Author: Sara Chinnoy

What is the Purpose of Money Management?

When it comes to small business money management, education and organization are the most critical factors to maintain your company’s financial health. It entails by informing you and your team about the various aspects of their finances and having a system in place to manage them. It is well known that small and medium enterprises will save a little money each month, according to financial experts.

Furthermore, the successful execution of strategies in the supply chain and customer service is the primary reason for your company’s growth. If you have no prior expertise in managing business finances, this can be a difficult undertaking, and you may wind up losing your money as a result of poor financial practices that may also harm your business.

So If you want to build a profitable business, you must break free from this cycle and begin planning and saving on a regular and disciplined basis. Only then will you be able to evolve into investing in your future as a business owner.

It is critical to have a fundamental understanding of basic skills and practices in order to run a business, no matter how little or vast. Regular accounting, tallying, loan applications, and producing financial statements are some of the activities that every business owner should be aware of in order to build a stable financial future and avoid a business breakdown. As we top it off, being organized is also essential for effective money management.

Evaluate your whole financial position with the Udhaar App

The Udhaar app can help you figure out how much you are worth and improve your cash flow stability. It allows you to categorize transactions, transfer them between numerous accounts, and schedule them to repeat on pre-determined periods. It also helps you to analyze all of your finances with the help of several reports and graphs that can visually show you where you should cut your costs.

Remember that while using a khata book app everything is made easy to use, with that said, the success of the app is dependent on the user’s habit of registering at the correct time and for the correct amount. As a result, you must be consistent and well-organized.

As a result, controlling, managing, and analyzing your finances will be quick, accurate, and easy, all with the click of a button on your smartphone.

With the Udhaar khata app, you can manage your accounts quickly and securely from anywhere, using your smartphone or tablet.

Udhaar App – Digital Khata, Udhaar Khata Book – Frequently Asked Questions

What is Udhaar?

A money management application that keeps track of all of your transactions, including withdrawals and deposits.

Who can use the Udhaar app?

Anyone who manages money or does not complete transactions instantly can utilize the Udhaar app. Retail, wholesale, manufacturing, bakery/dairy, pharmacy, and hardware stores all make great use of our khata book. The list goes on, implying that there are no limits to who can make use of it.

How Secure is the Udhaar app?

Because all data is stored in the cloud, there is complete security. Employees are unable to read or copy the same data.

How is Udhaar beneficial for businesses?

The Udhaar app is user-friendly and simple to use, with numerous functions such as reporting and a quick response time. A new transaction can be created in a matter of seconds.

Where can I get Udhaar App from?

Download the App from Google Playstore Click Here

Download the App from Apple App Store Click Here

Download the direct APK file Click Here

What Small Businesses Can Use A Digital Udhaar App?

Following the numerous advantages that a digital Udhaar app may provide, every small company owner will be eager to download and use the app in order to obtain the full benefits of their business. Also, If you’re still not sure if this app is perfect for you, here’s a list of businesses who can benefit from it:

-Electronic shops including mobile recharging shops.
-Grocery and general stores
-Bakery, juice sellers, medical shops, vegetable shops, tea shops, etc
-Stores that sell Jewelry or garment stores

Don’t worry if your store or shop isn’t featured; any business looking to store a safe, secure, and smooth transaction record with clients can benefit from the Udhaar app’s features.

The application not only benefits small business owners, but also homemakers who may use it to keep track of their water can supplier, maid, and other service providers. Making it easy to keep track of daily transactions using your smartphone rather than just your memory.

3 Reasons Why Every Small Business Should Use Digital Khata

Digital Khata: 3 Reason why every small business is using this

Cost-effective
Our Udhaar app or khata book is a free digital ledger that you can take with you wherever you go. The application helps you calculate all your invoices and customer transactions. The best thing about it is that one application can manage multiple business transactions in your store, which means you can use the same digital khata account on different phones through the udhaar app.

Simplified System
The application does all the hard work for you, so you won’t need to get your head around accounting anymore, let the Udhaar app do the job for you.

Reliable and Scalable
You can even set payment reminders on an individual basis for each customer, so you don’t have to run through your head or flip through your pages to find past transactions. The Udhaar app has been developed to ensure stability and it’s our goal to release timely updates as we develop new app features. You won’t need to worry about losing any data or scaling up – with the Udhaar app, everything stays saved in real-time on the cloud!

What is a Khata or Udhaar (accounting) Book?

A Udhaar or Khata book is a booklet that shop owners have been using to manage customers’ unpaid accounts. The term Udhaar means to rent. The Khata book also happens to store information about each customer and their respective loan amounts. The loan amounts are actually not physical cash, but actual food items, vegetables, and household items, an example would be a dozen eggs or a carton of milk. This Udhaar book is primarily used by all merchants and it allows them to offer you the goods in advance as they take note of each transaction for you to pay at a later agreed date or time.

What is Digital Udhaar or Khata?

Digitization has become the buzzword – with the advent of computers and the Internet, the term has become so common within the digital world. As smartphones and data are the roots of digital, it has allowed the upbringing of a digital khata.

As we all know digitization aims to make life easier by eliminating manual work and introducing automation – when we take a step back you can easily spot out why the need for a digital ledger app like udhaar is what you need, to help digitize your business.

With that said, our Udhaar app will easily allow you to handle your business information and transactions, as it all gets stored online rather than in a physical booklet.

The importance of a credit management system?

Even your most loyal customers can fall behind on their payments.

You can maximize your business’s potential profit, limit risk, and preserve cash flow by controlling your Udhaar and payment procedures as you track your sales.

Sales with solid credit management aren’t actual sales until they’ve been paid. You can sign the monthly contract in the sales column, but it will only be a paper commitment until you receive the money. Credit and collection management are critical to a company’s success.

Customers can be lost and your reputation can be ruined due to misunderstandings. Effective lending or khata and repayment necessitates automated management decisions and the ability to administer credit policies consistently.

Essential Inventory Management Tips for Small Businesses

A comprehensive and well-rounded inventory management process is one of the most crucial aspects of your small business’s success. The problem is that if you’ve never dealt with inventory before, it’s difficult to know where to begin.

There can be complications when it comes to inventory management. It’s made even more difficult by the fact that there’s no right approach to inventory management. What works for other businesses in the industry may not work for you.

Let’s go through the fundamentals of how to take inventory for a small business and provide you with a set of guidelines that you can benefit from.

What is inventory management?

Inventory management is a collection of processes and systems for keeping track of inventory and stock. It’s a subset of the much larger concept of supply chain management. Inventory management will typically include the following activities for most retail businesses:

Ordering
Storing
Selling
Tracking

Although these tasks seem repetitive and even simply completing them helps build a stable base on which your company can function. A robust inventory management system can help you avoid multiple problems and take advantage of factors such as:

Accurate inventory numbers

Make sure you obtain and load up new stock from suppliers as accurately as possible into your inventory management system. Entering the incorrect product quantity or mislabeling a product will create obstacles later on. Setting up a procedure and following it every time you receive a shipment is the best way to ensure that you receive accurate stock from suppliers.

Use effective tools to manage inventory

Managing stock becomes a piece of cake when you use the POS system. This happens because of the volume and the inventory turnover rate within most retail institutions. If you try to keep track of anything with a spreadsheet or pen and paper, it’s possible that the job will become a burden that you’d rather avoid at the end of a long day. Furthermore, having too many things to supervise increases the risk of errors and may result in all of your inventory data being thrown off.

Inventory management is an automated process with a POS system but there are other tools as well that help you digitize the inventory process and save you time.

For instance, inventory management apps like Udhaar App. This app has a feature named Bill book that takes care of all your inventory processes like when to order and what to order. How much the stock of a particular product will last and what is the level of stock kept in the room at the back. Along with inventory management, you can also manage your daily sales, expenses and send free invoices to your customers. This app is an excellent choice for small business owners.

Use powerful tools for inventory management

Inventory management is vital to the operation and performance of your organization. Organizing your processes will help you count your stock, set up your floor, and increase the productivity and efficiency of your employees. More gaps and a better bottom line for the company result from accurate counting.

Most Dynamic Features of Udhaar App!

Udhaar App is the perfect business tool for a small-scale business owner as it provides various functions that aid in running and managing a business. Our aim is to provide business owners various features that can aid in everyday activities. Udhaar App provides a dynamic set of features that vary from recording and managing financial transactions to promoting business and its products to its customers. Some of the most dynamic and new features at Udhaar App are;

Reports & Accounts:

Udhaar App enables our users to record their daily transactions and manage all their accounts. While using Udhaar App our users can create separate accounts for each customer by adding their contact details, then they can add all transactions cash or credit for that specific customer. Business owners can also add day to day transactions which will not only be recorded but the changes in credit payments will be made on designated accounts of each customer. Our App also provides insights and reports of the accounts and customers which enables business owners in understanding financial situations of their business. It also provides them information which can help in the decision making process for the business owners and aid in growth of their businesses.

Udhaar Collection Reminders:

One of the most tiresome work to manage for business owners is to remember when they have to collect credit payments. Udhaar App eases the credit collection process as it not only reminds business owners for credit collection but it also has a feature to send free reminder messages via SMS or Whatsapp to the concerned creditors.

Promotional Marketing to customers:

Udhaar App also provides a very powerful promotional tool for its users as they can send promotional messages to their customers. We have enabled our customers to thrive in their businesses as they can share promotional deals, offers and discounts to their customers. Udhaar App also enables its customers to engage with all their customers by sharing a single message.

Multi-Language Support:

We care for our customers at most, our aim is to provide the most feasible and user-friendly interface. To ensure that our users in the local market can easily engage with the features of our application we provide a Multi-Language support interface. Udhaar App contains a dynamic four language interface which can be switched to English, Urdu, Sindhi and Roman Urdu.

Udhaar is a dynamic multi-featured App that has always cultivated new innovative features which not only provide ease in managing the business but also encourage our customers to grow their businesses. We constantly research to cultivate new features that empower our customers more. Currently, Udhaar family consists of five hundred thousand satisfied customers and we aim to help more customers grow their businesses.

Easy Ways to Track Your Daily Sales and Expenses

If you have the right resources, keeping track of company expenditures and sales becomes a lot easier. These resources will assist you in keeping track of your sales, expenditures and regular activities. As a small business owner, this will allow you to keep a closer eye on every incoming and outgoing. Moreover, improved cost management would improve profitability.

Tracking your company expenses makes tax time a lot easier because many of them can be written off. You’re more likely to miss future deductions if you keep track of your spending on a daily basis. As a result, you’ll pay less in taxes (or get more back).

Let’s discuss some of the strategies to track your daily sales and expenses:

Open Business Financial Accounts

The distinction between personal and company finances can be fuzzy for freelancers and small businesses. When the tax is due, you may find yourself looking for expenses among your grocery and clothing purchases.

Open company financial statements to keep track of all business-related expenditures. Then, for all company transactions, use your business accounts.

You’ll need:

A business chequing account
A business savings account
A business credit card

It’s also a good idea to place your company expenses on a rewards credit card. On some credit cards, you can get cash back on your transactions. Others allow you to accumulate points and use them to book flights and hotels. Forbes has assembled a list of the best business credit cards available.

Where possible, entrepreneurs advise against using cash. Cash is too easy to spend, difficult to monitor, and only has a receipt as a backup, while a digital transaction leaves a record in your bank account as well as a receipt. Using debit and credit for transactions is better for your company, better at tax time, and certainly better if you get audited.

Store Invoices Properly

Paper Receipts

Here are some tips for keeping a proper record of paper receipts:

Keep business paper receipts in a separate envelope in your purse or wallet. If you can’t stick to filing your receipts on a regular basis, set aside time once a week to do so. One option is to do it on a Friday afternoon, and make it a recurring appointment on your calendar.

Use file folders

Create one for each month at the start of the year and file your receipts accordingly. Use a filing cabinet or an accordion folder to organise your documents.

Use binders: Purchase plastic sleeves and mark them according to the month or type. If you have a lot of receipts, categorising them can make things simpler when it comes time to file your taxes.

Don’t forget to write the reason for your purchase on your receipts. Unless you write down that a $10 sandwich was purchased during a lunch with a particular client, a receipt from six months ago won’t tell you anything.

Receipts In Digital Format

There are multiple applications that make it easier to store receipts digitally. Plus, if you scan your receipts, you won’t need paper backups.

Udhaar App has a feature that allows you to conveniently create receipts and send them to your customers to receive your payment quickly.

You can also manage your daily sales, cash, expenses and send free invoices to your customers. Udhaar Bill Book simplifies the job of a bookkeeper. No need to calculate your daily sales cash balance manually. It will help you reconcile transactions easily.