If in five years, you still find yourself or your staff making offline entries of bills, invoices and sending payment reminders, you probably have missed the bus. As a business born in the digital age, you can practically automate 80 to 90 per cent of your transactions by a cloud accounting software. That, folks, is the future.
How is mechanical entry of transactions on a daily basis helping your business grow? That’s a problem which has now been solved by smart accounting software. These software today are not only categorising entries like never before but also analysing data and generating growth-oriented reports for small businesses.
In India, the earliest adopters of accounting technology have been small and medium businesses (SMEs) and startups and for a good reason. Accounting technology today not only replaces manual work in the collection of data, but also gives businesses valuable insights about performance and growth.
Here’s why Indian businesses and startups cannot afford avoiding accounting software:
1. Access to business accounts anywhere, anytime
Imagine you are able to view your most vital business reports at an airport on your phone or tablet. That means you can use your travel time or any free time towards analysing and interpreting your accounting data. Entrepreneurs around the world have now stopped allotting time separately for reading and accessing accounts data in the presence of an accountant. They are using this time in comparing monthly or quarterly profits and devising plans to control costs. That’s because they have access to this information through a cloud accounting software that stores all of their data securely on a trusted platform. In future, businesses will need to engage in such kind of smart work to be able to beat their competitors.
2. Automation that saves time, resources
Picture your data being updated automatically as the invoices you create for your customers start to appear in their accounting system as “payable”. Now customers are closer to making payments because all they now need to do is approve and release payment. And as they do, your data is automatically updated or reconciled. This is already happening with accounting software that allow automation through connected API. The software simplifies this otherwise offline four-step process. Indian SMEs often have several time-consuming processes to follow in business, accounting software saves them valuable time and resources.
3. Smart business growth for those who don’t know accounting
One of the purposes of accounting software is to make accounting do-able and accessible for the techie startup entrepreneurs. If you are someone who freaks out about keeping your books or don’t have the time to engage with an accountant on a regular basis, accounting software is the answer. The software manages your cash flow. You don’t need to ping your staff for every transaction that’s taking place or for checking if he/she has made the recording. Accounting software such as Giddh come with an automatic double-entry system. So when you make a primary credit or a debit entry, the respective secondary entry is done automatically and records are updated. You are now able to compare your growth in a click of a button and make important decisions for further innovation.
Accounting software today is not just for record keeping and entries. It’s now providing profit and loss analytics and performance reports that help SMEs in controlling costs significantly and propelling faster growth.
We are on a mission to educate and help SMEs and startups in India about accounting software that enable growth and business innovation. Don’t miss the bus to future. Comment below or talk to us.