An essential tool for new start-ups’ accounting: Zoho Books
As a startup founder, managing your finances efficiently is crucial to ensure your business’s success. One tool that has proven invaluable for many early-stage startups is Zoho Books.
One of such tools that a large number of early-stage startups have used is Zoho Books; an accounting software developed to meet the needs of small businesses and startups. It has a comprehensive set of features that eases the tasks of accounting. In this post, I will go through my experience with Zoho Books and how it can help you streamline your LLC accounting process.
What is Zoho Books?
Zoho Books is an online accounting application that allows businesses to handle their money and automate business modules in a much more time-saving manner. We believe it also helps teams function collectively without location or department constraints. This one is a cheap software that would be highly appropriate for a startup that doesn’t have the extra, disposable amount to pay for bookkeeping, but with its vast features, the startup can get envisage benefits using it for free courtesy of Zoho Books. This online suite makes businesses work collectively within departments. To highlight a feature of this application: it is capable of preparing and constructing invoices on the move, even with expense tracking capabilities
Invoicing & Expenses
- Create professional invoices quickly and track expenses.
- Create quotes and easily convert them to invoices
- Record all expenses and add the receipts for future references.
Tracking mileage
Track all the business miles and convert it into the expenses easily. This will also help in taking proper travel deductions.
Reports
All necessary legal accounting report will be prepared with ease and automatically included Profit and Loss statements, Cash Flow Statements, and Balance Sheets
Revenues
There are more than 50 reports available, including some of the most detailed reports on cash flow, customers, products, and expenses.
There is no troublesome calculation with tax calculation and tax summary reporting available in Zoho Books.
Zoho Books can be readily integrated with other platforms within the broad Zoho ecosystem, including Zoho CRM, Zoho Desk, and Zoho Mail.
As mentioned, this allows for a free flow of information across different business operations.
Practical Gains of LLC Accounting
By making my LLC use Zoho Books, most of my accounting functions have been systematized. Then, it can do the same for you in your startup:
Ease in Issuing Invoices and Recording Expenses
Issuing out invoices and recording your expenses with Zoho Books is really an easy exercise. The system will make available any invoice templating that you might require for your business, after which you can quickly and easily send professional invoices to your clients. Then, capturing expenses is also straightforward, as taking a picture of a receipt is easy, and uploading that to your software account. So simple.
Full Financial Reporting
Zoho Books gives you concise reports to accompany your business’s finances. Sample a few of the most vital reports:
- Profit and Loss Statement: Know how much profitable your business was over a period.
- Cash Flow Statement: Inflow and outflow of cash and balance the liquidity.
- Balance Sheet: Know the safety of your business’s finances at any point in time.
- Tax Summary Reports: Monitor and pay taxes on time.
Comprehensive Reporting
Prepare comprehensive reports on every phase of your business with Zoho Books:
Cash Flow: Track Inflows and Outflows of Cash.
Customers: Know what your customers are all about and how sales are performing.
Items: Report on how your items are doing and what is the level of inventory.
Expenses: Control and monitor the myriad of expenses to run your business.
Tax Calculation
Managing taxes can be a complicated affair for any small business. Zoho Books takes up the job of doing this math by itself and automatically applying taxes that apply to the transaction you add. It also goes ahead to track them and generate a report so that you remain tax-ready at any given point.
Fit into Other Zoho Services
Zoho Books works best when fully integrated with other Zoho services. It interfaces well with Zoho CRM for managing customer relations and Zoho Mail for email communication. Integration with all these services enables unification for managing all business functionalities in one place.
Zoho Books, being an effective tool for accounting through the basic and complex features in financial management, will be of help to start-ups. The affordability and value for money are key selling points to a start-up whose annual revenue will never exceed $50,000 in a year. Zoho Books also gives a lot of flexibility in reporting; thus, it is very good for early-stage businesses.
Zoho Books ensures that your LLC accounting is efficient, leaving you more time to focus on growing your business. We’ve more on tools and tips to emerge victoriously as a startup in the next post.
