The first step in a business cycle is purchasing the products from a distributor. The items and their details such as quantity, batch number, MRP, purchase price can be recorded using bookkeeping software.
For every product sold and service done, the buyer has to be provided an invoice listing the items/ service details, customer details, and seller details. The final invoice can be designed as per the user's wish.
Sales and purchase of goods happen in parallel. A constant check on available inventory will help the business to plan on next purchase. Real-time knowledge on physical stock quantity gives an upper hand in planning for the next day sales too.
Every invoice created will involve tax calculations. Manually calculating and filing them is a nightmare even for a small business. Book keeping software calculates taxes and adds them to the invoice amount.
Every business runs on a belief called "credit". A retailer would purchase from a supplier on credit, promising to payback in a period. Both the parties have to keep a digital record of these credits to access them immediately when needed.
The term "organization" itself means a group of people involved in a business. From suppliers to customers, from employees to management, every detail about these entities has to be recorded.
"Data is the new oil" is one of the most recited phrases of this century. Business have to plan their next actions based on what has happened, is happening and might happen. A successful prediction is possible only by analyzing data in the form of reports.
Trust is a costly word as it requires steady thinking and lots of effort. Pay your bills on time to supplier to win their trust. Reminder tools in the book keeping software not only alerts on supplier credit payments but also on customer credit receivables. Trust goes both ways.
Anything that's in a paper might get lost or destroyed easily and anything that's digital can be copied easily until the data is being managed by a bookkeeping software. Frequent data back-ups and password encrypted security keep your business data safe and secured. Online bookkeeping solutions come with cloud back-ups.
Not just businesses, but Governments are also mandating audit trails in the software. A bookkeeping solution automatically records your actions from creating a new entity to editing a payment voucher. Tracks to an extent where information on the maker, time of action can be fetched.
Bookkeeping, an ever evolving process that every business of any scale has to perform. Recording every transaction such as sales, purchase, receipts, payments, credit notes, debit notes, contra, journal entries and the taxes involved is bookkeeping. Bookkeeping is the first step in accounting, performed by bookkeepers. Insights are derived not just by blindly recording data, but recording them systematically. A bookkeeping software can perform that seamless.Free bookkeeping software trial
Decisions cannot be made blindfolded and taxes cannot be filed unsorted.
Every transaction made isn't just debit and credit. They are converted into actionable insights when recorded systematically using a bookkeeping software.
If you feel sorting out items based on batches and MRP in a rack is tiring, imagine sorting out the taxes involved in these items based on supplier's/ buyer's region, item/ service type manually. Head's spinning already. A Bookkeeping software would have sorted them out already.
All of this can be done and monitored from anywhere at anytime using a bookkeeping software.Experience online bookkeeping software
Manual bookkeeping is prone to errors and demands extra effort to recheck repeatedly. Using a bookkeeping software, every transaction that happens in the business can be recorded with nil errors. Bookkeeping, being the first step in accounting, helps to keep the book of accounts accurate.
Tax slabs vary with respect to item/ service type, region of customer or supplier and exemptions. A bookkeeping software will automatically find the right tax slab and calculate the tax amount. Doesn't just stop there, they make tax filling as easy as 123...
To prepare the budget and to plan the next actions, organizations hunt for insights. These insights are not available in plain sight but can be derived from reports. Bookkeeping softwares summarize the business activities and present in the form of reports.
Gofrugal posses all the features of a bookkeeping software and stands out in the market for "n" number of reasons. Fast billing, seamless inventory management, accurate tax calculations and reports are a few of the many highlights. All of this requests only least skills and minimal staff. Join 30,000+ customers like you who trust GOFRUGAL as the reliable solution for their business growth.Join Gofrugal right now
Get your bookkeeping software and much more by just clicking on the button below. Once you register, you get a FREE trial of Gofrugal's bookkeeping software and mobile apps for a full month.Download now
There are two types of bookkeeping
Single entry system : A basic style of bookkeeping where only one account comes into picture. For example, when a payment is made, only the receivers ledger balance will be affected and not the bank/ cash ledger
Double entry system : Unlike single, in double entry system of bookkeeping both the debit and credit ledgers are affected. This style demands an equal and opposite credit entry for every entry to an account
Bookkeeping is the first step in accounting. The output of bookkeeping is an input for accounting. On the other hand, accounting is the first step in deriving insights to take informed and calculated risks.
Every country has its own financial year structure. In the United States of America, the financial year starts from 1st October and ends on 30th September. However in India, FY starts from 1st April and ends on 31st March. The bookkeeping period follows the financial year of each country. Hence, it varies from country to country.