This is the most frequently asked question by all small business owners. Whether it be a general store, kiryana store, Dairy shop, book shop, restaurant, supermart, etc. Every retailer has the same problem.
As of now, people use paper registers to maintain their ledgers and record their personal finance. But, is this even safe?
A big no. All the shopkeepers and retailers using journals and registers are making losses on a daily basis. They sell commodities on credit for as minimum as 10 Rupees but there is no limit at the other end. It could be a million or maybe more. So, the question is, who is bearing all these losses?
Unfortunately, the business owner, who has no idea who came to the shop and what item was sold or what was the cost of the goods. And, this goes on, just like this.
Is There a Solution?
Mobile phones and other tech-devices have had a serious impact on how we live and conduct businesses in our day-to-day lives. Thanks to efficient mobile technology, we are now able to use our mobile phones to keep up with breaking news, speak to a friend in a different country, and even to learn other languages.
Another big opportunity that mobile phones offer is the ability to better control our day-to-day finances, even when we’re on the go.
With just a few steps, you can maintain the ledger, get customer’s details, and even transfer money from one account to another. Here are six benefits of having a personal finance app available for a smooth run.
Easier to Save
Savings in business is one of the hardest financial goals. This is because in today’s advanced world of digital mobile payments and that too several times in a day, it’s too easy to lose track of what you’re spending money on. But with a personal digital app, you’ll have full transparency into where you are missing out.
Checking how much you’re spending on eating out, groceries, shopping and morning coffee can be quite eye-opening. In fact, knowing how much you’re spending and what you should be spending may be enough to convince you to make a change and make your life easier.
No More Late Payments
We’ve all been forgetful, slipped up before and paid a bill after the due date. This is you as a customer, but what about your customers who forgot to pay their debts on time. Late fees and payments can happen to anyone.
There are mobile applications that will not only help you to remember but also assist you to remind your customers to clear the due without any harsh feelings.
A cool feature that many apps provide is the ability to alert you when a bill’s due date is coming. You can set up alerts to remind you a few days before the due date so that you can be insightful of any uncertain situation and pay the bill sooner rather than otherwise.
You can also send reminders to your customers to pay their outstanding bills without making them feel disgusted. For example, one such app is the Udhaar App.
Udhaar app lets you collect your Udhaar three times faster by sending them free SMS reminders. You can also send them transaction reports on a monthly, weekly or daily basis with just a few taps and clicks.
While you may have dozens of apps on your cell phone, there’s surely room for one of the most important and useful apps to ever exist. If you’re considering downloading a personal finance app to improve your financial health, don’t wait! The benefits are truly endless.