Accounting is a functional area that you can not afford to take lightly. It keeps track of all the monetary transaction and financial status of your organization. To ensure proper order and functioning of a company’s accounts is a difficult task.
Conventionally, it requires specialized knowledge to handle these activities. But our Free Open Source solution WP ERP offers a solution to your needs. In one of our previous blog, we discussed how we can make accounting easy for you with WP ERP Accounting Module.
Free Accounting Plugin for WordPress
Let’s have a brief recap of our previous post, shall we? In that post, we have discussed the traumas you can face while managing your company’s account.
Then we have explained how WP ERP can help you overcome the challenges by covering these following tasks.
- Keep track of cash flows
- Manage bank accounts
- Perform monetary transaction
- Prepare financial budget
- Create real-time reports
- Generate invoices for customers
- Generate payment voucher for vendors
- Do ledger-journal entry with ease
But there is more to that!
The points that I have mentioned above can be easily performed with the core Accounting module of WP ERP. But we never wanted to settle with it. Our aim has been to extend its functionality beyond customer expectation and build something that is trusted all over the world.
As a part of this pursuit, we have developed some useful extensions that will help you to add mobility, effectiveness and efficiency to your business.
So, let’s get started alright?
Payroll
This payroll extension allows you to create dynamic weekly, bi-weekly or monthly pay calendars for each employee. You have this superb option to set different salary segments for your employees.
For example, basic pay, provident fund, transport allowance, tax deduction and so on! Payroll extension calculates these amounts and processes the payments automatically.
You can set payment methods for your employees separately. Also, it generates salary invoices for each employee which can be sent to their respective email address.
Managing your employee payroll has never been this efficient.
Payment Gateway
A payment gateway is a must-have feature for any online business. How are you going to take payments from your customer if you do not have a well-defined method for your business?
Not just that, you need a system to update your account status according to the payments received from your customers. Or else you might have to give extra efforts for that.
With this extension, you can integrate PayPal and Stripe with your Accounting module. As you know, Paypal is the most popular and commonly used payment system. Stripe is another secured payment system that is trusted worldwide.
Don’t you think your customer and your business deserves this convenience?
Inventory
If you have an inventory-based business, this extension can be a lifesaver for you. It can potentially function as a full-fledged inventory management system when integrated with the Accounting module.
You can purchase items from your vendor and sell that to customers using this extension. Your accounting books will be updated accordingly and payments will be made based on your preference.
Besides, you can link invoices to your sales and add tax calculations for each item. To have an accurate picture of how things are going in your business, get a report of inventory status.
What more do you need?
Reimbursement
There are times when your employees need to pay expenses that are supposed to bear by the office. Let me give you an example. Mr. Darsley is the Product Manager of an IT firm.
This month he had to attend 7 extra client pitches than the usual. The company gives him a refund for transport expenses. He just had to make a receipt for it and submit it from his profile.
Seems easy, right? That is what exactly this reimbursement extension helps you to do! The refunding process is made easy and automated with it. You can approve or disapprove a receipt based on how legit the claim is. Also, you can complete the payment directly from your account.
Keep your people motivated by taking care of their dues.
Workflow
Workflow automation is an extremely useful feature for your business. You can save a significant amount of time if you can create an automated workflow for some important operations. Let me give you a few examples for that:
a) Ecommerce websites send notification email and invoice after a product purchase.
b) Popular blogs send reading materials suggestion to newsletter subscribers.
c) Software companies send renewal reminders to users whose license is about to expire.
These type of actions are triggered through a workflow solution. If not done properly, it can have a tragic impact on your company’s reputation and profitability.
With this extension, you can automate different actions for new & past customers, sales & expense items and other similar things.
Want to send an upsell mail to customers who have been using your service for the last 6 months? Or send an invoice to a customer within 10 minutes of product purchase? You got everything covered with Workflow.
Get rid of inaccuracies and repeated labor in your work process.
So, What Do You Think?
We believe you have already checked out these extensions and realized how useful it could be. To save your valuable times and ensure 100% user satisfaction, these extensions will help you a lot. And you know, your success truly relies on these factors.
WP ERP Accounting Module‘s basic version is free as like always and recently we have redesigned it with adding lots of outstanding features. Sometimes, you may need some extra features for your business, clients, and teams and these extensions are out there to fulfill your needs.
So, you shouldn’t hesitate to spend some of your money to get extra facilities. Isn’t it? Let us know what do you think and if you have any query or suggestion, do share with us in the comment section.
