What is Cloud Accounting Software?
Cloud accounting software is an accounting platform that can be accessed via an internet connection. From the comfort of your smartphone or desktop, both business owners and accountants can access data on the same system.
Small business is in need of -
- Better streamlining of data, books
- Secure data storage
- Accountants working alongside their team
- Direct links with banks for faster bank reconciliation
- Automated data entry
- If you look around, you would be confused with so many cloud accounting platforms.
- Choosing one can be baffling, and most come with jaw-dropping prices that a small
business can’t afford.
Take a look at Elixr Books
- It is cloud-based, keeps data 100% secure, automated, GSTcompliant and affordable.
- Designed so that even non-finance users can use it effectively.
Data Security
- Cloud-based accounting software has data stored in the cloud and not on a hard drive,
which means it is away from potential thefts. And since small business owners are on the
move with a goal to develop their business, their data will be in safe hands.
Access remotely
- Since data is stored in the cloud, all you need is an internet connection to log into your
system. No physical presence is needed, and work can happen anywhere, allowing owners
to channelize focus towards other tasks.
Direct bank linking
- Easier to link bank accounts with cloud accounting software. Directly link and download
bank transactions into the accounting software. Do faster bank reconciliations once
downloaded.
Collaborate with accountants
- Small business owners are in need of good bookkeepers and accountants.
In such cases, a cloud-based one is the best option as both the internal business teams
and external consultants can collaborate wherever they may be located.
You don’t have to download and save your data in a drive or send emails.
- Saves the time of a small business owner by automating workflows, delivers faster
invoicing, billing, and manages complex data.
Elixr Books optimized invoicing management by 80% for a retail business
No installation
- No installation is needed as cloud-based accounting software is hosted online and does not require an IT team to install it, as in the case of a traditional accounting platform.
Saves the costs of installation and software upgrades.
Third-party apps
- To boost business growth, connecting to various third-party apps is important. Cloud
platforms easily connect to third-party apps.
Save upfront software costs
- For a small business owner, costs are a major concern.
Traditional accounting platforms run on software licenses, and their costs need to be paid
upfront. - Cloud-based accounting platforms run on monthly subscription pricing plans with an
option to cancel anytime.
FAQs About Cloud Accounting Software
Q1. Is cloud accounting software secure?
Yes. Reputable providers use encryption, two-factor authentication, and regular backups to keep data safe.
Q2. Can I use cloud accounting software without accounting experience?
Absolutely. Tools like Elixr Books are built for beginners and offer easy navigation, tutorials, and help guides.
Q3. Does cloud accounting help with GST compliance?
Yes. Most modern cloud platforms are GST-ready and can generate GST reports, file returns, and calculate taxes.
Q4. What if my internet connection is slow or unstable?
You need a stable connection to work efficiently.
Q5. Can I integrate my existing business tools with cloud accounting software?
Yes. Many platforms offer integrations with CRMs, payment gateways, payroll, and eCommerce systems.
Q6. Is there a free trial for Elixr Books?
Yes. Elixr Books offers a free trial, allowing you to explore its features before committing to a paid plan.
