designed to let users import and export their financial data from different applications and even track various business functions. All thanks to its integration capabilities, you can easily house all the crucial data in one accessible and user-friendly space.

Customization

myBooks has easy customization capabilities for enabling users to easily track down various business activities, as per their individual business requirements. A fashion store may have different software requirements than a shoe brand. Therefore, myBooks allows users to get their software custom-made to easily integrate automation and essential business-related features.

myBooks can even communicate with multiple online systems. So, there is every chance left for users to make any errors while entering data. This ultimately saves their time, as there is no need to re-enter data on multiple platforms.

Real-Time Reporting

myBooks is focused on offering real-time, comprehensive financial reporting. These financial reports allow users to see a big picture while analyzing a company’s monetary solutions. Being the best QuickBooks alternative, myBooks is highly advanced and also offers unconventional accounting in the form of “multidimensional” charts.

Ease of Use

With myBooks, everything becomes easily accessible, as it’s easy to use through its simple user-friendly dashboard. Its interface is very intuitive and even provides snapshots of different information, such as overdue invoices and income, as well as profits/losses. However, ease of use means it’s easy to screw up.

Using this software, you can even close the prior periods by entering a closing date. However, you can go back to enter the data even of those close periods if you know your closing password. This makes the auditing process simple, quick, and painless.

Automation

It is considered the best QuickBooks online alternative for a good reason, which is easy integration and automation. It allows you easy integration of various features by automating reporting, payments, reconciliation, and other processes for increasing efficiency.

Customer Service

myBooks provides 24/7 customer service and this is great for small business owners that work almost 24 hours per day. They easily get accounting software convenience with 24/7 availability.

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myBooks Quickbooks Alternatives Small Business Accounting

Which Quickbooks Alternatives Can Help You Efficiently Scale Your Business?

Developed in 1994, Quickbooks has been helping businesses manage accounting and bookkeeping for more than two decades now. Intuit, the company behind Quickbooks, continues to roll-out new version and extensions to the software to help businesses scale efficiently. However, businesses running on a tight budget can often find the software expensive with features they do not require. Numerous accounting solutions have been developed in the past two decades with a special focus on meeting the needs of small and mid-sized businesses. 

Some of the best alternatives to Quickbooks for small businesses are:

SlickPie

SlickPie is a free accounting software which is ideal for small businesses that require only a certain set of features and do not want to spend any extra money on bookkeeping. The accounting solution offers all the features required for effectively managing the accounting for a small business. With options for inventory management, invoicing, recurring invoices, reporting, sales tax management, and payment processing, the software covers all the basic requirements of small and mid-sized businesses. Additionally, businesses can pay and get access to the automated receipt entry system, MagicBot. The free version allows users to enter 100 receipts per month, but with the MagicBot feature, they can extend it to unlimited receipts. 

One UP

A basic accounting solution for small businesses, ONE UP is an efficient bookkeeping software for covering the basic needs of your enterprise. The accounting software offers features such as inventory management, profit and loss tracking, sales tax management, and a basic version of Customer Relationship Management (CRM). However, a key aspect of the software that makes it stand apart is its categorisation ability which automatically identifies different categories based on a series of transactions made over time. Although the simple and efficient system is great for small businesses, its pricing can deal a huge blow to your budget as the basic plan starts at $9 per month for a single user and premium plans are marked at $169 per month for unlimited users. 

FreeAgent

FreeAgent claims to be an accounting solution tailored to the needs of freelancers and their small business setups. The software offers functionalities such as time tracking, project management, and invoicing to help freelancers keep a track of how much hours and material they are utilising for their work. In addition, automated invoice and payment tracking aid freelancers and businesses in analysing the profitable clients and streamline their strategies to minimise losses. While the software does provide the necessary features 

myBooks

myBooks, from Zetran, is an efficient and cost-effective Quickbooks alternative which can help small businesses manage their accounting while providing them with the advanced features required for expanding their purview. With standard plans starting from $4.99 per month and premium plans with unlimited access to all features marked at $9.99, the accounting software offers a plethora of services which enable businesses to effectively streamline their bookkeeping. Users can also opt for the free version of the software, which gives them access to limited features. Features such as auto bank feeds, multi-currency transaction handling, and intuitive invoicing at affordable prices make the accounting software ideal for small and mid-sized businesses. Equipped with AI capabilities, myBooks provides in-depth and detailed accounting insights on its dashboard which can help businesses identify key shortcomings in their strategies and highlight their strengths. Being a cloud-based platform, the accounting software can be accessed from anywhere and anytime, allowing users to access business records on the go.

Significant advancements in digital accounting are giving business owners the liberty to choose from an array of options based on their requirements and budgetary needs. Business owners need to thoroughly analyse their requirements and continuously upgrade to better services in order to maintain a competitive edge in the market.

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myBooks Online Accounting Software Small Business Accounting

How to Choose the Right Accounting Software?

When it comes to choosing the right accounting software, there are a lot of things that you need to consider, especially when you have a small business. This is the reason why deciding on the right accounting software which is best for your business can be a difficult task. A small business needs to determine which online cloud accounting software works the best for them. So, in this blog, we discuss the best accounting software for your business.

Business Size

The accounting needs increase as your business expands. A generic business accounting software works well for a business that has sales of approximately $50,000 per year. However, the accounting software will not meet your needs if the business earns millions in a year. This is the reason why you need to invest in upgraded accounting software as your business expands.

Industry

Every industry, whether it is retail, professional services or manufacturing business, has unique accounting needs. This is the reason you need to opt for industry-specific accounting software so that it meets every niche. You can also opt for generic accounting software that works well for almost all the business. However, industry-specific accounting software has some special features that suit the specific needs of a business.

Features

This is another important point to consider when looking for accounting software for business. Some businesses may need basic features in accounting software and have a simple book of account. However, if a business has complex needs for setting up a bookkeeping system, online banking interfaces or the credit card process, you need an accounting software that meets the complex needs of the business.

Price

Lastly, you need to do a cost-based analysis before opting for accounting software. Make sure you choose software that meets your needs and don’t over or underpay for the same. Opting for the right software ensures that you save time and also minimize the common accounting errors.

Those were some of the accounting software features you can opt for your business. Considering the points above will ensure that you choose the right accounting software for your business without over or underpaying.

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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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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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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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