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Why digital accounting is crucial for MSME’s post Covid era?

Posted on 28-Apr-2021 by Chandrashekhar Rajarpod Project Manager

COVID-19 crisis has affected societies and economies around the world and will permanently reshape the world as it continues to develop. While the consequences of the crisis amplify existing risks and create new ones, change on this scale also creates new opportunities to manage challenges.

MSMEs are considered to be engines of economic growth that promote equitable development. Yet, several of these enterprises are struggling to make ends meet on account of the outbreak of the global pandemic and facing a lack of liquidity. This has made it necessary to restructure the ways by which micro, small and medium-sized companies can more easily rebuild and relaunch their businesses. Digital transformation can play a defining role here.

One such opportunity has undoubtedly been that of digital adoption. The increased use of technology, for virtually everything and accelerated by the impact of the pandemic, has created new digital habits. Companies must adapt by implementing the changes and transforming themselves digitally to meet the new expectations that are emerging.

The boost for digitisation

Today, the full extent of the impact of the pandemic at the personal, economic and business levels is still unknown. But what is known is that with its arrival the need for innovation has accelerated.

This Covid-19 crisis has made it clear that technology can be an important pillar for the survival of many companies, playing a great role to the extent that digitally transformed companies are those that have best survived this crisis, being able to continue their activity or mitigate the impact.

A small or a medium-sized company owner has a lot on their plate. From tracking the employee time to managing payroll, they are overly occupied. By making the switch to accounting software, MSMEs can easily automate and streamline administrative work. This also helps these businesses save their time and money.

Electronic invoices can also help organise the accounting books of MSMEs, saving time and effort when it comes to keeping financial records in order. With e-invoicing and accounting software, MSMEs can save the details of their customers, invoice templates and product information all in one place. The software also auto-fills with just a few clicks, thus ensuring that the invoices are correct every time. Hence, electronic invoicing or e-invoicing is undoubtedly the future of electronic billing and is here to stay for long.

E-invoicing automation will prove to big leap for MSME’s in their digital Transformation Journey.

To know more about Digital Accounting / E-invoicing pls call – 08767651167

Or Send an email on – info@lfcptld.com


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