One Tool to Help You Go Digital

28.02.2019 03:18 AM
Well in the last edition, we have seen the benefits of going digital for your business. Now, to help you get started, we’ve prepared this one for you so you know where to look and what to do. Let’s jump right into it.

Accounting Software

Yes, the most important part of the digital transformation is transferring all the bookkeeping and the balance sheet to digital. True, because of the current legislation, you still need to keep some of the hardcopy documentation. Well, that’s fine, for audit purpose. But for business processes, it’s time to have a proper, trackable, and convenient system to handle all your money. Just so you know, using MS Excel might be fine, but going forward, it is an unwise step to take. And you have to be really good at it to be able to fully utilise its functionalities. What we want to share you, is something even a technology dinosaur can use. Presenting, Wave Apps, the best FREE accounting software there is in the market! No, before we go further, do know that this is not a paid review. It is just a great app that we voluntarily write this piece to know about it. That’s what happens when you have a great app.

What can you do here?

  1. Invoicing and Sales Tax

We put this first because this is arguably the most important thing you need to do in your business, asking for money. Wave lets you customise your own invoice’s design. You'll have 3 templates you can choose from, set your own logo, and pick the accent colour: Create sales tax if your business is applicable to any, say GST, SST, anything. You can further customise your invoice by setting the payment terms, title, memo, items, units, price, and etc.­ Do note that Wave does allow you to create recurring invoice too, if you need it. Then, you can directly send the invoice through the app.
  1. Keep Track of Your Invoices and Record Payment

This feature right here is very useful to know who hasn’t paid you. You can see the due date, amount due, and you can even send a reminder through the app.
  1. Connect Your Bank Account

  That’s right. But don’t worry, it doesn’t have any authority to handle any transaction. This feature is very helpful when you are looking for a matched record between your accounting data and your backend.
  1. Adding Other Users

Alright, your business is doing good, and you have somebody else handling your account as well, or you just want them to be able to look at your account, either way, Wave lets you add any number of users to your current account and you can set their roles.
  1. Accountant’s Tool

Sooner or later, you’ll have to know all these things and when you reached that point, congratulations, your business is really growing and making a lot of money. Then, these features will make sense to you. In the Chart of Accounts, you can manage all your assets, liabilities, credit cards, expenses, and equity.
  1. Add Customer and Vendor

Wave allows you to add a limitless number of customers and vendors as well. You can either add them individually or you can even import from CSV and Google contact. The detailed information Wave lets you fill in is undeniably a huge massive point for the app.
  1. Add a Product or Service

Again, there’s no limit as to how much product and service you can add in this free version. You can use them in both your sales and purchases; no problem.
  1. Generate Reports

Yes, a very, very useful tool indeed. With Excel, you can create a report, undoubtedly. But you have to have a working knowledge on how to do it. Here, all the important reports have been preset for you. And these reports will be nicely represented as charts in your Dashboard.
  1. Integrations

It’s unbelievable what the app can do, despite being a free version. You can integrate it with numerous apps from Paypal, payment and E-commerce apps, appointment scheduling, CRM, email marketing to business management and automation
  1. Create New Businesses

If you have multiple businesses that you would like to separate, Wave allows you to have more than one business at a time, and you can change between them in just a click away. You can even have your own personal account.   Have a small business to run? Well, now you know what to use. :)

Nik Khairul