Setting up a business is not a one time process rather it’s an ongoing process. Although it takes a lot of effort to start a business, still much more effort is required aftermath. If you want your business to keep running you would have to keep on building it.
To know your business status and to grow it in the right direction you need to have each and every minute detail of your business and here is when Business Reports comes into the picture. Preparing a Business Report is not a cakewalk. Therefore it is always better to use GST Accounting Software to get error-free reports.
Here are 7 Business reports you get from your Billing Software:
- Transaction Reports
- Party Reports
- GST Reports
- Item/Stock Reports
- Business Status reports
- Expense Reports
- Sale/Purchase Order Reports
1. Transaction Reports
It is always very important to keep track of your transaction so that you don’t face any loss and your business run smoothly. There are different types of transaction report which can help you in many ways like:
- Sale Report: This will help you find the details of all the sales you made. You can categorise the sales based on day/month/year. Here you can also find the total sale amount, outstanding amount etc.
- Purchase Report: same as sale report you check the details of all the purchase made by you based on day/month/year. Along with this, you can also check the purchase amount, payable amount, etc.
- Day Book: this will help you keep track of each and every transaction made by you in a single day through sale, purchase, etc.
Apart from these, you can also check all types of transaction with any single party/client, net profit/net loss, and Cashflow.
2. Party Reports
You deal with various parties/clients in a business. It is not easy to maintain a record or remember each and every detail of all the parties but with Billing Software it becomes easy through Party Reports. In this report you can find the following:
- You can go through all the details of transactions made with a particular party. It can be either a customer or a supplier.
- You can check your payable/receivable.
- You can check in what quantity you sold or purchased what product from any particular party.
- You can create sale/purchase order made to different parties.
3. GST Reports
From the day GST have been introduced it has gone through many changes. It is very difficult to file GSTR without any errors. But when you use GST Accounting Software you very easily generate error-free, ready to file GST reports. Various GST Reports which one needs to file are: GSTR-1,GSTR-2,GSTR-3B,GSTR-9, etc.
What is GSTR 1? Who should file, how to file, due dates & late filing fees.
What is GSTR 3B? Who should file, how to file, due dates & late filing fees.
Who must file GSTR-9?
4. Item/Stock Reports
Many businesses face loss either to understocking or overstocking. You need to have enough stock so that you don’t disappoint your customers and also you should make sure that you don’t overstock any item to get it to expire in your store. With Billing Softwares, you can track your inventory very easily as In this:
- You check the quantity and value of any stock anytime and anywhere.
- You can see the item and its quantity sold to or purchased from any particular party.
- You can know profit-earning products and also the products which are incurring losses.
- You can check the quantity and value of those items which are below the minimum quantity level.
- You check beginning and closing quantity for each item.
- You can check items current quantity and also date wise sale and purchase of any item.
5. Business Status Report:
In this, you can check all your bank statements i.e day-wise money withdrawn and deposited. You can see what percentage of discount you have given to which party and also which party did you get discount from.
You can check the details of all the purchase tax paid and sales tax collected and also rate wise tax collected and tax paid by you.
6. Expense reports
- In this, you can find all the expenses you made during a period of time and you can even see it category wise.
- You can also check your expense of any particular item during a given period of time.
This would help keep track of your expenses and earn more profit effectively.
7. Sale/Purchase Order Reports:
With this, you can identify all the sale/purchase order which you have either received or placed in a given period of time.
You can also check all the items that you sold/purchased either through sale order or purchase order during any period of time.
These are the Business Reports which you can get from GST Accounting Software and grow your business every day.