The term bookkeeping is comprised of the two words ‘Book’ and ‘Keeping’ where ‘Book’ means the collection and retention of financial activities and ‘Keeping’ is their maintenance. In this sense, bookkeeping is a process of collection, retention and maintenance of the financial activities of a company. In course of time it has been developed as a discipline.

Bookkeeping provides the information from which accounts are prepared. It is a distinct process that occurs within the broader scope of accounting. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Accuracy is therefore vital to the process. (more…)

We all have bad days. Sometimes we make an error while manually entering data, send the data to the wrong place, or mix up figures of sales order in our accounting system. But having an integrated system of ERP and CRM can reduce those vexatious data handling errors.

What do ERP Systems Do?

An ERP system manages important backend information i.e. customer’s information, history, accounting information, supply chain details, billing and shipping, and financial data after the order is placed. When integrated with the accounting system this system offers potential benefits to the business.

What CRM Do?

CRM deals with frontend information by handling valuable customer’s data and utilizing it with interactions and customer support. It helps managing sales pipelines along with upselling and cross-sell products and understand client’s prospects.

Integration Challenges

One option to streamline integration between the two is a custom point-to-point integration. This is a fragile method and quite difficult to maintain. A developer has to implement changes and manage connectivity for point-to-point connections. As changes affect the entire systems it creates a high chance of errors. This point-to-point integration provides a short term solution but gains complexity as the business grows. (more…)

A balance sheet is a complete description of the financial health of the business. Preparing a balance sheet will help you to evaluate the assets of your company when stacked against its liabilities to estimate the financial health of your business.

“Terribly important to draw up a balance sheet every now and then, debits and credits. Decide what’s important, what’s worth fighting for.” Lynne Reid Banks

Key Parts of a Balance Sheet

1. Basic Equation

This equation is the fundamental concept of the balance sheet. It states the liability and owner’s equity of a business are equal to the total sum of its assets.

Assets = Liabilities + Owner Equity

All balance sheets are based on same formula.

2. Assets Calculation

Investments, money and the financial resources that a company holds are termed as its assets. These assets are stated on the balance sheet by their liquidity, basically their value if immediately converted to cash. Your company can possess two types of assets: (more…)

SAP

SAP stands for Systems, Applications, and Products in Data Processing. It was founded by five German Engineers in 1972. Large organizations use SAP to manage their business. SAP has several modules to represent different business-processes. Modules are usually abbreviated for the business process.

SAP is an enterprise resource planning (ERP) software solution capable of integrating multiple business applications, with each application representing a specific business area. These applications update and process transactions in real time. It has the ability to be configured and customized. (more…)

The ability to sell someone something – whether it’s a product, a service, or an idea – is the fundamental skill at the core of many, many jobs in the business world (especially ones with commission-based pay). When it comes to closing a sale, it’s not all about smooth-talking your buyer. It’s just as important to be able to listen intently, think critically, and to intelligently apply effective sales techniques.

Satisfy your customer

During sales, always try to keep your customer happy and satisfied. Humans aren’t perfectly logical creatures – if someone likes you, they’re more likely to buy from you, regardless of the deal you’re offering. Be friendly, charming, and open with your customer. Give him/her peace of mind. Whatever your customer is looking for, that’s what you should try to provide.

Listen

As sales dialogue start, ask a customer what you can help with and let the customer describe him/her problem or desire. Once you know what she wants, you’ll be able to decide which products, services, etc. best meet her needs.  Don’t just listen to what a customer says – try to pay attention to how he/ she says it in terms of facial expressions, body language, etc. If for example, a customer seems impatient or tense, you’ll know that you can probably satisfy him by offering him a quick, easy solution to his problem, rather than giving him a lengthy sales pitch for your whole range of products.

Give your full attention

When a customer is considering making a purchase, you want to give the impression that you’re available to fulfill any needs or answer any questions that may arise.  Whenever possible, interact with customers on a personal, one-to-one basis, returning to your other duties only when the job is done. For example, you might say something like, “Great, I think you’ll be happy with this purchase. I’ll meet you at the register when you’re ready!” (more…)