The population of our country is more than a billion. And there are numerous small and medium-sized businesses, where several traders, vendors, and shopkeepers operate to earn their livelihood. No matter if one runs a small or a large scale business, there are many buyers and sellers, day to day expenses, and more importantly, so many petty expenses that might be overlooked often. It becomes really important to keep an account of all these transactions
Though many of the shopkeepers and businessmen are versed enough, not all have that much time to devote to maintain a record of small things and transactions. One can even try appointing an accountant for this task but not everything could be left on other's shoulders blindfolded. After all, it is very rare that the employees take care of every minute detail compared to the owners. Many small business owners often find themselves struggling with a notebook of swarming numbers of credits and stickies to remind credits and debits pinned on the pinboard. Maintaining these ledger books full of digits is tedious, especially for store owners and even for the customers, sometimes gets misplaced
At times we all don't even remember meager amounts spent on little things and the same happens with these businessmen also. Even when they have so many big transactions to take care of, keeping a track of such small expenses seems worthless. But small businesses become big only when every penny is saved and the customer relations are maintained properly. So to solve this problem there are quite a few apps and companies that are helping solve this problem. The most widely used are Fieldproxy , Khatabook and OKCredit. Both are digital ledgers to maintain a debit/credit account with the transactional time specially developed for small businesses
Let us have a deep look at what these three made- in - India apps are used
It is a Business Categorised application. It can be downloaded easily on Smartphones. The Noteworthy thing about Khata-book is that it has been categorised into 11 different Languages. For small business people, this app is very much apt, for maintaining debtor-creditors standings. There are many benefits to using this app
- Small shop owners such as people owning a mobile recharge shop, electronic store, grocery store, provision store, bakery, jewelry, and medical shops can use it very conveniently. What makes it so useful is the feature using which one can update its customers for every transaction done with the help of free SMS
- The user interface of the Khata-book is very friendly.
- Reminders can be sent to customers through Whatsapp and free SMS
- Download PDF reports of the customers
- One can also set reminder dates for payments to the creditors
- Provides features to safeguard books of accounts with the help of APP Lock
This app is really quick to function. The best feature that this application provides is that a shopkeeper can add their bank account details and UPI ID to accept payments from their customers
It is a mobile sourced solution for small business owners and their customers that enables to record credit or payment transactions digitally across the entire country.The handy app transacts and records payments by lessening the burden of maintaining an accounting ledger book. The information about any transaction reaches both parties via free SMS which leaves no room for doubt between the customer and the shopkeeper. Any small business owner can use this app including those who sell on loan/debt. Other than them, Grocery stores, medical stores, electronic shops, and all the stores mentioned above can use this app as well to maintain a digital ledger. The advantages of using this app are as follows:
- Very simple user interface
- Customers can receive information related to any transaction through free SMS
- It also provides one good feature where customers can view the transaction history by clicking on the link sent on Whatsapp/SMS.
- All the transactions get added automatically, hence, one does not have to take the pain of doing it manually or even adding it to the app separately. Okcredit does this for them smoothly
- For the App security login password and payment, a password can be applied
This was the positive side. There are a few drawbacks also. The first con is that the shopkeeper or business owner can not make multiple Khata books. This means that if the person owns more than one business then he cannot individually make separate khata books for each one. Khata books of only one business can be managed efficiently. This is a major drawback because when you trust an application to reduce your manual burden, you expect it to do it completely and not partially. The second major drawback is that the business owner cannot link the bank account to accept the payments directly from the customers. Other than these the app is a very useful tool in managing business records.
In addition to the above there are various limitations to the above two apps - both Khatabook and OkCredit.
- They are solely focused only on credit/debit - when obviously there is a lot more to running a business
- you cannot manage your employees - even if you have 1 employee it becomes difficult to use
- various other modules - like attendance, payroll, HR, logistics, sales etc - which are crucial to your business cannot be managed through these apps. Hence you would have to look at other alternative technology products for these solutions. And we know you - as a business owner will not have any time to manage multiple software products
This is not coming from out of syllabus. When we are discussing the best bookkeeping apps for your business, I cannot leave better options behind. When you start a business it is not only the record of transactions that matter. In the age of digitalization, there is more than the customers expect. And it is the prime responsibility of any business owner to take care of their needs. When you are quick enough to send the payment reminders, they also expect you to keep them updated about the delivery date, statics, progress reports, etc. For all this and more using apps like Khatabook and Okcredit is not enough. You should try using business management software like Fieldproxy . It provides you with everything you need to manage your on-ground team in one single place. You can gain key insights across multiple functions from your projects, teams, and processes. It is also efficient when you expand your business, and have more sales agents on the ground, working day and night. Let’s look at some of the unique features that this application provides.
- Geotagged Check-ins - Track everyday check-ins for your field teams that can be geotagged and time-stamped so the business owners know they are exactly where they have to be
- Fieldproxy provides an entire suite that helps you track field agent cash collections, expenses, and reconciliation seamlessly
- Shopkeepers can also get all their field data in a single place
- Moreover, one can also generate invoices & track payments
- Expenses management - It also offers features such as detailed expense reporting, easy to upload interface to upload receipts, track approval status and automated mileage tracker
Not just that, there are many more features that such software provide - including route planning and allocation, Photo confirmation, customer feedback & more. It makes it a lot more simple for business owners to track everything and not just the flow of cash. As far as small businesses are concerned the field and sales team can also be managed very nicely through such software. It is an all-in-one tool to manage everything. The best part is that whether you manage a 5 member field team or a 500 member field team - it is all the same. This tool adapts as you scale and grow your business.
Khatabook vs OKcredit vs Fieldproxy
When we talk about Khatabook and Okcredit, both the applications have almost similar features. The difference between the three applications is that in Khatabook shopkeepers can make multiple Khata books for managing different businesses whereas in Okcredit they cannot. In field proxy also multiple customizable dashboards can be made for the same. It can display data in ways that are easy to digest and understand. Small business owners can also gain key insights across multiple functions from your projects, teams, and processes.
The user interface of this AI-powered app, Fieldproxy is much easier compared to both applications. Fieldproxy is currently used by clients across multiple industries like pharma, retail, construction, restaurants, and hospitality, logistics, etc
Any kind of business expands only when the software and machinery are used, offer more services, and demand less maintenance. This is the key. Now shopkeepers and business owners can say goodbye to a calculator, pen, and paper because they have such great tools to manage things for them. Just remember to be careful while choosing the best bookkeeping app for your business.