White Label Online Accounting Software

Finance and accounts management are among the most tedious operations of any business. They demand attention to detail, a heavy workload, and lots of time. Manually handling accounting tasks like expense tracking, report generation, and compliance regulations can result in errors and inevitable complications. Therefore, many companies, firms, enterprises, and startups use online accounting software to simplify their financial operations.

A famous report by Globalnewswire says that the online accounting software market will reach $10.1 billion by 20233, straight from $5.2 billion in 2023, showcasing remunerative opportunities for businesses to grow. However, if you are a startup or a company with a low budget, then choosing a whitelabel online accounting software is better for you. Read the blog, which explains everything about white label accounting software, including features, working, price, revenue model, etc.

Details About Online Accounting Software

Online Accounting Software—Think of it as a magical calculator with various smart features that help businesses simplify their accounting tasks within a few minutes. The software replaces traditional pen-and-paper methods with automation to track expenses, invoicing, and report generation. Since it's online software and operates on a cloud-based platform, the user can access crucial financial information from anywhere using an internet connection. The ultimate aim of this innovative software is to streamline the various accounting tasks to improve efficiency and accuracy. 

Overview of White Label Online Accounting Software

White Label Online Accounting Software- It is a pre-built and pre-tested software solution that includes all the core functionalities of the original online accounting software but offers the flexibility of deep customization. Users can modify the logo, animations, theme, typography, and functionality according to their business requirements. This ready-made software solution relieves users from developing the entire accounting software from scratch, saving cost, and allows them to rebrand it under their company's needs to boost online visibility.

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Working Procedure of White Label Online Accounting Software

The white label online accounting software works similarly to desktop software but with numerous added benefits, such as cloud storage and accessibility. The following pointers explain the step-by-step working procedure of our efficient white label online accounting software.

Sign in and Set Up

First, the owner must sign up for an account and provide basic details about the business to set one up.

Input the Data

Once they log in, they must provide accurate information about their bank account, expenses, income source, currency, and tax settings to get detailed financial insights.

Access Features

After logging in completely, users can utilize the intuitive features to streamline their operations. They can track expenses, share or send invoices, and monitor cash flow.

Stay Organized

Utilizing white-label online accounting software helps users categorize their transactions and track where their money is being spent. It also helps them ensure that their records match bank statements and quickly mitigate errors.

Key Features of a White Label Online Accounting Software

Centralized Dashboard

The software provides a centralized dashboard that displays Key Performance Indicators of financial metrics like revenue, expense, and cash flow, helping the admin make informed decisions.

Automated Invoices

It tracks each transaction and generates automated invoices, which reduces the chances of errors and saves valuable time.

Expense Tracking

The REST API and OCR technology track and categorize the business expenses to improve tax filing and budgeting.

Bank Reconciliation

Plaid API and AWS Lambda match the internal financial records with the bank transactions to prevent fraud and ensure accuracy.

 Inventory Management

The MySQL and GraphQL API sync purchases, sales, and inventory data properly to manage stocks and avoid over- or understocking.

Automate GST Returns

The software automatically prepares and files GST returns to reduce manual efforts and ensure regulatory compliance.

Audit Trail & Activity Log

The software tracks who logs in and makes changes or modifications to a user's financial data and creates clear records, which helps detect fraud and ensure compliance.

Financial Report Generation

Power BI and Maxpanel track profit and loss, balance sheets, and compliance data into detailed reports to help stakeholders review performance and make better decisions.

Multi-Entity Support

The white label online accounting software has a multi-tenancy architecture, making it compatible to manage accounting for multiple companies.

Data Backup & Recovery

The AWS S3 cloud storage service automatically securely backs up crucial financial data into cloud storage, preventing data loss risks.

Third-Party Integration

The REST/ GraphQL APIs ensure smoother integration with third-party systems like CRM, ERP, for easier data import and exports, and a centralized financial ecosystem.

Multi-currency Support

Our white label online accounting software handles transactions in different currencies and converts them using real-time exchange rates, useful for global businesses.

Recurring Billing

The white label online accounting software includes auto-renewal logic that automates subscription billing. This saves time and avoids missed payments.

 Tax Management

The white label online accounting software automatically calculates GST and sales taxes based on transactions to reduce errors and enhance accuracy.

Multi-language Support

The Google Translate API enables users to use the software in multiple languages according to their preferences.

Advanced Tech Integrations in White Label Online Accounting Software

Besides offering basic functionalities, unlike the original online accounting software, our white label solutions supports the following advanced technologies. Let us understand them point by point.

Voice Hover Functionality

Not every user can use the innovative cloud-based accounting software; some visually impaired and disabled people need features like voice hover to interact. It reads everything displayed on the screen loudly, such as texts, images, descriptions, and more, to make the user's experience easier.

Artificial Intelligence Chatbots

We integrate advanced chatbots with AI functionalities that understand the user's inputs and provide easily understandable answers to improve their experience. Additionally, it indirectly collects customers' feedback and helps businesses make changes for a better customer experience.

AI and ML Models

Next, we incorporate the most common yet crucial technologies: Artificial Intelligence and Machine learning models. These automate manual financial operations and help detect fraud. Additionally, this intelligent technology predicts future trends and provides detailed reporting to make informed decisions.

Blockchain Technology

Blockchain technology is the ultimate requirement for facilitating secure financial transactions. We leverage this thriving technology in our white-label online accounting software to maintain an organized record of secure transactions, enhancing security, transparency, and cost savings.

Big Data

Various prominent companies and businesses face struggles in data collection and management processes. Therefore, online accounting software utilizes big data technology. It helps owners easily collect, analyze, and save crucial data. Plus, it analyzes transactions, detects anomalies, and helps customers understand more deeply for informed decisions.

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Industrial Benefits of White Label Online Accounting Software

Effective online accounting software suits a wide range of businesses, from small startups to SMEs or large enterprises. Here are some of the companies that can utilize robust cloud-based accounting software.

Retail Businesses

Next, the white-label online accounting software is helpful in handling inventory for rental businesses. The software tracks the level of stock and updates when it needs to be filled. These details help stakeholders to track sales and revenue to enhance profitability,

Financial Services

Our white label accounting software is super beneficial for businesses offering financial services. It automates financial tasks like entering data, generating bills, and tracking expenses. The software reduces the chances of errors and increases efficiency.

WholeSale

Usually, wholesale business owners have to manage large inventories, which requires various other accounting tasks. Our white-label online accounting software helps track payments, send invoices, and comply with GST.

Construction

An online accounting software provides multiple communication channels, including chat, call, and video conference. Team members can use these channels to collaborate and share crucial data files easily, resulting in timely project completion.

Hospitality

In the hospitality industry, our white-label online accounting software consolidates all crucial financial data, such as POS Systems, bank accounts, and more, at a centralized location. This helps in efficient operation management and optimizes resource utilization.

Non-Profit Organization

We all know that these non-profit organizations don't get any funds from the government but run on donations. They don't have much budget to hire separate staff for financial management or implement expensive hardware. Therefore, they utilize effective white label online accounting software to manage their grants and other economic activities without affecting their budget.

Advantages of Leveraging Online Accounting Software

White label online accounting software is an innovative solution with numerous transformative features that are capable of providing advantages. The following are some of those compelling benefits.

Convenience & Accessibility

The white-label online accounting software allows users to access financial data and perform their accounting operations anywhere. For remote working, they just require an internet-connected device.

Cost-Effective

Launching white label online accounting software prevents the owner from installing expensive on-premises software or hardware, reducing overall costs and making it a cost-effective option. Plus, it doesn't require the entire software to be built from scratch, saving development costs.

Enhanced Efficiency

We all agree that managing finance management operations with pen-and-paper methods is stressful. Not only does it take immense time, but it can also lead to errors. However, our white-label online accounting software automates manual tasks like bank reconciliation, entering data, and generating invoices to reduce mistakes and increase operational efficiency.

Data Security & Compliance

The white label online accounting software incorporates various robust, secure measures, such as multi-factor authentication, data encryption, and compliance features to protect sensitive financial data from cyber attacks and comply with industry regulations.

Streamlined Communication

Indeed, better team collaboration is crucial to completing operations in a timely and efficient manner. The white label online accounting software offers multiple communication channels and provides multi-user access. This allows users to simultaneously work on the same operation with easy data-sharing capabilities, streamlining workflow and efficiency.

Tax Management

Every business owner can relate to how stressful tax season can be. However, our white label online accounting software simplifies the process through its tax feature. It calculates taxes accurately and provides necessary detailed reports to file easily to keep businesses prepared for tax season.

Detailed Cost Breakdown of  Developing an Online Accounting Software

The cost of developing an online accounting software can vary widely, depending on several factors like scope, features, tech stack, location of your development team, and whether you're starting from scratch or customizing an existing solution. Here's a general breakdown to give you an idea:

• UI/ UX Design
• Feature customization
• Third-party integrations
• Launching Platform
• Maintenance and Support

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Monetization Strategies of Online Accounting Software

These are a few ways to generate revenue from online accounting software. Check them now!

Subscription Plans

Allows admin to create different basic, standard, and premium plans with multiple features. Businesses can pay weekly, monthly, or yearly charges to access plans and earn revenue.

In-app Advertising

Partner with other businesses, companies, or firms to advertise their products and services within the software and earn huge revenues.

Freemium Model

Enable the admin to offer the software's basic features for free, while charging a fee for accessing the advanced or premium features.

Data monetization

In this revenue model, the admin can sell anonymized and aggregated data or insights to external parties like researchers and earn immense revenue.

Sponsorships

The software allows the owner to partner with other businesses and generate good income by promoting each other's services.

How to Select the Right White Label Online Accounting Software

There are various compelling advantages of choosing our white label online accounting software, but selecting the right one is a decision that must be made after a good analysis. The following are some factors that help choose the right white label cloud based accounting software.

Define Your Needs

First, take significant time to understand the need and aim to implement a white-label software solution. Determine which flexibility and versatility you need for a more straightforward path.

Choose the Reliable White Label Solution Providers

Next, search for a reliable on-demand mobile app development company like Hyperlocal Cloud that provides innovative white label solutions. For proper clarity, visit its official website to check industry experience, project delivery, and customer satisfaction rate.

Access Features and Functionalities

After examining their profile, evaluate the features, functionalities, and pricing they provide for white label online accounting software. Ensure the security concerns they follow, whether they sign an NDA, and provide consistent support.

Customization and Launching

Once you select the white label solution, ask developers to customize the software according to your business requirements. They can modify the logo, color theme, UI design, and functionalities. Then, the pre-built and customized solution will be launched on the dedicated platforms( iOS, Android) for public use.

Why Choose Hyperlocal Cloud for White Label Online Accounting Software

Hyperlocal Cloud is an IT industry-leading on-demand mobile app development company. Over the years, our team of 150+ highly experienced developers has been working diligently to deliver robust white label solutions with deep customization functionality, innovative technologies, a visually appealing interface, and intuitive functionalities. We pay close attention to our clients' business requirements and offer revolutionary white label solutions that help them build an eminent position in the business world.