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Why Do You Need A Digital Ledger App?
With more than 633.8 lakh MSME units running in the country, it covers a whopping 40% of India’s workforce, second only to the agriculture sector. We all know that the complex GST regulations and strict tax filing guidelines are daunting for small to medium business owners and pose a problem while filing taxes. They need a special outsourced accountant or a hiring team to make the arrangements like taxation, book-keeping or filing for GST.
That’s where automation comes into the picture. Customer retention is a common problem of Indian businesses. If you are a business owner, you must have noticed the price sensitivity of the market. People here are immune to the quality of the product and look for the pricing factor first as most of our population are living on pay checks decent enough to run their livelihood. All these factors, coupled with running your small business, make it hard for business owners to focus on expansion.
OkCredit Digital Udhar Khata
You might get entangled in various problems like inventory management, financial management, and employee management issues. Many unique softwares are now available in the market that MSMEs can use to streamline their business operations. One such digital udhar khata software is OkCredit, a financial management app. What is OkCredit, and what is the OkCredit app? This will be discussed in the coming section.
OkCredit - Making MSMEs A Part Of Digital India
This section on OkCredit app detailed features will tell you how the accountancy problems faced by the Indian business can be solved by this app created by the OkCredit company:
- The problem of hiring experts: There is competition everywhere as more businesses are emerging and trying to leverage this vast Indian market to run their businesses. Due to this, every business thinks of hiring the best accountants to get the best financial management service. With such a huge demand for experienced CPAs and accountants, a supply gap is created in the hiring pool. The Ok Credit app helps you mitigate the need to hire human accountants as the software is robust enough to keep your finances handy and easy. You can get it in a printable PDF format and use it for your tax filing purposes.
- Handling cash flow: With a conventional business set-up, you need to have an account book where you write all the finances, including the cash-flows and analyse them at the end. This process is challenging and requires a person with sound financial management skills. As a small business owner, it can become an overhead cost that can be saved if you go digital. Manual accounting is a long process with the chances of human error as you can enter wrong or inaccurate numbers. This is not the case with digital khata books like the OkCredit app for PC.
- Helps you avoid delay in payments: Customers have a habit of delaying payments which can be problematic for the business, leaving you with minimal working capital that may affect your business. It can be slightly uncomfortable to remind your regular customers for payment as it may jeopardise long-standing business relations. That’s why a digital bahi khata app like Ok Credit gives you a good opportunity to send automated payment reminders to the customers delaying payment and take a follow-up.
- Saves you from unimportant investments: MSME owners have to be very direct to their core work and not focus on unnecessary stuff. Unnecessary spending may lead to a debt trap in the worst case or even lower your working capital. Often bad spending creates a financial void due to which you cannot invest at the right time for the right resource.
- Gives right guidance: Not everyone is lucky to find the right financial mentor to steer their business in the right direction. It takes much effort to maintain the business and optimise it to meet your goals. With digital applications, you can connect with many financial experts with prior experience in the sector.
- Gets you closer to a technology-friendly world: In the 21st century, technology has grown by leaps and bounds and has penetrated every walk of life. Every business needs innovation to survive in the long term because customers and their habits change with time. Even if you are not tech-savvy, you must adopt and adapt to the latest technological innovations to save your money and resources.
Solutions Granted By Ok Credit Udhar Bahi Khata For The MSMEs
Now let’s check how digital transformation and using software like the Ok Credit Udhar Khata App can help you revamp your business.
- Convenience for your customers: Online applications like OkCredit for PC bring convenience to your customers as they can pay right from their home; it also lets them avail themselves of cash back. People now prefer digital payment methods as they are safe and less time-consuming.
- Increases work productivity: When your financial management is on track, you can focus solely on your business expansion strategy, which results in increased productivity. Ok Credit App increases your efficiency as you can easily manage your cash-flows and workflows on your smartphone.
- Easier to connect with customers: Digital technologies enable you to connect with your customers anytime and anywhere. It doesn’t matter if you are out of station or your customers are outside their work zone, as you both can remain in touch through technological aid. This is a plus point and helps you attract new customers with OkCredit Digital Udhar Khata.
Indian businesses face lots of challenges on the accounting front that can be easily solved through automation. The OkCredit app helps businesses in this domain. This financial management software lets the companies manage their accounts through the automation system. It can solve many MSME problems like erroneous accounting, payment reminders, account book creation, helps in filing taxes and a lot more.
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Q. Is it beneficial for MSMEs to use automation software in their business?
Ans- Technologies like OkCredit app for PC help you streamline your business and take it to new levels with the online medium. Due to rampant digitalisation in recent years, companies focus more on the digital grounds because there are many customers available on the internet. You can also leverage the power of a huge customer base ready to connect with technology.
Q. How can a financial management system help my business?
Ans- Finance is the core of your business operations. You need revenues and profits and working capital to keep running your business. It is also useful in analysing your cash flows and making better-informed decisions. Businesses need to file taxes with accounting books, and hence OkCredit app helps you generate a PDF file of your accounting book easily downloadable on your mobile. It saves your time and money, something that your business needs to grow.
Q. How can SMEs adopt technology better?
Ans- SMEs need to leave the conventional grounds and make their minds ready for digital presence. Still, many local shop owners prefer the traditional route as they are not aware of the potential of the online market. They need to look for the right software that increases their productivity and helps them manage their business well.