Goodbye to the traditional way of Accounting & Inventory management

A wise man once said, “If you are brave enough to say goodbye to the old, life will always reward you with a new Hello”. Well! We don’t know how much it’s true. Life may or may not reward you but definitely ‘Technology’ will, especially in your business. How?

Technology will result in software that can make your business processes much easier to handle just like a smart inventory and Accounting Software. Now, is the time to say goodbye to the tedious way of entering accounts payables, accounts receivables manually into spreadsheets or invoices. Say no to the errors that occur during copying and pasting of payments or making ledgers from one sheet to another and yes to an efficient business software solution that automates all the processes reducing the scope of manual errors.

You might think why to splurge money on software just to avoid some manual errors, Right? But, It’s not the whole truth. Let’s break down the beneficial aspects of the advanced Inventory & Accounting software.

Accounts payable

• Vendor records management: When it comes to paying someone in the business, vendors are the first that pops up in our mind. Thus, arises the need for quick vendor creation which carries all their relevant details in one place.

• Cheque printing: Paying your vendors is not a strenuous task anymore. Use online cheque/check printing facility to pay your vendors directly from your accounting software. All you need is your account credentials and vendor’s name (as mentioned in his bank account).

• Payment date calculation: Don't pressurize yourself to remember everything when your software can do that for you. With an efficient business accounting software, the due date for payment can be determined automatically every time, once you enter the days of payment given by the vendor and the software will remind you whenever the due date will come.

• Suspicious payment detection: Suspicious payments occur when the same vendor is paid the same amount on the same date (multiple transactions against the same account due to technical issues). Your accounting software gives you an edge by highlighting suspicious entries in your statements while automatically reconciling your bank statements with general ledgers in your accounting software.

• Various Payment modes: We should never miss a chance to do good, so why miss an opportunity to save trees. Let’s save trees by reducing the use of paper. Say yes to easy electronic funds transfer support (NEFT/RTGS/IMPS/Fund transfer) to make real-time payments through your accounting software.

• Advance payment scheduling: Unfortunately,  time never waits for anyone, but now we have found a solution to deal with it. Schedule your payments in advance as per your business requirements and never reach deadlines.

Accounts receivable and Billing

• Customer accounts management: Know your customer! Use an advanced functionality of your software for quick customer creation with records cloning facility.

• Invoice and Quote creation: Invoices and quotations that your customer demands form the first impression on them. It’s not less than a brand image. Create customizable invoices in beautiful formats and impress your customers.

• GST calculation: When you have so many regulations to follow and criteria to fulfill, it becomes difficult to calculate your GST manually. So, let your software help you with this. Experience the benefit of automatic GST calculation feature in your accounting software.

• Credit notes: An efficient accounting software is capable of generation 1000s of reports, invoices, and credit notes in a single click. Impress your customers with expeditious processing of your business.

• Estimating and quoting: Affordability is a major factor that comes into consideration while buying something. For all your prospective customers who research a lot before making a purchase, you can impress them by sharing impressive estimates and quotes into orders and invoices in no time.

• Email invoicing: Delay in sending invoices can result in the loss of a valuable deal/customer. So, why take a chance? E-mail invoices to your clients on time and never miss a coming deal.

• Online payment support: No more hearing of excuses from customers for delay of payments. Collect payments faster, reduce uncollected accounts and ease the reconciliation tasks.

• Discounts & Schemes: Experience traffic by providing your customers with great discounts timely. Manage discount system efficiently, control company wise, party-wise discounts. Schemes can be controlled batch wise and item wise as well as.

• Customer credit management: Relations with every customer may not necessarily be the same. Manage outstanding balances by a customer on your own choice and reduce uncollected receivables.

Cash management

• Automatic Bank reconciliation: Manual assessment of transactions is an exasperating process. Wouldn’t it be great if all the assessments could be automated and you will get notified if any suspense entry comes? With automatic bank reconciliation feature, automatic comparison of business transactions shown in your ledger/invoices with your bank statement takes place.

• Cash flow analysis: Are you living above your means? Do you want someone to keep an eye on your cash flow? Do you want to be updated with your current balance and payments you have to make all at once? Then, the cash flow analysis is the easiest way.

General ledger & financial reporting

• Double entry: Advanced accounting software support for double-entry which is must for GAAP compliance.
• Balance sheet: Get your balance sheet is different formats according to the requirement with smart accounting software.
• Reporting: Analyze the growth of your organization, profit, and loss percentage during a specific time period and make decisions for the future depending on your reliable analysis.

Apart from efficient accounting software, customized inventory software like Marg Inventory Software is proven to give a boost to every business. For more features, read more.

• Stock counts: The basic requirement for managing inventory is stock count. Keep an eye on your stocks and get real-time updates for better management.

• Barcode Management: Marking your items with unique numbers or codes is always a good habit especially for your business. This will help you to keep an eye on the in & out of your inventory and will keep you on top of your stock.

• Tracking with Serial No./ Lot No.: Easy search of items from your complete stock is a great challenge. What if we start placing items on the basis of item no. or Rack no.?  Avoid unnecessary delays and recognize the item in less than a few seconds.

• Location tracker: Irrespective of which type of business you are in, you must know where your sales force it and what’s the status of delivery of a product. This will also ensure timely delivery of products to the end customer. Get instant updates on the location of your sales force with GPS tracker.  

• Stock level alerts: Disappointing your customers with the inability to complete their requirement on time is a nightmare for every businessman. Avoid such situations with stock level alerts feature in inventory management software. Stock level alerts notify whenever your stock goes down and touches the finishing line; assuring you of the availability of products whenever a customer needs it.

• Unit of measurement conversion: Eliminate manual errors in operation by implementing software that automates most of the process just like a unit of measurement conversion.

Purchasing

• Purchase orders: Generate purchase orders to stay updated on your stocks, orders placed, discounts and payment of orders received. Purchase orders also help in identifying a number of shipments, other associated terms and conditions, and approving sellers taking specific orders.

Security

• Role-based authentication & user privileges: Smart Accounting software comes with some special privileges. Privilege to check the data entered by a subordinate or junior; the privilege to restrict the access of data, the privilege to give rights to view, edit, or delete the data as per the requirement, ensuring the security of data from unauthorized users.

• Automatic data backup: Loss of significant data is a security concern most of the companies have. A smart accounting software knows how quintessential your information can be and thus it is developed in such a way that every single information you enter in the software is backed up to some other place which can be retrieved if your system crashes or loses its data.

System

• Import/export: Manual transfer of data is a big no-no and a much-avoided task. Import/ export data, files, and reports easily from any excel or CSV format with 100% accuracy.

• Unlimited records: Store data unlimited data in your accounting software for analysis and accurate forecasting.

• Custom reporting: Reports are proven to be of great help in a decision-making process. Customize your reports according to your requirements and get maximum benefits from smart reports.

• Multi-currency: Express cross-border love by making trade easier with nations in other parts of the world. Multi-currency facilitates ease in making transactions to vendors/clients at distant places.

• Maker-checker concept: Authorize users to access your data on your own terms. With this option, you can approve or reject records created by another administrator.

• Keyboard shortcuts: Today, efficiency is a parameter that judges your performance. Improve your efficiency with smart work. For repetitive tasks, enjoy using shortcuts and surprise your superiors.

• Multi-user Access: Who wants to buy a multiple user license for a single software? Do you? Enjoy Multi-user access from any place

Conclusion: There is so much more a businessman can do with a smart and easy to use inventory and accounting software but, this can only be understood better once, he/she started using it in his business

  

Also read about: Best billing software for your business