Invocreto brings to the table the out of box solution for managing multiple bank accounts to the user’s service
Isn’t it annoying trying to manage payment records throughout multiple bank accounts? Keeping track of balance and ensuring account integrity is one of most crucial part of any business operation, however its major hinderance to small and medium business, entrepreneurs and small teams. Understanding and navigating through complex accounting terminologies, operations is one the major hinderance faced by entrepreneurs. Invocreto is trying hard to address and streamline business processes through its products of wide range.
When starting with our first partnership endeavour in 2015, we started with one company and one current account. Having little to no knowledge of the accounting processes initially we began using our personal credit and debit cards to make online business purchases such as Domain and Hosting etc., soon this took a snowball effect, and it was interrogation session with our statutory auditor getting together the transactions and records.
Invocreto accounts are backed by double-entry ledger system to ensure record of every transaction to the last Paisa. Which makes managing multiple bank accounts with Invocreto more reliable. It overall makes managing multiple bank accounts easier, manageable and lesser prone to errors.
With Invocreto you can
- You can manage multiple accounts
- You can record payment against account
- You can issue refunds from account
Managing Account in Invocreto
By getting started with invocreto, on the “Accounts” stage you can see something like following picture, journey to managing multiple bank accounts with invocreto begins at this stage.
Here you get a default “Cash” account, which is System account. You can add more accounts of following types
- Cash
- Current Bank Account
- Credit Card
- Debit Card
- Cash Credit
- and more…
You can select the bank your account belongs to for beautiful overview of your accounts. You can add new account with desired opening balance or keep it Zero. The accounts are managed with double-entry ledger system to ensure highest integrity of your accounts.
For the sample purpose I will add a new account with Rs. 1000 balance in it.
Recording payments to Account
Whenever business makes a financial transaction be it payment against sales or purchase invoice or refund; it is important to record it to the correct account to ensure good reconciliation. You can follow on how to create an invoice from How to Create and Send Invoices Through Invocreto: A Step-by-Step Walkthrough.
As you can see in above image, we can choose Account, Payment mode and other essential details required to record a payment.
In Payment mode you can liberally choose from
- Cash
- NEFT
- RTGS
- UPI
- Cheque
- DD
- and more
Once we record a payment we can head over to Settings > Bank Accounts and check the updated balance as in following image. If you’re already logged in you can access settings by clicking here and navigating to “Bank Accounts” section
We can see the account is very well updated with expected balance. In same manner we can process refund from an account, and it shall reflect the correct balance. Managing multiple bank accounts has never been so easy.
Such recorded payments and refunds will issue their own vouchers which can later be downloaded from invocreto dashboard itself.
Conclusion
In this article I have explained how Invocreto helps Managing Multiple Bank Accounts for business owners. Invocreto uses double-entry ledger system to ensure the integrity of your accounts. You can add as many accounts as necessary. Invocreto is designed to solve problems SMEs face in India and does not charge based on number of accounts or customers / vendors.
Invocreto is free to use SaaS application designed for SMEs in India facing issues managing their businesses’ accounts, invoices and reports. We’re entitled to resolving the issues India’s MSME’s. By providing solution for managing multiple bank accounts with Invocreto we’re emphasize our commitment.