How Oscar Udhaar Helps Small Businesses
There are many small businesses across Pakistan that cater to local communities. However convenient they may seem, they still struggle to earn profit; and many businesses file for bankruptcy eventually. So, why do such businesses confront this problem? One of the main reasons is an unstable cash flow – in other words, small businesses are immersed in debt mostly from customers who haven’t paid them back. This problem arises because of their work functions as they rely on account ledgers and other manual registers to keep track of their accounts receivable. Although some might argue that it is enough for their small set up, majority of the times these accounts are run inefficiently precisely because of the nature of manual labour. It’s worth noting how such outdated methods can slow down or cause trouble in a business.
Aspects of credit control are extremely vital for any business. Being able to identify customers who are more likely to be able to pay you back reduces the risk of non-payment. Robust debt collection processes help to ensure that when you do have problems getting people to pay, you have a much higher chance of success. Non-payment causes cash flow problems in your business which can escalate quickly so putting credit control in place helps you to minimise any risk to your business.
A great way to improve cash flow and earn profits is to go digital with your accounts – by incorporating a credit management software that helps you keep track of your debts as well as give credit to customers. Oscar Udhaar is an application that caters to every business’ needs efficiently and easily. Whether its giving credit, receiving it or just simply keeping track of the payment schedule, Oscar Udhaar is the ideal application that your store can use to improve cash flow and profits.
Its features are easy to use and are offered in both Urdu and English which makes it accessible to store owners from all areas across Pakistan. With Udhaar, storeowners can keep track of their customers online and offline whilst keeping their information confidential. Existing data is saved and encrypted as soon as the user makes an entry in the Customer Phonebook; whereby businesses can add their potential customers’ names and phone numbers. This will help in automating your account ledgers instead of having to rely on man power.
Moreover, Udhaar’s tracking feature allows businesses to keep track of their customers’ payment schedule so that each payment is made without delay or any sort of fraud. And lastly, the amount of credit to be given can be easily added and the payments receivable can also be calculated efficiently. Apart from these features, you can also alter or drop exchanges with only a couple of steps, allowing you to be in full control.
Small businesses are important for every community and their survival is equally principle. In an era of globalization it is paramount that small businesses move forward along with the rest of the world and adapting digital means of communication improves the overall condition of the business. Therefore, Oscar Udhaar is the best possible solution for small businesses to avoid losses and gradually climb their way to the top. For further exploration and information, don’t hesitate to contact us!