Zoho Books: Managing Your Business’s Finances the Right Way

Maintaining a successful business requires the care and attention from all of your departments. Certain elements of your business require different mindsets – sales needs to be competitive and knowledgeable, while marketing needs to be innovative and creative. Your HR team needs to be personable and patient, while your finance teams need to be analytical and as accurate as possible. Your finance teams have some of the biggest responsibilities within your company, as they’re handling revenue and payments, which ultimately, keep the lights on. 

This also means that your finance teams need resources that can help them complete their duties as accurately and effectively as possible. This is when Zoho Books comes in to help. This software not only works seamlessly with your Zoho CRM, but it also allows your finance teams to easily and efficiently manage your company’s finances while doing it in operation with workflows and with other teams within your company seamlessly. Zoho Books will not only keep your financial information accurate and secure, but it allows your internal and external process regarding money movement easier and faster. 

Zoho Books will keep your business’s financial details organized and accurate. Here are just some of the various features that can help your business stay on track.

• Receivables

Tracking the revenue that comes in requires precision and optimum accuracy. Zoho Books helps keep this data in a safe space, allowing your finance teams to trust the transactions that are reported and trust in the processes in place. When your team needs to create and send invoices, Zoho Books can also use the data within the software to generate accurate request forms, providing your clients a streamlines and accurate process that works seamlessly with your software. 

• Payables

In the same vein, Zoho Books can help your teams keep track of everything that’s going out the door. Balancing this is easy with the ability to collect receipts, orders, and any other electronic or physical payments being made from your company’s account. Monitoring this in conjunction with the money that’s coming in will help your finance teams to examine anything that might be suspicious or to identify trends or patterns that can possibly help save money in the future. 

• Inventory

Tracking your inventory is another necessary feature for your finance teams, as knowing what the supply and demand is will help inform other teams on decreased or increased need of your company’s product. Monitoring this will also help your teams understand areas of success while looking at areas that might need improvement. Tracking the inventory over time will also help you refine your growth strategy, understand what your future projections should be, and the data will also help inform your teams the stance and positioning of your company in comparison to your competitors. 

• Banking

One of the best features of Zoho Books is the ability to sync your bank account with your transactions within the software, which will expedite processes and eliminate steps along the way. This capability will also help keep things in motion without the need to consult multiple people for a simple transaction. This will also be helpful come tax season, as all of this information will already be in one place, saving tremendous time and worry about accuracy. 

• Time tracking

For projects that require hourly work or attention, Zoho Books also has a time tracking capability so that your team members can effectively record the time spent on projects and seamlessly integrate that data into invoices, ensuring that the time spent and hourly rate is accurate and true to what was promised to the customer. This integration will not only make your internal teams satisfied with its easy-to-use system, but your clients will appreciate the honesty and transparency as well. 

• Contacts

The further we get into our digital world, the more it seems that we’re working with more people over time. Between emails and other kinds of digital and virtual communication, we’re moving faster than ever with our processes. Zoho Books can also aggregate all of your contacts in one place so you won’t have to search for anyone that you need, especially when you’re trying to maintain the speed of operation. It can often be difficult to remain personal in our new digital world, but this feature within Zoho Books will allow your teams to maintain the positive relationships with their clients that they worked so hard to build and strengthen. 

• Reports

For financial teams, running reports is a regular part of their job, as pulling together data and understanding the larger picture is what helps make a company make strategic decisions for the future and understand what needs to happen in order to grow and increase revenue. Zoho Books can look at and manipulate all kinds of data for your finance teams so that practically anything can be analyzed for examination. 

When it comes to finances, managing the tax elements of any business can feel overwhelming and a bit nerve wracking, considering all the nuances involved. This is another huge win for Zoho Books, as the software has everything your business needs to stay sales tax compliant, no matter how big your company is, what state or country you’re in, or any other details to consider regarding taxes. Zoho Books has all the tax-specific needs for your business:

• Compliant for each item – easily integrate with each tax preference is for every item so you won’t have to worry about being compliant.
  
• Automatic calculations – with the help of an integration with Avalara, you’ll be able to look at what the taxes calculate as without worry or surprise.
  
• Payments and reconciliation – this is especially important when it comes to reporting each year, as everything will be tracked so you won’t have to worry about anything falling through the cracks or missing a payment.
  
• Report generation capabilities – with that, Zoho Books will also generate reports for your business so that everything will continue to be accurate with the proper format each year around tax time.