How to Manage Your Hisaab-Kitaab & Bahi Khata Online?

Bookkeeping refers to the process of keeping a record of all kinds of financial transactions in a business. These transactions typically include sales and purchase with a detailed account of receipts, payments made to individuals or organisations etc. Bookkeeping methods are divided into single-entry and double-entry kinds. In earlier days, specially-trained bookkeepers were hired for businesses. These employees had to be trusted and reliable individuals. They were responsible for manually writing the daily accounts for all sales and purchases and providing financial reports to the owners. Small businesses generally preferred to keep family members for doing such tasks.

In the modern-day, bookkeeping continues to be an essential part of the business. Without financial accounting, a business is incomplete. However, the various steps and processes involved have undergone digitisation to make lives simpler for accountants. Like most aspects of business, digitisation has been a significant transformation for accounting too. Financial record-keeping is simpler through online bookkeeping software applications today. Although hiring an accountant is still necessary, much manual work and organising have been digitised, especially in small business bookkeeping cases.

Features of Bookkeeping

The typical features of bookkeeping include:

• Keeping a financial record of all transactions
• Recording all debits and credits
• Producing invoices for the sale of goods
• Keeping track of historical accounts, general ledgers and maintaining and balancing subsidiaries
• Completing payroll for all employees

The Bahi Khata accounting software is a very popular software for small business bookkeeping. This digital accounting software gives you complete control of your business while following traditional Indian accounting methods.

Using this, a digital Bahi Khata is an online form of accounting that can help you with features like:

• Cashbook
• Accounts
• Bill Book
• A single profile for the family with multiple-user access
• The ability to manage multiple businesses through a single application
• An account of financial status through bank passbook visibility
• Setup reminders
• Manage taxation
• Work in offline mode
• Cloud-based data backup and data recovery in the event of theft or device loss
• Report exporting

How to Manage Accounts in Business

Bookkeeping is a full-time job that requires investing a lot of time. Many small businesses hire staff to take care of the accounting. It is a feasible option but also ends up taking a lot of time and involves significant expense. The time and money can also be invested partially in online bookkeeping software and services. Although accounting is a tedious task for all businesses, a well-planned system and some additional investment help reap better returns in the long term by knowing how to manage accounts in business in the modern-day.

Bad management and not knowing how to manage accounts in business can have an impact on finances. Without realising it, you end up losing money. To get a grasp of your business accounts, a well-planned process and following of simple online apps like the Bahi Khata app go a long way. Digital mediums in the modern day are designed to simplify the bookkeeping process and combine the fundamental financial aspects, including tax invoices, expenses, deposit records and much more.

The digitised Bahi Khata accounting app can teach you how to manage accounts in business without prior knowledge of accounting. Small business bookkeeping through the Bahi Khata app has helped many small-scale businesses in various domains, including retail, pharmacy, handloom, jewellery, banking, computer services, general provision stores, manufacturers etc.

The Advantages of Online Bookkeeping

Digitised form of all applications offers cloud-based backup solutions. It helps customers to be able to access information whenever they need to from any device without having to carry it around. Paperless accounting can seem complicated at first, but they streamline processes and give you the ability to access your business finances from anywhere you want. Additionally, online bookkeeping becomes safer because it saves you a lot of hassle if you were to misplace your device or in case of a theft. Backups allow you to retrieve your valuable financial information.

Although bookkeeping is a tedious and time-consuming process, online solutions have saved valuable time, making the process more efficient and cost-effective.

1. Catering to the Modern Consumer's Needs

The tech-savvy modern consumer is more comfortable using online applications and software. As they embrace technology, small business bookkeeping must also look for ways to embrace technology and learn how to manage accounts in business online. Many businesses and clients prefer digitised accounting solutions to ensure that clients receive quick and error-free resolutions and services.

Clients today prefer real-time reporting of financial transactions. Cloud-based applications ensure ease of sharing and access to financial reports for all kinds of businesses, small or big-scale. It leads to cost-effective solutions that also benefit production, marketing, and distribution processes in the long term.

2. Easy Tax Filing

The filing of tax returns is moving towards a more digitised process like everything else.  Online bookkeeping makes tax filing an easier process. Accounting software like Bahi Khata keeps a record of all credit and debit transactions that are easier to track, find, and report tax filing. It saves time without having to go through paper-based transaction records manually and makes it efficient and error-free. From one digitised financial app to another, you can learn how to manage accounts in business digitally and then use another digitised tax filing app.

Living in a constantly connected world is the best solution one could ask for.

3. Making Financial Forecasts

A hidden benefit of and features of bookkeeping is the ability to make financial forecasts for your small businesses. Features like cloud computing, analytics, and market trends have been important aspects of business growth in the present day. Online bookkeeping keeps a record of financial transactions and gives additional insight into spending and revenue trends. It positively impacts accounting agents' services, and every business, small or big, should consider the digitisation of accounting. It can steer your business towards success and growth while managing your accounting needs through online Bahi Khata applications.

4. Efficient Staff Management

One of the features of bookkeeping is how necessary it is for keeping an account and managing your employees. Employees are an essential part of a business, and bookkeeping involves keeping track of employee payroll, holidays, leave and travel allowances, additional benefits and all other financial aspects involving the staff. Online bookkeeping helps keep track of these critical issues in an error-free manner. It also saves time and makes the process more efficient for accountants setting aside more time to focus on critical business growth aspects.

How to Choose Accounting Software?

Suppose you have already decided to make the switch from traditional paper-based bookkeeping to online bookkeeping. In that case, you can learn how to manage accounts in business online by taking the first step in choosing the best software for your business. Intuitive software like the Bahi Khata app offers the advantage of letting users with no background in accounting be able to use the software easily. The purpose of accounting software is to keep track of a business's financial transactions in one place and digitally.

While there is plenty of accounting software out there, specific software is best suited for small businesses. They accomplish simple tasks such as tracking expenses, keeping track of transactions, invoicing customers, tracking company payroll etc. The following factors should ideally be considered that cover the basic features of bookkeeping:

1. Cost

Pricing is one of the foremost factors when considering any software for business. Pricing would also determine the availability of the features and services offered by the software. You need to decide the requirements for your business and decide what meets your needs.

2. Usability

A user-friendly and intuitive interface is a great feature to have for bookkeeping software. For example, Bahi Khata's intuitive interface helps accountants learn to use new accounting software with ease without prior training. Features like cloud-based accessibility allow users to access their accounts from desktop, phone and remotely. If this is a requirement, look for software that offers such features and services.

3. Additional Features

Some applications offer value-added services like reporting, inventory tracking, time tracking and project management tools within the software. These additional features can be beneficial to your business, depending on your business requirements.

Learn how to manage accounts in business efficiently with the modern Bahi Khata app and watch your business grow effectively.

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FAQs

Q. Why choose digital accounting?

Ans. Digital bookkeeping helps you learn how to manage accounts in business efficiently. It saves time, is cost-efficient, keeps a better record, and generates reports automatically without having to clutter your cabinets with piles of paperwork.

Q. Can I use digital bookkeeping for small businesses?

Ans. Switching to digital bookkeeping for small businesses is beneficial and a cost-efficient way to manage accounts.

Q. How do I select the best bookkeeping software?

Ans. When making the switch to digital bookkeeping, opt for intuitive software that your employees can easily use. Cost, usability and other factors based on your business requirements should also be considered when selecting the best bookkeeping software.

Q. How to use digital bookkeeping to set business targets?

Ans. Applications like the Bahi Khata app can keep a record of all financial transactions and offer features that allow you to file taxes easily and generate reports to predict outcomes. This, in turn, helps your business to grow and achieve financial targets with measurable goal setting.