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ACCOUNTING
From a routine
to a management tool
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FINANCING
From fire fighting
to cool management
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TAXATION
From the last day
to days before that
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MANAGEMENT
From randomness
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GROWTH
From slow
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FAQs

How Prime Factor Cloud Accounting works

1. What is Prime Factor Cloud Accounting?

Prime Factor Cloud Accounting is not just an accounting software application but a Management Information System (MIS) for small and medium businesses. It is unique, user friendly, convenient and robust. It helps SMEs to do their accounting with convenience and ease. It helps them organize their finances and keeps track of all activities related to their business. Since this is an online accounting tool, there is no need to install any software on any computer. Hence, it can be used on any PC or laptop, anywhere, anytime with internet connection. Authorised users can enter and access the data, anywhere, anytime.There is no limit to the number of users. No prior accounting knowledge or formal training is required to use Prime Factor Cloud Accounting. Information useful to management such as cash flow, ratio analysis, budgetary control, alerts on due dates, etc. are the dynamic features available.All your financial data is kept securely on our servers rather than on your computer. Even if your computer is damaged, lost, or stolen, your data is safe and secure.

2. Do I need accounting knowledge to enter transactions in Prime Factor Cloud Accounting?

No prior accounting knowledge is required to enter transactions in Prime Factor Cloud Accounting.  The software is so unique that anyone with basic English knowledge can enter the data.

3. Can I export data from Prime Factor Cloud Accounting to an Excel file?

Yes. You can export your financial data to Excel in the form of reports that Prime Factor Cloud Accounting creates for you.

4. Can Prime Factor Cloud Accounting print invoices?

Yes. Prime Factor Cloud Accounting provides for printing invoices

5. Do I need my accountant to do all the transaction entries in Prime Factor Cloud Accounting?

Anyone you prefer can do the transaction entries in Prime Factor Cloud Accounting, as long as you authorise them. There is no restriction to the number of users in Prime Factor Cloud Accounting.

Signing up and getting started

1. How do I sign up?

It takes just a day to sign up. Once you are Registered as our Client, you will be sent the Subscriber Name, User Name and Password to start using Prime Factor Cloud Accounting.

2. Do I need training to use Prime Factor Cloud Accounting?

No formal training is required to use Prime Factor Cloud Accounting. It is user friendly. No prior accounting knowledge is required. The user manual and online help menus offer sufficient help to quickly and confidently use Prime Factor Cloud Accounting.

3. How long does it take to set up Prime Factor Cloud Accounting?

Not long. We just need a little information about you and your business. Once this is given, you will receive your Subscriber Name, User Name and Password to start using Prime Factor Cloud Accounting.

4. What all are included in the subscription?

The subscription to Prime Factor Cloud Accounting includes secure storage of your data, software support and all future software updates at no extra cost.

5. Do I need to pay for additional users?

No. There is no limit to the number of users.

6. How much does the support plan cost?

Support for Prime Factor Cloud Accounting is absolutely free. You only need to call.

Security and Data Storage

1. Where do you store my company’s financial data?

We store your data on our secure servers in a very safe location. When you log in to Prime Factor Cloud Accounting, the data is securely transferred across the Internet and displayed on your computer. View SSL certificateat the top of Prime Factor Cloud Accounting.

2. How do you ensure safety of my financial data?

The safety and security of the data is ensured in a safe location as under:
  • The data is scrambled using strong encryptions when stored. Hence, the data cannot be read unless you know the password to decrypt it.
  • Data is also encrypted before it is sent across the Internet. This ensures that even if someone intercepts it, they will not be able to understand it.
  • The server where your data is stored are kept in a secure location. They are protected by firewalls and intrusion detection systems, as well as our highly trained technical staff.

3. Do you share my company’s data with anyone?

No. In fact, our systems will not even allow us to view the password you use to access your data. However, our technical team will seek your permission for any technical problem you face in the application to examine and set it right. We do this on your request only.

4. How often is back up of my data taken?

Backups are performed regularly and automatically, without interrupting your work. They are kept in separate, safe and secure locations.

5. Is it safe to access my data over the Internet?

Yes. All the data is scrambled using encryption. Hence, nobody can understand it when it is sent over the Internet – even if they do manage to intercept it. We use the same type and strength of encryption as most online banks do.(128–bit SSL).

6. Can I export my data from Prime Factor Cloud Accounting?

You can save your reports as Excel files or PDF files. You can also Print them

7. What happens if my Internet access is down?

If your Internet connection at your current location is down you won’t be able to access Prime Factor Cloud Accounting. However, you can still access your books from any computer with an Internet connection elsewhere.

8. What happens during power failure?

Whatever transactions have been entered till power failure will be stored in your data. Once you login again, Prime Factor Cloud Accounting will display the last transaction entered by you, for your convenience.

Using Prime Factor Cloud Accounting

1. Can I get help while using Prime Factor Cloud Accounting?

Yes. Our support team will be glad to help you. You can use our “Live Chat” service to speak to our support team.

2. How do I share my data with my Auditor or Consultant?

You can share your data with your Auditor or Consultant by giving them their own username and password so that they can log in, see your data and offer their advice

3. I already have accounting software. Can I still use Prime Factor Cloud Accounting?

Prime Factor Cloud Accounting is not just an accounting tool but a management tool. The benefits of Prime Factor Cloud Accounting will help you to run your business more efficiently and to progress much faster in your business. Use of the existing software or parallel data entry is not necessary

System Requirements

1. System requirements to use Prime Factor Cloud Accounting

Before you sign up for Prime Factor Cloud Accounting, make sure you meet these minimum system requirements:
  • On Windows PCs, Laptops, Tablets:
    • Processor: Dual core or above
    • Windows 7, Vista or XP
    • Screen resolution: 800 x 600
    • Internet connection
    • Mozilla Firefox latest version
    • Google Chrome 3 or later
    • Adobe Reader 6.0 or later (to print invoices and other items – you can download it free)
  • On Apple Macs and Ipads:
    • Processor: Dual core or above
    • Mac OS X
    • Screen resolution: 800 x 600
    • Internet connection
    • Safari 5 or later
    • Mozilla Firefox latest version
    • Google Chrome 4 or later
    • Adobe Reader 6.0 or higher (to print invoices and other items – you can download it free)

Internet Requirements

1. Internet requirement to use Prime Factor Cloud Accounting

Prime Factor Cloud Accounting works best with a fast broadband internet connection as also with 3G and 4G data card.


TelFax: 080-41238690
Mobile: +91-9886155420

Email: murali.factor@gmail.com
          umamurali.factor@gmail.com
URL:   www.primefactor.co.in

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Accounting

ACCOUNTING - for efficient management of business

WHAT IS ALL ABOUT?

PRIME FACTOR, is a cloud based accounting software.

Entry of transactions in application requires no prior accounting knowledge. Easy to use templates and the guidance notes under each menu give the comfort and the confidence for the correctness of the entries.

Being cloud based, access can be given to the team at Prime Factor to support in difficulties and also chat with a Chartered Accountant to clarify doubts. This feature enables internal audit of the accounts at no extra cost.

The reports generated guide the business owner as to where the business stands and what action needs to be taken for correction, and also if needed, seek advice from our experts for related decisions. The advice is part of the registration and only actions if undertaken by Prime Factor are charged extra.

It meets the accounting requirements as well as the management needs for decision making without having to wait for someone to review or analyse the same.

WHY USE PRIME FACTOR?

  • Absence of the firm's accountant does not stop the entry of transactions.
  • There would be no breaks in the flow of information.
  • It enables simultaneous use by many. Sales, purchase, cash and bank entries can be made simultaneously by different persons even from different locations thereby making it easier and faster to record transactions.
  • It enables access to information from anywhere, anytime.
  • The dashboard shows the business in summary.
  • Alert menu provides for reminder to action.
  • Cash flow projections show the shortfall or surplus in the cash requirements.
  • Ratio analysis with explanation as to why such a ratio and the action that needs to be taken for rectification.
  • Online help and internal audit by the team at Prime Factor is a special offer at no additional costs.
  • Budgetary control on expenses.

For more clarity and confidence in the application, read the FAQs and if needed, get in touch with us.

Financing

FINANCING - for operations and growth

Loan from banks -

What do we do?

We arrange loans from banks.

Term loans for purchase of land, construction of building, buying offices and creating infrastructure. We also arrange corporate loans, trade finance, SME finance & project finance for businesses.

Working capital loans for the operations of the business.

How is this done?

We assist in the preparation of the project report and submission of application to the banks. We ensure that the forms are filled correctly and the norms are met rightly. Our experience has taught us the value of time spent in these preparations that helps avoid delays of sanction from the banks.

What more do we do?

We interact where needed to clarify the bankers on the proposal and also guide in completing the formalities for sanction and release of the loans. Where necessary, we also try and help in providing the margins for the additional limit sanctions that may be needed to meet the norms. We bridge the gap wherever possible.

Capital from angel investors and venture capitalists -

What do we do?

We arrange equity capital, preference capital, quasi-debt, convertible debt and unsecured loans from angel investors, venture capitalists, non-banking finance companies and high net worth individuals.

How is this done?

We undertake to prepare the business plan, the presentation and negotiate on behalf of the clients.

We discuss the valuation, shareholding, mix of financing options and work towards a conclusion that is best for both the investor and our clients in the long run, in a fair and transparent manner.

What more do we do?

We assist in due diligence, drafting of shareholders’ agreements and completion of the legal formalities to ensure smooth and safe investment in the venture.

Short term financing -

We assist in arrangement of short term finance to tide over unforeseen shortfalls in cash flow to our clients who have subscribed to our software for their accounting. The facility is provided to overcome exigencies to meet tax payments and statutory liabilities without any delay. It can be availed for timely payment of salaries to staff, repayment of bank loans and suppliers of goods, etc.

Why do we do this?

We do this because -

  • Small businesses if supported with exigency finance could transform in to bigger business faster.
  • This would improve their attention to business than to finance every day.
  • They can improvise, improve and spend more time on business.
  • They can save costs on unscrupulous financing and worry of unaccounted money.
  • They need not adjust their financial statements.
  • This would improve their dealings with their bankers and suppliers.
  • They can pay their employees and also meet their tax obligations on time.
  • They can gain self respect and work better with increased social image.
  • This may open up more insights to their business for Prime Factor to take equity stakes in those companies at a much lower valuation and exit at good value.

How do we do this?

Registered users of the accounting software would only be supported with short term financing. This would be for a short term not longer than three months and also not more than twice for the same level of operations. Firms seeking assistance for a third time would be assessed and assisted for support from financial institutions and banks or other permanent sources. No collaterals would be sought but the borrower’s cheques or other suitable instrument would be taken as a safeguard for honouring the commitment.

Taxation

TAX & LEGAL COMPLIANCE - for correct & timely compliance

  • We advise on all taxes.
  • We urge our clients to be 100% compliant.
  • We support timely compliance and correct interpretation.
  • We understand and update our clients of changes in tax laws.
  • Our software alerts on the tax dues and the due dates.

Our team, where authorized, offer to remind clients about the tax obligations to be met by them. We do online checks for the timely compliance and prevent complacency in these matters. We clarify the legal position on the present laws and encourage our clients to strictly adhere to the legal provisions.

Our exigency support would act as one safeguard to ensure timely payment of taxes to avoid interest and penalties.

Cash availability being the major concern of most of the businesses, our support in finance for such a need should help them comply with time.

We would play safe in compliance and conservative in interpretation of the laws.

Apart from tax matters, we offer consultancy in the following business laws:

Company Law, Foreign Exchange, Securities Law, Labour Laws and drafting of agreements.

Management

MOTIVATION & SUPPORT - for management and operations

SUPPORT IN MANAGEMENT

  • We advise on all management decisions.
  • We share our experience in making the right choice.
  • We encourage good management practices.
  • We balance short term and long term needs to its fineness.
  • We foresee and prevent any crisis situation.
  • We are cautiously bold and carefully confident in approach.

Most small business owners need mentors. They are by and large good domain experts. We offer our experience and expertise to help them manage situations that come up in day to day management, particularly from employees, bankers, customers and the Government.

Where necessary, we also seek the help of other professionals and also use our network to provide the needed guidance and support to business management at a reasonable cost.

Growth

MOTIVATION & SUPPORT - for growth

We believe – “No business is big enough not to grow and No opportunity is small enough to ignore”.
We are convinced-There are enough customers for any business to grow many times more than they might presently think.

  • We associate to grow businesses.
  • We enhance opportunities for our clients and do all that necessary to achieve that.
  • We support in marketing and building capacities for growth.
  • We find and place the resources needed for growth.
  • We see size as the only insurance to constant success.
  • We motivate our clients to think big, desire big and enhance their abilities matching to that.

We consider growth as the purpose of our association.

We engage with our clients in evaluating growth opportunities and offer our guidance and the network to expand their business. We take the initiative to suggest and encourage our clients to look beyond their comfort levels and take all the necessary steps to achieve the larger purpose of our association ‘growth’.

We bring in growth opportunities from our network or resources and align it with our client’s business.

We constantly remain in dialogue with the clients towards this and take every opportunity to discuss and fill in the missing things that slow down growth or block progress. We are extremely passionate about this.

We motivate and activate our clients to grow faster.