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Time to move away from Desktop based accounting to Cloud

What are Desktop based accounting softwares – A software which is installed on your single PC and whenever you want to any transaction or want to see the reports, you will have to be near to your computer. Bank transactions either need to be entered manually in the form of a JV or thru manually transaction uploads. GST transaction Reports have to be downloaded and uploaded manually to GST portal. Above all there is no payroll integration with most desktop based softwares, therefore you run your payroll manually in excel and create manually JV to enter the transaction in your accounting system.

Cloud based accounting application are accessible anywhere, all you need is internet connectivity or data plan on your mobile. There are options for secured bank and credit cards integration whereby system will pull all the transactions into your accounting app, you just need to categorize them or setup rules for auto categorization. Payments received from customers can be matched with due/overdue invoices instantly, supplier payments can be matched with Bills to mark paid, payment towards expenses can be charged to respective heads. Most Cloud based apps have multiple apps including that of Payroll which can be well integrated with you accounting and the entire process is smooth. Zoho Payroll, for example, offer a direct payout to employees thru ICICI Bank Integration and accounting entries are automatically taken care.

Your P&L, Balance Sheet and Receivables ageing etc are all updated on real time basis throughout the period. You aren’t waiting for the month to end.

You must be wondering how is the subscription cost difference? Are Cloud apps too expensive compared to Desktop applications? The answer is – Not always it depends on features you want to use, your volume and number of users. Cloud applications are monthly/annual subscription based and vary based on the number of apps, volume and number of users.

If you do a cost-benefit analysis of both, the verdict always goes in favor of Cloud apps.

You want a free consultation, do let us know we will provide you every bit of detail for you to take an informed and right decision.

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Accountant vs. CFO

Often small business entrepreneurs wonder ..

“My Accountant seems busy all the time……. but I never get any meaningful report on the performance of my business. Even if I get, it’s too late to do anything and I often find errors so the data doesn’t seem reliable to me” …… “Whenever I face my accountant, I get reminded for cash flow shortage.”

“I think we are doing well, making money but where is all that going?”

Here are the possible reasons~

May be You aren’t using the right accounting system, Chart of Accounts aren’t structured adequately, Too much dependent on excel files, Integration with your banks and credit cards and front desk aren’t done, you may be piling up some bad and doubtful receivables due to lack of follow-ups etc..there could be many more reasons why your accountant is overwhelmed and cash in flow is compromised.

All you need is an eye of an experienced tech savy CFO, that’s where CFO Innovations can help.  Our CFO Partners have over 30 years of on  the ground experience in diverse industries across USA, Europe, India, East Africa and Middle East.  We are ahead in terms of our knowledge towards most popular accounting and payroll applications used widely across the globe. We have alliances with the global software vendors which offers certain privileges which we use for our clients.

If you let us – We will do a detailed review of your accounting needs based on the nature of your business and the country compliance regulations, Front desk systems integration (if applicable to your business). If we find you are already using a cloud-based accounting & payroll application which is suitable for your business, we will fix issues, cleanup records and put your accounts in an ideal shape. And if your accounting system isn’t suitable, we will find one for you and implement it. We We will also look into your transaction processes and suggest changes, if necessary, to eliminate duplicate and wasteful efforts. Having done so, we will try to automate most activities by making full use of system capabilities and thru process reengineering. In order to get monthly action oriented reports it is very important that they are precise, timely and action oriented. This is our core expertise and we know how to achieve this. Our aim is to ensure that you get real-time information always up-to-date and most preferably on your mobile thru an app which gives you your updated P&L, Balance Sheet

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Why CFO Innovations

Every business…. Whether startup, SME or Big…needs someone with expertise in Accounting, Payroll, Finance  and systems so that they can focus on their core business without being worried whether clients are getting invoices on time, vendors are getting payments on time, employees get their wages on time. Receivables follow-up, cash flow planning and timely performance reports are all critical to manage the business.

The ideal choice for you would be to engage an experienced tech savy qualified CFO on full time basis but the question is whether the size of your business can justify and afford one ? Or even if you are willing to pay, a career-oriented finance professional would be willing to join in?

CFO Innovations offer you the solution. We will work remotely taking full responsibility for your accounting, payroll, financial management and system at a fraction of cost compared to a full time CFO. More than a full time CFO, we are available to you 24×7 but you have to pay us only when you utilize. Depending on the nature and size of your business, if needed, we will also provide you full time trained staff who will not only carry out all your accounting work, they will also handle client communications relating to accounting, they will follow-up with receivables just like your own accounting staff.

Our CFO Partners supervise and monitor  closely each and every activity to ensure the highest quality of delivery.

This is our core expertise and we strive for excellence always. We believe in taking ownership.

If you want to try us, please send us your details and we will get back to you promptly.

We will do a free review of your business from accountant’s perspective. All we require a 3 days view only access to your system after signing the NDA.  This will help us offer solution and decide the cost suitable for your business.