Small and medium-sized enterprises (SMEs) are a vital part of a country’s economy in developed and developing nations.
This is also apparent in small and medium-sized enterprises in Pakistan since they continue to contribute immensely to its GDP.
Moreover, these businesses are advancing technology, social progress, employment, and alleviating poverty.
And Udhaar Book was created to help aid these businesses with their finances.
Udhaar Book is a digital ledger that keeps track of items sold on credit (khata). It provides small businesses with billing and payment services, inventory tracking, and employee attendance management.
Here are some of the ways SMEs are using Udhaar Book:
One of the main features of Udhaar Book is to help SMEs keep track of their expenses digitally so they can have more time and resources to focus on growth.
The app’s bookkeeping capabilities are its main selling point. With this, SME owners can easily track all their expenses to know how much capital they will continue to need and how much income they will require to make a profit.
Having all expenditures in one place will also make reviewing them easier, as any suspicious transactions can be flagged immediately.
Another key feature that Udhaar Book offers is generating invoices for customers.
Investopedia defines these as documents that record transactions between businesses and clients detailing what services or products they acquired.
These also serve as unofficial bills or receipts. With Udhaar Book, users can easily track each transaction and keep tabs on what is unpaid or unfulfilled.
Since many customers can also pay using the app, data transfer between them and SMEs will be almost instantaneous.
This keeps every transaction tracked and organized, making the administrative side of the business more streamlined.
Because the app allows SMEs to record invoices, this also gives businesses a more accessible and efficient way to keep track of their inventory.
SMEs can find out what’s selling the most, low on stock, and least likely to be bought.
When ordering more inventory, they will know exactly which products they will need more of to address consumer demands and lessen any unnecessary expenses.
Actively keeping track of inventory is vital to providing good customer service since SMEs will be able to replenish stocks when needed.
Udhaar Book has cemented itself as a necessary tool for SMEs because of its monetary tracking capabilities.
The app has over a million active users across hundreds of cities in Pakistan, making it a fundamental essential for business owners.