If you’re a business owner and still using paper bills, this article is for you.
There is no easy way to run a business. From getting the right helper to managing the register, the difficulty of tasks increases as your business grows.
Manoj, owner of Kwality hardware in Gwalior, realised this soon enough. At first he had only a few items to sell. As such, with an inventory of 3-4 items, managing bills and customers was easy for his helper. But soon enough, the number of customers increased and so did their demands.
All this sounds great, right?
Great as it was, the reality was completely different. You see, as Manoj added more items to his inventory, the number of vendors to manage increased.
More vendors meant more bills to pay and a lot more paperwork to keep track of.
This was just the beginning of his troubles. On closer inspection, Manoj discovered that his daily closing stock did not match his daily sales. This meant that there were items sold without any proper bill against it.
With missing customer bills and a lack of organisational skills, daily profits slowly went down. As a result, paying vendors on time became difficult, damaging his relationship with them.
Lost vendors = Low Stock = Even Lesser Profits
There was no doubt that this was a difficult situation.
Fortunately, there are simple, practical solutions available today to prevent your business from going through all of this.
Make use of Online Billing
Get rid of paper bills from your business. With multiple apps available, choose the one that best matches your business. This way, you will never lose any bills and also save a lot of money on paper.
Organise your bills properly
Once you start using an online billing app, all your bills will be automatically separated according to their purpose, for e.g Purchase Bills from suppliers/vendors & Sales Invoices for customers.
This will ensure all your bills are in one place and available to you 24*7.
Lastly, don’t forget to pay bills on time
Apps like MyBusiness, send reminders to you when there is a vendor/ supplier payment due. Thus your relationship with your supplier is safe.
You also have a feature to send “special reminders” to customers who often forget to pay on time.
In Sum
By implementing these practices, you can save time, organise all your bills, and keep your business intact.
Utilise the simplicity of online billing, make your accounts easy, and see the change in your small business. The possibilities are endless!