Author: Suruchi Mittal

Running a business means wearing many hats together to run it smoothly and one of the most important and tedious ones is to manage finances. Initially, when you have few clients, it can be done in excel or spreadsheets but what about the time when your business starts gaining momentum. To be prepared, for such times or to be ever ready for tax submissions, or to have a better assessment of cash inflows and monitor the financial health of your business, you need a good secure billing & invoicing system.

Also, every business owner wants to be on the top, and for that businesses should update themselves with advanced digital solutions. In today’s competitive market, investing in modern and advanced technology in your business operations is one of the best ways to move ahead of other competitors.

Billing & Invoicing System / Software

The billing & invoicing software replaces the manual work and brings more efficiency to the business’ work. It helps in automatically creating or generating bills / professional invoices for the sold or supplied product and services. Further, invoices can be customized professionally with your company’s logo, name, contents, etc.  Also, in the invoicing software, the list of products and services with their related costs, including taxes can be saved. So, each generated invoice will show the actual total cost that the client needs to pay and from there itself the invoices can be delivered directly to the client, which saves your time and effort.

So, the invoicing applications help businesses keep track of bill payments, record finances, track cash inflow, process payments faster, etc. It also provides different online payment options to clients.

Signs your Business Need Billing & Invoicing System

Here are a few signs that your business should quit all the traditional methods of billing and invoicing and needs billing and invoicing software:-

1. Spending more time on invoicing than on your business

After being in operation for a few months, when your business picks up and you have a big client list, then spending time creating and managing invoices in Excel or spreadsheet will not be left to an hour but a few hours or say a day. So, a lot of your time will be spent on creating and sending invoices to your growing client base, instead of focusing on growing and improving your venture.  

To manage time, businesses need to opt a good billing and invoicing software, which can help you focus on the main business matters rather than spending most of your time on maintaining invoices and bills.

2. Growing accounts receivable

As the business grows, so does the accounts receivable, and so does the pressure on the business to collect those payments. Now imagine all your client’s data in excel or a spreadsheet, and you are trying to calculate and keep track of all the debtors. Isn’t that thought scary? It surely is. So, here comes for help a good billing and invoicing software. We suggest you opt for one stop invoicing software, which is cost-effective and it provides various several features.

3. Easier way to create and deliver payment reminders

With time, in businesses, the client’s list increases and so does the list of late payers. The reason for late payers can be either people are forgetful, have misplaced invoices, or have unintentionally deleted emailed invoices.

And, if you manually track these clients, their outstanding invoices, and send payment reminders to them, the whole process will be tedious. So, the best option is to send automatic payment reminders and this can be done best with the use of invoicing software. In this software, you do not have to lift a finger. You just need to schedule the time for a reminder and you are done. It is a great way to minimize late payers and get your hands on the money you had worked hard to make.

4. You don’t know the real-time status of invoices or revenue

Many businesses wait until the end of the day, week, or pay period to collect work order info and process invoices. As a business owner, you should have real-time reports of all this.

And if you ask your accountant to pull these reports that are just a few weeks behind just to get an estimate of current revenue, then they will take too much time to create and send those reports whereas invoicing system shows you the real-time status.

5. Looking for an easy way to track finances and create business reports

As business gain momentum, paperwork grows along with it and so does the work to track finances and create business reports. You might have to enter and reenter duplicate data across multiple software platforms to generate financial reports for your business.

Whereas if you have billing and invoicing software, it will make your work easier by tracking the invoices and creating the business records automatically.

6. Invoicing System can be integrated with other business tools

One thing that doesn’t cross people’s minds when they think about invoicing software is the ability to integrate invoicing with other business tools. What I’m talking about here is additional multitasking to enhance the performance of your business. One stop offers integration, which in turn paves the way to thousands of other business tool integrations.

7. You need to keep track of your inventory more efficiently

With small operations, it is easy to manually track inventory. But, as your purchase and sale increases, the manual system becomes inefficient. Instead, you should find a way to store and update inventory data in a real-time system.

Many accounting software comes with built-in inventory management features that let you record descriptions of each product in your store and automatically update your inventory every time you log a sale.

8. You need faster access to information

The main advantage of working on a cloud-based invoicing system is that you can automatically generate data. Instead of going through hundreds of spreadsheet rows to reach a conclusion, you can create powerful reports and dashboards with just a few clicks. For instance, if you want to know gross profit for all customers during a certain time, you can pull a customized report on just about every financial transaction your business had. Maybe you need to know what products sell the fastest during a particular month.

Also Read: How online invoicing software can make your life easier

These are a few points, which clearly depict that your business now needs a billing and invoicing system.

One-Stop Accounting Software for small business, benefits small business owners in handling receivable and payable accounts. An easy-to-use financial tool helps small businesses and can solve complex financial situations that arise within an enterprise.

Accounting Software for Small Business

Before we delve deeper into the services, and how One Stop Accounting Software can help your business, it is important to shed some light on the meaning of accounting software for small businesses.

Accounting Software helps to make a quick and fast report of transactions that influences decision-making. Accounting software is a system that has a positive effect on companies’ performance. It helps the company to have a higher accuracy rate in bookkeeping; it keeps track of companies’ transactions and gives the right insight for the growth of the company.

What is OneStop Accounting Software?

One Stop Accounting Software is cloud-based accounting software that helps in keeping track of the company’s transactions easily. Its convenience allows you to access them from anywhere in the world.

OneStop accounting Software also boosts the efficiency of offering invoices, bridging the vendors and customers. Further, it allows you to negotiate deals, view transactions, ease recurring actions such as bills and then make payments.

Features of OneStop Accounting Software

The features that we offer in OneStop accounting software helps small & medium-sized business to move forward and compete in the market. Online accounting software is also known as cloud accounting software and acts in building a base for businesses.

One Stop accounting software helps small businesses in customizing the bills, automating payments, and maintaining manual journals.

Money in (Receivables)

One Stop online accounting software automates the invoices and money collection process. It ensures better management in business and steady cash flow. It also notifies the client in real-time about the invoices for online billing. Thus ensuring better customer relations.

Money in (Payables)

The payable feature of OneStop accounting software reduces the manual payment task by 80%. It sends reminders to the accounts department to remind them of due payments.

Businesses offer a date for payments, and sometimes the companies/clients forget about the payments. This leads to cash outflow and even leads to additional charges in the form of interests. Therefore, the online billing software helps you in maintaining your accounts as it sends a reminder for a hassle-free payment process. It ensures smooth relations with clients by making sure that the due payments are not delayed.

Bills/expenses

While running a business it is difficult to keep track of the inflow and outflow of money. Delayed payments can lead to losses and even a cash crunch in business. Therefore, the OneStop accounting software for small businesses gets you notified about the bills/expenses to make sure payments. This billing software keeps a track of expenses and payments with a seamless process.

 Charts of Accounts

Charts of account are the part of the accounting process that most small businesses do not pay much attention too. However, it is the foundation of accounting. Charts of account are the listing and classifying of all information of your financial asset liabilities, and transaction.

The charts of accounts decide how the transactions are categorized in the financial statement. The software groups the specific number that identifies a specific account type such as; asset, liabilities, equity, revenue, etc., and reports the information to financial accounts. It summarizes the month-end sheet, provides detail labeled in each group, and helps in making more informed charts that have room for every transaction, which occurs in business.

Purchase Orders

“To err is human” but that’s not the case with software. Software is programmed to make error-free statements. The purchase order is a statement that includes documents sent from a buyer to a supplier requesting the purchase of products as an order.

It will include the type of item you are purchasing, the pricing, and the quantity. If your company is making manual purchase orders the chances are they are making lengthy documents, containing inquisition, the course of purchasing cycle, order acknowledgment, quotes, sips, and invoices. Whereas, automating the purchase order ensures good record keeping, decreasing the chances of error and ensuring seamless digitization of the entire process.

Manual Journals

Reconciling the financial sheet is a tough process. It takes too much time and leaves scope for error. Whereas, the One Stop accounting software makes it easy to maintain books. It keeps everything in order and grouped in different sections.

It is easy to read and understand the financial situation of the company. Moreover, it ensures there is no scope for human error.

Contract

To prevent fraudulent activities or inaccurate invoicing is it essential to prepare a contract without errors. One Stop Accounting Software is one of the best online accounting software that helps in curating contracts for vendors with all necessary documents. It automates the whole process and ensures an error-free contract. It reviews the legal obligations and authorization limits to make an appropriate contractual term.

Inventory Management

Inventory management is the process of buying, selling, and sorting of stocks. With the help of One Stop -the best accounting software in India, you can keep an accurate stock count. The software helps in data collection and making analytical charts for better insight. It also helps you to understand the trends and improve the forecasting of stocks.

The software automates manual tasks and tracks the growth of your business. It boosts the production and profitability of your small business.

Read – Tips & Processes to Choose an Online Accounting Software

Pricing of One-Stop Accounting Software for Small Business

The sign-in for One Stop Accounting software for small business is free and you can avail of its services free for 15 days. You can organize your small business accounting with One Stop software.

As the Covid-19 situation has eased a bit in our country, many companies have called back their employees to their beloved workplace. If not completely, many companies have switched to the hybrid model too. This means that the employees are spending around two to three days in their office per week. However, whether it is a few days or a whole week, the most prominent factor is the safety and security of every employee at their workplace. If your workplace is secured, it lets you feel safe every second and enhances your productivity. For this, many companies ensure that they have a GatePass Management System. It gives employees a comfortable feeling because it lets them decide who can come to them or enter their office.

Unlike the unorganized workplaces where anyone can reach an individual physically, and god forbid, any mishap can occur, on the other hand, most companies and organizations have adopted the Visitor Management System. Well, everything comes with its pros and cons. It is undoubtedly a safe and sound system that ensures 100% safety, but if your guest is new to this system, they might be irritated by it. However, this enhanced system does everything from visitor information to their accurate track record.

Pros of the Gate Pass System

• Ting-Tong! You know who it is – As the Visitor Gate Pass System will notify you first on who is seeking your approval to enter the company premises, no unknown person can just come to you. With this system, many mishaps and crimes can be prevented.
• No criminal activities – When you ensure that your workspace has a proper Gate Pass Management System, there are very brisk chances of thefts, robberies, or other malpractices. This is because this system ensures that people belonging to that particular place are present, and no other unwanted or suspicious individual is there.
• Accurate track record – If any unusual activities occur, the track record maintained in the system can help the concerned authorities retrieve the essential data. This is because it records accurately in & out visitor timings.
• Be ever-ready with proper notifications – As you are notified every single time one wishes to come to your abode/workplace, this facility gives you a time frame to make all the proper arrangements beforehand only. You do not want your workplace to be messy when you know someone special is just arriving.
• Advanced Control with Visitor Access: One prominent positive feature of the Visitor Pass Management System is easy to control. With this, you can enroll a visitor’s credentials and permit them to access only selected areas.

On the other hand, one of the cons witnessed in this Visitor Pass Management System is that it also results in unnecessary clashes. Many people who work in unorganized companies face this issue when they visit someone who works at a company that has adopted this Visitor Management System. Moreover, as the verification and approval take a little time, people become impatient and often enter into unnecessary arguments. Little do they know that this verification step is mandatory.

Modules of Gate Pass Management System

Officially, this gate pass management system has three kinds of modules.

• Admin Module: This module is installed for the administration of the workplace. It defines and records the host details, sets gate pass formats, and even generates reports.
• Host Module: This module is for the employees to keep a tab on the visitor details. The host further can send the response to the safety gate staff.
• Security Gate Module: This module is deployed at the entrance area of the concerned premises. It facilitates the staff at the security gate to register the visitors’ details with a picture. And further notification is sent to the host.

Read – Workflow of OneStop Gate Pass Management Solution and the benefits of cloud based gate pass management system here.

However, the requirement of a GatePass Management System varies from place to place. Designed to address the safety of physical, intellectual, and human assets, it is no doubt a professional and systematic method. What is more remarkable about this system is that it does not compromise security, hospitality, and productivity.

Read – All about the Visitor Management System

Since the time, Online Accounting Software / Cloud Accounting Software has come into action, it has forever changed how accountant does their jobs. Gone are the days when professionals used to keep track of the bulk of sheets and do every possible financial task by hand. What was more challenging was to maintain that large number of physical files for years and years.

What is Cloud Accounting / Online Accounting software?

To understand cloud accounting software, we need to first understand what cloud accounting is. In 2022, we are all aware of the term ‘cloud’, which means online or on the internet. In simple terms, it refers to delivering computing services via the internet. However, this type of accounting moves the whole accounting process to the cloud and expands upon it only.

So when you opt for online accounting software, remember that it is not a desktop application, and you can always log in to an up-to-date online solution. In addition, all your data is safely stored on a cloud server.

What are the benefits of Online Accounting Software?

From accessing it from anywhere around the globe to saving a lot of time, cloud accounting software / online accounting software is clearly the future of financial management. Not only does it makes your every financial task easy, but it also adds more productivity to various other tasks in your daily schedule.

Benefits of OneStop Cloud Based Accounting Software

Access your accounts from anywhere

When you choose GST Accounting Software, you are all set to get access to your financial data round the clock from anywhere with the condition that you should have active internet access. This system allows you to be flexible and access your funds or check on your cash flow from anywhere. 

Save tons of hours

Choosing accounting software for small businesses or even for large businesses helps you save a lot of time. Moreover, this saved time can be used to increase the productivity of your entire accounts team in various other tasks. Further, as this software allow you to bid goodbye to physical paperwork, you automatically save a lot of time. In addition, you can automate your workflow, which will help you pay the concerned vendor on the exact due date every month or even invoices to your recurring customers on time.

Also Read: Online Accounting Software is better than excel

• Less Risk

There are various types of accounting software, but when you choose the best one, for example, OneStop, you sign up for the best. This is because accounting software lowers the risks of accounting errors and helps you extract an accurate report at any time. But remember, it is essential to ensure that you are entering your income and expenses regularly.

• Tech support round the clock

One of the positive factors of using such software is that you get access to tech support for any kind of help round the clock. Whether via telephone or chat, one can contact instant support from professionals to get help with any type of issue. This saves your organization time and money by not hiring an IT employee to deal with it.

• Go paperless

Well, in the current era, it is essential to go digital and, especially, declutter your workspace. While handling your finances, paperwork is the biggest challenge, and filing through expenses, receipts, and invoices can be tedious. However, if you go for cloud software, you will have easier access and a real-time view of your finances without even turning papers repeatedly. Factually, this will also help you reduce the risk of manual errors or losing data that matters.

• Be up-to-date always

As such, software keeps track of every possible record every time. It makes it easy for you to be up-to-date on your financial funds. This specific feature helps you to make informed and meaningful decisions about the future of your business/organization in monetary terms. If you plan to stay up-to-date by using the traditional method of paper accounting, you can never be accurate and will always be out-of-date.

The evolution in technology has made some efficient changes in business management. A lot of businesses go into huge losses due to cyber-attacks and threats they possess from hackers. But, a revolution in technology has made business management easier. And today cloud-based gate pass management software is indispensable as it secures the business from predators.

Cloud-based gate pass management has pros that you cannot ignore. It is a smart technology that helps in eliminating any concerns about safety and security in an office. Many organizations are still contemplating this change. If you are one, then here are a few advantages of cloud-based gate pass management software.

How would you define cloud-based?

If you are new to this term then let’s delve into its definition before stating the advantages. The definition is given by Eric Griffith the founder of PCMag, “Cloud-based computing means storing and accessing data and programs over the internet instead of a computer’s hard drive”.

So what does Cloud-Based Gate Pass Management System mean and how does it helps?

This means when any visitor, vehicle or material enters your sites, the entries are done on the cloud server instead of being hosted by a local internet server.

How is cloud gate pass management software helpful?

It means the data won’t be stored on the computer hard drive rather it will be all over the internet. So you can access who came and for how long they stayed, anytime anywhere.

Read: Improve the visitor security with gate pass management system

Reasons to have a Cloud-Based Gate-Pass Management System

1.    Cloud-Based Has Free Trials

Cloud-based platforms are SaaS applications, which means it has a free trial period. You can either cancel the subscription or carry it on depending on the service you enjoy. For instance, with One Stop Global, you can get the cloud-based gate system free trial for 15 days. With that, you can easily learn how to sign up every employee in your office in the system and how to use it. This way you get enough time for making decisions on how to operate the cloud-based gate pass management system in an institution.

2.   No Need To Fret Over Data Loss

One of the biggest benefits of using cloud-based gate pass management software is you can never lose the data. Every little information is saved on the cloud, so any employee in your office from the front desk to the manager can log in to the account and access the data and files. The institution or office does not depend on the original copy. You can access the data from any device or any place with a cloud-based visitor management system.

Furthermore, you can anonymize the data, this means you are in authority over which data you want to share in the public domain. With the cloud-based gate system, you can organize your data, reach a high level of security, and control which clients and interviewees can look at the data of the company.

3.   Cost-Effective

Cloud-based system costs are far lower than any other on-site gate-management system. The reason behind the cost-effectiveness is you don’t need to install high-security server-side hardware, antiviruses, and storage. Moreover, you don’t need to spend too much on extra space so you can house the local servers.

The cloud-based system has automated upgrades, so you don’t need to spend on regular maintenance plans, software support, and future upgrades on both hardware and software.

4.   System is always up to date

Regular updates can make the system slow. Maintenance takes time and also leads to a delay in the overall productivity of a company. Whereas, the installation of cloud-based management can save both time and money.

5.   Easy Setup And Installation Process

Selecting a user-friendly management system is the stair to active higher adoption rates. Web-based gate pass management system is a SaaS application, so the solution is easier to set up and installation is easy, it does not require any specific training. This makes the company more efficient if they have understood the process of using the software during the trial period. It is a one-time process where you need to learn once and after that, a smooth and intuitive platform is there to work.

6.   Data is Easily Accessible

As we have mentioned above, the cloud-based management system is not localized software. The data is on the internet which is easily accessible by any employee or staff. The data is not stored in any hardware and local servers, anyone with authorized permission can access the data from any device.

7.   Cloud-based Software is Highly Scalable

When we consider any technology for any business the first thought that strikes us is ‘how scalable it is?’ So, when you use SaaS software for business and gatepass management systems, it gives the ability to grow the business. So, if you have a small business right now but it is growing exponentially every year you don’t need to worry about outgrowing the gate-pass management system.

The reason behind this is since all the information is stored in a cloud-based management system you can easily increase the number of visitors to your subscription,  without any significant effect on the system. Even in the future if you open multiple offices in a different location, the setup process will be easy and hassle-free.

8.   Low Maintenance and Low-Security Risk

Bid goodbyes to the ugly old application that requires weekly or monthly maintenance and embraces a cloud-based management system. When you adopt a cloud-based system, the company which provides you this system manages the regular updates and ensures you are always using the latest version.

The cloud management is always checked, updated regularly, and secured by the provider company ensuring there is no data thrift from hackers. It provides a guard against vulnerable data.

Data thrift is one of the top concerns of any corporate system, accepting and embracing a technology that secures against security vulnerability should always be celebrated.

Also Read: Workflow of OneStop Gate Pass Management System

Conclusion

OneStop Gate Pass Management System is one of the leading Gate Pass management software in India. It secures the data and provides all the advantages listed in the article. So, take advantage of the benefits mentioned above to remain ahead of the transition curve.

The right accounting software online can save lots of money and time for businesses and companies. Conventionally, accounting meant managing and keeping books or ledgers. But not anymore. Today, online accounting software takes care of all – be it revenue, sales forecast, or inventory management. But, there are too many choices in the market which makes it difficult to pick one.

If you are confused and anxious about the overwhelmed options, then fret not, we are here to help you. In this article, we have researched and bought the best tips and processes to choose accounting software online.

Consider the Accounting Skills And Requirements of the Business

Before you pick any accounting software online and select a software package, it is good to spend some time analyzing the company’s requirements. Take some time to consider what function you need in the software and how you will use it. A clear idea about the product you need helps to pick the right one.

For instance, if you have a small business that makes less than Rs. 1-2 crore as a turnover then you need a different software as compared to a business whose turnover is in millions. There are lots of accounting software that are designed specifically to help small-scale, medium, or large businesses.

You can pick the best product by answering these simple questions:

What Is The Business Objective?

• Is your objective, to increase the revenue by 25% in 5 years or open different branches of the company in different locations?
• What are the features you are expecting from software that help you to achieve the goal?

When you have a clear answer to these two questions you can pinpoint the right software that company needs.

What Questions Should You Ask While Evaluating Online Accounting Software?

Selecting an online accounting software is a strenuous task. But we can make it easier with a set of questions that you must ask while evaluating the best accounting software in India.

• Will this software ease the workload of the company?
• Does it offer a customized business solution?
• How many clients and teammates can accommodate?
• Is the data secured? Can it be immediately recovered in a crisis?
• What is the cost of the software? Is there any extra charge for cloud storage?
• What type of customer service and tech support will be provided?

When you are picking the best accounting software, just don’t decide in rush. Analyze these questions and find answers. This will ease the process of choosing the best accounting software.

Advantages of Cloud Computing

The software you choose must be easy to use and has intuitive features. Cloud computing is the bandwagon that most businesses are jumping on due to its accessibility and intuitive features.

Cloud computing comes with a bunch of benefits that make accounting easy. And One-stop accounting software provides all the benefits of cloud computing. You can access it from anywhere in the world and its team takes care of backup and maintenance of the data.

Features Of the OneStop Accounting Software

Any add-on features to accounting software online are like icing on a cake. And it’s always good to have more.

OneStop online accounting software gives you access to many add-on features such as creating reports, making purchase orders, and inventory management. It easily integrates with eCommerce software and makes your accounting process easier. Some of the other notable features are:

• Create payable/receivable invoices with customized looks.
• Tracks online billing and expenses in different categories.
• View balance sheets, and expense reports
• Create charts of accounts
• Maintain financial books and entries without error.

Data Security

When you are looking for accounting software you must not compromise on safety. Consult the company on how they store data in their application. Look for companies that have trusted cloud hosting providers such as Rackspace or AWS (Amazon Web Services). Ask for their protocol to prevent hacker attacks and look at whether the company’s server is encrypted or not.

Take The Decision With Your Accountant

Selecting an online software does need financial literacy. As a business owner, you might not know much about finances so keeping an accountant in the selection team helps to get the best product. The accountant understands the needs of the company and which software would have a less complex interface to use.

Also Read: Why Online accounting software is better than excel?

The Process To Choose An Online Accounting Software

There is a 5-step process to choose accounting software online.

Talk To Employees

First, have a conversation with your accounting team to understand what their needs are. Once you understand that, make a list and then start selecting the ones that fit the need.

Know The Budget

Once you have a handful of the best accounting software in India listed down, learn about the budget. The expense you can make at this point and what are the companies that offer customized budgets.

Search And Shortlist

Google is your friend that you must rely on at this point. Check out the testimonials and read about their previous work. Learn about the programs and the services offered with the cloud based accounting software.

Schedule A Demo

Visit the website provider and ask for a quote or demo. The demo version will give you an idea about the niche and how it will help your company.

Take A Trial

Always take a trial before purchasing. Enter the dummy transaction and check the accuracy of the report. If everything looks right you are good to go!

Conclusion

Accounting software is one of the healthy requirements to run a business smoothly. So, choosing a program that achieves your daily accounting goals and shares the workload of the company is the one for you. We suggest you go with One Stop Cloud Based accounting software, which is one of the best accounting software in India. It offers a cloud-based business solution and can manage invoices with ease. So, what are you waiting for, sign up now to make accounting easier?