Accountifying online billing, payment and customer management is cloud-based software handling lawful accounting and traceable accounting processes like invoicing, billing, estimating, expense and time tracking, projecting etc. on the internet. Our software does not take up valuable space on your hard drive as they run in the cloud and work in the web browser. All of your accounting work is stored in a secure online environment and is accessible to you anywhere at any given time.

Going completely digital with your business it is important to not only use the application as is it easier to use than Excel spreadsheets and paper-based accounting, but it is also a perfect alternative for the now obsolete traditional accounting software. Furthermore, your data is always is always backed up to a safe server, you can access your account anytime, from anywhere, you only pay a monthly subscription fee for what you use, and if you are not satisfied with the software, you can cancel your subscription anytime.

You don’t need to be a tech genius to handle such software, because they were mostly developed for people without accounting knowledge. But if you have any problems using the solution, you can always turn to the customer support Accountifying.

Yes, you can give access to other people to use your account. In fact, you can determine whether you give them limited or full access. However, be careful: only give access to those people whom you trust to avoid data theft!

Assets

Assets are anything tangible or intangible that adds value when owned by a business. They are of economic benefit too, as they increase the value of a business. Assets can either be expressed in cash or can be converted to cash.

Assets are of two types:

• Current Assets
• Non-Current Assets.

Balance Sheet

The Balance Sheet provides the details of assets owned and liabilities owed by a business. It is also an important document to assess the long term financial position and the net worth of a business. A balance sheet will have two sides which represents Assets and Liabilities.

The total of assets should always be equal or greater than the liabilities so that the business will be capable of repaying all its liabilities with its assets.

Credit

A credit entry is used to decrease the value of an asset or increase the value of a liability.  In other words, any benefit giving aspect or outgoing aspect has to be credited in books of accounts. The credits are entered in the right side of the ledger accounts.

Double Entry System

Double Entry is a method of accounting in which every transaction affects two accounts equally and correspondingly. That means one account’s value will increase and another account’s value will decrease at the same time.

Expense

An expense is the amount spent on activities that help a business to produce and sell goods or services to generate revenue. Expenses when incurred lead to a reduce in the value of assets in the organization. Expense accounts are usually debited based on the type of account.

Gross Profit / Loss

Gross Profit/Loss is the difference between the direct income and expenses. The Trading account is prepared in order to find the gross profit/loss which is further carried to the Profit and Loss account. 

Net Profit / Loss

It is the difference between the gross profit or loss and the total indirect income/expenses of a business. If the difference is a positive value, it’s Net Profit, and if the difference is negative, then it’s Net Loss for a business during a particular accounting period.

Single Entry System

Single Entry system is a method of accounting in which every transaction affects only one account. That means one account’s value will increase or decrease based on the transaction amount. Small businesses maintain their accounts using single entry system due to ease of maintenance and minimum accounting requirements.

Types of Accounts

According to the double entry system of bookkeeping, there are three types of accounts that help you to maintain an error-free record of your journal entries. Each account type has a rule to identify its debit and credit aspect called as the Golden Rule of Accounting. The accounts are:

• Personal Accounts
• Real Accounts
• Nominal Accounts

Write Off

Sometimes, the value of an asset is reduced to zero. This usually occurs when the asset does not have any re-value or is of no use to the company. In such a case, we write it off.

Cloud accounting enables users to access the software through the internet regardless of their locations. The infrastructure of web-based solutions is hosted on a remote server and maintained by the cloud vendor.

Cloud accounting software allows for scaling up to cloud capacity, accessing financial information on the go and facilitating collaboration among multiple users. Cloud accounting application elimnate the need of your IT infrastructure cost and help you focus on core business then IT management, applicaton management and hiring special acocunting and IT skills person, An average of  800 to 2000 USD can be saved montly.