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Accounting reports are one of the most customized tools available in the market to increase your business. Small business owners should follow these reports at least monthly if not weekly.
You have to keep your accounting records updated for taxes while running a business. Accounting reports helps to analyze and forecast your business operations. These are financial information or accounting records extracted from your business transaction.
A good accounting reporting system makes it easy to use by the employees as well as reflects the organization’s growth within a stipulated time.
Calculate the cash flow in the organization:
Be it a large, medium or small scale industry cash flow tracking is vital for your business. You always need to maintain records of the flow of cash and corresponding cash through a cash flow statement. Here accounting reports show the trends, interpret data, analyze financial situation and decisions on investments, sales and purchases. This helps to have an insight focus on the business operations and in turn, helps you in the growth of the business.
How do accounting reports help in the enhancement of an organization’s growth
Revenue by customer
Revenue from the customer tells you about the cash flow into the company from your various clients. As you are working for your clients, you should also know how much business generating from each customer over a period of time. This will help you to track your client on the basis of real-time reports and built a quality relationship with your existing customers.
Balance sheet including financial statement:
On the implementation of accounting software generation of real-time accounting, reports help you to have a glance on the balance sheet including financial statement as and when required. The balance sheet comprises of the state of the company’s asset, liability and equity accounts. The data is important in determining the company’s cash flow and the future of the business continuing operations.
This accounting report if not automated takes a much longer time, and cannot be fetched at the time of need. An accurate, easy to grasp reports are nowadays available as an integral part of the software that you implement.
Here you get to see all your cash flow and transactions in a handy and lucrative dashboard. Graph, pie charts are displayed showing comparative statement of figures from base year to current year or from period which will have a feel on the affairs of the company.
For most SMEs, inventory management is a major asset to manage the overall stock. Inventory management software will help businesses to accurately track the stocks and manage the trade in a seamless manner.
Regardless of the systems that are used by SMEs, the following techniques will help to improve your inventory management and cash flow.
Inventory management solution for your business operation
First-In First-Out (FIFO)
The first in, first out (FIFO) practice of inventory management is one of the important valuation methods of your stock.Here your oldest stock (first-in) gets sold first (first-out), not your newest stock.
Manage relationships with suppliers
In particular, having a healthy relationship with product suppliers is maintained through good material management software. Minimum order quantities are often negotiable with your suppliers.
Regular Auditing helps in maintaining stock record
Accounting software with Inventory, in most cases, helps in regular reconciliation, which is essential. You’ll be relying on your software, and reports from your warehouse to know how much product you have in stock.
The importance of inventory management exactly lies here for the accurate prediction of the product demand.
Down below are a few things to look at when planning your future sales:
Trends in the industry
Last year’s sales during the same period
Present year’s growth rate
Estimate of overall economy
With an effective and proper inventory management system, one can be helped to reduce costs, keep business profitable, analyze sales patterns, predict future sales, and prepare the business for the unexpected.
In this blog, we will try to elucidate the need for accounting software for start ups, small & medium organization. The industry analysts and business journalist are of the opinion that it is always a good idea to invoice the sales transaction, timely and accurately, through invoicing software to streamline the business process in an orderly manner.
Here, we enumerate below the five best billing software India that is highly adaptable for any start-ups for accurate operation of billing procedure and also keep track record of after sales services and accurate reporting of the Vendor payment and sales position.
5 best billing software in India
The most accomplished billing software that the industry can suggest to young entrepreneurs. To begin with, Zoho is prominent customized invoicing templates.
One of the most popular, multi faceted platform – Fresh Books – can be your second best choice while deciding on the best billing software India.
The newly launched Cloud based ERP Solution, WrkPlan, emerges to be the most chosen billing software for small, medium and start up ventures. This Accounting software has been developed in such a way that the user can comply with GST regulatory.
Busy Accounting Software
With more than 12,000 installations so far in small & medium enterprises arena, Busy seems to have no other alternative.
It is the most diversified software taking into account billing, barcode integration, inventory management, price grouping and most significantly GST compliant billing and observing regulatory compliance of GST.
Often it is noticed that Organizations running for years are not organized properly in its structure and operations. In view of this many Organizations faces innumerable challenges that cannot be satisfactorily resolved manually or in any other methodology.
ERP business software
ERP implementation & ultimate proper usage helps to mitigate & sort out the problem in a proper & methodological way. The ERP Business Softwareis an integrated system that collects stores & collates/delivers data across all functional areas with concomitant ease of operation, less cost and more productivity.
Let’s identify top 3 reasons for implementing ERP system
Automate & improve internal business process
Simplifying the job of the employees
Enhancing business growth and performance
Some of the cloud based ERP Software which provides such well equipped modules are ZOHO, Tech Cloud ERP, WrkPlan, Microsoft Dynamics etc.
It is eminent that Industry Leaders around the world have accredited Payroll Software as a productive tool that extends support to run a business enterprise in an efficient & productive manner. All are of the opinion that the future of the industry and its operation will be fully dependent on its efficient functioning and the enterprises, large, medium & small, should integrate this system into their organization to make it a high quality productive organization.
Best 5 payroll software in India
Implementation of Payroll system extends Management to have insight about measurement of productivity of employees, whether production is within norms, generation of virtual payslips, quickly accessible over phones.
Now, as experts recommend we intend to brief you about the five best Payroll Software India operating in the.
Keka HR Payroll Platform
The industry has chosen this to be most competent Software. Keka is a talent management software solution that simplifies all HR related responsibilities and automates workflow to deliver the best and productive results.
Another stable platform on which the industry can depend upon is this. According to experts Facto HR is designated as, the most diversified payroll and HRMS software for an organization of any size.
Efficiently streamlining every aspect of Payroll management – that is what Zoho Payroll is meant for. Computation and running of Payroll, observing statutory compliance and all other relevant matter Zoho Payroll extends the user a very user friendly operation and reports.
A complete integrated ERP System that will not only meet with all your day to day accounting needs but will also offer you many advance features with ease of operation for effective utilization. The entire system has been established in the USA market for over a decade with very good reputation. WrkPlan has now been launched into PAN India.
With a high quality & user friendly interface HR Mantra delivers an optimum combination of hassle free operation and very cost effective report generation. One of the most scalable payroll management system for all sizes it helps automate the payroll administration and even undergo tracking of employee activity to assess productivity.
It is a burden for small and medium scale enterprises to maintain the records manually pertaining to payroll. At times the process gets complicated and catapult several problems that lead to mismanagement. To avoid these issues, organizations can get benefited from using payroll systems.
An automated payroll management software allows keeping oneself free from the burden of legal responsibilities as an employer or an owner. Payroll management system has several options of payment to your employees along with real time report generation. This saves time and employees’ preference is given importance.
Impact of Payroll Integration on organizational operation
Let’s just explore the integrated features of Payroll SoftwarePayroll Processing
Payroll processing is an important task for your business. A Payroll software generally deals with the company’s expense, which is the most time-consuming work performed each month by the HR department. Payroll can be processed in different tenure such as weekly, biweekly, semi-monthly, or monthly. Complete routine payroll computation can be achieved just in few hours along with auto generate salary slips accurately. It also maintains data like employee information, attendance, and performance appraisal methodically.
Payroll on cloud platform
Auto updates and real-time report generation at any point within a blink can be accomplished through payroll software. Payroll may be attached to the HR module or accounting software, but payroll automation can customize reports and generate output according to your needs. You can specify and define the items in a report, for instant payslips, benefits, expenses or current or old data. You can review real-time paychecks for your staffs prior to processing. Generating reports can be easily standardized and scheduled with alerts and notifications.
The data that gets stored in a company’s payroll software consists of employees’ social security numbers, addresses and salaries. Cloud-based software provides robust security system which is strong enough to run an organization ensuring tight controls on employee data and is protected from unauthorized viewers.
Moreover, specific access codes and administrative rights are only provided to the appropriate users to gain entry in the system.
Payroll software can help your organization in the manner you want only when your requirements are met with accuracy. These software systems are generally SaaS based and easily modified adhering to the needs of the user. It makes the process of monetary payroll much more efficient than the typical manual process and also finds any discrepancies with less difficulty.
In today’s market scenario the concept of lead nurturing is highly important. In a simple way it is a process of dealing with qualified leads, make the conversation rate more apparent over a period of time, and finally gaining business out of it.
But often companies are unable to process the matter properly, and they need the assistance of a CRM solution to make the lead nurturing process more rigorous and productive. If we consider the reports from various surveys conducted, sales CRM software enhances maximum leads into clients.
How CRM nurture lead generation processHow CRM helps in nurturing leads
It all begins with contact management. Every business has a customer database that is needed at every point. It includes their contact and a few other things.
E- Mail marketing
It is unknown for many that e-mail marketing gives a huge return on marketing strategies. The integration of CRM solution in your organization helps the process to flow efficiently
The need for servicing in any industry cannot be left ignore as that remains to be the backbone of the business. It is inevitable that better customer service helps in retention.
Successful implementation of CRM software is not probable without a proper strategy and technological know-how. Sometimes it may so happen that the implementation process goes wrong or the customization of CRM is not done accordingly and hence myths and fallacies among employees grow.
According to statistics, 49% of the business is planning to increase investment in the best CRM software.
Benifits of CRM
The three major misconceptions of CRM areCRM Software has to be expensive
Many have a misconception that only huge cost ensures operational efficiency of a CRM Software. But on the flip side, the cloud-driven platform has curtailed the cost and made it within budget for the organisations to buy and implement. Any best CRM software now offers an affordable pricing model, 30 days trial run and with the integration of diversified modules in one uniform system, it helps a business to reach greater heights. One doesn’t need to go by the brand name while choosing a CRM model, but can take a close look at the features and the package it offers.
There is no Return on Investment (ROI)
It is inevitable that investment demands a good return. A company while implementing a CRM software solution expects a quality return after a point of its use. But a delusion exists in the industry that no CRM produces a quality ROI. Now, to calculate the cost of its investment one needs to know the original buying cost of the software, the maintenance cost, cost to customize, and the strength of resources needed to work on it. These along with generation of reports and associated web tools calculate whether the CRM is worth an investment or not?
CRM cannot handle enormous data
While maintaining customer relationship a CRM solution will no doubt be efficient enough to handle an enormous amount of data. Currently, with the emergence of Big data, there is a new wave in CRM’s strategy to personalize sales and customer service. These voluminous amounts of data enable business institutions in decision making and even in framing the right strategies for its target audience.
So in our opinion always identify and understand the need of your industry and size of the business and accordingly buy CRM software. And finally, all the misconceptions are to be dumped into the trash bin as the platform offers a dynamic solution to every business needs.
Accounting is not only about number crunching, but involves a lot of other facets such as financial planning; tax regulations and more. Now with the implementation of GST taxation system in the country levied by the central and state government, the reform is extensive.
Now talking about the logistics industry in the country, the companies are maintaining multiple warehouses across various states to evade CST levy and state entry taxation. Unfortunately, 90% of these warehouses are operating below their efficiencies. But no sooner with GST uniform taxation structure the logistics industry has been benefited with the free interstate movement of goods with any tax levy.
Impact of GST in Logistics Industry
Efficiency in interstate transportation
Earlier interstate transportation has a lengthy clearance process with composite paperwork, but GST Taxation System made the process lucid by cutting down travel time and cost by at least 40%. In Post GST Regime ,the various Integrated check post across the borders have already been dismantled enabling the trucks to cover a wider area and also the E-way bill that needs online registration for goods exceeding the amount of Rs 50,000 to move across the borders got implemented.
Even without these reforms, the change has brought a big shift in the taxation policy, and according to a report by the central transport ministry, there is a quick increase of 30% of distance by trucks across the states post-GST. One cannot ignore that the uniform tax structure has been a phenomenon by eliminating compliance structure, and time extension.
Transparency in logistics operation
Over the years industries that are involved in cross-border movements of goods have now faced a sea change in its operation. By eradicating the base of the parallel economy and more precisely black money, GST has been a formidable preventive measure to stop cross border corruptions and domination of booking agents. It has built a scenario where all parties involved like the businessman, consumers, logistic companies and the government a chance to do fair business.
Enhancement in operational efficiency with integration of GST accounting software
From transportation to stock, GST ready Cloud ERP solution manages all seamlessly. The logistic industries that have integrated a GST compatible ERP solution can now control every vertical through one platform. Carrying E-way bill, generating invoices, document verification etc. are all maintained from one central platform.
Studies show that the barriers of different taxes have added up to additional hours of 30% to 40% more. Role of GST accounting software has a huge impact on supply chain and logistic industry optimizing taxation system and abstaining inherent issues of Indian Taxation system.
To outsmart this enormous competition in the market business groups are taking quick measures in understanding and analyzing the growth of the company. The entire process gets lengthy at times, but not if the management has access to real-time report generation that is now shaping up in a big way in almost every small and medium scale companies.
Real time Report’s contribution towards Business Growth
A Cloud ERP solution generates real-time reports and finds a quicker solution to improve upon the growth factor.
Prominent Data Analysis
Real time reporting includes various forms of data analytics such as customization graphs, charts and different presentation tools.
Proficiency in Sales Process
Sales also involve inventory management which directly hit the stock. Hence any kind of sales transaction which takes place throughout the day in an organisation is reflected in real time reports and is accessible to you irrespective of time and location.
Easy Decision Making
By tracking products and equipment in real-time, quick decisions can be made which greatly affect the competency of your organisation.