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When a business is set up, be it under any segment or sector, it takes a lot of strategic thinking, planning and effort to reach its goal. To adapt to the ever-evolving change in the business world, it is crucial that processes are automated and powerful technology suitable for your business is adopted. The use of software for the improvement of services, tasks and processes, as well as data management in companies, is not something new but is definitely important.
Automation of various processes will help businesses take crucial business decisions and maintain optimum cash flow, resulting in growth of the business. An intuitive accounting software will transform how you manage your everyday accounting activities, seamlessly. Every business software should have the capability of fulfilling the need of the hour while catering to a business. Quick and error-free report generation with a functionality of drilling down till the last transaction is a crucial feature which a business software must have.
Most businesses are target-oriented and each year they only aim at increasing their numbers in terms of productivity and income. As and when the business graph sees a growth, the functions also evolve and need improved processes to ensure seamless business activities across the organisation and its branches. A business software must provide you solutions which cater to your existing needs and adapt with the ever-changing work environment. Ensure that irrespective of the nature of the change, be it statutory or technological, a business software always brings you the latest updates.
Let us look at an example on how a business would grow over a prolonged period and how your business software should cater to the need of the hour. you started your business, dealing with customers who pay on-the-spot at your store and takes the delivery of the product. Over a period, you started selling on credit with defined credit days to a small set of customers. As the list grows bigger, the need to have effective credit management to track and know the outstanding and to manage the cash flow arises.
Accounting software must have the capability to bring a new perspective towards how business owners run their business and manage their accounts. It’s important that your software grows with your business and improves business forecasting by visualizing different business scenarios and analysing provisional reports for sound financial planning. Citing the same example, after selling your goods on credit, you become a bit more popular. So, you start receiving orders from customers. Needless to say, you should know the pending orders along with fulfilment date to maintain great customer service standards. You need an order processing system in place.
Next, you started dealing with multiple products, added warehouse to store the goods, opened branches and the list goes on. Since every business is different, you need to be able to tailor whatever software you procure, to serve you best. For example: If you have started different branches and functions after the initial years of setting up your business, you will need a software, which will adapt to your current needs and allow you to make necessary changes and give customisations as per the requirement. Godown management, inventory tracking, cost centre management, sales and purchase orders, having all these crucial reports handy, enables you to make your business even more efficient.
Another aspect that is associated with growth is adding more people to manage the business operations, delegating the responsibility, managing their pays etc. This calls for a provision that allows an increased number of users to operate software, user access management and payroll.
Not just that, the larger your business grows, you start to seek more business information like profitable products, fast-moving products, ageing of the stock that is lying in the warehouse, ways/areas to optimise the cost etc.
It becomes even harder to ensure that information is shared, and different functions work together effectively. This calls for accounting software to integrate all functions and provide complete information that helps you and your team make the on-time decision. As accounting software streamlines and automates processes, the company’s financial records and figures are kept error free, cost is reduced, productivity is increased, and tax compliances are made to meet ends and other regulatory requirements are also ensured.
The complexity level depends on the number of interconnections and their effects on a business. A small bakery is a simple business, in which the number of interconnected stakeholders may be limited to the owner, a couple of part-time employees, one or two suppliers, and a small customer base. As a business grows, the number of interconnections also grows. A large multinational is a highly complex organization because it may have hundreds of product offerings and thousands of employees, investors, customers and suppliers.
Buying the right accounting software is an investment that should not only pay off short term needs but also the long term. Investing in a software is a step you take today, that will help you sustain your business for as long as you want. You must ensure that the software must an additional solution to your operational woes and not create further problems or cost you more in the future. Choose a software that will be a true growth partner for your business.
Take a look at the features of TallyPrime and find out how it grows along with your business.
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