Small businesses and merchants are the backbones of the Indian economy. They contribute to 50% of the production and provide employment for the rapidly growing population. Small businesses face a lot of challenges because of limited resources. Here are 9 reasons why having billing software is necessary for them.
Common challenges faced by small business
Small businesses face issues like a lack of technology and trained manpower. It makes them inefficient in handling accounting, and business reports. These are important factors that affect the performance of the business. Using resources efficiently is an important factor that sets apart small businesses from large ones.
Why small businesses should use billing software?
Here are a few reasons why any small business should not ignore billing software-
1. To increase efficiency using Inventory management
One of the most important issues faced by small business is inventory management. Inefficient handling of resources limits the growth of the business. Having software to monitor the inventory based on the transactions will help with using materials efficiently.
2. To minimize human errors in accounting
Human errors during accounting and transactions are unavoidable. Simple as it may sound, human errors are one of the top reasons for the loss of finances in business. Whether it may be a small error by someone at a billing desk or an error by someone at the accounting position, it may cause big losses for the firm. Using software to bill the transactions and keep the records thus minimizes the chances of human error.
3. To digitalize and keep track of the transaction details
In the growing era of digitalization, having your records in digital format is necessary. Most of the processes like GST filing and accounting use digital records now. Recording accounting details manually is an inefficient process and will lead to the possibility of errors. Using software to keep the records in digital format will reduce those possibilities.
4. To accept orders online and receive payments
Taking your business online is a must after the recent pandemic. It taught us many valuable lessons and changed the structure of economics and sped up the process of digitalization. Accepting digital payments and online transactions are now a necessity for small businesses.
5. To use business reports and analyze the progress
Business reports are one of the most neglected factors that affect the growth of small businesses. Knowing which products or services are performing well and analyzing the prospects is important. It will help you with decision making and managing the business.
6. Branding with business cards and greetings
Some software services for billing have optional custom fields for your branding needs. Branding is very important for a business. Whether it is leaving an address or adding the logo of the brand, having the option to add custom fields is useful.
7. To simplify tax filing
One of the issues faced by small businesses is difficulties in filing taxes. Having a unified system that can maintain the details about the GST and other tax information for transactions is useful. It will help with minimizing the issues when filing the taxes
8. Back up and data protection
Some of the billing software offers features to backup your inventory data, and transaction records. This will reduce the risk of losing the data of transactions and accounting.
9. Securing the transaction and customer information
Protecting the data of transactions and other important information is a must. With backup and security features, you can secure the transaction data and customer information. Customers and business partners will feel secure if you have the security features.
The above mentioned are the reasons why using billing software service to manage your billing and transactions should be considered. With the trust of more than 10 lakh businesses, My Bill Book Software offers features that fulfil these requirements. It also has support for the Hindi language and priority support features. You can get it free for both smartphones and the desktop.