Account Archives - Easyaccountax

August 26, 2021August 26, 2021

What Is A Multi-Currency Account? How Can It Help You With Your Global Team?

You can hold various currencies into one count by debit card, cheque, ACH, and wire transfer, occasionally using a multi-debt account. Multi-currency accounts take the form of DDA, cash market accounts, and deposit certificates (CD). Some of these multi-devises are a regular daily transaction current account, while others are meant to save clients in a foreign currency.

You may transfer money and receive money with ease from overseas with best multi-currency Software. This sort of account is ideal for travelers, as you live outside boundaries.

A multi-currency account has numerous advantages, including good prospects for currency, but that’s not all. In terms of losses and rate spread owing to time variations between inbound and outbound multinational flow, multi-currency account holders enjoy a risk reduction. In addition, multi-device accounts give a better customer care experience, as international customer service centers and more are less need to contact.

What do you mean by a multi-currency account?

A multi-currency account is a bank account that allows your business to do financial transactions in multiple currencies. The most major advantage is that the beneficiary name, account number, and SWIFT code stay the same for all currencies.

You can transfer money online in many currencies via global payment providers such as TransWise, OFX, Tansumo, and others, in addition to standard foreign accounts supplied by banks. These online multi-currency money transfer organizations have transformed the money transferring scenario, influenced by increasing digital technologies and shifting consumer demands with the help of their best multi-currency Software.

Companies with worldwide enterprises are typically responsible for managing many currencies during their operations. Instead, customers can receive money on one account in many currencies instead of many using a multi-currency account. In these cases also multi-devised accounts are useful:

Your company is involved in international trade, including export and import.
You sell items across borders online.
In several currencies, you run an e-commerce shop
You work overseas or in other countries with freelancers.
You are the only owner working with foreign customers

Who must look for this type of account?

You can utilize a multi-monetary account for the end of the month since you can issue your bills and receive payments in one currency. In addition, you spend less time adjusting your account because of the changes in exchange rates, and your accountant has no hate comparing the quantities bought and paid.

It also allows you to keep money on one account in several currencies. If the exchange rate is favorable, you can use the fund. When dealing with an employee, a trader, a client, and a client of this nation, you can use your foreign currency.

What are the benefits of using a multi-currency account?

The main idea is to select your preferred bank to pay internationally. But transferring through the usual bank may not be a feasible choice if you’re a firm that routinely deals with numerous currencies. While banks once were the only choice for international cash transfers, many licensed online cash transfers have revolutionized international cash transfers. As a result, companies are more empowered than ever, from lower charges to fast and reliable services.

Benefit #1: Please provide your customers with a bank number

The time had passed when you had to convey several currency account data. For all the currencies in your account, you may avoid trouble for your customers: use the same account details. The multi-currency Software India from Easy GST offers endless services to help you enjoy the best.

Benefit #2: Save reconciliation and accounting time

Your month-end account gets much easier with the help of the best multi-currency Software for business.

You (or your accountant) spend less time reconciling since you are capable of making invoices in a single currency and being paid for in the same currency:

No more problems in several currencies attempting to match the amounts invoiced and paid.

Benefit #3: Save foreign currency commission money

Suppose your firm has a single monetary account, i.e., your house currency, and none of the others is included in the account.

Now, in another currency (say USD), a client is making a payment, your bank will convert that currency into your home currency (say HKD) to deposit the cash into your account. And your bank will, of course, charge for this money a hefty currency fee. These fees might be added very fast for a company that gets many payments in several currencies.

One of the greatest benefits of a multi-devices account is that foreign exchange fees are not paid.

In general, banks are more costly than transfers. In comparison with banks, the exchange rate given through money transfers is considerably more competitive. In addition, banks impose a transfer fee as well.
The banking transfers method is significantly more complex. Besides having an account with them, you need to give a lot of information.
The transfers from the bank are slower. You cannot postpone the processing of your staff’s paycheck.
Companies using online money transfers are more flexible than banks.
These internet transfers allow multi-currency accounts that might help businesses with multinational teams.

Things to consider when choosing a multi-currency account provider

Several firms such as TransWise, OFX, Tansumo, and others offer international money transfers in several currencies. But if you simply start, you’re probably thinking about numerous queries. Which service is the best? How are you choosing one? How can an account be established? Some frequent questions are answered here.

Look for a platform with business-grade financial controls when selecting a worldwide payment provider. If you have a large, internationally distributed staff, you can find a tool to plan simultaneous multi-currency payments. It should also allow you to simplify the whole process of payment. Ensure you are looking for cross-border solutions

Wrap up

Financial institutions provide the accounts for holding money in different currencies by companies and people. Easy GST offers an offshore financial center multi-currency account as the best multi-currency accounting software. Get in touch with our team, and we will help you with the best solutions related to your concerns and doubts.

September 5, 2019September 5, 2019

Top Accounting Courses in India Offered by ICA

In today’s world, there is a significant role played by accountants to make decisions for a company. This does ensure a great opportunity, but also a bright career. Getting employment in today’s highly competitive world is not an easy task, and you have to keep it in mind. So, the development of good skills is always important even when you have completed your graduation. So, in case you have completed your B.Com, you can take a look at courses offered by ICA. There are so many courses available that might help you achieve what is thought to be unachievable. There are so many requirements for people with proper knowledge of Financial Accounting, TDS, Taxation, Advanced Partial Accounts, Business Computer Application, Goods & Service Tax, and many more. ICA provides so many great courses that might help you nourish your knowledge and land you a good job. The people who have done these courses turn into being in high demand in the industry. The more you learn, the more you get benefits from it. Thus it is good to keep learning more and more.

Some of the courses offered by ICA on Accounting are listed as follows:

1. Business Accounting:

This course by ICA focuses on concept building. It focuses on topics like Accounts Documents, Depreciation, Capital & Revenue Transactions, Stock Valuation, BRS, Year-end adjustments, Final Accounts, and Error rectification. By choosing this course you ensure yourself a good opportunity in a career as almost each and every business is going to need an accounting and being good at it might give you a competitive edge over others. The everyday market sees a change and to cope up with the needs of recent trends, any company would require to have the guidance of a Business Accountant under its table. Thus it is the right thing to do as far as today’s industry is concerned.

2. Direct Tax:

Direct Tax course revolves around the concept of Income Tax. It helps students better understand the way it works, primarily the course focuses on concepts like Income from salaries, Profits, and Gains of Profession or Business, Income from House Property, Income from Capital Gains & other sources. After grabbing adequate knowledge about the income sources, it teaches concepts of Application of PAN, Computation of Taxable Income, E-filing of Income Tax Return, Deductions under Chapter VI-A, E-TDS, concepts & provisions in TDS, and project on TDS. Businesses that do not take care of taxes have often faced criticism and in some cases, just inappropriate understanding has led to a high amount of fine to many big companies. Thus the companies are working on getting it corrected which requires the consultancy of a person having good knowledge of direct tax.

3. Business Communication:

One of the most important aspects related to a business is Communication. By taking Business Communication you get to learn a lot about Communication Skills. It includes concepts of Assertive Communication, Presentation Skills, Goal Setting and Time Management, People Skills (behaviour in Workplace), Non-verbal Communication, Selling your Skills (Cover Letter and Resume Designing), and a lot of other related concepts. It is good for the overall development of ourselves as an individual and having knowledge of these subjects is an evergrowing demand in the industry. Combining the knowledge of business and communication helps in bringing up more frequently dealing with clients, luring more investors and thereby is one of the fastest-growing aspects in the industry.

4. Tally.ERP 9:

Tally has always been one of the most anticipated works in the accounts department. Knowledge of Tally in today’s industry can help you get a good job. Tally covers many concepts like Company creation, Accounting, Bill of Materials (BOM), Cost Centre & Cost Category, Inventory, Purchase & Sales Cycle, GST using Tally, Basic concepts of GST, Generation of Returns, PF, ESI, Payroll, Security, Backup and Restore, TDS, and many more. Learning these subjects can take you high ground into developing skills required by the industry thereby ensuring your career opportunities.

5. Advanced Accounts:

There has been an evolution in the industry since the digitization occurred. It has become easier for people to make online transactions and using other modes of transactions that do not involve cash. Thus there is an increasing amount of queries made by people regarding evolution in the accounting industry. Advanced accounts course helps you out understand basic concepts of subjects like Accounts Reconciliation, Accounting for Digital Transactions (Paytm, Debit Card, Credit Card, etc.), Advanced Journal Entries, Company Final Accounts, Online Finansation of Accounts, Ledger Scrutiny, Analysis of Financial Statements and many more related subjects. The idea is to keep up with the current market such that it becomes easier for businesses to focus on their primary functions.

6. Goods & Service Tax (GST):

The most recent and biggest change that occurred in the whole country was the implementation of Goods & Service Tax a few years ago, the idea that the whole nation would have the same tax system changed the scenario of tax accounting in numerous ways. Businesses need proper guidance of a knowledgeable person for making an appropriate and detailed description of how the tax is going to be charged. Thus creating tons of opportunities for people pursuing this course. This course revolves around understanding basic concepts of GST, Time & Value of Supply, Input Tax Credit, Levy & Collection of Tax, Payment o Tax, GST using Tally, Project on GST, Practice on GSTN, returns, General Procedures and Valuation. Thus this course covers the wide implementation of GST, something that might be in full interest of a hiring company.

7. Business Computer Applications:

The knowledge of basic tools is so much of importance these days. Many tasks that are related to accounting requires the use of basic operations of various tools that are available in some third-party software. The course revolves around the concepts of Hardware & Software, Page Set Up, File & Folder Management, Working with Windows 10, Introduction to MS Word 2016, Tables, Formatting Documents, MS Powerpoint 2016, Cell Reference, Drafting & Formatting Documents, Introduction to MS Excel 2016, Database Design, Logical Functions, Sort & Filter, Protection, Project on Excel, Internet & E-mailing, MS Outlook 2016, Mail Merge, Financial Functions, Google Drive, Number & Conditional Formatting, and many more relevant topics. The idea of the course is to make sure that the accountant is able to use the latest technology easily to resolve the various issues related to accounts and help run the business better.

So, we have discussed over a lot of accounting courses that you can pursue after completing your B.Com to gain more knowledge and get into working in the area of the field you like the most. There are so many options available that are carefully designed by ICA so that it becomes more relevant to the industry. We hope that the brief idea about the courses listed by us help you in selecting the right course for you and make you achieve success as time comes. If not, there are many more options out there that you must see before getting yourself to a final decision. The above-listed courses will not only help in achieving success but also make you learn a lot more thereby helping you develop skills that are required by the industry.

February 19, 2019February 19, 2019

How to Apply for Registration Certificate for Shops & Establishments in India?

If you own a shop or any other commercial establishment in India then you must apply for a Shop and Establishment License within 30 days to the Chief Inspector. You can also apply for the license by filing an application in your respective state.

The application form must contain the name of the employer, address of the establishment, the name of the establishment, the category of the establishment, number of employees and other admissible details as desired.

What is the Shop and Establishment Act?

Shop and Establishment Act regulates the condition of work and enlists the right of employees in an unorganized sector. This Act is not restricted to the commercial establishment but also applicable to societies, charitable trust, educational institutes and any other establishment which runs on the motive of earning a profit.

The Act also offers the obligations of an employer. The very first requirement is to obtain a shop act license from the concerned authority under the Act. Areas include working hours, holiday, overtime, leave policy, work policy, etc.

(GST accounting made simple by just one click, Get your free trial here)

Shop and Establishment Act in India

The Act comes under the authority of the Department of Labor and it supervises and administers any establishments wherein any trade, business or profession is carried out. The act keeps a close eye on commercial establishments and also the working of the societies, printing firms, educational institutions and other premises which undertake banking, insurance, stock or share brokerage.

In India, The Shop and Establishment Act may slightly differ from state to state as each state follows their separate operation.

The following are specific aspects of the Shop and Establishment Act :

Hours of work
Interval for rest and meals
Prohibition of employment of children
Employment of young person or women
Opening and closing hours
Close days
Weekly holidays
Wages for holidays
Time and conditions of payment of wages
Deductions from wages
Leave policy
Dismissal
Cleanliness
Lighting and ventilation
Precautions against fire
Accidents
Record keeping

Information that needs to be furnished for Shop and Establishment License Registration:

Name of firm
Address of Firm
Name of Manager, if any
Nature of Establishment like Nature of shop, Like Clothing Store, Furniture Store
Number of Employees in the Establishment
Day of Holiday, etc

What are the documents Required for Shop and Commercial Establishment Registration?

Aadhar Card / Voter Id / Driving License / PAN
Photo of Owner
Photo of Shop along with Owner ( you can Click with Mobile Phone as well )
Rent Agreement, if Rented
Electricity Bill

Some important points to keep in mind while applying for shop act license online or offline

After obtaining the Registration Certificate if there is any change to be made then the same should be notified to the Chief Inspector.
Registration Certificate to be obtained within 90 days of the commencement of the business
Placement agencies providing domestic services to also be mandatorily registered under the Shop and Establishment Act
For any reason, if you fail to obtain shop act license under the act then you need to pay the penalty for the same.

Conclusion

In India, The Shop and Establishment Licence is mandatory to display while carrying out day to day business. You need this license during all the stages of Business registration. Make sure you have this license for your business.

(GST compliant invoices and more with Easy Accounting software)

February 4, 2019February 4, 2019

Highlights of the Interim Budget 2019

Recently the Finance Minister Mr.Piyush Goyal announced the much awaited Union Budget in the Lok Sabha, which has a lot in store for the middle-class group and little for the richer community. Here are the highlights of the rolled out interim budget 2019:

Reduction in tax slabs:

The main gain from the budget 2019, is the relaxation from tax burden for salaried and pensioners. Here’s a look at who gains and by how much:

The proposed increase in standard deduction has increased from earlier Rs. 40,000 to Rs. 50, 000. Here’s who saves by how much in various income groups:

Income Groups	Tax Saved
Income between Rs. 2.5 lakh and Rs. 5 lakh	Rs. 1040
Income between Rs. 5 lakh and Rs. 6 Lakh	Rs. 15, 080
Income between Rs. 6 lakh and Rs. 10 Lakh	Rs. 2080
Income above Rs. 10 Lakh	Rs. 3588

The bigger gainers are the individual payers earning upto 5 lakhs a year who are given a full tax rebate in the proposal. The finance minister said, “This measure will give an exemption to around 3 Crore middle-class taxpayers.”
If you come under income range of up to 6.5 lakh rupees, you are exempted filling tax, if you have proper investments in equities or provident funds.
Tax slabs for individuals with an income over 5 lakhs remain the same
Tax on rent from second vacant houses has also been eliminated for house owners.
Increase in the gratuity limit from Rs. 10 Lakh to Rs. 30 Lakh

Other key points to be noted:

Under Section 80(i)BA – Benefits for all the housing projects will be extended for one more year till the end of 2019 -2020
SME’s with almost Rs. Crore Annual turnover or less will be allowed to return quarterly returns
There has been a significant reduction in the GST for poor or middle-class consumers. A relief of almost Rs. 80,000 Crore is given with daily use items falling under 0% to 5% tax bracket.
MSME units are given 2% interest subvention on a loan of Rs. 1 Crore
Rashtriya Gokul Mission gets Rs. 750 Crore allocation in the current year
Increase in the hydrocarbon production to decrease imports
Explorations processes are being reconnoitred and changes are being implemented in the bidding procedures

Benefits the country has witnessed so far:

Since the implementation of the GST, India has become popular welcoming trades, has become one common market, inter-state movements have become faster, implementation of e-way bills has improved the ease of doing business.
In the coming years, almost all the GST and IT returns will be verified automatically by anonymized tax systems without any intervention by tax officials.
The data and voice calls are by far the lowest in the world
The 4R approach has been implemented to ensure clean banking – Recognition, Resolution, Recapitalized, Reforms.
Fiscal Deficit has been reduced to 3.4%, and CAD (current account deficit) is likely to be 2.5% of GDP in the current year

End Notes:

After the announcement of the budget, PM Narendra Modi said, “This is just a preview of the budget, which after the elections, will take India on the path of development. The plan of India is to become a 5 trillion dollar economy in the coming 5 years and almost 10 trillion dollar economy in the coming 8 years.”

By 2030, Finance Minister has set out a vision including infrastructure, employment, clean rivers, and pollution free nation.

November 26, 2018

Key Benefits of using Accounting Software Solution

Today selection task has become simpler with the availability of accounting software packages as they are designed for particular industries like medical practice, construction, consulting practice, etc.

You can run your business and adjust your setup absolutely as per accounting software packages. Though it is viable for a great many people to deal with their own funds without particular programming, dealing with a business is significantly more tedious without the assistance of bookkeeping programming.

You don’t need to be a financial expert to use these systems because their interface is quite user-friendly so with just a bit of knowledge and practice you can use the software effectively.

Time-Saving

A quality accounting software system can really help you save a lot of time compared to manual bookkeeping. The package can process front end documents as well as back-end transactions simultaneously. For instance, you can create customer invoices, prepare bank deposits and write checks in the program, with the added benefit that the system records each transaction for you. We all can easily manage all over the working of accountancy within a few times.

Financial Monitoring

In a manual accounting framework, the general record is accommodated toward the end of the year and purifies for every record are assembled to make an arrangement of money related proclamations for assessment and administration purposes but in an electronic bookkeeping framework, monetary articulations for any time frame can be created with the snap of a catch. This gives a business director to survey an organization’s monetary execution continuously and address worries before they get to be risky. This will allow the company to monitor the financial records of the business and resolve issues early before they balloon into big problems.

Minimize Errors:

Manual accounting increases the chances of errors in the calculation but you can avoid this by opting for accounting software which automatically performs all calculations accurately. This is a big benefit mainly if you need to prepare detailed invoices in which specific items or worked hours are billed at various rates. For that, you can simply pick the items for invoicing, enter the required data, and the system will do rest for you.

Actionable Reports

Accounting systems can provide detailed reports on your business processes and it can help you track the money flow in your organization. At any time you can get a clear picture of your costs and revenue. You can calculate your profits more easily and learn which customers generate the most revenue for your company. Leading accounting solutions available in the market offer in-depth actionable reports whose range depends only on the type of information you enter in them. Hence, these reports can help you make smart decisions, and operate your business more efficiently and productively.

Eases Tax Compliance

Your accounting software can also calculate the tax amount that needs to be paid on each invoice. Along with this, you can also get detailed reports on the amount of tax your company has paid during a given time period. Thus, you can get all the information which you need to prepare and file tax forms stipulated by the government. Advanced systems will let you e-file tax returns from within the product.

In nutshell

New or small businesses are probably likely to use manual accounts or a combination of manual and computerized systems until their accounting needs become more complex. Based on your business you need to select your accounting system so that you can get the best result.

If you already have your hands on accounting software solution then feel free to share with us the advantages it offers for your individual practice or company.

July 16, 2018

Select your GST software with due diligence

GST(Goods and Service Tax) in India is a much talked about the topic after it came in to force. It is the first bold step taken in the financial sector by the government of India under the rule and guidance of Prime Minister Narendra Modi. GST has replaced service tax, VAT, and Excise. As an Impact, GST will not only boost the economic growth but would make operations related to taxation smooth and simple. In order to abide by the process of GST Returns successfully, you will have to invest in GST Accounting Software India.

Main factors to keep in mind before selecting GST Accounting Software:

Offline Vs Online

When it comes to selecting offline or online software, one has to select based on accordance with their need. Both kinds of software have their own advantages.

Offline:

Maintain database
Store transaction
Regular backup facility
Possibility manual updation
Better for bulk transaction
Better speed

Online:

No installation required
Easy login
Can be accessed from anywhere and anytime
Data synchronization

Business Compatibility

No matter which software you buy, you will always get something extra or advanced features. Most of the business use GST software for GST return filling, creating GST invoices and bill, Data import/export, etc. Based on your requirement you can always select software that suits most of your needs.

Security

When it is about finances, you always want to make sure that the system you are using is fully secured. The software is used to import and export crucial data about your business including money transactions and details of your clients and vendors. If you are using online software then double-check the security even though the application comes with proper encryption, passwords, and other security measures. It is always better to play safe.

Customization

Customization is the key to future, in order to match the growing pace at which the economy is growing one has to stay updated. Your GST software should be easy to customize based on the needs of the business. The flexibility of the software is very important as it involves time and money. If you are using online cloud software then you need not worry, as the updations will be taken care off.

Support

Software support is very crucial and in the case of GST, it is even more important as GST India is in the initial stage and might undergo various changes. Therefore, a strong support system is required at all times in order to make the system and processes run smoothly.

Most of the GST software comes with the bundle of features that can manage your entire accounts including taxation, stocks, payroll, and Banking. However, based on your requirements you can make your selection. Many companies offer the free demonstration and free trials that allow you to understand the flow. If your requirement is too specific then you can opt for the customized GST Accounting Software India.

June 1, 2017September 19, 2017

3 Financial Trends Every Business Owner Should Know in 2017

Are you a small business owner?

Are you looking for the new trends to stay updated?

It’s important to keep an eye on the market trends that can help to make your business a success.

About two-thirds of business survive 2 years in business, half of all businesses will survive 5 years, and one-third will survive 10. (Source)

It’s almost half the year gone and if you are still searching for the trends of 2017, then perhaps you are missing something.

In fact, today, every type of financial activity is being remodeled in some way or the other. Either it is the Banking sector or the lending sector along with the wealth management sector, everything has changed and will keep on changing in coming time, too.

The need of today is to know trends which are most prevalent as of now and will be applicable in the near future.

In this article, you’ll discover 3 financial trends which every business owner should know to maintain the supremacy/gain the supremacy in the competitive market.

Take a look:

Invest in Outsourcing to Save Time

The need of today is to outsource the work and save you enough time, which can be utilized for other more productive works.

Always keep a note that “Saving money is not making money”! You need to analyze the productivity of the work, which you are involved in.

Let’s take an example: when you are managing something which takes 2 hours and can save you 20 dollars or something. And if you outsource this work to some other person or agency can save you those 2 hours, which you can quite easily utilize in getting better productivity than 20 dollars and can figure out some ways to increase this amount to 10 times!

So, analyze the aspects of your working and figure out where you should invest your time!

Get a Cloud Accounting Software for Your Business

Do you want to work faster and smarter?

Today, you don’t have to keep a record book of all the business finances. Getting a cloud accounting software for your small business allows you to access the software through the internet. You can quite easily manage the financial transactions at anytime from anywhere.

This allows you to prevent your data and all important details; as the computers are these days, vulnerable to the virus attacks.

More than 70% of UK businesses are using cloud services.

With a Cloud accounting software, there is no risk of data stealing, which is always associated with the computers as our computers are at maximum secured by passwords, which can be quite easily be unlocked.

You don’t need to install any additional software and hardware, it’s an on-demand service. Cloud solution will make your business life easier and improve your productivity.

Cyber Security

With the rapidly progressing technology, the cyber security is one aspect, which the business owners must look at.

Since cyber attacks are becoming common, this year 2017 has always been a challenging one and several factors have been included to raise the standards of the cyber security.

The cyber security is a key issue even in this year and all business owners must integrate cyber security, anti-money laundering efforts, and anti-fraud.

Read this quote from Jeh Johnson, “Cybersecurity is a shared responsibility, and it boils down to this: In cyber security the more systems we secure, the more secure we all are.”

Finding the regulatory balance and getting a robust cyber security program will allow business owners to look this year with a greater success.

Keep pace with the changing scenario each year. Include new aspects in your working environment and keep processing ahead with time!

May 11, 2017September 19, 2017

Why Cloud Accounting Software is Better Than Traditional Accounting for Your Business?

Do you want to manage your business finances and keep your data safe?

Are you still using traditional accounting software?

Are you looking for some affordable and a better option for your business?

If you want to know answers to these questions, keep reading this article.

When it comes to managing your business finances, you can’t afford to miss this new technology trend – Cloud.

We live in the Internet era. Every day, more and more businesses are moving to cloud.

The term moving to cloud refers to a business moving away from a traditional model to the cloud model.

The Cloud solution is also known as on-demand service. It is an internet based solution, where shared resources and information are provided to computers and other devices on-demand.

Why Should You Choose Cloud Accounting Software Over Traditional Accounting

With traditional accounting software, a business has one dedicated hard drive on which you need to install, configure, and run the accounting software and financial data is recorded. With the traditional accounting, upgrading software is a tough job.

With cloud accounting software, you don’t need to install any additional software and hardware.

Cloud based services have now become highly demanded services because of high performance, cost effectiveness, scalability, accessibility, as well as availability.

Let us show you some impressive cloud based statistics to make you understand the importance of this emerging trend:

It is predicted that the global market for cloud equipment will reach $79.1 billion by 2018. (Source)

82% of companies reportedly saved money by moving to the cloud. (Source)

80% of cloud adopters saw improvements within 6 months of moving to the cloud. (Source)

More than half of survey respondents say their organization currently transfers sensitive or confidential data to the cloud.

By 2018, more than 60% of enterprises will have at least half of their infrastructure on cloud-based platforms. (Source)

41% of businesses are planning to increase their investment in Cloud technologies, with 51% of big and midsize companies planning to increase spend compared to only 35% of smaller firms. (Source)

Some businesses still prefer to practice traditional accounting methods, because they are not aware of the cloud solution. Here are some benefits associated with cloud accounting software. Take a look:

It is very easy to set up. You can set up your cloud accounting software within few minutes of order placement.

A Safe and secure system to keep your documents and financial data private. It also provides backup and data recovery in case of any disaster.

You don’t need to buy any hardware or install any additional software.

Cloud solution provides you flexibility. You can track your business finances from anywhere with just an Internet connection. You can work remotely.

Small businesses don’t have a big budget. Cloud is an on demand service which means you only have to pay for what you use. It will save your business money.

You have complete control over your accounting software. You can share the data or information with your team members.

See what Suresh Sambandam, Founder & CEO of OrangeScape has to say:

“In the pre-cloud ERA, the cost of building software was so high that we often have to define a scope and leave out functionality which we feel doesn’t fetch the ROI for automation. Cloud makes whatever that was previously left out of scope as candidate for automation now! Thanks to simplification, access and affordability brought by IaaS and PaaS.”

We strongly recommend that you should go for the cloud accounting software as you will have your financial data on your fingertips even when you are out of the office.

May 4, 2017September 19, 2017

Easy Accountax has Effective Payroll Feature for You

Talking about the easy and efficient payroll system of accounting software, it becomes important for the business owners to opt for flexible accounting software. It may be for large organisations or small businesses, cloud-based accounting solutions have raised its bar to suit the particular needs of the organisations. When you choose accounting software for your business, keep a checklist of all the features which you want ready. This will enable you to choose the best from the available solutions in the market. Let’s have a detailed discussion on one of the important features of an accounting software; Payroll.

As this feature is complex and it consumes more time, so many small business owners have to rely on their accountants or automated software systems for it. The payroll system which you choose for your business must be effective and accurate. A high-end accounting solution having payroll system will accommodate all the features that can provide accuracy of employee records. Your payroll system must be able to store the employees’ personal details and their various working hours. While you have access to the automated accounting system, it will reduce the chances of human error to a large extent. The stored data can also be easily changed; say e.g. if the lunch break time-in is not proper, you can correct it. It also lets you process the salaries based on the attendance of the employees. Based on that data, you can quickly prepare the salary slip and process it further. If you want to process any employee’s salary later than the regular date, you can cancel the set date and then can set a new date with the details. You can choose how often your employees will get paid, i.e. weekly, twice a month or on a monthly basis. Flexible mode of settling payments is one great advantage of the advanced payroll systems. For the deduction of tax, gratuity or provident fund amount, you can easily enter their net salary amount and the final amount after deduction will be calculated. The gross amount is payable to the employee as their salary amount. And the same process will be done when employees are paid extra for their hourly rates or bonus amount.

The accountants managing payroll for their clients can get real-time updates from the cloud-based accounting software. Additionally, they can view the details on the dashboard and can also track the changes made in it.

About Easy Accountax:

Easy Accountax is a fully-integrated payroll system for small businesses as well as the accountants that make it easy to work across different modules. It has been considered as one of the outstanding payroll systems that offer advantages in terms of time, cost, accuracy and organisational size.

No matter you run payroll as many times as you want and access it from anywhere, you can pay your employees at any time with Easy Accountax. By using this high-end cloud-based accounting software, you can stay in touch with your customers and also can enjoy the best advantages this software offers. Our excellent cloud accounting software lets you manage important dates and deadlines seamlessly. Our system is a white labelled product and can be accessed from anywhere and any device. Also offer Android apps and iPhone app which help in managing payroll feature from smart phones or tablets.

Stay connected with your business from anywhere and at any time.

April 26, 2017July 16, 2018

Why It’s Time to Choose Cloud Accounting Solution for Your Business?

Are you a small business owner or a startup?

If you started your own business. It’s likely that you’re concentrating the work or tasks you love doing.

There is a lot of work for you to do to expand your business. I bet you that you’re not interested in tracking your financial data every time.

Let’s take an example, if you own a retail business, you might have:

A business model or mission.
A high transaction rate with a number of customers.
Many sales a day.
Invoices for your products.
Bill/sales records.
Staff wages to record and pay.

There are a lot of data to track and manage. And I bet you that you don’t want to do it own (if you’re like other successful business owners).

Recording and managing financial data is not something you enjoy. But it’s important to track your data.

Then what to do?

Don’t panic!

That’s where cloud accounting software comes in! It can be your best friend. It can lighten your business load.

What a Cloud accounting software can do for you

The days are gone when businesses had to keep a record book of all the business finances and transactions. We live in the digital era. Everything has changed. The way people buy has changed and the way we do businesses also has changed.

It’s crucial for you to integrate new technologies into your business to make it smarter.

The Cloud accounting software will make your business finances hassle free and make your life easier. It’s a great medium to manage and record your receipts, invoices, bills, and other transaction details, etc.

You must be worried about your financial data security?

Cloud accounting software providers like Easy Accountants offers reliable accounting software with critical security features (which are specifically designed) to keep your data safe and increase your business efficiency.

So you don’t need to worry about your data.

Cloud accounting software also allows you to access your data from anywhere at anytime. And you don’t even need to install any software.

If you want to run your business smoothly, you must invest in cloud solutions.A report identified that an array of industries now owns this new digital innovation – Cloud innovation!

There are a number of benefits of cloud accounting software for your business:

It gives you flexibility.
Disaster recovery
Automatic upgradation of software
Cost reduction in hardware and software expenses
Pay as you use model
Easy to collaborate with team and clients
Increase productivity

Are you still wondering, why should you opt cloud solutions for your business? Let’ access some facts:

AWS generated $3.2 billion in revenue in Q3 of 2016 alone – an increase of 55% over the same period in 2015. While Microsoft trail far behind AWS, cloud products are expected to account for 30% of their revenue by 2018. (Source)

U.S.-based organizations are budgeting $1.77M for cloud spending in 2017. (Source)

The Cloud market was valued $148 billion in 2016 and growing by 25% annually. (Source)

50% of businesses indicated they are or will use (within the next 24 months) an industry cloud offering. (Source)

More than 70% of UK businesses are using at least one cloud service.

Ofer Gadish CEO & Co-Founder at CloudEndure predicts that,

“We are going to see many more enterprises migrating to the cloud in 2017. The cloud is finally mature and secure enough for enterprises, and its myriad of benefits outweigh any limitations.”

Now, I hope you understand the importance of cloud accounting software for your business. If you are not cloud, It’s the best time to choose cloud solutions for your business.

Category: Account