Online accounting offers a multitude of features for solo entrepreneurs, micro-enterprises, small and medium enterprises, and even large enterprises.
In this article, we will discuss some of the unique features of online accounting systems that most business owners know hardly exists.
Hence here I am updating a list of features for business owners who are still using the traditional, offline, and outdated accounting solutions for their enterprise.
Here is a list of potential online accounting software features
Grow and scale your business with these potential features that are available in a few online accounting systems.
1. IP Based Restriction for Employees
Most business owners are not aware that online accounting software can restrict a user to use the software outside of the office. Because this is an important part of data privacy. The IP-based restriction will offer a business to use the software by their employees only during office hours and only at the office.
2. Can Operate Multiple Companies and Multiple Branches under a single roof
Online accounting software is more powerful than any traditional accounting software because a business owner can operate multiple companies and multiple branches under a single umbrella simultaneously without repeated logins. So managing multiple branches and companies and access to information from all branches and companies is at the fingertips.
3. You don’t need to manage your paper files at the office
Cloud-based accounting solutions are a reliable means to store business transactions along with documents on the cloud. So you don’t need to keep a heap of files in your office or add more cupboards and stacks and occupy spaces or add spaces for it.
4. Check and manage physical documents on the go
Being an online solution, the physical documents can be managed online through Dropbox uploads and check documents anytime and anywhere. Whether it is an expense voucher or an income voucher, a sales invoice, or a purchase invoices online accounting provides a copy of your physical document to be stored along with your voucher transactions.
5. Ability to scale your business with online accounting
Online accounting solutions have the ability to grow with your business. You grow and it can grow with you. So you need not worry if your business grows. You are seamlessly adding more users and add more features to your business using the software.
6. You can customize your invoice format/s
Most online accounting solutions offer a fixed format for documents such as invoices and may contain a few multiple formats where the format is fixed in most of the software. But this is not true, the best online accounting software and solutions provide customized invoice and voucher formats particularly for your business. But it may incur a little cost as one-time fees to implement the formats as per your business needs.
7. Manage everything on mobiles
Most online accounting software is operational on mobile and you can almost do everything on mobiles/tablets whether it is about creating a master, creating an invoice, or creating any other types of vouchers and transactions, or view any form of reports on your mobile or giving approvals. It can all be seamlessly done on your mobile phones.
8. Need not worry about data backup and data security
Small business owners often worry about data backup and security when we talk about online software. But the reality is they have nothing to do with data backup and security because it is the sole responsibility of software vendors to manage your data and keep your protected 24X7. They are the specialist.
9. Integrate E-invoicing with your accounting software
You don’t need a separate solution for managing E-invoicing, the best online accounting software solutions provide integration of your accounting software with the IRN portals. So you don’t need to subscribe to any other 3rd party software for managing your E-invoicing needs.
10. Get Notification and Alerts based on any defined parameter
Alerts and notifications work wonders for business owners because it is as simple as an alarm that informs what is critical to a business so that you can take care of what is needed at the right time. So you can build your own notification based on defined parameters.
11. Supports millions of transaction and concurrent no. of users
The best online accounting solutions are usually so robust that in spite of being online, it runs fast, is efficient and support hundreds of concurrent users working simultaneously across multiple locations and handling millions of transaction year on year.
12. KPI and Dashboards exists by default
The traditional and offline accounting solutions may offer some basic charts, but cloud accounting solutions offer the best key performance indicators related to incomes and expenses, profit and losses, and other accounting KPIs in the form of charts and graphs on dashboards.
13. It has nothing to do with your hardware systems
Most business owners often ask whether the solutions will run on my apple laptop or windows desktop or I run Linux. One wonderful concept of being online is that it has nothing to do with any operating system. You only need a browser and an internet connection to run your software online.
A subscription-based software as a service is a new concept for most business owners.
Therefore business owners who are willing to migrate to online accounting from their traditional accounting methods and systems may find these features beneficial for their business.
Refer below to a list of accounting software for Indian Businesses that might help.