As of 17th July 2020, nearly 13,616,593 people have been infected by COVID-19, including 585,727 deaths. The first COVID-19 case in Kerala was reported in late January. After that, the GDP rates in India have slashed due to the prolonged lockdown. The most affected industries include travel & tourism, manufacturing, financial services, construction, and mining. Nationwide lockdown also resulted in the free fall of employment which is slowly pacing with the reopening economy. However, companies are still struggling with the implementation of work-from-home.
How to Fight the On-Going Economic Crisis with Best Could-Based Accounting Software in India?
The pandemic has steeply affected the urban economy. Major states like Maharashtra, Gujrat, and Tamil Nadu have entirely shut down having a large number of infected victims. Businesses are forced to operate with a minimum workforce to keep themselves afloat. The traumatic pandemic has drastically changed the way companies operate in the country. However, businesses can only speed up their pace by taking flexible actions. Major accounting firms are battling the circumstance, struggling to perpetuate consistency in bookkeeping and management tasks. All-in-all, the lockdown has adversely affected various business industries. Yet, some finance firms are keeping up with the help of small business accounting software in India. Cloud computing enables businesses to operate remotely, allowing access to financial data from anywhere through mobile apps and other electronic devices. The management software has made complicated accounting processes easier by creating a smooth workflow.
Implementing Best Cloud-Based Accounting Software
Cloud-based software is an accounting tool hosted by various service providers. It is ideal for businesses to invest in the best cloud-based accounting software. It rids the problems that come along with the installation and maintenance of software. Cloud computing provides limitless privileges for businesses to succeed amidst the pandemic. It includes:
1. Stay Updated with Cloud Computing
With cloud-based accounting software, companies can employ candidates globally. It enables your employees to view and track inventory, sales, and expenses. It provides easy access to bank accounts and financial data. You can also control access to specific information and create a workflow without hassles. Your employees stuck at home due to COVID-19 can now work efficiently indoors with these applications. Cloud computing is a one-stop solution for everything from accounting to filing compliance.
2. Say No More to Manual Bookkeeping
Bookkeeping is one of the most vital yet tedious accounting tasks. Accountants still commit errors after spending all their time working on creating invoices, sending invoices, billings, and transactions. Each accounting software in India is designed concerning various business scales. It enables businesses to function with accuracy and saves time to focus on other crucial business processes. Small businesses and entrepreneurs most likely handle everything on their own. Cloud-based accounting software for small businesses can save quality money. Alongside this, they can also benefit from the accuracy and data-directed solutions. Likewise, large enterprises can liberate themselves from bundles of paper works, the complexity of liabilities, and other critical accounting attributes. GrofleX.in is online accounting software that enables large and small businesses to work smoothly with automated invoicing and compliance. The image below demonstrates the single dashboard where you find solutions to all your accounting problems.
3. Hassle-Free Data Storage & Backup
One of the most critical issues faced by accounting firms during the pandemic is data storage and backup problems. Wherein businesses operating with cloud-based accounting software in India are less impacted by these critical circumstances. Cloud-based accounting software for small businesses and large enterprises allows automation of data storage and backup. It enables organizations to foresee possible issues and make data-driven decisions.
4. Data Security
Cloud computing allows role-based access to data. Enterprise managers and business owners can get rid of the worries of privacy breaches and data leaks. The accounting software also offers automated tools that further break down complicated compliance. It not only can help businesses keep up with the COVID-19 economic crisis but also enable them to manage future uncertainties.
Working Remotely with Best Cloud-Based Accounting Software
From government to private organizations and small ventures, cloud computing is nearing replacing strategies shortly. The world is currently undergoing a unique situation. The COVID-19 lockdown failed the most risk-averse plans of several organizations. Most factories and manufacturing units have shut down in India. Under this turmoil, the only way for businesses to emerge is to adapt and switch to Cloud-based remote working culture. Cloud accounting software is better than traditional methods as it increases efficiency, productivity, security, and quality. The future is uncertain; there is no hint of when things might get back to normal. Amidst the pandemic, businesses are striving to have a smooth workflow. Implementation of the best accounting software for small businesses and large ventures can increase the chances of growth, stability, and resilience. Several service providers are providing applications that are now homebound. The cloud-based system offers various features which include:
- File-share
- Video conference
- Communication
- Chatbots
- Data analytics
- Accounting
- Graphics
- Sales
- HR management
It has turned remote employment into an ongoing trend in the business world. Remote working is more than just going digital. It is an ongoing business transformation that works on various levels. The large-scale implementation of this culture has altered work ethics, and work culture, and has educated employees to use technology comfortably. The demand for remote employment has also trained employees to stay focused and engaged at the moment. Organizations can find solutions to immediate causes like COVID-19, with the implementation of cloud-based technology to operate remotely.
Conclusion
By the year-end, over 70% of small businesses are likely to invest in accounting software. In case you are still operating with manual processing; you must consider upgrading to automation. Are you looking for the best cloud-based accounting software? GrofleX – #1 Accounting Software in India. Our company is an expert in delicately communicating and monitoring various accounting functions. We aim to provide accurate accounting solutions to make it easier to work from the confines of your home. We ensure that businesses accomplish their accounting and compliance tasks with hassle-free automation.
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