Most SME owners in India have one thing in common- they know how to solve a problem and run a business, but they’re completely lost when handling business finances. Their paperwork is disorganized and unsecured, they are not accounting experts, they’re on a tight budget, and cash flow issues keep them awake at night. This is why online accounting software has become a savior for people who run a tight ship in their businesses.
Digital transformation is a complex but necessary process for SMEs in India. SMEs understand that using technology in their business processes is inevitable and are often bogged down by confusing choices. Finding the right technological fit for one’s business at the right price can be tricky.
Yet, close to 80,000 Indian SMEs chose Intuit’s QuickBooks as their accounting tool in their digital transformation journey. QuickBook, for those who don’t know, is an accounting software that provides desktop and online accounting applications as well as cloud-based ones. However, QuickBooks has now announced its retirement from India for no clearly articulated reason. Experts speculate that it may be because Indian customers comprised no more than 2% of QuickBooks’ customer base, and the business wasn’t viable here.
It might also be because Indian SMEs face some unique challenges that only a Made In India product can address. One needs an insider’s view of how sales performance analysis is disorganized or how sales opportunities are being missed to disrupt how SMEs operate with technology, truly.
These, and some hard problems like the lack of access to credit, are being solved by Slate.ac with their long-term disruptive technology for Indian SMEs. Slate is the fastest, easiest and most effective tool for SMEs to digitize their core operations, and speed up business growth. It enables you to collect money faster from customers, manage your inventory effectively, raise GST compliant invoices, and improve your overall profitability. They are the perfect replacement for QuickBooks in all the following ways:
- You can go Live in 5
Once you’ve downloaded your data from QuickBooks, it’s easy to migrate it into Slate. If you’re a Tally user, it gets even better. Majority of Indian SMEs use Tally to track their receivables. Once you sync your Tally data onto Slate, you perceive all your information in actionable reports under five minutes, on a mobile app, that you can access from anywhere.
- Sales and inventory management
An important problem to solve for Indian SMEs is cracking the balance between sales and inventory management. Using Slate, one can track sales on various channels in different locations. Slate will then provide a trends analysis.
The forecast for sales will help you maintain adequate stock levels so that future sales are not affected. The more you use Slate, the more accurate these forecasts become, and will eventually give you trends for seasonality as well.
- Business reporting and alerts
Most Indian SMEs don’t need complicated Business Intelligence software. Slate simplifies this intelligence and provides actionable business reports to the SME stakeholders.
It begins with getting daily business summaries and scales up to a level where you get intelligent alerts on what receivables to track and which compliance deadlines to meet. Slate enables you to take timely action so that your business never goes into survival mode. If you still don’t believe that Slate is the right replacement for QuickBooks then read on to know more.
- Collections and Financing
The most tedious task in running a business is to follow up on collectibles. The regular inflow of cash is the lifeline of an Indian SME. Previously, this used to be a long-winded manual task. With Slate, you can send bulk WhatsApp messages or emails to follow up, set up timely automated reminders, and even send out payment links to collect your receivables easily.
Since payments and receivables are easily tracked and recorded on the Slate app, you can even apply for working capital loans and commercial cards through the app.
- Document management
Most business paperwork is physical, and key documents like invoices or purchase orders end up with one person in the organization, creating a bottleneck. With Slate, these documents can be digitized and securely stored online where multiple stakeholders can access it based on their hierarchy in the system.
- Finance Professional’s Interface
The financial health of the business is overseen by in-house accountants and CAs. In a manual, paper-ridden world, the inefficiencies of different formats and lack of communication between the finance and the operational arm of the business deteriorates its health.
Slate is the only accounting platform for Indian SMEs that has an interface for finance professionals. It literally keeps all the stakeholders of the business on the same ‘page’.
- Two-Way Tally Sync
This is just like working on a Google Doc with ten other people. Yes, Tally is the lifeline of the business, but not all updates need to be made on Tally for Slate to generate reports. Thanks to reverse-Tally sync, you can make an update on any platform, and from any device, and Slate will keep the records the same everywhere.
All the above reasons make Slate the perfect replacement for QuickBooks as your preferred accounting software. In simpler words, if you’re currently using QuickBooks, Slate is the ideal next step for you. You will even be upgrading for a much more competitive price. Check out here what the Slate App has to offer for your business.