How can financial technology platforms empower small businesses?
Small businesses are mostly solely sometimes jointly owned, private corporations that are relatively small in size, measured based on revenue, number of employees, or scale of work. As per the government of India, businesses are classified into micro, small, and medium, depending on their financial commitments towards the infrastructure and their annual turnover. Irrespective of their classification, they all face several challenges on their sustainability journey, a few of which need more resources, more understanding of accounts and credit management, etc. These issues are especially severe in the case of micro-businesses, which constitute the largest share of the MSME market.
Handling accounts can be a daunting task while aiming to fight the other set of challenges that small businesses face. Their sustainability and growth journey depends upon the handling of accounting, credit recovery, etc., which most small entrepreneurs lack.
A closer look at a few of the accounting hurdles:
- Small transaction size: Micro businesses often have small, and high volume, inflows of income and cash which are difficult to track, leading to mismanagement of money.
- Mis-management of cash flow: Often the track of inflow and outflow of money is not kept, leading to a lack of working capital when the need arises.
- In-depth and advanced reporting: The businesses undervalue the creation of emergency funds that can assist in the period of distress and negative cashflows.
- Haphazard manner of tracking the expense: Generally small businesses have a clouded picture of financial health, as most of them fail to categorize their payments and systematically handle them.
- Mismanagement in handling the paperwork and receipts: A disorganized mess is created by mishandling, losing, or misplacing receipts.
The good news is, that we have Indibook, a fintech solution for small businesses, which enables them to handle their accounts and records and tackle most of the above problems.
Why use Indibook?
- User-friendly: A user interface that makes it easy to navigate and use.
- Create offers for your customers and increase sales: Choose readily available offer templates, edit information, and share it with your customers.
- Create offers for your customers and increase sales: Choose readily available offer templates, edit information, and share it with your customers.
- Receive payment directly through Indibook: Share your UPI ID or bank details with customers to receive payments.
- Payment reminders: Send reminders to your customers about balance payments.
- Dashboard: Track your monthly activity on a dashboard that shows your daily sales, cash transactions, and issued Udhars.
- Customer statements: Track your monthly activity on a dashboard that shows your daily sales, cash transactions, and issued Udhars.
- Access to formal finance: Avail loans from reputed financiers at affordable rates on the go!
Ditch the hassles of accounting, adapt to Indibook, and gain control over the financial health of your business. Use Indibook to simplify your small business accounting and ensure sustainable growth.