If you are running a business, you already know how difficult it is to keep track of accounts and finances. Big corporations can afford to hire accounting experts or outsource these jobs to an agency. But what about small or medium businesses with limited manpower and resources? If your company falls under this criteria, I am sure you often scratch your head and say “I wish Accounting was easier!”
Today we will talk about the major challenges small businesses face while managing account books. Check out if you are going through the same headaches. Who knows, you might get effective advice on how to overcome these woes easily 😉
Common Accounting Problems You Might Face
Keeping Track of Cash Flows
This is a vital aspect of your company’s operation. You must keep tab on your cash flows and attribute it with proper references. Ideally, it has to be performed on real time basis. Otherwise you will not get a complete picture on how you are earning and burning your money. Besides, in order to take solid business decisions you need to know how much cash there is available for you at a certain moment.
Managing Bank Transactions on Time
Most of the business transactions take place through bank these days. Therefore, it is important that you have all the credentials stored in one place. Companies with small employee size often struggle with meeting payment deadline. If you can not trace the bank information associated with payroll management, vendor payment and other items, you will fail to run your business smoothly.
Making a Solid Budget Flawlessly
Preparing quarterly or yearly budget is a hassle if you are not a professional accountant. It is expected that you will forget to include some crucial items in the budget.
What happens then? In worst case scenario, your business planning will be totally flawed and you will incur huge loss later on.
Creating Financial Reports for Key Decisions
Reports help you to get answers about your business queries. If you are not using a report generation tool that gives you a focused update on your business, you are doing it WRONG. Without these reports, you will not know if you are running behind payments or you need to collect receivables urgently. This is going to be pretty hurtful for your business in both short and long run.
Generating Invoices without Hassle
Generating invoices for multiple purpose takes up a lot of time. It is not always possible for small scale companies to hire someone to do this task only. Also, if you create invoices manually, it increases the chance of error. It results in bad reputation for your business and eventually hampers sales.
Easy Accounting for You!
If you are facing at least one of these issues, I would like to propose you a solution for that!
WP ERP Accounting is FREE one-stop accounting solution for anyone with no or little knowledge on Accounting and financial concepts. 🙂
So, how can it help you with Accounting tasks? Let me guide you about the features of this module!
Real-time Dashboard for Greater Control
WP ERP’s Accounting module has an outstanding dashboard for you. What would you like to track- Vendor Profile? Bank Transaction? Cash Flow? Pending Payments? Now you can view all the important financial details in real time with this dashboard and take well informed decisions.
Predefined but Customizable Account Fields for Maximum Efficiency
Comprehensive account templates for Assets, Liabilities, Expenses, Income and Equity helps you to sharpen your insights on Accounting. Use these features to prepare flawless journals and balance reports for your business.
Payment Transaction with A Single Click
Prepare invoices or make payments directly from your account with a single click. You can check reports at every stage as all calculations are adjusted instantly to the customer’s accounts.
Flawless Journal Entry for Detailed Reporting
Easily prepare journal entries if you want to track every single actions in a report view. The form is completely logic based so it will not allow you to make incorrect submissions.
To know more about how you can utilize the easy to use reporting features, you can read this blog.
There are some other useful features of this module. We will discuss about it in our upcoming blogs. I bet you eagerly want to solve your bookkeeping issues to make your company more efficient. Then you should definitely go for an accounting solution. You can consider using WP ERP’s Accounting Module which is totally FREE to use. There is more to that. You can also extend the functionalities of this module with useful extensions.