Tips for modern entrepreneurs to handle finance and accounting in today’s digital era
In today’s digital era, when everything has gone on the cloud , managing invoices, finances, regulation of money, etc. has become as easy as eating a piece of cake. However, there are entrepreneurs and SMEs that are still deeply reliant on traditional methods to manage their startup, currency flow, and investment requirements which impedes their processes.
The global fintech market is expected to grow exponentially and will be worth $ 309.98Bn by 2022. Owing to the pandemic, everything has completely gone digital and hence this number is expected to rise even higher.
Under such circumstances, finance management apps are a boon to all those willing to manage their business swiftly and safely with minimum social interaction.
Bearing in mind the modern outlook and needs of the entrepreneurs, the methods of handling finances and accounting have changed and moved more digital. The traditional methods, which were once prevalent, have now taken a back seat. Thanks to smartphones and the internet, the amount of business being handled online has seen explosive growth. The digital handling of finances and accounting is the new normal today.
Handle your created invoices and manage inventory digitally
You can now create and share GST invoices and e-waybills with customers with the help of invoice manager apps. With a pandemic like Covid-19 hitting the world, everything has gone digital and people want minimum contact. So is the case with billing and invoices.
E-bills and e-invoices are the easiest and the safest way of managing your finances today. You can simply download invoice manager apps from the Play Store and start creating and sharing quotations, industry-specific invoices, e-waybills, payment receipts and much more.
Additionally, you can also easily manage and check your inventory digitally. As an entrepreneur, you need to keep a check on your finances and inventory to avoid any disruptions or mishandling of the resources. However, manually checking the ledgers and inventory can be very tedious, and hence one can now easily manage and check inventory details instantly on-the-go anywhere with one single click.
There are apps available online that work as an entrepreneur’s finance management support and makes the management of finances easier.
Manage your purchases, expenses, and ledgers along with sending payment reminders to your clients
With digital transformation, you can now manage and track purchases, expenses, and ledgers.
Gone are the days when bulky ledgers had to be maintained to keep a tab on your finances. With the help of online apps, you can now easily have your ledger in your mobile phone and at the same time keep a track of the transactions happening on the backend by your finance team.
The safety and security of data and no manipulation or tampering of records are the keys to using such apps.
To make your life easier, now you can also send gentle payment reminders to customers. An entrepreneur’s life is difficult as keeping a tab and record of everything along with the insane working schedule makes it hectic and tiring.
You may forget to send reminders for the procurement of payments on time, which leads to a delayed chain of cash flow and provides easy leverage to those who are prone to late payments. Therefore, the use of financial management apps help you to develop a system that sends automated reminders to customers for their payments and helps you stay up-to-date on your process management.
Track your business reports, file GST and much more
You can now track your various business reports in real-time. One can track the various business reports online with the help of finance manager apps and keep up with the business needs of the organisation. With the help of these tracking tools you can analyse, track, and report the company’s data through interactive data visualisations. The reports are automatically updated and provide you with instantaneous access to crucial data.
Tools have also made the process of GST filing much easier. GST filing is tedious and is extremely time-consuming. But this can be simplified with the use of digital apps that help you file your GST returns and make the process hassle-free by providing guidance on each step.
Tools like invoice managers are now available on online apps that provide uncomplicated and speedy GST filing features. So, you do not have to worry about breaching GST norms.
Artificial Intelligence and technology have made the life of every entrepreneur less complicated and more automated. So is the case with finance and accounting apps that provide you with a wide-angle view of your tax returns, profit and loss statements, cash flow, and makes the tiresome task of accounting easy and manageable by a single person.
Digital innovation is the key to success and it is necessary that as an entrepreneur/businessman, one must adapt to these as it is just a matter of time that the primitive finance and accounting methods will perish.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)