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One trade activity which is done in sync with billing, receipts and payment is the work of accounting and bookkeeping.
Just like generating bills, maintaining books of accounts is equally important for financial discipline as well as business valuation, credibility and overall business growth.
The double entry book keeping in form of debits (DR) and Credits (CR) is a well established and most widely adapted practice.
Business reports such as Balance Sheet, Sales register, Profit and Loss, Ledger, cashflow statement etc. are the direct result of this accounting work.
Needless to say that these rports are the proof of your business growth as well as help in establishing credibility. Growth and credibility go a long way in getting business loans or even investment for privet limited companies.
Having said that, the task of keeping books or accounting is not an easy job.
It is a domain that needs experts to do the double bookkeeping entry, often called accounting data entry.
Every trader or business person does not know how to do these entries. Infact most small and micro business owners don’t know what these entries are and how to do them.
As a result, they hire services of an accountant to do this data entry against bills and invoices.
This service is taken over and above the mandatory returns filing service, thus requiring added expense for this added service.
For small and micro business owners in particular this becomes an unnecessary expense as well as a complication, both can and must be avoided.
While auditing and filing returns involves due diligence from the auditor, the accounting entries against bills, receipts and payments can be automated.
As a result of automating accounting, 80% of compliance costs are reduced, not to mention the time saved.
OnlineKhata www.onlinekhata.co.in is one unique software that automates accounting entries against bills, invoices, receipts and payments.
This software service is online, providing anytime anywhere access.
The best part of this software service is that it generates all business reports without needing an accountant to do data entry.
OnlineKhata produces these reports in the format and presentation style preferred by all Indian accountants.
This software also provides for allowing auditors direct access to the reports with specific user rights.
So all in all accounting automation helps the growth of business because it saves money spent on data entry and even more importantly the time that goes into the complex work of bookkeeping and accounting.