Having an efficient accounting system is a must for all mandi commission agents. Through this, they can measure the progress of their businesses. Mandi accounting software like ChargeERP has many useful features that make accounting easy. In this blog, we’ll discuss 5 such essential features of ChargeERP software that will help commission agents improve their mandi accounting system by leaps and bounds.
- Managing accounts
Every day mandi commission agents deal with several customers and suppliers. They have to create accounts for each customer and supplier and update their accounts whenever they buy or sell goods.
Creating accounts can be done quickly on mandi accounting software, but it is also essential to manage them properly. When the accounts of both customers and suppliers are managed properly, the commission agents can analyze how much they have bought and sold over a period of time.
Accurate data helps them know how much profit or loss they have incurred in their businesses. ChargeERP mandi accounting software makes account management efficient. The commission agents can create separate accounts for their customers and suppliers and manage them better.
2. Keeping accurate records
Mandi commission agents maintain daily sales, arrivals, and inventory records. Proper records help them know how much stock they have sold and how much is left.
ChargeERP mandi accounting software helps them maintain daily records of ‘Local’, ‘For Sale’, and ‘On Order’ sales in the mandis. In the ‘Arrivals’ section, they can also keep a record of the commodities purchased from the supplier.
The ‘Inventory’ section shows how much stock is left in different stores. Accurate recording of all this information helps the commission agent make the necessary decisions.
3. Tracking finances
With ChargeERP, commission agents can easily keep track of their finances. The ‘Financials’ section helps them track the amount received from the customers or paid to the suppliers.
This lets the commission agents know how much capital they have to make critical business decisions. Apart from the significant financial expenses, the mandi business has several minor expenses, like buying something for the client, etc.
These expenses are often not recorded anywhere, but they also significantly impact the business’s capital. Such small expenses can be recorded in the ‘Journal’ section of ChargeERP. Commission agents can also add different expenses for different accounts in the journal.
4. Creating reports
Generating reports from ledgers is a time-consuming task. Mandi accounting involves the creation of many bills and reports. The commission agent’s job becomes easier and better with ChargeERP mandi accounting software as they can download 20+ reports here – Customer Bill, Outstanding Report, Collection Report, Account Ledger, Supplier Bill, Day Book, Cash/Bank Book, Journal, Expense Report, etc. These bills and reports can also be easily shared with counterparties using WhatsApp.
5. Building the right strategy based on data
With ChargeERP mandi accounting software, the accounting system gets even better. Besides generating accurate accounting data, it also helps analyze the data on a daily or weekly basis. This will help commission agents make better decisions for their businesses.
So now you know how ChargeERP is making the mandi accounting system easier for commission agents across India. This software also helps save up to 90% of their time. If you liked reading this blog then do like, share, and comment with your best takes from it. Also, don’t forget to follow the ChargeERP blog for more interesting write-ups on mandi accounting.