This is part 2 of the learning series on how to use an accounting software, in this video we discuss how to use Naavo to manage and maintain your Purchases and Expenses. Stay tuned for the subsequent blogs where we coach you on how to use accounting and billing software to set yourself up for financial success

This is part of the learning series on how to use an accounting software, in this video we discuss about Naavo Stay tuned for the subsequent blogs where we coach you on how to use accounting and billing software to set yourself up for financial success

An invoice template prepared in Microsoft Excel or Word may appear to be an excellent choice. After all, isn't an invoice just a one-page piece of paper with descriptions and numbers on it? Wrong. That piece of paper is only one element of the process of operating your business and being paid, and utilizing a Word or Excel template causes more difficulties than it helps. Online invoice software is far more efficient than traditional invoice templates for invoicing. Here are four reasons why you should use invoicing software if you haven't already.

Accounting for a company's financial data from start to finish is a critical component of any accounting strategy. Tracking financial data provides a company with important information about its income stream, bill payment status, and forecasting future cash flows. A company that does not manage its financial data risks operating in the dark in terms of available cash and capacity to pay obligations.

Why is inventory management in important? Inventory management has the power to make or ruin a company. On a balance sheet, inventory is frequently the largest item in the current assets category. Problems with inventory can lead to business losses and even failure. Proper supply chain management, on the other hand, can help a business to prosper. A good inventory management system establishes a balance between the amount of goods that comes in and the quantity that leaves. It regulates the time and costs of non-capitalized assets and stock items, allowing a company to achieve maximum profitability.

1. Low Operating Costs

In general, opening and operating an online store is less expensive than opening and running a physical business. Of course, there are still fees to consider, such as website hosting, domain registration, digital marketing, and platform costs, to mention a few. Website construction, brand building, marketing strategy, photography, and copywriting may all be things you need to outsource. We at Naavo are releasing a free online store for our customers, and you can take advantage of putting your inventory online with a few simple steps.

This article comes at an opportune time, as we are currently dealing with the second wave of Covid. Covid not only harmed public health and safety, but it also harmed many small businesses. This article also discusses how small and medium-sized businesses can protect themselves from an economic downturn.

Improving your Business is a daily task; all of the actions you take as the owner or supervisor on a daily basis may determine the future of your entire business; therefore, constant monitoring in all areas of Small and Medium Business is essential, as this will inform you of the company's strengths and weaknesses.

Accounting is required if you want to fully understand your company's finances, from investments to debt. However, it is common for Small and Medium Busnesses to avoid implementing this type of administrative process, owing to their distance from the sales action. If you are one of the business owners who believes this, you should reconsider, because good accounting can save your company from disaster. It could save you from not paying your taxes on time or from making an investment that does not fit your budget.

Are you in charge of a small company and want to see it succeed financially? Small enterprises, in comparison to large corporations, lack both manpower and expertise. Small businesses, like their larger counterparts, can face similar threats, but they are more vulnerable and should prepare accordingly.