8 Most Asked Questions About Online Accounting Software

By Author: Suvajit Paul
Total Articles: 17
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8 most asked questions about Online accounting software?

Online accounting software has revolutionized the way businesses manage their financial operations. With the convenience of cloud technology, businesses can now access their accounting software anytime, anywhere. However, many questions arise when considering the switch to online accounting. In this article, we will address some of the most frequently asked questions about online accounting software, including its features, security, integration capabilities, and more. We will also mention RealBooks, a trusted online accounting software provider, throughout the article as an example of a reliable solution.

1. What is Online Accounting Software?
Online accounting software or cloud accounting software or cloud-based accounting is the application of accounting as software as a service using the internet and cloud. Earlier accounting was usually spreadsheet or manual-based. But today accounting is widely used on mobile and internet devices and this transformation gave rise to online accounting.

2. Do I need to install any software to do accounting ...
... online?
Online accounting software runs over the internet. You don't have to install anything on your computer. If you want to access this kind of software, you will have to visit their website and then sign in with a username and password.

3. what is the difference between cloud & desktop accounting software?
Cloud accounting software offers flexibility, accessibility, regular updates, improved teamwork, and integration abilities. It offers remote server storage and data security with a subscription-based pricing model. Desktop accounting software, on the other hand, offers a more localised and conventional approach, with restricted mobility, manual upgrades, and maintenance, and necessitates user responsibility for data backup and security. The cost structure is often dependent on upfront licencing, and it could call for extra expenditures for updates or new versions.

4. is it safe to put my data in the cloud?
It is generally safe to store your data on cloud accounting software. These software solutions employ strong encryption, robust security measures, and secure data centers to protect your financial information. They also offer redundancy and backups to ensure data availability and protect against hardware failures. Reputable providers comply with data protection regulations and may obtain certifications to demonstrate their commitment to data security. However, it's important to take additional precautions on your end, such as using strong passwords and enabling multi-factor authentication. By selecting a trustworthy cloud accounting software like RealBooks and following best practices, you can safely store your data in the cloud and enjoy the convenience and benefits it offers.

5. What will happen if my online accounting software crashes or my internet connection fails?
In the unlikely case of a software crash or internet connection failure with your online accounting software, they have safeguards in place to minimise inconvenience and protect your data. They use strong backup and recovery mechanisms to ensure the safety of your data and its restoration once the problem is fixed. Real-time syncing capabilities preserve your changes and transactions instantly, so nothing is lost. Additionally, dependable customer assistance is ready to aid you in addressing any concerns.

6. Is online accounting software easy to use?
Being browser-based means that online accounting software requires no installation and therefore no restriction in accessing it. You are up and running when you want without requiring any help. So if it’s the middle of the night or you are in some foreign country, there are no boundaries and no limitations. Just go online, create a company and you can start using real books just like that!

7. Can I integrate online accounting software with other business software?
Yes, online accounting software can typically be integrated with other business software, allowing for seamless data exchange and process automation. Integrating your accounting software with other applications such as payment processors, dealership management systems (DMS), e-commerce platforms, expense management tools, and payroll software can streamline operations and enhance efficiency. For example, integrating with payment processors enables automatic synchronization of transaction data, while integration with a DMS ensures consistent dealership data across platforms. E-commerce integration automates sales data syncing and inventory tracking, By leveraging these integrations, you can optimize workflows, reduce manual data entry, and achieve better visibility into your financial and business processes.

8. Can I record international transactions in online accounting software?
Yes, online accounting software allows you to easily record international transactions. With built-in multi-currency support, you can set up and transact in different currencies, accurately capturing the details of your international transactions. The software integrates with reliable exchange rate sources to automatically update currency exchange rates, ensuring accurate conversion of foreign currency amounts into your base currency. You can enter transaction details, including the foreign currency amount and the applicable exchange rate, and the software will handle the conversion and record the transaction accordingly. The generated financial reports provide a comprehensive view of your international transactions, displaying them in both foreign currencies and your base currency.

Online accounting software has transformed the way businesses handle their financial management, providing convenience, accessibility, and integration capabilities. RealBooks is an exemplary online accounting software provider that offers a comprehensive solution for businesses of all sizes. With RealBooks and similar trusted platforms, you can confidently manage your accounting processes, record international transactions, and enjoy the benefits of cloud-based flexibility and data security. Whether you're a small business owner or a growing enterprise, leveraging the power of online accounting software like RealBooks can streamline your financial operations and drive business success. Explore the features and functionalities of RealBooks to experience the convenience and efficiency of modern accounting technology.

Realbooks is a Cloud based accounting software that simplifies things for both businesses and accountants. We're bringing accounting to the 21st century.