Bookkeeping is never an easy task. There are several chores you have to accomplish mostly on a daily basis. (Add to that the challenges in the workplace you have to face!)
There’s the billing for goods, recording receipts from customers, verifying invoices, and many others.
Whether you are a private practitioner or a part of an accounting firm, the process of recording and tracking financial records for your client is indeed a feat.
So you ask, is there really a way to simplify accounting?
But before that, let’s see the challenges the traditional system has.
The problem with manual accounting
Keeping track of the company’s finances through the traditional ledgers or the semi-modern spreadsheets has been the practice of many businesses.
While this practice can do the job alright, it has several downsides. Below are some examples.
Lost documents.
No matter how meticulous we are in keeping receipts, invoices, and other necessary documents, there comes an unfortunate time when at least one of these will get lost.
It may be misplaced, stolen, damaged, or worst, burned.
Duplicated reference numbers.
This usually happens to companies with at least one bookkeeper. Whether these accountants are working individually or together, there may be instances when reference numbers such as for invoices may be duplicated.
Unrecorded transactions.
Manual accounting may result in business transactions not being documented for some reasons.
One, it may be because there were too many to record that the bookkeeper overlooked the information.
Two, your accountant may have encountered risk number one.
Three, your bookkeeper utterly forgot to record that transaction.
Inefficient time management.
Manually documenting financial records is not only tiring but also inefficient. Imagine all the time you have to spend on clicking, typing, and computing.
This is particularly more challenging when paydays or tax filing is coming. You have to make sure each number makes sense.
How to simplify accounting
Oojeema, the first accounting software made a Filipinos, has heard the accountants’ cry for help; hence, the online accounting software.
Here are some of the ways this system can simplify accounting for you:
- It automatically generates an invoice with numbers. It avoids duplication, ensures there’s no skipping, and sees to it that there’s proper inventory of the invoice number. You just have to type the transaction details, and the invoice numbers are automatically provided.
- Discounts are automatically computed and deducted be it a government-mandated (PWD, Senior Citizen, etc.), trade, or promotional ones once enabled.
- VAT, currently at 12%, is automatically deducted from all transactions. Should this rate change in the future, you may modify it without affecting the previous transactions.
- You have the option to import customer and item lists right from a spreadsheet as long as it follows the template and the file type is recognized.
- Invoices may be sent directly to your clients right from the dashboard.
- The tax forms and books of account are BIR-compliant. This is probably one of the main reasons Oojeema can simplify accounting: sales journal are compliant with the loose leaf format. The generated values (2550M) are a basis for e-BIR form. The summary list of sales may be exported as DAT file. Other BIR-ready documents are Purchase journal, Receipt journal, senior citizen and PWD books, and Disbursement journal.
- Purchasing modules allow you to record trade purchase expenses quickly. It also lets you easily withhold tax AND generate the BIR Form 2307 automatically whenever you withhold taxes on your purchases.
- Purchased items are automatically tracked and can be monitored in your item tracking reports. Also, purchase journal and purchase RELIEF that are BIR compliant are automatically updated on each purchase and billing transactions.
- You can issue payment for specific purchases or issue multiple full or partial payments on purchases from the same supplier.
- Billing transactions record all the other non-trade and overhead expenses such as utility bills.
- You may record all adjustments and other entries into your books via the journal voucher entry module. This allows for extreme flexibility in accounting for all your other transactions and recordings that are not captured in the three main modules: sales, purchasing, and billing.
- An easy to read bank statement import template is available in doing your bank reconciliations. This allows for easy matching of your book and bank balances so that your books and bank are always reconciled. This makes sure that you are always on top of your cash positions on all your recorded bank accounts.
- The reports include all your basic financial reports such as the General Ledger, Trial Balance, balance sheet, income statement, Statement of accounts, Accounts receivable aging and Accounts payable aging reports.
- Inventory reports include sales and purchases reports and item tracking report.
- BIR forms are available—2550M, 2550Q, 2551M, 2551Q, 1601E, 1604E, Sales RELIEF and Purchase RELIEF.
What sets Oojeema apart?
Yes, there are a handful of other accounting software options out there. But what makes Oojeema the best choice is the fact that it is created specifically for Filipinos.
We know how tedious your task is. We hear you. We understand your needs. We speak your language.