An accounting system is a key to your mandi business. It needs to be accurate so that you can understand what’s happening in your business and how much money you are losing or gaining as a company. Even the smallest accounting error can cost you a lot. Today, we have got a list of 5 common mistakes you must keep a check on and avoid while doing your mandi accounting business.
1. Not being regular with accounting
Being a responsible mandi business owner, updating your books should be on the top of your to-do list. It is vital to set up a routine for adding all the income and expenses to your accounting system. It would be ideal to add daily updates, however in the worst case you should at least record your transactions on a weekly basis.
2. Not recording small transactions
We know that it’s easy to forget expenses as small as a stationary purchase for the office or treating a happy client with some snacks. But, no matter how insignificant the transaction is, it is good if it is recorded as well. In fact, today you will find many accounting software in the market that provides a provision of adding miscellaneous expenses separately.
3. Not backing up data
We cannot afford our financial information to be lost, stolen, or hacked. Even if we are extra careful, such issues can arrive at any time and we need to have a plan in place to restore our accounting data. Fortunately, many accounting software provides backup options to keep an extra, up-to-date copy of your business financials. Just take advantage of those.
4. Not seeking assistance when required
It is important to seek assistance especially when you are managing a growing business. Do not hesitate to ask for help wherever it’s required. That way you will be less likely to mess up your mandi accounting and you will be able to invest more time in the growth of your business. ChargeERP is the first ever mandi accounting software in the industry that provides DEO services i.e. on-premise data entry support to their users. You can consider such options in the market while choosing the right accounting software for your business.
5. Not using an accounting software
If you are still using Bahikhata or an excel sheet to keep a track of your finances, it’s high time you should switch to a mandi accounting software. This will make your accounting faster and to a larger extent, error-free. ChargeERP is becoming one of the most sought-after accounting software across popular mandis in India. Many mandi commission agents rely on it to experience effortless accounting for their businesses.
Whether the accounting error is as small as forgetting to add a tea expense or as significant as recording the payment of a supplier, their future consequences can put your business at stake. Accounting software like ChargeERP can help any mandi business track daily arrivals and sales, record daily income, manage inventory, maintain business accounts, and obtain instant bills and reports with ease.
By keeping the above list of mistakes in mind, we are sure that you will be able to avoid at least some common accounting errors with ease. However, if you want to explore more on ChargeERP software, feel free to dial +91 8588998844 or visit www.chargeerp.com. You can request a free demo here: https://www.chargeerp.com/#demo. We also suggest that you follow us on Facebook for regular updates. You can also view the latest instructional and testimonial videos on the ChargeERP YouTube channel.