No more physical box files; attach all your receipts online in move2clouds. You can upload the supporing documents for every transaction and can retrieve in anytime.
No need to wait for month end to get your Income Statemen or Balance Sheet. Now you can get real time reporting with move2clouds 50+ financial reports.
Approve your transactions while you are on the go. You will get email notification for any new transaction which needs your approval. View it online and approve it.
With move2clouds, you can even do accounting from the comfort of your bed. You just need an internet connected device to get connected with your business and thats it.
Accounting is not just working with numbers it’s about following guidelines and fundamentals of accounting.
There are specific steps that complete accounting process, the accounting cycle starts from a point and revolves through a circle. This accounting cycle starts from source document which initiates the process of accounting. Earlier the source document / receipt was stored physically which required spacious office premises and plethora of document storage files to be tagged along with accounting transaction.
Each accounting cycle has a length which is variable on the basis of financial reporting of the company. The following are the steps involved in accounting cycle: –
Steps in Accounting Cycle
These are basic steps to the accounting cycle: –
- Source Documents
- Transactions Analysis
- Journal Transactions
- Transaction Posting
- Unadjusted Trial Balance
- Adjusting Entries
- Final Trial Balance
- Preparation of Financial Statements
Source Documents/ Occurrence
- The source documents are the receipts, bills, cheques, bank statements, sales invoice, purchase orders which are basically the evidence of transactions at the time of occurrence.
- Source documents are the main source to determine the nature of transactions.
- Like an expense receipt is the source document for recording expenses.
With the right Online Accounting Software for Small Business there is ease on the next corner in whatever you do. The power of online accounting lies in clouds which come with liberty of entering transactions, storing documents, interacting with customers and vendors, managing cash flows, making right & timely decisions with accurate and always updated reporting.
Cloud accounting is the biggest thing seen in last 20 years, diverting everything to cloud, your banks, cash, invoices, budgeting and even your document storage.
The cloud document storage comes with various options you can either attach a file to transaction or simple take a picture with your handheld device and upload it to your paperless accounting software.
The paperless accounting software not only saves time of printing, tagging, arranging accounting transactions but also saves cost of printing and stationery. It also helps the accountant / small business owner to have access to his / her accounting data all the time making it the virtual office to run 24×7.
As of now paperless accounting is even more vital for small and medium sized businesses as the small business owners always prefer mobility and with such online tools where they can manage customers, vendors and also have access to source documents to accounting transactions of their business.
move2clouds provides efficient, effective, seamless and alternative solution to document storage with an efficient way to process invoices and managing customers with accessibility to view documents and invoices from your computer and mobile device.