Top 10 Features Of Munim [Bookkeeping Software]

Do you know you can increase your business revenue by 5X with the adoption of cloud-based bookkeeping software? Hey wait, this is not a sales pitch, okay? According to Xero, firms equipped with accounting software grew 15% YoY while firms practicing traditional accounting grew only 4% YoY. So? Want to know more about bookkeeping software? Keep reading!

What is Bookkeeping Software Exactly?

It is a tool that helps accountants to execute and manage accounting operations. Since we are in a tech-dominated world, it comes with a lot of features that will cut down your bookkeeping efforts by automating your accounting operations such as billing and invoicing, and reconciliation.

With Munim –  free bookkeeping software, you can manage your business compliance all by yourself. It is equipped with a simple interface that allows fast data entry. And also a reliable solution to process and store your invaluable business data. It is just one of the basic features of Munim, in the following sections of this blog you will learn more about some of the advanced bookkeeping features of the same.

Need For Bookkeeping Software

Following are the needs of bookkeeping software

• To improve accuracy

In manual bookkeeping, there’s always the possibility of human error. Just one incorrect entry can create chaos in your business. As Munim is equipped with features like bank reconciliation and saves all the data, you can expect cent percent accuracy of your financial statements.

• To save time

Munim is enabled with automation tools that automate repetitive and redundant tasks. This is how it saves your time so that you can focus on important tasks.

• To get business insight

Most businesses don’t know the importance of detailed reporting. They only maintain basic reports like Income Statements, Cash Flow Statements, and Balance Sheets. Actually, there are over a dozen reports which can provide insights into your business that you had never thought of. Munim is capable of generating reports, you can access it from the dashboard only.

Top 10 Useful Features Of Munim

Before purchasing a bookkeeping software you should know what features it has to offer. After knowing the same, analyze whether it fulfills your requirements or not.

Munim is developed after consulting stakeholders of various businesses to understand their needs and how it can ease compliance hassle. Hence, it is omnipotent. Now let’s dive deeper into its features.

Accounting

Accounting is one of the essential components of all the cloud-based accounting software out there. This component includes the general ledger, fixed assets, and accounts payable/receivable. This feature covers most of the bookkeeping requirements of any business.

Inventory management

Inventory management is a process of ordering, storing, and using stocks. In layman’s terms, it is known as stock control. Whether you are a distributor or retailer, inventory management boosts your profitability by keeping track of consumption, preventing theft or spoilage (in the case of perishable goods), and providing the finest customer experience.

GST compliance

After enacting the Goods and Service Tax in India you can file your return online. This is where Munim is required. It automatically calculates the payable tax for you considering sales and purchases thus, there is almost zero chance of error in tax payment. 

E-way bill and E-invoicing

If the value of goods to be transported exceeds 50,000 then you need to have E-way bills. One can generate E-way bills from Munim to facilitate easy transportation of goods.

E-invoicing is a feature in Munim with which you can generate B2B invoices to upload on the GST portal. Earlier it was mandatory for large-scale enterprises, later on, mandated for mid and small-scale companies as well.

General ledger

General ledger of Munim stores all the financial transactions pertaining to your business. It stores and manages your tax calculations, cash flow statements, and also third-party vendor details such as invoices, bank details, mode of payment, and advance payment details.

Accounts payable/receivable

Accounts payable (AP) and Accounts receivable (AR) are a part of the general ledger. It shows the outflow and inflow of funds. With this feature, you’ll know what you owe and what customers owe.

Cloud-based environment

Since Munim is cloud-based software you can access it from anywhere in the world, all you need is a device connected to the internet and credentials. Hence, you can keep track of your company’s finance, inventory, and sales even when you are traveling.

Most importantly, your data is stored on cloud servers, unlike traditional software, it does not get deleted when you format your device.

Dashboard

Dashboard provides a summary of your company’s financial performance in real-time. Munim employs statistics, analytics, graphs, and KPIs to provide as much information in the simplest way possible.

This data/report can be used to make crucial decisions with an intent to increase revenue of business. Also, this data aids you in knowing issues that are stopping your business from growing.

Multi-Domain Reporting

Munim is one of the few accounting software equipped with multi-domain reporting features. This feature allows you to have an insight into all the financial transactions of your company on the go.

User-Friendliness

The user interface of Munim is designed in such a way that even a layman can also easily understand. No matter whether you have technical knowledge of accounting, still you can easily steer.

Benefits Of Using Bookkeeping Software

The following are the benefits of using accounting software for your business:

Precise data

When working with accounting software, you don’t have to manually update the data when you change a particular entry. The change will be reflected in all the dependent cells automatically. This is the reason why it is reliable and provides precise data. 

Minimizes Inventory Errors

Munim is equipped with an inventory module that shows you stock in the warehouse, ordered stocks, and stocks sold in real-time. So, instead of relying on manual data entry, you should use this software to make the process error-free. 

Read More: Benefits of Using Automated Billing Software

Over To You

This is just a brief illustration of our reliable and robust bookkeeping software – Munim. If you are interested in learning more about Munim and how it can transform your accounting process, do let us know. We would be happy to help you.