7 Reasons Small Business Owners Should Switch to Digital Accounting

Starting a new small business is an easy step, but establishing and maintaining it, in the long run, is challenging. The reasons are so many, including a heated competition, coordinating with all the teams, keeping the demand growing, and adapting to new technologies. We know that business involves a lot of bookkeeping and are looking to optimise their financial challenges to come out with great revenues.

Flexibility and adaptability towards new technology is the key to the sustainability of a business. The financial management system was conventionally maintained manually in papers and books. The key responsibility was with the accountant, who could alter the account book as per his/ her wish. Digital bahi khata apps like OkCredit are in trend nowadays as small businesses are getting ready to adapt to new technologies for better productivity. There are multiple benefits of mobile apps for users, like the digital bahi khata and the other software like CMS, HR management, etc. That has helped the businesses save time and become more organised.

Advantage of Mobile Apps For Business: the Digital Bahi Khata:

1. Ease for scalability: You can have multiple clients’ accounts and still manage the financial records in just seconds. The digital bahi khata helps you record all the customers' transaction details and keep the account operating digitally. It does all the calculations and records the acknowledgement number for thousands of your clients without manual intervention. When your present business is running well and gives you enough time, you can think of scaling things up. Even with scalability, your bahi khata will work as seamlessly as before.

2. Personalised Details Available: You can easily trigger out the details of the customers that you need information for. The record for every customer is stored in a separate address in the database, and you can find minute details like advance payment, payment due and more.

3. File Tax easily: You can download the account statement in PDF form and use it to file for taxes that need your compiled account statement easily. You don’t need an accountant or an auditor for the same and can save money on these specialists. Run your small business smoothly without worrying about account statement compilation and enjoy various benefits offered by the government.

4. Automated Reminders: The digital bahi khata apps for business like OkCredit send automated reminders and SMS to the customers whose payment is due. It also saves you from the embarrassment of asking for payments face-to-face.

5. Easy to operate: It is not very technical and doesn’t require core accounting knowledge as you can easily operate it from your phone. OkCcredit gives complete autonomy to the business owner to manage their financial accounts without professional accountants who charge hefty amounts for bookkeeping. The digital bahi khata app is available in many languages so that people from local regions can use it well and stay updated with their customers.

6. Wider reach: With more than 450 million smartphone users in India with an increasing awareness of the advantages of mobile apps, the future for the digital bahi khata app is bright. When technology is your friend, it becomes easier to reach the global market. People around us are becoming familiar with smartphones and digital payment mediums and are ready to operate their businesses digitally. It gives you a fair advantage over the traditional competitors who still believe in the manual process more than automated process. Moreover, there is a lot of transparency as everything is directly connected to your core system and takes seconds to transfer funds.

7. Marketing is easy: When you have complete data of the customers who are in various stages of the inventory, then it becomes easy to target the right customers for some additional purchases. Also, when the items are in demand, you can increase the marketing for such products.

Conclusion

The best tip for small business owners is to use mobile apps. The benefits of using apps for business are manifold; with apps like OkCredit, you can run your business smoothly. These were some advantages of mobile apps for business. Digital accounting software is a promising innovation that helps small business and MSMEs digitalise their platform and build a robust financial management system. Many major companies, including MSMEs, use these digital bahi khata services like OkCredit to increase their productivity by focusing on what is required.

It saves you from the hassles of audit or accountants as you already have the compiled list of credits and debits directly downloadable in PDF form from the app. Our best small business tip for you is that it is easier to embrace new technology and connect more customers than following the conventional methods; digital advancements offer you streamlined services for smooth business operations and aid in scalability.

Also Read:

1) How to Manage Your Hisaab-Kitaab & Bahi Khata Online?
2) How Digital Bahi Khatas are Helpful over Traditional Bahi Khata Registers?
3) OkCredit: Simple, Paperless & Secure solution for businesses
4) Using OkCredit App for Your Kirana Business

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FAQs

Q. What are some small business tips and advice regarding financial management?

Ans. Financial management is an important process of maintaining and running any business while keeping the stats and numbers fine. The digital bahi khata apps like OkCredit are used extensively by many business owners to streamline their financial management process by making an automated transaction column and preparing an account book used during tax filing.

Q. How can I install the OkCredit app?

Ans. The digital bahi khata app OkCredit is used to track and manage your accounting when you generate revenues. OkCredit can be installed when you go to the app store and search OkCredit there. Then you can install the app from there.

Q. Is digital accounting safe?

Ans. Anything that works digitally and automatically is completely safe until it is in your hands and you use it judiciously. There is no problem with using the digital bahi khata app as they are user-friendly and can track all the payments in a single place.

Q. What are some features offered by digital bahi khata apps?

Ans. Digital bahi khata apps like OkCredit offer many features like automated book-keeping, filter option to find the correct entry, database to store the files, call feature, managing the entry and spend of any customer and more. You can also download the accounts from the app easily in PDF form and use them to file your taxes.

Q. How can people pay through digital khata books?

Ans. The payments are online, and you can use multiple options like UPI, net banking, PayTM offers, or even pay in cash and manually upload the data in the app.