Top Benefits Of Cloud Technology In Accounting

Cloud accounting solution provides a secure method of storing financial information than traditional methods. Cloud accounting software is similar to traditional, self-install accounting software, only the accounting software is hosted on remote servers. Where data is sent into the cloud and is processed and returned to the user.

In cloud computing, users access software applications remotely through the Internet or other network via a cloud application service provider. Cloud computing provides the freedom not to install and maintain software on individual desktop computers. It also allows employees in other departments to access the same data and the same version of the software from anywhere.

Cloud computing is the future of the accounting industry. With the help of cloud computing accounts can concentrate on their own field of work instead of working on data backups, data security and such IT hassles.

 

Reasons cloud accounting will change your business for the better

There are several good reasons why businesses and accountants alike love working in the cloud.

  • Remote access

Cloud accounting is more flexible. You can see your business account balances, outstanding invoices, overall cash position and much more from anywhere 24/7 as long as you can access an internet connection.

  • Real-time matrices

Unlike traditional accounting software, cloud accounting software updates financial information automatically and provides financial reporting in real-time.

  • Reduced error

Cloud computing will reduce error while accounting. It Means account balances are always accurate and fewer errors take place due to manual data entry.

  • Customer-friendly

It is better able to handle multi-currency and multi-company transactions more efficiently. It also allows your customers to collaborate with you virtually at any time from any devices

  • Less maintenance

Cloud accounting requires far less maintenance than its traditional counterpart. Companies that use cloud accounting require less initial server infrastructure to store data, and IT staff is not required to maintain it or update the cloud accounting system

  • Data backup

The cloud provider completes the backups, updates occur automatically and nothing needs to be downloaded or installed on a company computer. Sharing data is also less worrisome. With cloud accounting, two people simply need access rights to the same system with their unique passwords. Traditional methods often require flash drives to transport data, which could be lost or stolen.

Many accounting firms are moving to the cloud because they are now able to comprehend the advantages such as better mobility and more comfortable interaction with clients. Mostly, cloud accounting allows greater access to real-time data, which increases engagement with businesses financials and assists in making decisions. MyExps the all in accounting and invoicing solution provide such latest technologies along with online invoicing, free services and accounting solution, online for the betterment of your business.

Come fly into the cloud.

Factors to be Consider When Switching over to Accounting Software

If you are thinking of streamlining your accounting books, you should not hurry. There are a few factors to consider in choosing accounting software for your business. If you are a first-time buyer of an accounting system, you should not ignore these essential tips. This will only enhance your experience and your choice of business software.

Doing your books manually is not efficient accounting. Only a business having a negligible number of financial transactions uses paper-pencil accounting. Even a small business cannot use Excel sheets for long. The owner of an expanding business, sooner or later, has to think about automation.

Don’t Hurry, Take Your Time before Buying an Accounting Software

 

Before you switch to an online accounting solution, take a visit to the following points

Following are the factors to be taken into consideration before Sourcing Accounting Software:

  • Size of the Organization:   

    It should be the prime factor that should be considered while selecting the online accounting solution

  • User-Friendly Software:

    The ease of use is a factor to be considered when buying an accounting system. The user-friendly software provides you with a dashboard that shows charts giving the financial status of your company.

  • Multi-Currency Transactions:

    The internet has reduced the distances between consumers and businesses. Today, even small enterprise serves overseas clients. If you have such clients, make sure that the accounting software that you are investigating facilitates multi-currency transactions. Invoice online, free versions are available in many if accounting software.

  • Web-Based Application:

    New business owners prefer to use online accounting software. They like to keep in touch with their business’ financial data on-the-go and email invoices to the clients from wherever they are. Web-Based accounting software for business allows them to collaborate with their staff or the accountants to speed up things.

  • Integration with Other Business Software:

    If you are looking to upgrade to the latest accounting software, you should be careful about what you select. Choose software that will integrate seamlessly with your suite of other business software. Moreover, in future, you may buy additional software tools for increasing the efficiency of your business. So buying software that is flexible and easy to integrate makes sense.

  • Secure Data:

    With the online accounting software, you can save the business’s financial data on external servers. It is safe there from any physical hazard at your end. You should know when the data is backed up and make sure the frequency is as per your needs.

  • Customer Support:

    The level of customer support offered by the manufacturer of accounting software is one of the vital factors to consider when selecting a software package. If your staff is not happy with the software, it is going to delay the transition from the old system to a new one.

  • Pricing of Accounting Software:

    The pricing, for small business owners, has always been one of the things to consider when buying accounting software. They are not in a position to pay high license fees for it. However, it is not true in case of the online accounting software. You can use these tools by subscribing to them on a monthly basis. You can start using basic features in MyExps the new accounting and invoicing solution with the least initial investments

Visit the MyExps software websites, Check out their various versions, and see how the tools measure up in your daily use. However, you will still be able to figure out whether it is the tool that you would like to use for your business needs.

 

How Online Accounting Solution Suits your Business

When you are about to start a business, accounting software is one of the first applications you need to buy. Choosing the right accounting solution is important because you will use it every day to track the cash flow in and out of your business. With it, you will create invoices, identify and follow up on past receivables, and run reports that help you analyze your financial health and various other aspects of your business.

Online accounting and invoicing solution makes it easy to manage sales, generate online invoices free, receive payments and keep track of it, business accounting and calculate taxes, use the comprehensive real-time reporting feature to accurately measure progress and have other timesaving features.

There are many different types of accounting software available for entrepreneurs, with varying facilities and price tags. Generally, the type of industry and number of employees are two main factors that will lead entrepreneurs to choose the accounting software. With hundreds of accounting and invoicing solution programs on the market, it’s difficult to decide which one you have to choose for your business. Entrepreneurs are those who met with challenges every day. So they require the most advanced technologies to resolve their accounting issues. So we wanted them to go for cloud-based solutions and have a mobile app so you can access data at any time, from any place.

How online accounting solution suits you:

  1. Online invoice free services

  • You can create a good audit trail
  • Customized invoices to showcase your brand value.
  • Better invoice tracking
  • Setup Auto reminders
  • View payment status
  1. Higher data security 

  • Zero error 
  • No need for physical bookkeeping
  • Cloud computing services 
  1. Consume fewer resources

  • Save money 
  • Save time
  • No need of appointing  professional for accounting calculations
  1. Faster Payments

  • Accounting software reminds your customer about payments dues
  • Create an atmosphere to get paid faster 
  • Available different payment options

The modern business environment demands modern solutions. It should deliver products and services efficiently in the minimum amount of time. Using an online accounting and invoicing solution helps you to achieve modern requirements.

MyExps the all in one accounting and invoicing solution helps you to resolve all your financial transaction issues along with all the above-mentioned features. Each professional demands different accounting solutions. We provide customized services for freelancers, professionals, consultants, entrepreneurs and the list is continuing. MyExps will find a solution for all your demands.

Accounting Software –A New Solution for All Your Financial Transactions

Money management is a big part of running a business, and the right accounting software can help support your company. A quality program can save you time and money. Easy-to-use online invoicing software makes handling your customers and clients a breeze. Create and send invoices, and get paid faster by accepting payments online.

Accounting software is a type of software that accounting professionals or business owners use to process accounting transactions and manage accounts. The accounting software is usually created by a third party for small and medium-sized businesses. Large businesses and corporations have their own in-house accounting software. With this report, the organization can get a glimpse of how they are performing financially and create a future budget.

Benefits of accounting software

  • High data security
  • Zero human error
  • Cloud accounting services
  • Reduced operational cost
  • customized Services
  • Easy storage and retrieval of data
  • Timely financial reports.

Freelancers and project-based small businesses should have MyExps on their radar. This invoice online, free software is the best on the market. It’s easy to use, fast and efficient. We recommend MyExps as the best billing and invoice software for small businesses. In addition to easily invoicing clients, you can use it to manage and collaborate on projects, track billable time and expenses, send automatic past-due reminders, and accept invoice payments. Online accounting solution enables the efficient and fast processing of financial transactions. Automation process leads to the reduction of staff costs who would previously be engaged manually processing data.

Did you know?

MyExps the accounting and invoicing solution helps you create and send your customized invoices within seconds.
There are many plans to choose from, even a plan that’s absolutely free, forever. Try it out today.

How reports from an accounting solution help your small business

Roy is an Entrepreneur. Who fed up with manual tracking daily business documentation, tax returns, employee payroll. etc

 Alas!!!  

He made a lot of trials to track all financial transactions in his company. But everything failed. 

As an attempt, he would decide to go for online accounting and invoicing solution. 

When it comes to accounting solution online most people are not aware of its benefits.

Accounting software is capable of generating invoice online free, auditing expenses, tax calculations, employee payroll, benefits, performance reports, payment due to reminders etc. However, there are many more benefits to accounting and invoicing solution that helps you to grow, improve, and expand your business. 

Here are some of the most important accounting reports for your business that you should know about.

 

Profit and loss statement

The most important for any business required is the profit and loss statement. This report tells you about how much money a business consumes. A well-run bookkeeping operation is enough for you to understand how much money spend and where your money comes from. But it is difficult to keep a proper bookkeeping system in an established business firm. Hence it is preferable to go for online accounting and invoicing solution. 

Balance sheet

A balance sheet gives you about a snapshot of what a business has and owes at a point of time. Assets include bank accounts, accounts receivables, and investment account. Liabilities generally include credit cards, business loans, and anything else owes. This balance sheet generated by accounting solution will showcase the exact financial position of your business. 

Revenue by customer

Your revenue by customer report tells you about how much you made from each customer over a while. Building good relationships with quality clients can turn in to a reliable and healthy income. Revenue received by the customer is exactly listed in accounting software. Which help you to track the unpaid customers; hence you can go for payment reminders

Accounts receivable 

You can keep count on the number of invoices you were sent ad how many invoices are earned its fruits. Online accounting and the invoicing solution will help you to measures about accounts received. It helps you to keep on tracking your business. 

I’ve been very lucky when it comes to a matter collection of payments; it is well done by MyExps the all in one accounting and invoicing services. It is your part to choose the right clients to work with your business. 

 

There are countless benefits for online accounting and invoicing solutions, I would suggest just go get to understand the benefits of MyExps – by yourself.

5 Things You Shouldn’t Know About An Online Accounting Software

Accounting software is the basic fundamental application that allows you to track the internal as well as external cash flow of your organization.

It asses the financial health of an organization through tools like general ledgers account payables and receivables, purchase orders, stock management, and billing etc.

Accounting Software is vital for a business to fully understand their situation, determine the success of their business performance, and run a successful venture. Good accounting software is a path to success for your business.

It is a surprising factor that most of the companies still practices the manual method of accounting, and it consumes a large number of resources such as time and money.

Tasks involved in manual accounting depend upon the size of the firm and goods or services they provided.

If you are a person looking for steering up your business destination, it is advisable to go for online accounting and invoicing solution.

This reduces the effort on generating invoices and cross-matching them for verification. The benefits you might not know about online accounting solution are:

  • Customized design

Invoices can generate according to the requirements of the brand, i.e. invoices can be customized. You can add your logo, colour preferences, details required as per your organization demands.

  • Zero error

The software helps you avoid human errors and suggests a corrective course of action. It is far better than manual method accounting.

  • Cloud computing

You can securely access your business data anytime, anywhere using a web browser. The entire information about the organization is secured in the cloud can be accessed by your team whenever it demands. Hence no separate bookkeeping is required.

  • Timely reminders

 it would allow timely notification to your clients and reminds them about their dues.

  • Security

Financial data is a company’s most valuable information and must be prevented from falling into the wrong hands or getting lost by mistake. That’s exactly what online accounting and invoicing solution and does for their users.

MyExps the all in one accounting and the invoicing solution will help you to resolve all your financial transaction issue through an online invoice, free services. We provide all features mentioned above for your business growth. 

Best Invoicing Practices For Your Business

Running a business works only when you get paid. Proper invoice processing is key to the success of your business. Invoicing is a fundamental component of every business. Ensuring that your invoices are professional and complete is critical to your success. Manual preparation of invoice is a daunting task it is always advisable to go for online accounting and invoicing solution. 

When creating invoices for your business, be sure that it includes the following 

  • Date of issue 
  • Date of invoice
  • Invoice number
  • Business address
  • Address of customers
  • Due date of payments
  • Contact information
  • Purchase order details
Here are some tips to be a pro in online invoicing 
  • Always add the date on your invoice

Manually created invoices using Microsoft Word forget to date on their invoices. Instead, if you use an online accounting and invoicing solution the date should be generated automatically.

  • Always use the invoice number.

An invoice number is beneficial for tracking invoices, as well as tracking the progress of your business. Invoice numbers will make it easier to reference which invoices are being paid by a client who has received more than one bill and more details.

  • Always include the due date and terms by the invoice 

It is better to provide an easy-to-follow invoice pattern to your client that clearly shows them the amount they need to pay and the day it is due. Keeping those details close together clearly defines a quick reference to the client when it comes a time to pay the bill.

  • Always include payment options 

Under the invoice total, there should be explained well about the various payment methods that are accepted by your organization. It will help your client to know about various payment receiving options and they can pay from anywhere. It always strengthens your customer relationships.

  • Accept Early Payments

Never send your invoices late. Doing the same might affect cash flow to your business. Make sure that your invoices are sent out as possible as soon after one project is over.

  • Always follow-up reminder notice 

It is always desirable to and nothing wrong with sending a professional and friendly reminder that an invoice is about to dues. It will help them to pay before it dues and you can receive it on time.

Conclusion

MyExps will help you to achieve more efficiency on your business accounting practices through invoicing online free services, accounting solution, online and much other assistance in terms of financial transactions. MyExps –the all in one accounting and invoicing solutions will assure you that above-mentioned factors suites for small businesses looking to do invoicing the right way.

 

Difference Between Invoices & Receipts

Documentation of every transaction is a vital part of the business. As a business owner, you need to determine what the best account monitoring method is for your own organization. Most of the companies use a combination of receipts and invoices to record their transactions. Even though these two documents have similar functions, but they are a remarkable difference to each other. 

An invoice is a document that is sent by the seller to their customer. Which is a request to the payment for products or services. Similar to a bill, it lists what goods or services were provided, how much they cost, and which forms of payment the seller accepts.

 Invoices are typically issued to a customer after they have received their goods or services, but before payment has been received. Usually, invoices are printed and sent to a customer through the mail but they can also be sent electronically, which known as electronic invoices or e-invoices, Which is definitely the best option for businesses. An effective online accounting and invoicing solution can simplify the entire invoicing process. 

Generating an invoice through a digital platform is a simple task, but there are a few important points that you should include. These points make huge differences between an invoice and a receipt. Where invoices typically contain more information about the transactions than receipts.

An Invoice includes:

  • Brand, logo, and contact information
  • The customer’s name and address 
  • The unique invoice number
  • Date of the  invoice 
  • Due date of payments and other payment terms;
  • acceptable forms of payment
  • A detailed description of goods and services purchased
  • The total amount owed, including any taxes and fees.

While an invoice is a request for payment, a receipt is the proof of payment. It is a document confirming that a customer received the goods or services they paid. Though business firms are not legally required to provide a receipt for all transactions, receipts are virtually always given to a customer after they make a purchase. Receipts can either be physically or electronically given to a customer.

No matter how you choose to give them out, receipts are an important proof of purchase document for both customers and businesses. Customers need receipts in case if they have any issues with the product or want to return it, and you need to be able to verify that a customer’s claims are correct. Keeping track of customer orders and receipts can be difficult, especially if the customer does want to return or exchange something; a digital solution can make it much easier to track orders, send accurate receipts, and help the customers who demand assistance.

MyExps the all in accounting and the invoicing solution will help you in your accountings as online invoice, free services, cloud computing, customized services and many more. Online accounting solution is definitely beneficial for your business growth and financial monitoring. 

Criteria for an ideal accounting solution

Business accounting software greatly reduces the human error that comes with accounting on paper, and it can allow you to access critical information in just a few clicks.

If you have a business to run, you should need accounting software to record your income and expenses. Software is the one you should purchase when you are about to start the business. Sooner, the next question will be how to choose the right accounting software for your business.

Sometimes this might be a big task and confusing as there is plenty of accounting and invoicing solutions are available in the market today. By listing down some ideal criteria for an accounting solution that you should consider before you invest in an online accounting solution.

 Below are five magical points which turns your accounting software into ideal accounting software.

  • Cloud applications

Nowadays, Cloud computing got wide acceptance and more prominent influence in modern business, it is important to have cloud service for accounting and invoicing solutions. Which help us to store financial information, retrieve any information whenever it needed, access information from anywhere. Your records are kept secure at a data centre far from the physical location. Cloud computing helps you to manage accounts even you are away from your office. And, cloud applications can be accessed using a tablet, laptop or Smartphone.

  • User friendly 

Most of the business owners might not have any accounting background. If you are professional in accounting or if not, an accounting solution online should be easy enough for your employees as well as the clients to learn the software. Investment in software which is adaptable for everyone. Go for a software which has an easy user interface and one which is not stuffed with unnecessary features. The clean interface makes it easy to focus on the essential tasks and can reduce time.

  • Hidden Costs

Some software providers might charge for the upgrades or additional support. Sometimes, they provide basic software at a lower price. Later you are forced to buy add-ons and pay for it. They also charge for maintenance fee. So, check if there are any hidden costs associated with the software before you are planning to buy. Best way to know this is to go and check pricing package on the website. If they are selling additional services, those will be mentioned in their respective websites 

  • Features

The software you are planning to buy should have all the features that your business demands. It includes 

  • Online invoice free services
  • Time tracking 
  • Automatic reminders
  • Sales prediction 
  • Inventory management
  • Create and manage taxes 
  • Track account payable and receivables 
  • Support multi-currency transactions
  • Access to control by every team member 
  • Data security 

This is not at all point if you’re going for manual accounting policies. But if you are not ready to stay in the box, going for an online accounting solution for your business. Then data security is the most vital aspect to check. Ask the company how they are storing the financial data. In most cases, this information will be available on their website.

To grab all above features to your accounting solution check out MyExps

HIGHER THE SPEED, LOWER THE RISK –ADD QR CODE IN YOUR E- INVOICES

Small businesses need professional invoice templates to bill clients and receive payments. The right invoice template is a crucial business tool because it can simplify your small business accounting process and help you get paid faster. While free invoice templates are available to download online, most business people find they get what they pay for with free invoicing tools. 

An e-invoice is a commercial document that itemizes and records a transaction between a buyer and a seller. Hence it acts as an online accounting solution for all business people. It typically has a unique identifier called the invoice number that is useful for internal and external reference. An invoice contains contact information for the seller or service provider in case there is an error relating to the billing.  Also, QR codes are also included in invoices for fast and easy transactions. 

QR codes are machine-readable, two-dimensional barcodes that can encode up to 4,000 letters and be read by virtually any Smartphone. A reader then scans and translates the code into something readable, like a web page. QR codes are increasingly being included on print, PDF or digital invoices to speed up the payment process. This speeds the payment process and helps to reduce issues like forgotten passwords, human error and another risk. It works on the virtue of a simple one-click procedure and, thus, improving the customer’s experience 

Reducing documents tampering and improving automation

In the e-invoicing system, the QR Code will be used to provide all information about a particular invoice in a quick manner. There is no fraud, no theft of cash, no one scheming off the top. And there is no exchange of credit card information. In fact, can’t even see the credit card number-it’s secured in the back end of the platform. Quick Response Code or QR Code helps users verify the details in the digitally signed e-invoice. It is completely an accounting and invoicing solution for business people. 

Invoice generation – significant benefits

  • It works for both printed and electronic bills and invoices
  • It can only be generated by the issuing organization and cannot be faked or tampered by anyone else
  • The generation of the QR code can be easily integrated with existing bill production systems
  • The entire relevant information of the bill is captured inside the secure QR code hence it is good for security and privacy. Also, the contents can be verified with a dedicated app or a server-side validation 
  • The output of the validation can be made available in a structured format for onward processing by any system 

Small businesses need simple, effective invoice templates to bill their clients and get paid faster for their work. Hence MyExps, the new accounting and invoice solution can help you to generate and capture the data on such documents in the form of a secure QR code before it gets printed either physically or electronically. In addition, the QR code will also have the digital signature of the issuing organization so that unauthorized modifications can be identified and well stopped. 

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