As a business owner, managing finances can be daunting. However, with Zoho Books, the process becomes streamlined and efficient. Zoho Books is a comprehensive accounting software designed to meet the needs of small to medium-sized businesses. This guide explores its key features, including payroll and invoicing, inventory management, automation, reporting and analytics, time tracking, and the customer and vendor portal.
Zoho Books offers essential invoicing features, such as customer name, invoice number, and order number, along with advanced options like terms & conditions and payment gateway configurations. You can customize invoices to suit your business needs, including specifying shipping charges for physical goods. The standout feature here is ‘Custom Buttons’, created via the in-built script creator, which automates specific actions like sending invoices to customers’ emails automatically once created.
Zoho Books’ Inventory Management feature provides detailed tracking of products and assets across several categories, such as price, opening stock, and stock on hand. This helps in determining the quantity of each product, restocking schedules, and associated costs through custom price lists. You can also adjust product information, including quantity and price, and assign reference numbers with reasons for adjustments, thus offering a detailed and automated tracking process.
Automation in Zoho Books allows you to create predefined rules for actions like email alerts, webhooks, and custom functions. For instance, you can set a webhook to trigger when an expense is recorded under ‘Advertising and Marketing’, ensuring you are always updated on company expenses. Although creating custom functions may be complex, Zoho Books’ community section provides shared custom functions with step-by-step setup instructions, making it easier for users.
Zoho Books offers over 70 general reports, including inventory summary, payments received, and refund history. With the Ultimate plan, you can create unlimited custom reports by editing general reports or building new ones from scratch. For example, you can modify an ‘Inventory Summary’ report to show items with a quantity greater than zero and a package weight less than a specific value. These reports help assess various aspects of your business, aiding in the creation of financial strategies and monitoring growth through detailed analytics.
The Time Tracking feature in Zoho Books is designed to optimize workflow by tracking time spent on projects, especially useful for hourly-based work. While it tracks one task or project at a time, logging custom time spent working on projects is more practical for multiple simultaneous tasks. This flexibility allows for comprehensive tracking of team activities and project costs.
Zoho Books’ Customer and Vendor Portal streamlines interactions with clients and vendors. It eliminates the need for back-and-forth emails for quotes, invoices, or payment confirmations. The portal provides a unified space for collaboration, allowing real-time discussions, submission of time entries for approval, and detailed transaction statements. This feature enhances organization, improves analytics, and offers permissions customization, making it a superior option compared to other accounting software like QuickBooks.
Zoho Books is a powerful tool that simplifies financial management with its extensive features. From customizable invoices and detailed inventory tracking to automation and comprehensive reporting, it caters to various business needs. The customer and vendor portal further streamlines processes, enhancing collaboration and efficiency. For businesses looking to improve their financial management, Zoho Books is a robust and reliable solution.
