Are you manually maintaining a ledger for all your business purchases?
It’s still fine when you’re just starting off, but as the business grows, you’ll find yourself no longer able to watch every rupee spent.
Not just that, a lot of things need to be done over a purchase transaction – Create purchase order, follow up till the items are delivered, send payment, etc. It’s never easy or wise to handle all of these by yourself especially when you are overloaded with many important business tasks that need your attention.
Luckily, these days there are billing software applications that will automatically handle every stage of a purchase transaction leaving you less amount of work.
Here are 8 ways how a billing software helps you manage business purchases better.
✔ Generating Purchase Order for your business purchases manually is slow, inefficient, and prone to human errors. But, with billing software like Vyapar, you can easily create and instantly share professional PO forms on Whatsapp with your suppliers.
✔ It’s difficult to manually check if you got what you ordered. Cross-checking details in your account books/ spreadsheets takes time. Whereas, billing software helps you keep accurate accounts of all your purchases digitally. This ensures that information is readily available. You can access any information about purchases made in just a click.
✔ A billing software like Vyapar helps you keep track of current stock levels, stock on hold, reorder levels and free stock. You will have better clarity and control over your inventory. With the right processes in place, you can make sure there’s enough money in your bank account prior to a purchase order.
✔ A billing software keeps proper records of every purchase order transactions, the accuracy of income and loss statements, profit and loss accounts and cash flow statements. With this, you will never miss the details of your purchases.
✔ Sending a purchase order form (using a billing software like Vyapar) to your supplier is a legal offer to buy their products or services. If they accept the purchase order, it’s like signing a contract between you and your supplier. These purchase orders provide accurate information on what has been ordered in case of a dispute. This leaves fewer chances for error than a verbal order. Hence, having a billing software reduces disputes between you and your supplier.
✔ Purchase orders reduce the risk of internal fraud, for example, where your staff asks for a higher amount than needed to pay for purchases, you can easily find out.
✔ With the right processes in place, you can make sure there’s enough money in your bank account prior to a purchase order. This makes it easier to create budgets, plan and control cash flow. This is especially important for small businesses.
✔ From purchase request to the receipt, billing software makes the whole process a lot less labor-intensive. Hence, billing software helps you automate the purchasing process saving you time and money.
Do you think having a billing software to manage your business purchases can be beneficial for your business? Please comment below.
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