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Online accounting, invoicing, and inventory management will emerge as first preference for the new age entrepreneur : Instamojo Report

Kolkata, Mar 18 (UNI) The pandemic brought to the forefront a new wave of digitization which posed a unique set of survival challenges for small business owners and entrepreneurs at large.
From hindered operations to accessing financial data, the absence of digital presence proved costly. The recent COVID situation has helped business owners realize that systems and software, especially for invoicing and accounting should not be location dependent. Data from a recent report by Instamojo titled, ‘Indian E-commerce Outlook Report 2021’, reported that the preference for e-invoicing and single-platform automation are emerging to be the most preferred modes for business operations by micro-businesses and new-age entrepreneurs.
The report states that around 90% of the business owners do not come from accounting backgrounds. Having realized the ease brought in by the digital shift, businesses now look for accounting software, that is not only user-friendly and feature-rich, but also affordable in terms of cost of ownership. Today, business owners want the financial data to be easily accessible especially from their smartphones or laptops. Data from the report shows close to a 125% increase in the usage of email invoices and a 150% increase in usage of invoices with payment links, indicating that businesses owners prefer integrated accounting software over isolated offline software.
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