Ability to separate income from revenue, know your profit & loss helps in a long way to determine your expenses which pose to be an enemy of any business if it is not properly managed.
Every business was set up for the sole purpose to make profit or gain, but expenses which is the least reason for setting up your business is a necessary evil which will always be there for you to deal with.
Business owners try to keep expenses low or try not to spend at all even when the need arise, simply because they don’t know when to spend and when not to spend. Discretion alone is not enough to decide when to spend and when not to, but the ability to separate income from revenue should be the only determinant.
Most Business owners who still bank on their discretion alone on spending, actually ends up spending above their income and sometimes eats deep into their capital blindly, while some don’t grow, but remain where they are for many years. These are the reasons why most business owners will ask these questions “Where have my money gone to?”, “What happened to my money?” some thinks their money disappeared overnight.
The answer is no, it is as a result of accumulated expenses from revenue eating down below income to capital, it is as a result of the inability to separate income from revenue, inability to keep track of revenue and the inability to determine profit and loss.
Every business needs a balance for sustainability and effective growth.
Book keeping and accounting is the only proven solution to strike this balance. To be able to manage your sales record, keep track of expenses, separate income from revenue and to know your business in depth, you need booking and accounting skills or employ a professional.
We understand that book keeping could be very tedious when your stock begin to grow and your sales begin to rise, these pose a challenge or turn off for most business owners from proper book keeping or looking at the books.
Most businesses that have the budget acquire RETAIL MANAGEMENT SOFTWARE to automate their accounting and streamline their business operation.
Traditional Retail Management Software is out of the reach of most Micro, Small and Medium Businesses (MSMBs), due to its high initial set up cost which includes maintaining an IT team, High License fee, server cost and so on.
These is a no go area for MSMBs and as result, they get consumed by ignorance of their books (Their Business).
Looking at these challenges holistically, we decided to provide a solution by building Tracepos a Retail Management Software.
Tracepos is a cloud based Retail Management Software delivered as a Service. Built on modern architecture to serve retailers and product vendors to scale and manage their sales operations seamlessly from any device. As a SaaS, Tracepos is offered as a monthly subscription, there are no upfront license fee, upgrade and maintenance are included as part of the subscription.
Learn more about Tracepos from here