A wave of change for Indian SMEs!
✅SMEs in India are seeing a transformation in their approach to business operations, time management, data management, and digitization.
✅It is not Excel or spreadsheets anymore, but a more tech-forward approach to managing finances to help them stay ahead of the curve.
✅SMEs today are adopting digital-first, compliant-ready, and market-proof strategies to build their vision and scale to greater heights.
✅Startups need smarter and easier methods to manage records, accounts, and finances.
They want time-saving tools. Being in their growth stages, they are looking for business strategies to make an impact faster. This is why they deserve a tool that will handle their books like a trusted friend.
What is accounting software?
Accounting software is a tool or a platform designed to manage a company’s accounts and finances. It is used by accountants, bookkeepers, and business owners. To simplify records, financial statements, and books, this software automates tasks to deliver accurate data each time. A modern accounting software can be integrated with third-party applications, offering a centralized workflow.
Benefits of accounting software for SMEs
- 100% data accuracy
- Simplifies accounts
- Saves time
- Reduces operational costs
- Automates tasks
- Faster process
- Enables legal compliance
- Boosts market reputation
Here are 10 features Indian SMEs need to look for in an accounting software
Software usability
A growing company or a small business owner is always juggling between multiple assignments and meetings. It is a learning curve every single day being in the quest to excel.
Ease of use is the No.1 feature to look for in accounting software, as most startup owners wouldn’t be trained CAs or accounting specialists.
It shouldn’t require any prior training; the accounting software company should offer personalized training to help navigate the software and its features; step-by-step.
Elixr Books is an easy-to-use accounting software that even non-accountants or non-finance users can use.
Would you like to try it? Talk to us!
Scalable
Every successful business owner was once a dreamer. Your company’s vision for the next few years would be to grow more and reach greater heights. When this happens, managing the data will not be easier, as it will increase with business growth.
If the accounting tool you are using is limited in its functionality of managing finances, then switching to another tool will cost you.
Why get restricted? Choose an accounting tool that is prepared to handle a growing company’s growing accounts. Save the cost of paying extra for external tools or accountants. Invest in scalable software that will go along with your business as it scales.
Reporting
Access to detailed reports with financial insights helps an SME assess where the cash is invested. This gives a clear idea of how the company is performing and what work needs to be done to improve. Know how to increase revenue, sales, and build market recognition with real-time data in hand. Reports provide strategic data for better decision-making.
Elixr Books offers intuitive reports that an SME needs to get clarity on their finances and manage their cash flow better.
Taxation & compliance
Compliance is the key to their growth and success, and if they become non-compliant at any stage of their business, this will incur legal penalties on the business. Being aware of compliance to becoming a compliant-ready company, and everything that goes between them is mandatory to every SME.
Most new companies are not aware of GST or ITR filings, their deadlines, or the importance of registrations and the norms related to them. This can lead to non-compliance and can be monitored by the government and tax authorities. Don’t take the risk of non-compliance. Become a compliant company today.
How about choosing accounting software that creates GST-compliant invoices, generates GST reports, calculates tax easily, and updates on the recent amendments?
Switch to Elixr Books – The all-in-one GST expert. It simplifies GST filings, reconciliation, and compliance with GSTN integration.
Secured data
Financial data that includes customer information should be protected. Consider buying accounting software that assures data security from user-level access, roles and permissions, and encryption. Cloud-based accounting software offers 100% data security.
Affordability
Do a comparative study of all the accounting software or bookkeeping software available in the market. Pick the one that is reasonably priced and meets all the demands of a growing business.
Invoicing & billing
Small businesses need one tool or platform with the best features to manage various business functions. Invoicing and billing make it easy to receive and send invoices between you and your customers. Create bills on time, track, and get updated reports. Have complete control over cash flow.
Inventory management
Are you exhausted tracking the different warehouses that store your stock? If your tool is handling all your finances, then handling inventory should be part of its functionality. If these two come together, it’s a win-win.
Track the data, automate stock details, manage the warehouses, and avoid scenarios of overstocking or understocking.
Bank reconciliation
Bank reconciliation is a green flag in your compliance journey. All your accounts need to match bank transactions. Accounting software that automates these tasks of matching bank statements with your books will make it error-free and produce accurate data. This, in turn, ensures good bookkeeping and records management, and it is great for a small business to stay in the good books of the regulatory bodies.
Bad bookkeeping software ruins your growth process – 👉 Take charge today with Elixr Books & skyrocket your small business!
Multiple user access
Working on a task or project with team members pouring their thoughts into it makes for an inclusive effort and also leads to improved output.
An accounting tool that has multi-user access so that internal team members can work together to streamline accounts, or manage sales and revenue, is a top feature not to be missed.
Elixr Books has 5 different user access levels allotted to team members. Their working together provides improved data, better collaboration, and faster processes.
Why Elixr Books accounting software for SMEs in India?
- Integrated accounting software
- Ideal for startups & growth-stage companies
- Cost-effective services
- GST compliance
- e-Invoicing
- Inventory management
- e-Way Billing
- Cloud-based & intuitive dashboard
- Automation
- Smarter auditing
- User-friendly that non-accountants can use too
- Dedicated personal accountant at no extra cost
Why do startups need accounting software?
… Startups need accounting software to build their vision!
Since it’s their initial stages of building a business, the startup owner and the team would do everything it takes to ideate more strategies, market their USP, and build a brand.
One tool that will manage it all for them, so their timelines, busy schedules, and other significant tasks are not missed is one that truly understands a startup owner’s everyday challenges and supports their long-term plan.
Skip the basic bookkeeping and go for bookkeeping software like Elixr Books or a single solution like Elixir BACE that is designed for a startup to manage accounts to HRMS to payroll to invoicing to filings, registrations, and everything in between…
Conclusion
Move beyond the outdated tools! Manage multiple business functions from a single platform. BACE is an all-in-one platform that knows what a startup deserves.
Looking for flexible, scalable, and easy-to-use Bookkeeping software for small businesses?
Elixir BACE offers a product + services platform for simplified finances and bookkeeping. It also offers payroll, invoicing, inventory, and tax compliance.