2023/12/14
Small and medium-sized enterprises (SMEs) are pivotal in building the economy in the Philippines. SMEs are the Philippine economy’s engine because they create more employment opportunities, generate higher production volumes, increase exports and introduce innovation and entrepreneurship skills.
More than 99.6% of the registered businesses in the Philippines are small businesses. This means that the growth of small to medium enterprises can largely affect the growth of the economy. However, small business needs to put its feet forward and make appropriate decisions for them to grow.
easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!
easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!Hence, it is important for SMEs to have accounting software for small business in the Philippines. Many SMEs in the Philippines end up failing due to obsolete means. They also lack information to be able to know insights and data that can help propel their business to greater heights. An online accounting Philippines can do the work and can help analyze their finances and help them exercise sound business decisions.
Why use accounting software in the Philippines? And why not use spreadsheets? There is no law in the Philippines that requires accounting software to manage books. But in this day and age where competition is at its peak, it is crucial that SMEs start to consider having one.
The benefit of having accounting software is that small business enterprises can reliably count on an accounting system that meets all their obligations and challenges. It is a fact that most start-up companies opt to keep their records in excel and spreadsheets and to some extent, they use traditional notebooks.
While it is true that this method works, it is quite difficult because it requires manual effort and the manual method always has the propensity to commit mistakes. This results in errors thus affecting the business in general.
After recording the numbers, the financial statements must be manually prepared and this is a daunting task for accountants. Accounting software in the Philippines is instrumental in mitigating errors usually caused by traditional accounting. This can help save more time that can be essentially used to improve the business. And there is more time to analyze the information so that management can make more informed decisions.
This, in turn, will allow them to cope and deal with challenging scenarios. It will then ensure the success of the small businesses despite the many challenges that a small player faces.
In addition, accounting software serves not just one purpose but multiple purposes. First, the accounting software in the Philippines that is for SMEs is more than just a mere and simple financial database. It actually satisfies information requirements for regulatory, banking, shareholder, and other entities in general. Consolidating data in one place and automating it can ease the burden of accountants. It also ensures easy access to reliable financial information. Online accounting in the Philippines has the ability to generate reports that can be strategic in making decisions critical to the business.
easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!
easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!The pandemic also hit us like crazy and it affected all of the businesses. It is important to note that having an accounting software in the Philippines is essential and something SMEs cannot do without. Doing accounting manually, just even thinking about it is quite a headache. That is why it is such a relief knowing that online accounting acts as your company’s additional accountant.
As an SME you may have some inventory. And with the inventory you may need to keep track of the amount of stock on hand. Accounting software in the Philippines can help you track how much inventory you have, reduce your inventory for every purchased sales and also increase it for every new stock purchase. It can also give you valuable information on basis for pre-order and also provide data on what products are selling better than others.
Are you experiencing repetitive tasks? Well, it is high time to get an online accounting software. All of these, is definitely more worth it than merely using a spreadsheet.
What about your cash flow? Cash is King for small medium enterprises (SMEs). Are you having some trouble tracking it? Let easyFS guard your cash flow! EasyFS is Software-as-a-Service (SaaS) cloud accounting system that prevents cash flow shortage by accurately tracking purchases and business expenses. And to keep cash flowing, you can invoice your customers anytime, anywhere.
Monitor your invoices, send follow-up reminders, and collect payments online.
And cash consistently flows because your hot-selling items are never out of stock with easyFS providing you with real-time inventory reports anytime, anywhere.
Here are the amazing benefits that EasyFS provides your budding enterprise.
Book for a free demo today https://human-incubator.com/easyfs/
easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!
easyFS gives you a highly-accurate and real-time view of your financial statements.
Sign-up for a FREE easyFS Accounting System now!
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