It has been estimated that by 2020, 40% of the coworkers will be freelancers, independent contractors, part-time workers and startups. In India itself, it is estimated that by 2020, the number of startups working out of coworking spaces would reach 11,500. These small businesses have very specific expertise areas and at times struggle to maintain accounts. A study conducted by CB Insights on 101 failed startups found that cash flow was the second most frequent reason why these small businesses failed. So, at whatever stage you are, it is crucial to proactively manage your businesses’ cash as it ebbs and flows. It is vital for both short-term and long-term growth.
Thankfully, adhering to accounting best practices is no longer as challenging and tedious as it used to be. There are various tools that small businesses can use to perfect their accounting practices and ensure their financials remain transparent. One such application is Zoho Books.
Zoho Books is a smart accounting system designed for growing businesses. Generally, it can be described as an intuitive accounting solution designed for small businesses to handle their finances and to remain on top of their cash flow. It is very simple, easy-to-use, and can help you make intelligent, data-based decisions. It is also the pioneer accounting product of a reputed software provider, which eliminates all worries related to uptime, support, or security.
Zoho Books streamlines all essential accounting tasks, and organizes all types of transactions on the same platform. With this system, you will always keep in line with the outstanding bills and invoices of your company, control your expenses to save money, and eliminate compliance worries. Here are a few reasons why your business should use Zoho Books:
1. Automates Bank Feeds:
Zoho Books allows you to import all your bank transactions at once and eliminates data entry which is time-consuming and tedious. It also helps to categorize the transactions as per the rules of the Bank.
2. Mobile Access:
Zoho Books is well integrated and provides dedicated apps on your Windows, Mac, iOS, and android devices so that you can manage and track your finances on the go.
3. Elaborate Reporting:
Zoho Books has one differentiating feature from other accounting softwares which is Inventory management. It helps you take control of your orders and stock in real time. Placing and sending orders takes almost no time, and inventory reports are generated automatically to ensure what is there in your stock.
4. Tax Computing:
Various startups, freelancers and small businesses face difficulties in filing their tax reports. Zoho Books makes life easy, by generating automated tax reports and pre-filled forms that are upload-friendly.
At CoKarya, we believe that managing your finances is one of the crucial functions of any business. As Joel Osteen perfectly puts it, ‘If you want to reap financial blessings, you have to sow financially.’