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Over the past two decades, India has pushed hard to become a cashless society. We have taken significant strides to become financially inclusive - Digital India, the Unified Payments Interface, Jan Dhan Yojna, Aadhar, Mobile Connectivity etc. being the key drivers of digital payments. Arguably, the real push came on the 8th of Nov, 2016 - when the government took a drastic step to wipe out black money corruption across the country by banning INR 1000 and INR 500 notes. Not to forget the introduction of GST on the 1st of July this year, which has suddenly seen businesses buy computers in a bid to achieve a hassle free compliance experience.
Given the recent trends, businesses will need to forget the concept of “cash-in-hand”; and the huge amounts of cash that was typically stocked - apparently to meet day-to-day operational expenses - will now need to find their way into bank accounts. For a business, it will be highly impractical anyway, to hoard huge sums of money in denominations of INR 100 or less, and thus the first behavioural change that we will see coming up, is to retain just enough cash to meet meagre indirect expenses of the business. Payments in cash will now, be discouraged by either buyer or seller, and card payments and e-payments will be the order of the day. Businesses will now start operating more and more out of their bank accounts, and the cashless nature of transactions will coax them to opt for internet banking. But, what this will definitely force the typical Indian businessman to do is - to buy computers for his business – if he hasn’t already. And more importantly, a computer with a comprehensive business management software installed in it – a system which will take care of invoices, payments, taxes and banking.
Here are 10 reasons why we think, it’s high time you got a computer for business, which will not only work wonders for you, but help you grow:
While each of these may seem like different points, at the end of that day it translates into one major benefit to the business owner – velocity of commerce. Work gets done faster; Time is saved; Hiccups are less - and as a result, a business can effectively focus solely on growth. In simple terms - if you want to grow your business, but still want to go home to family at the same time every day – you can do it at the cost of a one-time move of getting a computer for your business.
Best Practices to Evaluate, Purchase and Implement Business Accounting Software