Bring changes to your business's financial management in the new year!

What is financial management?

Financial management is a process where a business's financial resources are properly managed, controlled, and planned. It involves keeping track of income and expenses, creating budgets, reducing costs, and implementing strategies to increase profits.

Due to a lack of proper financial management, many businesses face significant losses. Therefore, it is not only essential for large companies but equally important for small and medium-sized businesses. Proper financial management makes a business profitable and sustainable.

Why is it important to bring changes in financial management in the new year?

As I mentioned earlier, a new year brings new challenges and new opportunities. It is a fresh start for every business and a chance to reassess its strategies. That’s why making some necessary changes in financial management at the beginning of the year can be beneficial. It allows you to rethink your old business strategies in a new way. The key areas where changes are usually needed and the reasons behind them are— 

1. The use of technology is increasing; why should you stop?

Technology plays a crucial role in any business today. For example, by using accounting software or bookkeeping software, financial management can be made much easier and more accurate. With an app like HishabPati, you can easily manage income and expenses and plan your finances.

2. You must survive in a competitive market.

To survive in a competitive market, you must find ways to control your business's costs and increase revenue. With a new and proper financial plan, you can stay ahead in the competition.

3. You must remain stable during economic instability.

During economic instability, proper financial management helps maintain a business's stability. Remember, securing the future of your business is possible through budget planning and savings.

5 Effective Ways to Bring Changes in Financial Management

1. Use the right accounting software.

Choose reliable accounting software to keep accurate records of your business's income and expenses. By using an accounting app, you can easily—

• Track daily transactions easily.
• Keep track of outstanding balances and send reminder messages.
• Generate various reports.
• You can accurately store tax-related information.

2. Create a monthly budget for your business.

Create a monthly budget based on your business's expenses and income. This will help you control costs and reduce unnecessary spending.

3. Analyze income and expenses.

Identify the main sources of income and major areas of expenditure in your business. This will help you understand where improvements are needed. It can be easily done using a bookkeeping app.

4. Increase the use of technology.

With the help of modern technology, various financial management tasks can be completed quickly and accurately. Using accounting software saves both time and labor.

5. Regularly review financial plans.

It is essential to regularly review your financial plan. This will help you understand which plans are successful and which ones need to be changed.

You need to understand the difference between having a financial plan and not having one!

Our neighborhood grocery shop owner, Rashed Bhai, is a small business owner who runs a grocery store. Although his business's income is fairly good, by the end of the month, he couldn’t determine his actual profit. This was because he didn't have a reliable method to track income and expenses. He didn't use any app or software; instead, he kept track of outstanding balances on paper. This is how Rashed Bhai’s business was running, relying on the luck of the draw!

One day, he heard about the HishabPati app from a friend and decided to give it a try. He bought the premium package for 99 taka. Through this app, he was able to—

• Easily started keeping track of income and expenses.
• He started comparing expenses and income over different periods of time.
• He could create a budget for the future.

By keeping digital records, Rashed Bhai was able to reduce the shop's expenses by 20% and increase profits! This experience proves that business success is possible through proper financial management.

Why am I specifically talking about the HishabPati app?

• User-Friendly Interface: The HishabPati app has an extremely simple and user-friendly interface. You can easily use this app without any hassle.
• Income-expense tracking and outstanding balances: By using this app, you can keep track of your business's income and expenses. It will help you understand the financial status of your business.
• Create customized invoices: By using the HishabPati app, you can easily create invoices. With ready-to-use invoice templates, you can easily customize them. This will save you time and make the process easier.
• Financial reports or statements: By using this app, you can generate financial reports for your business. This will help you make informed financial decisions.
• Data Security: The HishabPati app keeps your data secure. You can use this app with peace of mind. 

Business Success and Financial Management

Financial management is crucial for achieving success in business. Many entrepreneurs face losses because they do not manage their finances properly. Failing to track income and expenses, not creating a budget, and not managing financial risks can even lead to business failure. 

Take your business to the next level by using the HishabPati app. With this app, you can easily track your business's income and expenses, create invoices, and generate financial reports. So, bring changes to your business's financial management in the new year and move forward on the path to success.

Start your journey with HishabPati in three simple steps!

• Sign up on HishabPati: 

First, visit the HishabPati website and create an account for your business. Alternatively, download hisabpati app from google play store and register. Registration in HishabPati is quite easy & complete free.

• Set up your company: 

After signing up, first set up your business profile by providing the necessary information as the owner. Then, set up essential business aspects such as inventory, units, purchases and sales, outstanding balances, invoices, and transactions. After that, start updating daily transactions.

• Enjoy the various features of HishabPati: 

After starting to keep business accounts on HishabPati, make use of the necessary and unique features, such as invoicing, barcode scanning, units, and expense management, among others. 

Watch a demo video on YouTube in Bengali to understand the usage and features of HishabPati in detail. 

Digital ledger for income and expenses – HishabPati demo.

HishabPati's subscription fee starts at just 99 Taka!

HishabPati is Bangladesh's easiest and most affordable accounting app. Its subscription fee is divided into monthly and annual terms, with three budget-friendly packages available.

• 01. Basic Package: The Basic package is completely free! This means you can try out the app without purchasing a subscription.
• 02. Premium Package: The monthly subscription fee for the premium package is just BDT.99. And there's a 17% discount on annual subscriptions! It will cost only 999 taka in a year!
• 03. Business Package: The monthly subscription fee for the Business package is just 199 Taka. Like the Premium package, the annual subscription also comes with a 17% discount, making the yearly cost only 1990 Taka.

Know about all features of packages today in details & choose your desired package. Good luck with your business!