Inventory and billing software
Accounting means bookkeeping. In the more general sense, it is a way to treat business transactions in a more proper way. In the US alone, 18% of small to midsize businesses rely solely on their accountant for carrying business. They feel the accountant is a significant business asset to them. However, a lot of businesses like accountants to offer advisory service to them also.
The importance of accountants has risen in importance that an average UK accountant makes 62042 pounds per year and the average salary of a CPA based in the US is $119000 per year excluding bonus. In fact, there were 1.24 million accountants and auditors employed in the USA in 2017 alone.
Owing to the high rise in accountant demand and the salary hike, we can firmly state how much importance accounting is to business nowadays.
Cloud makes business easy: The introduction of technology in every stream is not a new thing and it has influenced accounts by cloud technology. This technology speeds up collaboration with clients and improves performance.
At least 45% of small companies prefer to use Cloud accounting over desktop alternatives and that’s why new software are exclusively including Cloud computing in their portfolio.
Most international brands have gained momentum like QuickBooks, ZohoBooks, Brightpearl but India being a faster developing economy and being the most populous country second to China, its economic sector has seen an upward trend in agriculture, manufacturing, petroleum, pharmaceuticals, engineering, paper, textile, jewelry and more.
While the financial services is improving after major bank reforms, financial technology sees a presence of around 400 companies in the fintech space with an investment of over $420 million in 2015 alone. With growing information technology also, a major boost to business process outsourcing has been possible.
The growth in the IT sector is apparent because of increased specialisation. We have the availability of low-cost yet highly skilled and fluent English-speaking workers that match foreign consumer demands to enjoy Indian service exports and outsourcing. With advent of Cloud based services, there has been a remarkable shift from the conventional platform to a more mobile approach for business maturity.
Remarkably, new brands are coming up in the Indian market that are more mobile intensive. Whilst we see many mobile software, games and applications, the simplistic requirement of key accounting solutions was highly anticipated.
Now many companies are progressing as business solution providers. Recently LKIN Power Automation, an Indian venture launched their own business accounting app called m-Billing which has comprehensive accounting with Cloud features, full financial management, bills, invoices and all, meant for small to medium business, we are slowly cutting the ice with smarter solutions towards better business growth and development.
