With the changing trends of technology, the demand for could based solutions are increasing rapidly over the years. Development of Mobile technology, Apps and could based software solutions has taken its stride to make the operations smarter, swifter and effective at any place of the world. This technology development has marked its presence in the field of accounting as well. So far, accounting has been considered as the most essential aspect for any individual or business concern. Everyone needs to keep the accounting on track so as to comply with the regulatory norms and standard business practices. This is the reason why there is a distinct popularity observed among the mass for online accounting software. With so much popularity, on this advanced application, here are 5 basic factors that everyone should know while going for any Online or cloud based accounting software.
GAAP (Generally Accepted Accounting Principle): GAAP refers to a standard set of rules and regulations that are practices over a certain geographical jurisdiction. While going for any type of cloud accounting software, the beneficiary should know his jurisdiction and should check if any particular online software provides the same facility for the desired jurisdiction.
Double Entry System of Accounting: This is one of the most popular and standard entry systems of accounting and book keeping practices globally. Most of the standard accounting procedures accepts Double-Entry System of Accounting for smooth record keeping. While going for any online invoicing software, the subscribers should confirm if the software provides double entry system of accounting for individuals and business entities.
Features for Asset and Stock Management: As an essential part of accountancy is recording of assets, stocks and liabilities are very much important for any accounting. Hence while subscribing to any online accounting software or subscribing any mobile invoicing app, one must look into the package of existence of these vital factors. This will not only make the accounting smooth, but also save the user from a lot of headaches, that might be possible for final accounting.
Billing and Invoicing: Any invoicing app must have the facility of billing and invoicing. But additional features such as recording the names of parties, with their address and other essential data are definitely features worth looking for. The online invoicing software should have features for email management, contact management, billing management along with invoicing features.
Protection of accounting information: While going for any cloud based accounting solution, one must ensure the safety of information. Accounting is vital for any individual or business and even a single entry loss may account for significant loss or tax liability. Ensuring every record is kept safe is the primary focus of accounting and these information should be protected, backed up and should be retrievable as and when desired from the cloud.
Online and cloud-based accountings are two distinct accounting procedures that are being operated over the virtual world of internet. One needs to understand the basic requirements and look for solutions that are affordable and easy with any such invoicing app. If one intends to go for Mobile based accounting platform, he should make sure that all basic features should be available so as to make this a complete accounting solution.
