Balance-Biz-help | what is cloud accounting | cloud upload

If you want your business to work smarter and faster, cloud accounting software is a wise investment. Working in the cloud will give you a better overview of your finances, and improve collaboration with your team.

Q .What is Cloud Accounting ?

The cloud is a platform to make data and software accessible online anytime, anywhere, from any device ( Accessible through Mobile, Laptop) Your hard drive is no longer the central hub".

The cloud is where you put all your data, all your files and even your software so you can access it all from any computer or device, any where, at any time. See the difference the cloud can make in how you work, bank, communicate, sell and buy.

Traditional banking vs internet banking

It used to be the case that your financial data was only available to you when you were physically at the bank. With internet banking, your financial data is available online in the cloud. You can access it anytime, anywhere and on any device.

Traditional mail vs web mail

Traditionally, your correspondence was only available at the post office. Web mail means that your mail is available whenever you´re online. You can send an email any time, from any where and on any device.

Traditional filing vs cloud storage

Your files used to only be accessible at the office. With online or cloud storage, your files are conveniently available for you whenever you´re online at anytime, from anywhere.

Traditional shopping vs online shopping

When your physical business is only open at limited times and places then customers have a limited time frame to view and buy your products. With online shopping, customers can enjoy the convenience of being able to view products and shop anytime, anywhere and on any device.

Traditional accounting software vs cloud accounting software

With traditional desktop software, your data lives on your computer or laptop. This means it´s only available at limited times and on limited devices , and often to a limited number of people. With cloud software, your data lives online, so it´s always accessible from anywhere at any time if you have an internet connection. Good cloud software will also let an unlimited number of people use it at the same time.

Data Access through Mobile or Any devices, makes it the easiest way to Manage the Business for any Businessman :

Cloud accounting software is online software. that is hosted on remote servers. Which causes no data loss. Data can be accessed after many years also. Data is sent into the "Cloud". where it is processed and returned to the user. All application functions are performed off-site, not on the user's desktop.

In Cloud Accounting, users access software applications remotely through the internet or other network via a Cloud Application service provider. Using cloud accounting software frees the business from having to install and maintain software on individual desktop computers. It also allows employees in remote or branch offices to access the same data and the same version of the software.

Cloud Accounting software may also be referred to as "Online accounting software" or "Web-based accounting software". With cloud accounting, it´s also easier to get real-time reporting and visibility throughout your organization, with greater mobile capabilities and collaboration.

Cloud Accounting has so many features which are , Three Very Important Features of the Cloud Accounting :

1) SECURITY

Most computational experts think cloud accounting is more secure than traditional accounting software. Users access the latter on a single computer that relies on local data storage. Anything that threatens this computer also threatens your information. Physical theft, natural disasters, damage, and even spyware can prevent you from accessing this stored data.

2) ACCESSIBILITY

Data can be accessed on any device like- PC, Tab, Note-book, smart-phone, iPhone, etc. It will surely save your time and manage your Business easily.

3) SCALABILITY

Your business can be Scalable with the help of cloud accounting.

You don�t want to be switching accounting software as often as a growing child needs new shoes. The upfront cost of installation is negligible compared to traditional programs, but it still costs money to implement. There�s also the cost of training yourself and your employees how to operate each new application, so you don�t want to do it too often.

Though you�re by no means locked into any decision you make, your aim is to find a program that will meetyour needs for a long time. It should be able to scale to the size of your operation as your small business grows. If you aren�t sure what kind of processing power or data storage you will need, speak with a chartered virtual accountant. To maximize your success together, make sure you find an accountant that has a wide range of accounting and tax experience.

Q .What's the difference between "Cloud Accounting" and"Traditional Accounting Software?"

Accounting software has been around for decades. Yet the foundation of these products hasn´t changed much, until now:

There are a several key distinctions between cloud accounting and traditional, on-site accounting.

For one, cloud accounting is more flexible. Accounting data can be accessed from anywhere on any device with an Internet connection, rather than on a few select on-premises computers.

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

This means account balances are always accurate and fewer errors take place due to manual data entry.

They are also better able to handle multi-company transactions more efficiently.

Problems with traditional accounting software

The data in the system isn�t up to date and neither is the software.

It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable.

Only one person has user access. Key people can't access financial and customer details

It's costly and complicated to keep backups (if done at all).

It's expensive, difficult and time consuming to upgrade the software.

Customer support is expensive and slow.

Q. How to Upload your data to Cloud ?

Balance-Biz software is providing you the Facility of Cloud Data Uploading. In Balance-Biz Software, you can upload your data on Lekhaa.com.

Lekhaa.com is our Cloud, it is a online software on which we will upload the data which we have created in Balance-Biz Software.

Balance-Biz and Lekhaa are connected to each other.

To have the benefit of Cloud Data Uploading you must first create your Account on Lekhaa.com.

Lekhaa provides you the Multiple facilities which includes following things :

1) Cloud Accounting-

Manage business activities with cloud accounting! (GST based). Cloud computing, accounting and inventory management software, providing accounting as a SaaS business model.

2) Order Procesing-

Organised-Orders, EDI, Capture Leads, B2B WHOLESALE PORTAL ! Reduce time of orders processing cycle = Increase customer satisfaction !

3) Customized E.R.P-

Department-wise separate modules as per the need of the business, connected centrally into a single database system. (Enterprise Resource Planning)

To use the facility of Cloud Accounting and Order Processing you must first create your account on Lekhaa.com

Step-wise Procedure to Create your Account on Lekhaa

1) Account Creation-

First of all go to lekhaa.com and Sign Up to create your Account. and fill all the Profile info required to create your account. you can also add your Profile photo, next you will fill all the Address related info and select Category and by clicking on create Account

2) Confirmation through E-mail-

The Account will be created and you will receive confirmation of creation of your account on Lekhaa through E-mail with your Login id and Password

3) Company Creation-

You will Log in to Lekhaa and then you will create your Comapny in which you will upload your data. you can create multiple Companies also.

To create company, you will select Create new Company option on Main Screen,

After that you need to fill all the Business Details ( All the information related to your Business ), Business Address Details ( Address of Principal Places of Business ), Taxation Details ( Whether you are registered dealer and GSTN No. ) and in Other information you can also set your Business logo and fill Order Processing Details.

you can also create Multi Companies in a single lekhaa account.

After creating Company also you will receive an email of confirmation. you can Upgrade your plan anytime you want. You can also create new year and likewise Select your plan,

Cloud Accounting

Order Processing

Sales to Purchase System with Stock Count.

You can create multiple companies in this way and you will go to your Company-Lists to select the Company to work with.

After Creating Company, you will get Steps for starting the procedure :

1) Create a Bank Account

The bank account will be necessary for accepting payments and paying your creditors. In case of saving or current account, make opening balance at 1 april as Dr. (Debit). In bank statement it is always written opposite i.e. Cr.(Credit). But when you keep your accounting books, you must mention your money as Dr.(Debit) amount.

To create account of bank, go to menu->Master->Account Master->New.

Enter bank name + account number as a name of account.

Select "Bank Account" as account group

Enter Opening balance as Dr.(Debit) amoun

2) Make a list of Creditors & Debtors

Creditors :This list will become your liability accounts in your accounting system. Include everyone to whom you owe money, such as vendors, credit card companies, mortgage companies, banks and finance companies. Make sure to include the amounts owed to each of your creditors in Opening balance as Cr.(Credit) amount. Usually Creditors are your suppliers

Debtors :This list will become your asset accounts in your accounting system. Include everyone to who owes money from you, or your customers. Make sure to include this amount in Opening balance as Dr.(Debit) amount. Usually Debtors are your customers

To create account of debtors or creditors, go to menu->Master->Account Master->New.

Enter name of debtors/creditors as a name of account.
Select "Sundry Creditors" or "Sundry Debtors" as account group.
Enter Opening balance as Cr.(Credit) amount for creditors. Similarly Enter Opening balance as Dr.(Debit) amount for debtors
Enter contact details (specially mobile numbers) , email-ID & website address.

3) Create a list of items and their opening stock

To start keeping accounting books specially for traders, it is very important to keep track of inventory. Choose proper item-setting according to your business needs.

To create list of items with their opening stock, go to menu->Master->Item Master->New.

Enter name of item.
Select Unit.
Enter "Opening Stock" with their purchase rate.
Enter "Sale Rate".

After Creating Company, you have to create Year for that company, while creating New year you have to select the plan for Cloud Accounting, Order Processing and Sales to Purchase System with Stock Count. you can select these plans for that year.

After all this process, you may select the company you want to work in, You can make new entries directly here or Upload Your data from Balance-Biz software.

Step-wise Procedure to upload your data to cloud from Balance-Biz Software

Step-1 :Make entries in Balance-Biz and Upload on Lekhaa

In Balance-Biz software, after making all the entries at the time when you have to upload the data, you will upload your data by "Day-End Upload to Cloud".

Step-2 :Select Lekhaa account

While uploading the data, Balance-Biz will connect to your Account on Cloud and then you have to select the Lekhaa Account where you are going to upload your data. you can also select the date to upload your records.

Select email id and password :

Step-3 :Select Company year & date

Now select company in which you want to upload the data also select the year

select-year-on-lekhaa-to-upload-dataImage

After selecting company and its year, select the date to upload data :

select-date-on-lekhaa-to-upload-dataImage

Step-4 :Upload the data

Now you will upload all your data to Cloud it will connect to server and your entries will be Uploaded.

Step-5 :Check your uploaded data on Lekhaa

To check the uploaded data select the company on which you have uploaded the data on Lekhaa.com.

to-check-select-your-company-on-lekhaaImage

After uploading your entries, you can check your records Anywhere, Anytime and on Any Device.

Q .Why Cloud Accounting is good for your Business ?

Cloud accounting software is online software. Data is on remote server and not on users computer. Which causes no data loss. Data can be accessed after many years also.

Multiple users can handle data at a time from multiple locations, as per the authority given to them.

Data can be shared to different CA. The data-copy at CA is irreversible.

Everything is run online, so no need to install any setup. No file transfer. Automatic updating. No back-up required.

You have a clear Overview of your current financial position, in real-time.

Multi-user access makes it easy to collaborate online with your team and CA Support.

Security : A new system will improve the accuracy, consistency and security of data. Restrictions to data can also be enhanced.

Cloud Data Uploading