The Top 5 Myths About BIR CAS-Ready Cloud Accounting Software: Debunked
By Johnny Kawa Introduction In recent years, cloud accounting software has gained…
By Johnny Kawa
As small and medium-sized enterprises (SMEs) expand their operations and reach, they often encounter the challenges of managing multiple branches or companies efficiently. Fortunately, with the advent of advanced cloud accounting software, SMEs now have access to powerful features such as multi-branch and multi-company capability. In this blog post, we will explore how these capabilities can help growing SMEs expand their horizons and streamline their financial processes. Let’s dive into the benefits and functionalities of multi-branch and multi-company capability, along with other key features that can transform the way SMEs manage their sales, inventory, accounting, and more.
Efficient Sales and Inventory Management:
Sales and inventory management are crucial aspects of any business, and the multi-branch and multi-company capability of cloud accounting software enhances efficiency and accuracy in these areas. With this capability, SMEs can seamlessly manage sales and inventory across multiple branches or companies from a centralized platform. For example, a retail business with multiple stores can easily track sales performance, manage inventory levels, and transfer stock between branches, ensuring optimal stock availability and customer satisfaction. This streamlined approach eliminates manual data entry, reduces errors, and provides real-time visibility into sales and inventory information across the entire organization.
Expanded Horizons with Multi-Branch and Multi-Company Capability:
The multi-branch and multi-company capability of cloud accounting software allows SMEs to expand their horizons without the constraints of managing multiple systems or software. This feature provides a unified view of financial information across all branches or companies, enabling seamless collaboration, centralized control, and standardized reporting. For example, a retail franchise with multiple outlets can effortlessly consolidate sales, inventory, and financial data from each location, gaining valuable insights into overall performance. With this holistic view, business owners and managers can make informed decisions, identify trends, allocate resources effectively, and develop growth strategies with ease.
Multilingual: Global Language Selection:
In today’s interconnected world, SMEs are increasingly operating on a global scale, catering to diverse markets and customers. Cloud accounting software with multilingual capabilities offers a competitive edge by enabling global language selection. This feature allows SMEs to conduct business transactions, generate reports, and communicate in multiple languages. For instance, an export-oriented company can seamlessly switch between English, and Chinese interfaces, ensuring smooth communication with international partners and customers. By breaking language barriers, SMEs can expand their market reach, foster stronger relationships, and enhance customer satisfaction on a global scale.
BIR CAS-Ready for Compliance:
Compliance with the Bureau of Internal Revenue (BIR) regulations is crucial for SMEs in the Philippines. Cloud accounting software with BIR computerized accounting system (CAS) readiness ensures that SMEs meet the BIR’s requirements for accurate and timely reporting. The software automates tax calculations, generates BIR-compliant reports, and facilitates seamless submission of tax returns. With multi-branch and multi-company capability, SMEs can consolidate financial data from all branches or companies, simplifying the preparation of tax reports and ensuring compliance across the organization. This integrated approach saves time, reduces the risk of errors, and fosters a good relationship with the BIR.
Streamlined Purchases Management:
Efficient purchases management is essential for SMEs to maintain optimal inventory levels and control expenses. Cloud accounting software with multi-branch and multi-company capability streamlines purchases management by centralizing the purchasing process. SMEs can consolidate purchasing activities, negotiate better terms with suppliers, and ensure consistency in pricing and inventory management across branches or companies. For instance, a restaurant chain can leverage the software to manage vendor relationships, track purchase orders, and monitor delivery schedules for all branches. This centralized approach simplifies purchases management, reduces duplicate orders, and provides a comprehensive view of expenses for better financial planning and control.
Efficient Budget Management and Cash Flow Projection:
Budget management and cash flow projection are critical for SMEs to maintain financial stability and plan for future growth. Cloud accounting software equipped with a budget manager and cash flow projection feature provides SMEs with accurate financial forecasting and planning capabilities. SMEs can set budgets, monitor expenses, track revenue, and project cash flow across multiple branches or companies. For instance, a service-oriented business with several divisions can utilize the software to allocate budgets to each division, monitor their performance against budgeted goals, and make adjustments as necessary. This proactive approach helps SMEs optimize cash flow, identify potential bottlenecks, and make informed financial decisions to support growth.
Seamless Integration with BIR-accredited EasyPOS:
The integration between cloud accounting software and BIR-accredited EasyPOS (Point of Sale) systems offers SMEs a seamless and efficient sales management solution. BIR-accredited EasyPOS integration allows for real-time synchronization of sales data, inventory updates, and customer information between the point of sale and the accounting software. For example, a retail business can process sales transactions at different branches using BIR-accredited EasyPOS, and the data will automatically reflect in the cloud accounting software. This integration eliminates manual data entry, reduces errors, and provides up-to-date sales and inventory information for better decision-making. The seamless flow of information ensures accurate financial records, reduces reconciliation time, and enhances overall operational efficiency.
Comprehensive Tax Types and Transaction History:
Cloud accounting software with comprehensive tax types and transaction history tracking simplifies tax compliance and provides a detailed audit trail for financial transactions. SMEs can easily classify transactions based on different tax types, such as VAT, withholding tax, and sales tax. The software automatically calculates the applicable taxes, generates tax reports, and ensures accurate tax filing. Additionally, transaction history tracking allows SMEs to access detailed records of all financial transactions, including sales, purchases, and expenses. This feature facilitates quick and accurate retrieval of information during audits or inquiries, ensuring transparency and compliance with regulatory requirements.
Multi-branch and multi-company capability in cloud accounting software revolutionizes the way growing SMEs manage their financial processes. With features such as sales and inventory management, BIR CAS readiness, purchases management, multilingual support, budget management, seamless integration with BIR-accredited EasyPOS, comprehensive tax types, and transaction history tracking, SMEs can expand their horizons and streamline operations across multiple branches or companies. Embrace the power of cloud accounting software and empower your growing business with the flexibility, efficiency, and accuracy needed for sustained success in today’s competitive landscape.
If you’re ready to expand your horizons with multi-branch and multi-company capability, check out EasyFS, the BIR CAS-ready cloud accounting software for SMEs. Visit https://human-incubator.com/easy-fis/ and book a free demo today!
EasyFIS is a Software-as-a-service (SAAS) sales, inventory and Accounting system designed for Micro, Small and Medium (MSME) Enterprises.
If you want to manage your business in real-time and in a WFH Work from Home Setup, EasyFIS can provide a turn-key solution to your most common business problems to effectively monitor your sales, checking your LIVE inventory stock quantity and most importantly the status of your business’ financial health.
On top of that EasyFIS is CAS (Computerized Accounting System) compliant ready for government taxation in the Philippines.
EasyHR is a Software-as-a-service (SAAS) web application that helps to manage your Payroll and Human Resource Tasks easily and effectively.
Whether you are handling less than ten (10) employees or up to more than ten thousand (10,000) employees, EasyHR can do the job for you and saves you a lot of time in computing your Payroll and managing your Employee 201 Records anytime and anywhere.
But not only that, EasyHR further has an Employee Portal that allows your employees to access it online and check their own Payslips, Overtime, Leaves and Time Records. It saves a lot of time and money in printing these Payslips and paper wastage.
EasyPOS is a standalone Sales and Inventory system designed for businesses with Physical Stores and does not necessarily need an Internet or cloud solution.
The software is very easy to use yet already fully loaded with the necessary daily functions in running a store.
It already has a complete Sales and Inventory system with Item components.
Barcode and Touchscreen Interface that can be used for both groceries and restaurant setup respectively. Plus it is already BIR Accredited to legally issue Sales Invoice (SI) and Official Receipts (OR).