Business reports provide useful insights on spends, profits, and growth. They also provide important details that can be used to help develop future forecasts, marketing plans, guide budget planning, and improve decision-making.

Different types of business reports that your small business needs:

• Transactional reports: These provide insights on daily transactions such as daybooks, sales reports, etc.
• Inventory reports: These offer detailed insights on inventory and help you plan item stocks better.
• Party reports: These give you an overview of all your receivables from your customers and payables from your vendors.
• Business finance reports: These provide a big picture view of all your business finances like cash flow, profit/loss, balance sheet, etc
• Expense/Income reports: These offer detailed insight on overall business expenses and income.

To sum up, no more relying on someone else’s advice. These business reports empower you to take better and informed decisions for your business.

Why small businesses struggle with reports

Getting all these reports in place can be quite challenging for most small businesses. Firstly, there is often more than one aspect of the business one has to look at in order to create one. Further, on the other hand, most big businesses and organizations have dedicated teams that put in hours to get these reports in place. 

OpenBook brings 20+ business reports for your micro and small businesses

Understanding the need of micro and small businesses of India, OpenBook offers around close to 20+ reports for your business. The best part is that these reports are generated automatically by OpenBook. This way, you don’t need to worry about creating these reports manually. Use OpenBook to manage your billing, banking, accounting, and GST and you can get the following business reports instantly: 

1. Transactional reports
   • Day Book
   • Sales Report
   • Purchase Report
2. Orders & Challan
   • Sales Order
   • Purchase Order
   • Delivery Challan
3. Final reports
   • Cash Flow
   • Trial Balance
   • Profit & Loss Report
   • Balance Sheet
4. Item/Stock reports
   • Stock Summary
   • Low Stock Summary
   • Item Sales Summary
   • Item Report by Party
   • Rate List
5. Party reports
   • Receivables
   • Payables
   • Party Report by Item
   • Party wise outstanding
6. Income & expense reports
   • Income Transaction
   • Expense Transaction

On top of this, it also offers GST reports like GST 1, GST 2 & GST 3B – all in one place. To sum up, isn’t this a better way to manage your business?

OpenBook brings everything that any micro and small business would require from billing, banking, accounting to even GST in one place. So Download the OpenBook app today and #BusinessKaroSimple.

To make it simple for you accounting is a process that helps in better understanding all aspects of the financial data of your business. Accounting of business finances can offer some interesting insights about any business. 

How accounting can help your business?

Well, the simple answer would be by,

• Analyzing the performance of the business better
• Helps in making informed business decisions
• Even managing your business finances smarter 

How most businesses manage their accounting currently

To save time and conserve resources, often small business owners overlook accounting of their business finances. Accounting if done right it can save a lot of money whereas if done wrong there is no stop to money-draining out. 

Let’s look this by 2 examples:

Mr. Gupta(if you remember the Kirana store owner from Chandni Chowk) managed all his business transactions on a loose bill and bahi khata. At the end of the month, he is covered in bills and invoices. The most dreaded thing is his difficulty in understanding his handwriting. Thereby Mr. Gupta is stuck in a loop to manage his business finances. This is quite a nightmare for his business.

There is also one Mr. Rahul who has an electronics and mobile shop. Since he was technologically savvy, he used his smartphone to record business transactions. But at the end of every month finding the messages for payment and matching with invoices didn’t make his life easier. 

In both above-mentioned cases, we saw that the way of managing an account is neither efficient nor smart. So coming to the big question: “How to manage business accounting better?”

Well the solution for you is very simple and with it, you can also #BusinessKaroSimple

OpenBook simplifies business accounting by Automatch

OpenBook was built keeping in mind the needs of over 6 crore small and micro-businesses across India. So we know that small business owners need to save their time as well as the effort which can result in better financial performance. 

Let me take you through how OpenBook has simplified accounting for businesses. With OpenBook, you can create GST compliant invoices in 3 simple steps:

• Add a party
• Choose an item
• Add amount

These invoices can be sent digitally to your parties(customer/vendor) directly via WhatsApp or SMS or email. You can even download the PDF version of the invoices if you want to have a physical bill. Then your party can directly pay for this invoice using the payment link via his/her preferred mode of payment. As the payment is received by the party, OpenBook automatically matches the amount with the invoice you raised and shows if the amount is paid in full or partial. Isn’t it cool? 

Benefits of OpenBook’s Automatch in managing your business finance

1. Save hours spent in matching payments received with bills and invoices
2. Saves manual effort of dedicated people to keep track of it in accounting
3. No scope for error with automated accounting

OpenBook’s automatch feature enables automated accounting to manage business finances better and faster. To sum it up OpenBook can help save a lot of time that businesses can spend on growing.

OpenBook brings everything that any small business would require from billing, banking, accounting to even GST in one place. So Download the OpenBook app today and #BusinessKaroSimple.

But is this way of managing one’s business, scalable or even efficient? A small business owner like Mr. Gupta would agree that he spends almost 15-20 hours/week on managing business finances. This often leaves him little time to focus on the core of his business i.e. his customers.

Struggles faced by micro and small businesses in managing a business: 

1. Maintaining copies of all sale invoices and purchase bills by customers and vendors
2. Following up with the customers for payments 
3. Checking with banks regarding pending payments or depositing payments
4. Maintaining records of inventory to make sure the stocks are in place
5. On top of it recording everything on bahi-khata 
6. And running to the accountant at the end of every month to figure out taxes

In 2021, micro and small businesses have evolved quite a bit when it comes to managing their business. Affordable smartphones, cheap internet, growing use of online payments, etc have been pillars of this change. And a segment that contributes to half of the Indian economy cannot stay behind. 

But has it completely solved the issues of a small business owner like Mr. Gupta? Not really. As of today, he has to use 6 different platforms to manage his inventory, invoicing, multiple banking portals, payment portals, accounting, bookkeeping, GST, etc. Phew… so much for making business simple.

Challenges posed by these digital modes and apps:

• Time wasted in managing business across multiple platforms 
• Difficult for one person to manage all these business requirements
• Room for human error while switching between platforms

With OpenBook, you can make your business simple

OpenBook is the first platform not only in India but also globally, to bring everything related to business in one place. Businesses can now manage their billing, banking, accounting, and even taxes easily.

So with OpenBook, Mr. Gupta can now create a digital sales invoice for any of his customers and share it with them over Whatsapp. And his customers can pay directly via the payment link in the sales invoice using their preferred mode of payment. Once this payment is received, it will automatically reflect in the accounting and connected bank account on OpenBook. Not just that, Mr. Gupta can see 25+ different types of auto-generated reports related to his business. Also, he can file GST directly from OpenBook. Now, this is what we meant when we said #BusinessKaroSimple.

Just imagine the time saved in managing these business-related tasks and how this time can be spent in managing customers or growing the business. 

So, what are you waiting for? Download the OpenBook app today and #BusinessKaroSimple.