BENEFITS OF IT TO THE BUSINESS WORLD

The role of technology in the business community cannot be emphasized enough. It is important that you employ a workforce that is tech savvy and at least know the basics. Getting your staff up to date with emerging trends not only boosts productivity, but it has immense bearing on your efficiency and out put.

Every business relies on technology in big and small ways. There are several elements that technology has transformed for the better. Technology contributes in:

1. Enhancing Customer Relationship

Reputable CRM management systems let you discover what your customer base wants. It’s advisable to target the right customer at the right time to avoid them crossing over to your competitor. Even though the technology you rely on is compatible with your existing systems, there is the issue of smart threats and cyber threats. The cloud storage makes it critical to have robust cyber security measures to keep your assets and data safe.

2. Employee assistance

Most employees feel the need to use the latest technologies in performing their tasks with the belief that it will help them deliver the best results. Companies need to consider the cost-output relationship and provide suitable technology to enhance results.

3. Time and money

There’s no doubt that technology helps businesses achieve more in less time, with no detriment to the quality of product or service. In fact, technology is now performing repetitive tasks that were earlier performed by people. This helps by saving on employee costs, or having them work in areas where they are really needed.

4. Technology Helps Improve Communication

Technology enables a faster, wider and more efficient means of communication. This will include interactions within your team or with your clients, potential customers, investors or the general public. Video conferencing technologies, like Skype and Zoom, make meetings from across geographical borders convenient. You can use this to track projects, details on tasks, deadlines, etc., regardless of whether they work from under the same roof, or remotely. Email, newsletters, social media, and other platforms are all equally essential resources for communication.

5. Technology in Business is Necessary for Expansion

Through automation and artificial intelligence, technology has become the most crucial factor behind the success of every organization. Although it is a big-ticket in terms of money, the value it provides ultimately outweighs the high cost. Moreover, the use of the latest technology gives the company a competitive edge, which makes it a better organization than the rest of the competitors in the market. This improves the overall reputation of the brand and enhances its perception among the consumers, which is vital for expansion.

6. Increased Employee Engagement

Technology is well-known for keeping employees engaged. It allows them to telecommute to work and encourages them to collaborate with each other for sharing files and essential information. In addition to this, technology also reduces the level of stress. Workload decreases when the assigned tasks are completed in the given time. Employees can also enjoy the flexibility to a certain degree. They can stay connected to the organization via smartphones etc. and perform work-related tasks remotely.

7. Technology Increases the Capacity of the Business

Technology enables businesses to reach more customers in less time than usual. This means they will be able to serve more customers than before. In addition to this, companies can easily coordinate with the suppliers when they need supplies to restore their inventory. The capacity to communicate and store information increases with technology, which is a huge advantage for large corporations.

In conclusion, it is safe to say that technology has important effects on business operations. No matter the size of your enterprise, technology has both tangible and intangible benefits that will help you make money and produce the results your customers demand. Contact Robisearch today for software solutions for your business. Reach us on 0716413386 or 0780655987.

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FEATURES OF A GOOD ENTERPRISE RESOURCE PLANNING SYSTEM

Enterprise Resource Planning (ERP) is one the latest technologies that many organizations have undertaken. ERP system is an enterprise-wide package that integrates all necessary business functions into a single system with a shared database. These software packages can be customized up to a certain limit to the specific needs of each organization. A good and efficient ERP system should have the following features:

1. Comprehensive

An ERP system should be advanced as it should be comprehensive. It means, all most all the functions of business should be done through the ERP System. If we can only run a small number of activities through the system, then, the  ERP system is not ok. It should cover all the functions of business.

2. Multi-Facilities

A good ERP System should be multi-faceted. It means, it can work in multi-currencies, multi-mode manufacturing and multi-platform.

3. Strategic planning

Strategic Planning is the main and top function of business. It should be done through the ERP. The system should integrate all its sub-part systems for making better strategic planning.

4. Optimize the data

A good ERP system optimizes the data for effective utilization of limited business resources. It also optimizes the data for reducing cost and risk.

5. Project Management 

A good and efficient ERP System helps collaborate the team in real time for working together on a project. Everything about the project process can be tracked through this.

6. Automatic Functions 

We can measure the quality of ERP from its advance automatic functions. With these automatic functions, organization saves his lots of time. This automatic function may be in electronic fund transfer, electronic data interchange and eCommerce.

7. Flexible

These days, way of doing business is changing fast due to changing in law and amendments in the standards. So, management of business process which is done through ERP should be flexible. If ERP system will be flexible, we can change processing system as per our requirement.

 8. Modular and Open

One of the great characteristics of any good ERP system that it has open module architecture. It means, if there is error in any module, we can correct it by opening it instead affecting all other modules.

Robisearch ERP provides an integrated and continuously updated view of core business processes using common databases maintained by a database management system. Our ERP systems track business resources—cash, raw materials, production capacity—and the status of business commitments: orders, purchase orders, and payroll. The applications that make up the system share data across various departments (manufacturing, purchasing, sales, accounting, etc.) that provide the data. Our ERP facilitates information flow between all business functions and manages connections to outside stakeholders. For inquiries and more information, reach us on 0716413386 or 0780655987.

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BENEFITS OF PAYROLL MANAGEMENT SOFTWARE

This software helps you determine how much salary will be credited to employees for the time they’ve worked, which involves calculating their hours and adding on any overtime or bonuses. You can also calculate taxes with minimal errors and finally process salaries to employees’ accounts with payroll management software. It has the following benefits:

1. Assures tax compliance

Tax rules and regulations change annually, making it difficult for companies to stay up-to-date. To help you enhance compliance, most payroll applications come with compliance tools. These monitor changes in tax laws and update you about the modifications, so you no longer have to worry about overlooking any details.

2. Provides additional security

Manual payroll has a lot of gaps that may compromise your business’ confidential data. Using payroll software, you can closely monitor the processes using a dashboard as well as protect your payroll data by making it accessible only through secure channels. This, in turn, helps users prevent lose of files anomalies and security breaches.

3.Time-saving

Payroll management software helps small businesses save time by automating the entire pay roll, as well as providing reports that can be used to track employee hours and other key information. This allows you to focus your efforts on growing your business while still maintaining control over your employees’ paychecks.

2. Cost-saving

Payroll management software can help you cut costs by streamlining the payroll process and eliminating costly errors. You’ll also save money by avoiding costly errors, such as miscalculating taxes or overpaying employees.

3. Efficient Tracking 

Payroll management software allows you to track all of your employees’ data in one place, so you don’t have to spend time searching for it in multiple locations or keep track of it manually—which would leave room for error. The software will also automatically send out tax forms when they’re due and generate reports that will help you stay on top of everything related to the employees status within the company (e.g., hourly wages, overtime hours worked)

4. Error Free Calculations

Payroll management software offers features to automatically calculates and recalculate payroll after taking up data from the attendance management module considering leaves, holidays mentioned in the calendar, and compensatory offs that leave minimal chances of errors, thereby reducing payday blues

5. Employee Self Service

Payroll management software makes it easier for your employees to manage their own payments and deductions such as EPF contributions or health insurance premiums through self-service online portals offered by many providers of payroll management software. Additionally, they can declare their investment, apply for loans, raise tickets for any query and more

6. Automatic Sync Data

If an employee leaves your company suddenly (for example), then they may have outstanding paychecks due them—but if you’re using a payroll management tool then there’s no need for worry because it will automatically update all records when someone leaves so there’s no confusion about who has been paid what amount or when!

7. Reduce Employee Turnover

Payroll management software can help reduce employee turnover by making it easier for you to keep track of your employees’ schedules, paystubs, and other important information. This means that you’ll have a better idea of what’s going on in your business at all times. This can help you identify problems before they become too big to handle—and keep employees happy!

In conclusion, payroll is a crucial part of running a business, and it can be overwhelming to manage payroll on your own. That’s why you need to make sure you’re using the right tools to make your employees’ experience better without any headaches.

If you are in the market for a payroll management software to use in your company or business, you can start with the payroll module offered by Robisearch Limited. It offers a comprehensive payroll module that assures streamlined payroll processes in a quick and easy manner.

Robisearch Limited offers multiple modules along with payroll for easy sync up of data, administer various HR processes and streamline the day-to-day operations. Reach us on 0716413386 or 0780655987 for more information or inquiries.

 

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BENEFITS OF ERP SOFTWARE TO COMPANIES

 

Enterprise resource planning, or ERP, is the process of gathering and managing business data from various departments using dedicated software.

ERP software provides organizations with an integrated, often real-time, view of their core business processes, easily accessible through one centralized system. With the right solution and a properly considered implementation strategy, enterprise resource planning is attainable for any business.

Benefits of ERP Software

1.   Increased Productivity

One major benefit of ERP software is automation, ranging from invoice generation to marketing automation. This frees up employee’s time to be more productive in other areas and ensures important processes don’t get overlooked.

Further, by having one central repository accessible by all departments, an ERP removes the need for tedious manual processes such as repetitive data entry across multiple systems. The accuracy of your data will also improve too!

2.   Reduced Operational Costs

Through increased efficiency of operational processes, an ERP can help cut costs and increase profitability across all departments in your organization, from manufacturing to finance.

Just unifying your IT systems is normally a cost-saving exercise in itself, reducing spend on multiple licenses, support fees, infrastructure, and admin resources to manage it all makes production planning easier.

If you’re a manufacturer, an ERP will provide you a new level of data to proactively manage operations, oversee inventory management, prevent disruptions and delays, and make quicker decisions.

3.   Integrated Information

With an ERP, information gathered from across all the departments is consolidated into a single source. This makes it easier to share consistent, unique, and accurate data even if your organization is just a small business.

As a result, coordination between departments becomes more coherent. Having access to a wealth of accurate, up-to-date data, aids high-level business processes such as forecasting and subsequent planning and decision-making.

4.   Competitive Advantage

ERPs can be expensive. Acquiring a modern ERP system, however, can put you ahead of the competition simply by having a level of business intelligence that they don’t. The combination of real-time data, coupled with increased agility, enables you to hone in on untapped competitive advantages, drive product development, and respond quickly to change.

5.   Flexible Systems

Cloud ERP systems enable workers to operate remotely. Additionally, an ERP system can be configured to accommodate workforce changes and more users as the business expands, thus aiding scalability.

During ERP implementation, it is important to factor in flexibility and mobility for when the business scales in the future. These systems also allow room for adding more users as growth occurs.

6.   Easier Reporting and Planning

An ERP suite means a single unified reporting system. Accurate, real-time data can be generated and shared without the intervention of an IT expert. Employees can generate reports, establish problems, and offer instant solutions. Interdepartmental databases are customized to allow the integration of information for easy access.

Businesses are able to plan ahead of time with easy interdepartmental communication.

7.   Enhanced Data Security

The heart of any ERP system is data security. ERP systems spanning across business functions have controls on who can view and edit sensitive information. Merging information into a single repository, whether on-premise or in the cloud, shores up security compared with scattered sources on disparate systems. Improved data security also helps with regulatory compliance and the aforementioned built-in reporting functions can help to reduce auditing costs.

8.   Improved Customer Service

ERP systems enable customer service and sales teams to quickly access customer data so they have an easier time addressing customer concerns and tracking experience history.

According to research, 55 percent of customers are willing to pay more if a good experience is guaranteed.

 

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BENEFITS OF TASK MANAGEMENT SOFTWARE TO BUSINESSES

Each project that you undertake is going to be made up of different tasks that need to be done to complete the overall project. Task management is a way of organizing workloads for individuals and teams. It involves identifying, tracking and managing the work. By following a task management system you can monitor progress, assign tasks to different team members, set deadlines and ensure that work is done in an efficient, coordinated way.

Task management software is designed to streamline the process of managing tasks, giving individuals and managers a clear overview of what needs to be done and by who. It’s more than just a to-do list — it allows for online task management that ensures each task is done and projects are completed on time.

Using a task management tool provides a platform to coordinate all the different tasks that need to be done across multiple projects, as well as day-to-day admin. It enables easier collaboration between teams as each task can be assigned to someone with a clear deadline so everyone knows what they need to do and which tasks to prioritize.

The system has various benefits and are discussed below.

  • Manage everything from a single place

It provides a central integration platform using which you can save all the activities that your team performs while working so that they don’t have to memorize things and it is easier for the whole team to stay on track. By using such software, you not only save time but also have a sustainable paperless environment so that your key data is easily accessible. By using such software, you not only save time but also have a sustainable paperless environment so that your key data is easily accessible.

  • Make task prioritization easier

Task prioritization is one of the key factors to meet the deadlines for important tasks, otherwise, it becomes quite difficult to manage them on time. Poor management of tasks  is a leading factor that contributes to deadlines being missed because your task is not prioritized on the basis of importance and deadlines. Task management software helps you to overcome task prioritization issues so that you can get all the important tasks done on time.

  • Access data from anywhere, anytime

Task management apps give you access to get your hands on your database anywhere anytime using any device. What you need is an internet connection and that’s it. This benefit keeps you away from the frustration of getting back to the workplace in order to get that vital information. By simply logging on from the comfort of your home, you get the flexibility to access all your required data in a hassle-free way.

  • Keep an eye across all tasks

Tracking the progress of tasks manually kills a lot of time because project managers have to see the performance of every individual to identify the problematic area. With the task manager, they don’t have to worry about this because they can easily keep track of each member’s progress in a matter of seconds.

  • Boost productivity

Productivity matters a lot for the success of any organization. If your team member spends a lot of time finding what needs to be done then, they would end up spending most of the time finding, whereas that time was meant to be spent on execution of tasks.

To avoid this problem, an online task manager is a perfect solution because it not only helps them locate their tasks easily but also enables them to view all the important tasks relating to any project with its due dates so that they can plan things accordingly.

  • Make task delegation easy

It is simply impossible to finish all the tasks by yourself no matter how talented you are. Using task delegation, you can make use of each member on your team efficiently instead of letting them sit around idle while you are overburdened.

  • Improve team collaboration

If you work in a small team then it might not be that difficult to get in touch with everyone’s progress, but as your team grows, it’s not less than a bigger challenge to check how every member is performing.

Task management software bridges this gap by developing the spirit of working together. Using this software, your entire team can see which tasks are assigned to whom so that they can collaborate together and complete their parts effectively in time.

  • Tracking time spent on projects

This software not only enables you to monitor the time utilized on each task but also allows you to see who is responsible for each task to gauge the productivity of all individuals.

  • Centralized platform for document sharing

Using a task management system, you can centralize file-sharing that makes it easier to locate files related to each task. It does not only save the time of your team but also enables them to place other work-related files in the right place to make it easily accessible to others.

  • Notify members about overdue tasks

When you have a big list of tasks to assign to a huge team, there is a strong possibility that they miss some of their tasks. Highlighting all these tasks and notifying them to the team members is quite difficult when done manually.

Task management software makes it an effortless process because it automatically points out all the tasks that are nearing the deadlines and automatically notifies all the relevant team members about their tasks.

 

 

 

 

 

 

 

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BIOMETRICS ATTENDANCE SYSTEM FOR CORPRATE INSTITUTIONS

 

 

Employee productivity is a major cause of concern for managers and business owners. The overall aim is to extract the best performance from their workforce in contrast to their pay.

With advancements to technologies in the workplace, biometric attendance systems are one of the most commonly used techs in the corporate world.

Essentially, it helps companies keep a record of employee attendance via a single fingerprint scan, boosts the company’s security, and helps with efficient payroll.

But the question does arise, would the implementation of a biometric attendance system help employees be productive?

This calls for a “pros vs cons” analysis on the effects it does have on employee productivity.

In summary, the answer is yes. A biometric attendance system can help with employee productivity. However, there are cases where the employees would rather be demotivated as well.

How Biometric Attendance Systems Can Help with Employee Productivity

  1. It helps to maintain efficiency throughout the business and improve certain tedious operations.

    A biometric attendance system provides HR professionals with an unparalleled ability to accurately capture real-time workforce data.

    Incorporating a biometric attendance system to monitor employee attendance and time tracking enables organizations to minimize labor costs and maximize profits. This is because the whole data is recorded in an automated database, which requires near to zero human involvement.

  2. More motivation to work in the office.

    The use of biometric attendance systems for managing employees has a direct impact on efficient payroll processing. You can easily view how many hours a particular employee has worked.

    Due to the time-theft factor, most of the managers fail to identify which of the employees worked overtime. But a biometric attendance machine enables employers to maintain proper payroll records.

    This makes employees more responsible for their actions and increases their motivation to be more productive because their work is now transparently viewed by their supervisors.

  3. Transparent employee accountability.

    Another major benefit is the accountability of employees. All employees need to be accountable for their actions at the workplace.

    By removing practices, such as buddy punching and time-theft, a biometric attendance machine provides organizations to attain a positive return for their investment in the long run.

    It also checks the time-trails of employees and holds them responsible for the different tasks allotted by managers.

    Moreover, it becomes easy to identify an employee for their negligence to pre-defined time and attendance limits. They can be held accountable for taking extended or frequent breaks, unscheduled breaks, or other misuses of time.

    With such a comprehensive attendance system in place, you can expect a significant rise in the productivity levels of employees.

  4. Discipline in the workforce.

    A biometric attendance system can also ensure discipline in the organization, as it promotes timely entry, where there is no disparity within employees and all the operations are done in a disciplined manner.

    It also saves money in a way that no staff is required to spend time monitoring the attendance or tracking time. The organization can focus more on core strategic functions and facilitate better decision-making in the long run.

    This, again, indicates that employee productivity will increase through the installation of the system.

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TIPS FOR MANAGING FINANCES FOR SMALL BUSINESSES

Managing finances can be a challenge for any small business owner. Often, the reason your small business is successful is because of the skills you bring to making your product or providing your service. If you don’t have a lot of experience with managing business finances, it can feel like a chore and you could be slipping into bad financial habits that could one day harm your business.

The importance of managing your business finances

The most important step for any business owner is to educate themselves. By understanding the basic skills needed to run a small business – like doing simple accounting tasks, applying for a loan or drafting financial statements – business owners can create a stable financial future and avoid failure. In addition to education, staying organized is a major component of sound money management.

“There is nothing more terrifying, costly or risky than showing up at your accountant’s office at the end of the year with a shoebox of receipts and nine of your last 12 bank statements.

Tips for managing small business finances

Here are a few things you should do as a small business owner to stay on top of your finances.

1. Pay yourself.

If you’re running a small business, it can be easy to try and put everything into day-to-day operations. After all, that extra capital can often go a long way in helping your business grow. Alexander Lowry, a professor and director of the master of science in financial analysis program at Gordon College, said small business owners shouldn’t overlook their own role in the company and should compensate themselves accordingly. You want to ensure that your business and personal finances are in good shape.

“Many MSME owners, especially at the outset, neglect to pay themselves,” he said. “They [believe] it’s more important to get the business up and running and pay everyone else. But, if the business doesn’t work out, you won’t have ever paid yourself. Remember, you’re part of the business and you need to compensate yourself as much as you pay others.

2. Invest in growth.

In addition to paying yourself, it’s important to set aside money and look into growth opportunities. This can allow your business to thrive and move in a healthy financial direction. Edgar Collado, chief financial officer of Tobias Financial Advisors, said business owners should always keep an eye on the future.

“A small business that wants to continue to grow, innovate and attract the best employees [should] demonstrate that they are willing to invest in the future,” he said. “Customers will appreciate the increased level of service. Employees will appreciate that you are investing in the company and in their careers. And ultimately you will create more value for your business than if you were just spending all your profits on personal matters.”

3. Don’t be afraid of loans.

Loans can be scary. They can lead to worrying about the financial repercussions that accompany failure. However, without the influx of capital you obtain from loans, you may face substantial challenges when trying to purchase equipment or grow your team. You can also use loan proceeds to boost your cash flow and thus face fewer issues paying employees and suppliers on time.

4. Keep good business credit.

As your company grows, you may want to purchase more commercial real estate, acquire additional insurance policies and take out more loans to facilitate all these pursuits. With poor business credit, getting approval for all these transactions and acquisitions can be more difficult. To keep good credit, pay off all your debt funding as soon as possible. For example, don’t let your business credit cards run a balance for more than a few weeks. Likewise, don’t take out loans with interest rates that you can’t afford. Only seek funding that you can quickly and easily repay.

5. Have a good billing strategy.

Every business owner has a client that is consistently late on its invoices and payments. Managing small business finances also means managing cash flow to ensure your business is operating at a healthy level on a day-to-day basis. If you’re struggling to collect from certain customers or clients, it may be time to get creative with how you bill them.

“Too much cash tied up in unpaid invoices can lead to cash flow problems, a leading cause of business failure,” said James Stefurak, managing editor of Invoice Factoring Guide. “If you have a chronic late-paying customer, which we all do, instead of badgering them with repeated invoicing and phone calls, try a different approach. Change the payment terms to ‘2/10 Net 30.’ This means if the customer pays the invoice within 10 days, they receive a 2% discount off the total bill. If not, the terms are full payment due in 30 days.”

6. Spread out tax payments.

If you have trouble saving for your quarterly estimated tax payments, make it a monthly payment instead, said Michele Etzel, owner of Bayside Accounting Services. That way, you can treat tax payments like any other monthly operating expense.

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How to boost your hardware business in Kenya

Introduction

Kenya is a highly dynamic economy and a great place for starting a business. Hardware businesses in Kenya are amongst the highest growing sectors of the economy with consistent growth over the last decade. To succeed as a hardware business you need to have top in class technology tools that make running your business easier.  

Why is POS Software important for a Hardware Business?

POS software is a computer program that allows business owners to manage their business. It is not just a cash register, but it also helps you manage your inventory, sales and purchases, customers, employees, finances and other aspects of running a successful business. POS systems can be integrated with accounting software or used as stand-alone systems for companies who prefer to keep their data in one place. Most modern POS systems offer an array of features that make it easy for you to run your enterprise smoothly from opening till closing time every day.   POS software gives hardware businesses the power to automate processes like tracking inventory levels so they know exactly how much stock they have at any given point in time without having to go through stacks of paperwork which could take days if done manually; making accurate reports based on customer preferences; managing employee holidays and shifts through automated calendars; helping reduce theft by identifying employees who steal money from registers using hidden cameras installed near them etc.  

How to improve cash flow with Accounting software?

You want to improve cash flow, customer service, inventory management and customer retention. You can do this by using accounting software. Accounting software is a computerized system of recording business transactions in order to generate financial reports. When you know where your money is going and what is happening with your business on a daily basis then it becomes very easy to improve cash flow because you can identify problems before they become big issues that will cost you time or money.

How Good VRM and CRM can boost your Hardware business?

VRM (Vendor Relationship Management) is a way to get more customers, keep them and make more sales. VRM is important because it helps you get more business from your existing clientele. Your customers are always looking for you but they might not know how to find you when they need you. This can be frustrating for both parties, especially if one party has something valuable that can help the other party solve their problems! The goal of any business owner should be getting more sales through an effective CRM system that automates tasks while increasing customer loyalty by providing personalized service at scale. This process starts with having a good customer database where all customer information is stored in one place. The database needs to be easily accessible so that everyone working in your company knows where everything can be found without having to search around different systems until they find what they need!

How to manage multiple stores with Inventory Software?

  When you have a hardware business, managing inventory can be quite tedious especially when you have multiple locations. You need to make sure that all the items on your shelves are in stock and if they aren’t, then you need to order them from your suppliers and ensure that they reach their destination in time for the next delivery. Inventory software helps store owners manage their stock across multiple stores or locations by providing an interface where data about items can be entered quickly. This will help them keep track of inventory easily and efficiently by allowing users to view it in an organized manner using charts or graphs as well as search through it using keywords.  

POS Software can help you manage your Hardware business efficiently

POS Software, or Point of Sale software, is an application that helps manage your hardware business efficiently. In this section we will discuss what POS Software is and how it can help you improve your hardware business in Kenya. POS Software helps you manage your inventory The first thing POS Software does is help you manage your inventory. It allows you to keep track of all the items in stock and their locations so that when someone wants to buy one, they know where it can be bought. This makes sure that nothing goes out of stock at any given time as well as ensuring no duplicate purchase occurs which means less wastage and more profit for you! POS Software helps you manage customers Having a good customer service is vital if you want loyal customers who are happy with what they bought from doing so on multiple occasions. With POS software installed on your shop floor, employees will be able to enter details about each customer like name contact number etc. which gives them an accurate record of every transaction made online or offline thus enabling them provide better service than before!

Conclusion

We have covered the basic areas that POS Software will help you with. These are only a few of the many features of POS Software that can help you manage your Hardware business more efficiently. So, if you are looking for a new way to automate your Hardware business in Kenya, then RobiPOS Software, developed by Robisearch Ltd is here to make your life easier and better.
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WHY ACCOUNTING SOFTWARE IS IMPORTANT FOR SMALL BUSINESSES

 

 

 

Running a small business often means wearing many hats — sending emails, paying suppliers, invoicing, crafting workflows, and building financial reports. All these are must-dos, in addition to actually delivering the job that customers or clients pay for.

Of all the extra tasks small business owners have on their plate, none are quite as important as accounting. Solid accounting practices keep your business in top financial shape and help you make better decisions, while dropping the ball on accounting can cause business collapse or trouble.

Thankfully, small business software solutions are making it easier to outsource tasks to technology. These accounting tools help business owners to track accounts receivable and payable, pay sales tax and

Bookkeeping software vs. accounting software

The easiest way to understand the difference is to think of bookkeeping as the basic and accounting as the advanced. Bookkeeping software is used for data entry and storage — e.g., logging revenue and expenses. The best bookkeeping software will make that process smoother than, say, a spreadsheet. You can run double-entry accounting: managing incoming and outgoing expenses and payments for better oversight.

Accounting software is like the upgraded version of bookkeeping software. Accounting software should have the same functionality — data entry and storage. In addition it gives you more analytics and actionable accounting features, like forecasting and cash flow analysis.

Bookkeeping and accounting software both reduce the amount of time spent on data entry. Users can simply sync business bank accounts and credit cards. Automation takes uploading out of your hands. For the purpose of this article, we will focus on accounting software.

Why accounting software is important for small businesses

Oversight helps you to plan, spot potential issues, identify strengths and prove business viability. With this information, you can confidently make investments, ask for loans and predict what your tax requirements will be.

Here are seven features that make accounting software so impactful for small business owners:

Bank and credit card syncing

Syncing your bank account and credit cards with your accounting software is the greatest timesaver that accounting software can give you. Removing manual input of financial data gives you back hours of your working life to focus on other important business tasks.

Invoicing

Invoicing software is an important feature of your accounting platform. It means that once the payment is made, it’s automatically registered as paid. With your bank and credit card synced, and your invoice logged as it’s sent out, your accounting system will pick it up once paid. No data entry is required from you once the invoice is sent. Most solutions will include templates.

Accounts receivable

By adding your invoices to your software solution, you are able to have a view of your accounts receivable. This means the amounts owed to the business. Overview of your accounts receivable is helpful for financial reporting.

Accounts payable

Accounts payable is essentially expense tracking: all of the invoices or expenses that the business is due to pay. Your accounting software can make it easier to manage these by putting them in the system. Adding due dates and having this chart of accounts easily viewable helps you prioritize payments and not let any fall through the cracks. Registering this information also allows you to assess your profitability based on your incoming and outgoing payments.

Online payment collection

Most accounting software tools will have features that allow you to collect online payments from customers. This makes it easier for customers to pay their bills, which helps you secure payments in a timely manner.

Shared access

There are a few benefits to shared access that are both within and outside of your organization. Internally, you can share access with any team members that may send invoices to clients or are responsible for paying company bills. Outside of your business, you can share access with your bookkeeper, accountant, and tax professionals to make their life easier, saving them time and saving you money that would have been spent on their time.

Financial statement preparation

Your accounting software can help you easily prepare balance sheets, profit and loss statements, and cash flow statements. With all of your financial data in one system, the analytics capability lets you create complex reports quickly.

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Importance of Expos for SMEs in Kenya

Importance of Expos for SMEs in Kenya

     

Introduction

Small and Medium Enterprises (SMEs) are very crucial to the economy of a country. They provide jobs for their family members and also contribute to the country’s GDP. This is why Kenya has been focusing on creating a conducive environment that would help SMEs thrive. One way they have done this is by organizing expos where SMEs come together, showcase what they do, network with other SMEs, get mentorship and find potential investors who can partner with them or even buy their products. These expos are very important in the following ways:    

Provides a platform for SMEs to showcase their products.

Exhibitions provide SMEs with a platform to showcase their products. In addition to this, they are able to get feedback on their products and business model. Additionally, they can also get feedback on their business plan to improve it or even change it completely if necessary. This is in line with the word “marketing” as mentioned earlier because all of these things contribute towards selling a product or service which is what marketing is all about.    

Helps the SMEs in widening their market base.

Expos help the SMEs in widening their market base. This is because expos have a large number of visitors, and they attract people from different parts of the world. The expos also give them an opportunity to interact with potential customers who can buy their products or services. By interacting with these people at the exhibition, they get to know what their needs are, what kind of products they need, where they would like to get it from and how much money they can spend on it.    

One on one marketing.

One on one marketing is the best way to reach out to your customers. It’s not a surprise that it’s so effective, as this kind of marketing makes you personalize a product and make it relevant to the customer. When you are personalizing products, you are making them relevant to specific customers; this increases their interest in buying the products because they feel like they have received something tailored for them personally. This also builds trust between a seller and buyer because they can see that they have been given their own special treatment by having something made especially for them. The customer feels like he/she was listened to by those selling him/her something; this creates trust between both parties which leads into better sales conversions later on down the road when compared with traditional advertising techniques such as billboards or flyers being distributed across town without taking into account specific needs from individual customers beforehand.

Two happy mature business men shaking hands in modern office.

 

Creating networking opportunities.

Networking is one of the most important aspects of expos. It’s an effective way to build business relationships and find opportunities for collaboration. For example, if you’re looking to grow your business, networking can help you find new customers or suppliers. Perhaps there are some companies that sell products similar to yours that would be interested in partnering with you at an expo? Or maybe there are other businesses selling similar services who could provide referrals for customers who might be interested in your products? In addition, networking can also help find talent for your company as well as potential partners for future ventures.    

Opportunities for getting capital loans.

There are various types of loans available, including working capital loans, which are meant to cover operational expenses. Another type is the capital investment loan, which can be used for a variety of purposes. This includes purchasing equipment and machinery to expand your business or purchasing land and buildings for use by your enterprise. Loans are also available for individual farmers who want to start their own farms or improve on their existing ones.    

Provide mentorship and business advice.

Mentorship is the process of learning from someone who has been through what you are going through. It can be informal or formal, one-to-one or group based. Mentors can help you with any area of your business that needs improvement or guidance, such as marketing strategy, customer service and sales techniques. Mentors provide valuable advice on strategies that have worked in their own businesses as well as insights into how they overcame problems in their own businesses. They also share tips on how to avoid certain mistakes that might derail your progress if you were to make them yourself!    

SME expos are beneficial to the individual and country’s economy.

SMEs have a huge role to play in Kenya’s economy. They are responsible for creating employment, wealth and innovation. SME expos help to boost the growth of small businesses which will in turn enhance their overall performance and thus help in boosting the country’s economy. SME expos provide an avenue for small businesses to exhibit, network and share experiences with fellow entrepreneurs from other countries. Through these expos, many new ideas that can be adopted by others or improve existing ones are generated by participants who attend such events.    

The Judiciary and Kenyatta International Convention Center, Nairobi, Kenya

 

Conclusion

With the above benefits, SMEs should consider participating in expos. The companies are assured of increased market share once they participate in expos. Expos also provide an opportunity to get capital loans and learn from other experienced businesses. This will eventually result in more jobs being created, thereby boosting the economy of Kenya.

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