Share on twitter
Share on linkedin
Share on email
Share on facebook

Solutions to your Accounting Challenges

Listen to Divya dialogue with Neha from CAxpert about the challenges that companies face with their accounting, and find out some hands-on solutions to them!

Q1. What challenges are the businesses facing and how can they make it better?
  • A lot of young people today are joining the gig economy as entrepreneurs. Either in a partnership or as sole proprietors. Therefore, they have to juggle between a lot of departments like marketing, sales, HR, etc. and don’t really have time to manage their accounts. 
  • Today the majority of people who are stepping into the business space are from non-business backgrounds. Their specialisation may be in engineering or HR, therefore, accounting becomes a challenge for them. 
Q2. Is accounting expensive?

Accounting is not as expensive as we think. If we know what we need help in, accounting can be very reasonable. It used to be expensive ten years ago, as it was all on paper. Today there are a lot more options, especially because businesses have switched to cloud computing softwares. 

Everything is now online. Apps like Google drive and dropbox can be used to store and share data. To track your payments you can use mobile apps like Expsenify or Walnut that link to your SMS and photos. Nowadays, software like Quickbooks or Zoho books allow you to see your numbers real-time. 

Q3. What do people think accounting is?

People think of accountants only when GST or TDS are in the picture. They usually hire a freelance accountant when they want to get their taxes filed. Due to this your day to day transactions in the business suffer. 

Q4. What are the things businesses don’t focus on?

DR Pro Tip: Cash is King

Businesses tend to not focus on cash. Your revenue and sales could be skyrocketing but you need to maintain a healthy cash flow cycle. Things we should be thinking about are account receivables, account payables, debtor days and creditor days. 

DR Pro Tip: Time is Money

Businesses should incorporate timesheets wherein every employee fills how much time it took them to do a single task. As a result, this makes a business model more efficient and effective. Apps like Quickbooks allow you to track the amount of time it took to complete a task. Installing something like this saves on time and in turn on the money.

Have questions? Book the webinar with CAxpert here!

*All products/applications discussed in this podcast are only friendly suggestions and from personal experience. Nothing has been sponsored.

Sign up for our newsletter