Business Accounting software in Ludhiana, popularly used by many businesses today exist on the cloud.
Which means the cloud platform for accounting, inventory and payroll integration is gaining the momentum.
With the arrival of GST, accounting software in Ludhiana made a tremendous impact on all software vendors.
Because all accounting software companies have to change their structure of the software to make it GST complaint.
Also, many new online software firms evolved over the time to provide accounting services related to the GST.
Technology is cheap today, so it is transforming the way as people engage hugely with their devices and apps.
And as more software companies have evolved over time.
The trend of online business software development started hugely in India.
According to TechSci Research, 40% of market share by deployment will be cloud-based by 2021
We all know this is an era of the internet revolution.
And cloud hosting giants like Amazon Web Services, Google Cloud and Microsoft Azure has already made platforms for companies to host their software and given ways to all software vendors a world-class hosting environment.
So it is has become reliable for all software firms to stick themselves with these giant cloud-based hosting services.
It’s 2018 where software firms have made a huge transformation, so people have just started accepting the cloud-based services.
The revolution has just started so we can see firms evolving with cloud-based business software
A recent survey shows 5% to 10% of enterprises have already adopted the cloud-based ERP & accounting software in Ludhiana.
And some of them are our clients who are successfully running cloud-based accounting software in Ludhiana for more than a year.
Also, in my opinion, 2019 will see even more businesses shifting to cloud accounting software.
So it is changing the entire scenario of how accounting software was used before and how it is used today.
However, let us take a look at some of the widely used accounting software in Ludhiana and a few of them are widely popular in India
The following are some of the most widely used accounting software in India.
Mostly a few of them are pure cloud-based or windows based but and not traditional DOS-based accounting.
However DOS-based accounting software is still popular among Accountants. And it is possible for them to move forward to a cloud-based accounting software if only they can change their mindset.
Today’s accounting systems are getting more automatic rather than manual. But it does not mean Artifical Intelligence and Machine Learning will make human intelligent extinct.
What online accounting systems today actually do? It gives accountants better access to a wide range of near real-time data from a number of sources saving 90% of their time in matching data from here and there.
Some accounting systems even fall on the enterprise platform and a few of them are integrated software solutions with a full-fledged life cycle on Industry business processes.
It means you can start right from order management and process the whole order to cash or procure to pay life cycle and even integrated your BOM and utilize manufacturing stock journals for production.
So let us look at some of the popular accounting systems in India, the list is big but a few of them have even entered the market of Ludhiana. So it is commonly a popular accounting software in Ludhiana as well.
And there is even more, other accounting software in Ludhiana which is popular in its own territory, but it is beyond the scope of this article to list all of them.
A few enterprises have started using online accounting software in Ludhiana.
Because digitization has made software firms to build robust online Accounting software with order management, inventory management and purchase management, unlike just billing or accounting that you find in a DOS-based legacy system.
Today most of the online accounting software comes as an integrated business software available only for a small subscription based charges and it has a number of additional and extended features.
Also, the systems come along with apps on devices like Android and iOS
Thus cloud-based accounting software in Ludhiana have transformed many enterprises
It has started reaching the market and customers are gradually accepting the cloud-based online accounting systems.
A few of the best online accounting software is built for scale and much likely behave as an ERP system.
Also, the simplicity of online accounting systems and GUI based dashboards make it outstanding from other traditional software in various ways. Furthermore, the same dashboard and reports are available on the apps on your mobile devices, so it is much easier for you to instantly access your sales or purchase history.
Moreover, startups and businesses who have multi-location based business can gain access to billing operation and accounting data easily.
And apps provide more convenient sharing of reports and timely projection of resources to selected users based on their roles
Also, there is no use of highly configured hardware systems to run your software.
It all comes seamlessly online on any browsers like Google Chrome, Mozilla Firefox, Safari or Internet Explorer.
And accessible at your fingertips as just like you use your Email Accounts viz. Gmail, Outlook or Yahoo.
But for a small business running an online accounting software in Ludhiana would benefit even more.
With online accounting software, you can plan, manage and analyse your business and finances like a Fortune 500 company.
Online accounting software as the name implies means accounting software on the cloud, unlike offline accounting software which is deployed on a PC or a Laptop.
So the first difference is very clear, being online means information is flowing from many different locations and sources.
Another way to look at this is Online Accounting software can be the hub for all financial information. For example, let us take sales, sales can be of 2 types, one is your factory sales and the other can be a POS sales.
So here sales information is flowing from 2 different sources one is from your factory warehouse and the other is from your POS store which can be at a different location.
So information flows into, from different locations and from different systems, this is exactly the power of an online accounting system.
Moreover, purchases can be entered from a different location, if you have a centralized purchase, it is easier for online accounting systems to make purchases at your warehouse and do a branch transfer to other physical billing stores.
Offline accounting systems are hard when you want the same processes to follow because information is not flowing from one system to another, simply to put together offline accounting systems do not create a collaborative environment whereas online accounting software does it.
Also, online accounting software processes all this data and provides timely and accurate reports and analysis to owners as well as accountants operating from anywhere.
Owners also have the option to view delete modify send email/SMS or any other task all on the go.
Online Accounting software is seamless for any small business owner, like most of today’s online accounting software such as quickbooks, zipbooks, alignbooks, realbooks, profitbooks, zohobooks, reach accounting and many more perfectly fit the trading sectors and some even for manufacturing as well.
Almost all standard accounting software packages are 100% error free because it is a tried and tested product on behalf of the company.
Hence customization is not easy in an online accounting software package. Because if a company wants to take every customization for every client either company will fail or product will fail and it won’t become a standard software system, so every cloud base software avoids customization.
But there is a different approach to Online Accounting Services and that is consulting services are easily available for every standard online accounting software.
And most of the companies train CA’s and Accountants on their products before bringing the product to the market, so they can provide the best consulting services to their customers.
Also, you will find almost every software firms have a partnership proposal with a third party vendor to enhance their business in a particular region or territory.
So there is no lacking of available partners, who can’t assist you in providing consulting for what you need or discuss with them what is in scope and what is beyond the scope.
Intuit has a vast network of consulting service providers around the world for their online accounting software Quickbooks, and the same you will find even for other online accounting software vendors who are spreading their businesses globally.
One of the major drawbacks for some products might be there is no customization at all.
Some do provide the customization of simple invoice design formats only and can be highly charged.
It is important to understand for business owners, accountants, traders and manufacturers that online accounting software is a different approach and not a traditional DOS accounting software approach.
Online Software firms follow the best standard practices and developed a finished software package with everything that is needed for accounting and inventory software. It already has all the reports and billing formats designed for your needs. So if you use it as-it-is you have no issues at all.
On the other hand, if you want some special features out of the box, suppose a bill design format or a report, the request is up to the company’s decision authority whether they will accept or they will reject depending on the standard practices followed globally. If accepted you have to pay additional charges as nothing comes for free.
However, there are updates that you will receive always automatically from the company.
The online software package comes pre-configured with every basic need of the industry and it comes as a product.
You have access to your business intelligence any time, anywhere for taking informed business decisions
Online accounting software runs on all devices, all it needs is an internet connection and Apps
For most important workflows on approvals, you can approve documents on the go.
Also, dashboards are available for critical information through bars and charts on desktops and apps
Security Issues: Is it safe to put the confidential financial data in the cloud?
None safer than having your money with a Bank.
All professional cloud vendors are using the world-class infrastructure provided by Amazon to secure your financial data.
What about data backup? There is no need of taking backup.
Vendors are taking continuous backups of your data and archiving them on the cloud.
However, if you wish to retain a copy of your data in Excel you can always download It from the system.
Manage multiple businesses under one roof.
And manage branch accounting in heart of the software.
Also, a few online accounting software can give you Profit/Loss reports for each branch independently
And can roll up the data at the company level.
Online accounting software is a boon for small businesses.
Because at very little cost, online accounting software comes handy and it plays a major role in decision making.
Those who have realized its value surely won’t get back to the offline system anymore.
Almost all firms accounting is run by Accountants and CA.
And the small business owner of the firms doesn’t even care about software.
If owners realize the value of software and keep it handy, most of the business decisions making would rather solve before time.
Decision making is all about data manipulation. So when data are handy on pockets every time, a business can run even more smoothly.
Hope above information would help you find the best online solution for your business.
Manage your inventory with simple sales or more complex orders to cash cycles.
And do simple purchases or more complex orders to pay cycle.
Just take a free trial of online accounting software from India’s best software solution providers
CONTACT us for free trial demo and more information on the solutions.