Tech

Accounting Software: How It Became A Need For The MSMEs

Published

2 years ago

August 19, 2022

Freelancer

Accounting Software: How It Became A Need For The MSMEs

With the growing need of managing huge accounts data for businesses, Medium-small-micro-enterprises (MSMEs) have also come up with the growing need. Accounting operations are a fundamental part of driving any successful business to growth and smooth financial performance.

MSMEs manage a small amount of transactions and don’t have much need in managing big accounting data, but the need of accounting software is not restricted to maintaining balance sheets, and other core accounting entries.

Even with the MSMEs operations, they cannot put much investment in human resources and waste time in sorting and maintaining accounting data.

The best accounting software online cultivates different systems and applications required to manage and process the financial data, on the same platform.

The centralized platform for accounting can become an essential part of the business operations for these MSMEs, as it helps in improving overall financial efficiency of the accounting system – bookkeeping, tax accounting, and business reporting. Let’s understand in a detailed manner, how the accounting software became a useful need for the MSMEs.

Increased Efficiency

The accounting software helps MSMEs achieve increased efficiency with its ability to manage accounts payables, account receivables, and journal entries, etc. It also simplifies the accounting calculations with its automation feature, which lures businesses to invest in the software technology as it performs accurate calculations without any human intervention.

It also helps your system to access the accounting information from a single place – cloud space, or digital storage facility, making it easy to refer to past transactions. You don’t need to waste your time in digging through past physical records, where you should be focusing on the marketing and production operations of your MSME.

Cash Flow Management

Another biggest problem that MSMEs face in their business operations is the cash flow issues. It may be due to external factors too like economic downturn, or pandemic lockdown issues, usually the culprit is improper planning or lack of accurate accounts data, which the accounting software organizes easily through the process.

The accounting software plays an important role with the MSME cash flow management by providing automatic real-time updates with every incoming and outgoing of cash in the system. It helps in providing real-time cash flow insights and working of payment processes, which calculates everything for your business, resulting in zero calculator errors.

The software also helps in tracking the transactions data with the seamless implementation and scaling capabilities for new services and production.

Overall Cost Reduction

The ultimate purpose of any MSME is to reduce the business processing or unwanted costs as much as possible. Processing accounting data through manual human intervention results in scope of errors and eventually it hampers the financial performance.

The accounting software provides the speed and efficiency in the accounting process along with keeping the overall costs as low as possible. It allows for every accountant team member to perform more strategically in a given time, leading to overall reduction in the accounting experts’ payroll and admin costs. Alternatively, MSMEs can consider outsourced accounting services to further streamline their financial operations and focus more on their core business activities

The automation feature of the accounting software also reduces the processing and error-detection time, which simplifies the administrative procedures, and gives complete control of the revenue of the business to the MSME owner.

Easy Tax Filing

It gets really complicated and frustrating for MSMEs to do tax accounting and report in the tax season.

As a small business, MSME owners are new to the complete tax system where there are different types of taxes to track, and calculate different tax saving opportunities too.

Today’s taxing systems have become comprehensive and detailed with different but simplified taxation laws to comply with.

The accounting software is always updated and compliant with the latest government taxing rules and regulations, which allows the MSME businesses to focus on productive operations rather than administrative works.

It automates the invoices to be tax compliant, so you won’t have to worry about the tax mishaps during the tax season.

Digital Invoicing

With a micro-small-medium sized businesses, they must generate accurate invoices and require a system which makes this system quick and simple.

The automated accounting software provides such a feature, with sending digital invoices to the clients directly via email or message, which fastens and smoothes the accounting process.

It also provides the clients transparency of the taxing system by collecting faster and easier payments through different payment modes.

Data Security And Loss Prevention

With the growing businesses like MSMEs, safeguarding financial data is most valuable and any loss of data can cause huge financial losses.

This is where accounting software comes in to secure your accounting and financial system from getting stolen or lost.

It keeps the accounting data from being jeopardized through any means, and provides an easy regular backup system for any loss of data.

With such a system, you have complete control over the security system of accounting software, and you can devise your internal security structure for transparency and secured access to sensitive data.

Customer Relationships Management

Another amazing feature of an accounting software for MSME businesses is that it also helps in building successful customer relationships.

With the efficient billing and invoicing digital system, your accounting prevents any delays or miscommunication in the overall business process.

The accounting software builds a professional and credible image of your business with its simplified and seamless performance.

The system allows for easy communication of any financial information related to the products or services to the clients.

With the client data stored in the system, the accounting software also provides reminders of birthdays and events to send offers to the clients with personalized acknowledgement notes.

There are many benefits which help in building a strong customer relationship, making the business trustworthy and viable in the long run.

Final Thoughts

The promising features of accounting software are attracting the MSME industry too for various reasons.

The software solution is helping these small businesses strategize their accounting data by automation, and provide real-time business insights for easiness, time saving, and inculcate accuracy in monitoring the financial performance.

You can easily switch to an accounting software for your MSME business, as it allows for easy customization and security options according to your budget and business requirements.

Related CTN News:

Can’t Log Into Netflix? Quick Fixes That Work

Top 12 Design Rules to Follow When It Comes to Your Pitch Deck

Confluence Cost vs Asana Cost; What You Should Know About Two Leading Management Software?

Tech

US: A Judge Mandates that Google Allow Competing App Stores to Access Android

Published

3 months ago

October 8, 2024

Salman

(VOR News) – The ruling is that Google, the greatest technology firm in the world, is required to make its Android smartphone operating system available to merchants that supply applications that are in direct rivalry with Google’s. This decision was reached by a judge in the United States of America.

The Android Play store, which is owned and operated by Google, was found to be an example of an illegal monopoly arrangement by a jury in the state of California on Monday. The finding was reached by a jury. Monday is the day that this decision was come to.

An earlier federal judge ruled Google’s search engine illegal.

This finding, which came after that decision, has forced the company to suffer yet another setback. As a result of the corporation having already encountered its initial obstacle, this decision has been established. This particular decision was made by the judge during the month of August, when the month was in progress.

In light of the fact that the decision was made, what exactly does it mean that the choice was accepted?

In accordance with the verdict, Google is obligated to make it possible for users to download Android app stores that are offered by third-party competitors. For a period of three years, the corporation is prohibited from imposing restrictions on the usage of payment mechanisms that are integrated into the application.

In addition, it is important to keep in mind that Google does not possess the right to impose restrictions on the utilization of ways to make payments online.

Additionally, the verdict makes it unlawful for Google to give money to manufacturers of smartphones in order to preinstall its app store. Smartphone manufacturers are prohibited from doing so.

Furthermore, it prevents Google from the possibility of sharing the revenue that is generated by the Play store with other companies that are in the industry of delivering mobile applications.

In addition to this, the court has mandated the establishment of a technical committee that will be made up of three different people chosen at random.

The committee will be responsible for monitoring the implementation of the reforms and finding solutions to any disagreements that may occur as a consequence of the implementation of the reforms while they are being implemented. This task will fall under the committee’s purview so that it may fulfill its duties.

However, certain components were allowed to be put into action until July 1st, despite the fact that the judge’s statement suggested that the ruling would take effect on November 1st. The statement was the basis for the ruling, which ultimately became effective.

Particularly, I wanted to know what Google’s reaction would be.

There is a fact that Google does not adhere to this directive, which has been brought to their attention. This document argued that the alterations that the judge had ordered to be made would “cause a range of unintended consequences that will harm American consumers, developers, and device makers.”

The judge had ordered the modifications to be implemented. The alterations were to be carried out as indicated by the judge’s ruling. The judge made it clear that he expected these revisions to be carried out in accordance with his guidance.

The company’s regulatory affairs vice president, Lee-Anne Mulholland, provided the following statement: “We look forward to continuing to make our case on appeal, and we will continue to advocate for what is best for developers, device manufacturers, and the billions of Android users around the world.”

On average, over seventy percent of the total market for smartphones and other mobile devices is comprised of mobile devices that are powered by the Android operating system. Both smartphones and other small mobile devices are included in this category.

In the event that the Play app store continues to be shown on the home page and that other Google applications are pre-installed prior to the installation of the Android application, smartphone manufacturers are entitled to install the Android application at no cost at their discretion.

Additionally, the Android application can be installed on devices that are manufactured for smartphones.

SOURCE: DWN

Tech

WhatsApp Now Features a “Mention” Tool for Status Updates and Stories.

Published

3 months ago

October 6, 2024

Salman

(VOR News) – Those who use WhatsApp now have the ability to mention other people in their stories or status updates as a consequence of a feature that was only recently enabled on the platform.

Previous to this point, this capability was not available. It wasn’t until quite recently that this capability became available to the public.

According to the information that was provided by the company, users now have the opportunity to tag close friends in their stories, and the person who is mentioned will have the option to go back and re-share an earlier version of that story. This information was provided by the company. The corporation was kind enough to reveal this information to us.

Because of a new feature that has been added to the WhatsApp app, users now have the opportunity to like individual stories and status updates.

This capability was previously unavailable to WhatsApp users.

A significant amount of progress has been made in this context. Alternative readers now have the chance to “like” a work, which is comparable to liking a post on Facebook. This feature was introduced in recent years. When compared to the past, this is a tremendous shift.

At one point in time, viewers were only permitted to observe the total number of views that a particular story had gotten. These restrictions were eliminated in later versions of the software.

Additionally, it is essential that the likes and reactions to a story be kept anonymous during the entire process. One of the factors that contributes to the general mystery that surrounds this characteristic is the fact that this is one of the elements.

The person who brought it to the attention of others is the only person who will be able to judge who enjoyed it and who did not care about it. These individuals will be able to make this determination.

A notification will be issued to the individual who was referenced earlier in the sentence and who was named in the story or status update that was discussed. A notification of this nature will be sent to the individual via WhatsApp.

This message will be sent to the user in question whenever that person makes a reference to another person while they are in the process of elaborating on a narrative or updating their status. You will receive a notification alerting you that you have been tagged in the narrative.

This notification will be delivered to the person who receives this message. In addition, students will be provided with the opportunity to re-share the tale for themselves.

It is important to note that if the names of individuals who have been referenced in a narrative or a status update are included in any of these, then the names of those individuals will not be accessible to any third party through any of these. In light of the fact that the identities of those individuals will be concealed from public disclosure, this is the condition that will be required.

While WhatsApp recently made the announcement that it will be incorporating this functionality, it is highly likely that not all users will have access to it at the same time.

This is despite the fact that WhatsApp recently made this announcement.

Despite the fact that WhatsApp has only recently made a public announcement that it will move forward with the deployment, this is the situation that has presented itself.

As soon as a short period of time has elapsed, access will be made available to each and every person on the entire world.

Additionally, WhatsApp has hinted that new functionalities might be introduced to the status and updates tab in the future months.

The purpose of these capabilities is to provide users with assistance in maintaining healthy connections with the individuals who play a vital role in their living experiences. This is done in order to give users with support in maintaining close relationships with the folks who are the subject of the inquiry.

It is with the purpose of supporting users in successfully keeping close ties with the individuals in question that this step is taken.

SOURCE: DN

Tech

Over The Planned “Link Tax” Bill, Google Threatens to Remove NZ News Links.

Published

3 months ago

October 4, 2024

Salman

(VOR News) – Google has sent a strong message to the New Zealand government, threatening to stop boosting local news content should the Fair Digital News Bargaining Bill become law.

The law, put up by the Labour government and backed by the coalition in power at the moment, mandates that digital companies such as Google pay back news organizations for links to their material.

News publishers, on the other hand, charge the tech giant with “corporate bullying.”

Google says this measure may have unanticipated effects.

Google New Zealand’s country director, Caroline Rainsford, voiced her worries that the law, which is being referred to as a “link tax,” is not doing enough to support the media industry in New Zealand right now.

She underlined that Google would have to make major adjustments if the previously mentioned law were to pass, including cutting off links to news articles from its Search, News, and Discover platforms and cutting off financial ties with regional publications.

According to Rainsford, similar legislation has been proposed and approved in other nations including Australia and Canada, but it has not been proven to be effective there and breaches the principles of the open web.

She drew attention to the fact that smaller media outlets will be most negatively impacted, which will limit their capacity to reach prospective audiences.

Google says its alternative options will protect smaller, local media from negative effects.

Conversely, it conveys apprehension regarding the possible fiscal obligations and vagueness of the legislation, which it feels generates an intolerable level of ambiguity for enterprises functioning within New Zealand.

The New Zealand News Publishers Association (NPA) has reacted to Google’s warnings by alleging that the internet behemoth is using coercive tactics.

They specifically contend that the need for regulation stems from the market distortion that Google and other tech giants have created, which has fueled their expansion into some of the most significant corporations in global history.

The legislation aims to create a more equal framework that media businesses can use to negotiate commercial relationships with technological platforms that profit from their content.

New Zealand Media Editors CEO Michael Boggs stated that he was in favor of the bill, citing the fact that Google now makes a substantial profit from material created by regional publications.

He also emphasized that the use of artificial intelligence by Google—which frequently makes references to news articles without giving credit to the original sources—highlights the significance of enacting legislation.

Paul Goldsmith, the Minister of Media and Communications, has stated that the government is now evaluating various viewpoints and is still in the consultation phase.

He stated that the government and Google have been having continuous talks and will keep up these ongoing discussions.

However, not all political parties accept the validity of the Act.

The ACT Party’s leader, David Seymour, has voiced his displeasure of the proposal, saying that Google is a game the government is “playing chicken” with. He threatened the smaller media companies, saying that they would suffer from worse search engine rankings if the internet giant followed through on its promises.

Seymour contended that it is not the government’s responsibility to shield companies from shifts in the market brought about by consumer preferences.

The things that have happened in other nations are similar to what has happened in New Zealand.

Google has agreements with a number of Australian media firms that are in compliance with its News Media Bargaining Code. These agreements contain provisions that permit an annual cancellation of these agreements.

Due to the government’s decision to exempt Google from the Online News Act, the company has committed to supporting news dissemination by contributing annually to the Canadian journalistic community.

The New Zealand measure is consistent with global approaches aimed at regulating the relationships that exist between technology corporations and media organizations.

It’s hard to say what will happen with the Fair Digital News Bargaining Bill as the discussion goes on. Google and the New Zealand media landscape are preparing for what might be a protracted legal battle.

SOURCE: TET