The history of accounting in India can be traced back in the 2nd century where in the text of Arthashastra detailed notes on the importance of accounting principles, bookkeeping standards, and methodology are present. 

In the last few years, like many countries in India also a lot of changes have taken place in the accounting system. Computerized and more professional tools have replaced the handwritten accounts managing books. But still there are major chunk of small businesses like small merchants, brick and mortar stores, and household businesses who are using traditional accounting methodologies known as Bahi Khata or Chopdis (In western India). These Bahi Khata’s are associated with Lakshmi the Hindu goddess of wealth and prosperity. These accounting books are easily recognizable by their distinct dark red colour cover. 

Diwali is one of the prominent festivals of India. It is called ‘Festival of Lights’. Each and every place is lighted up with earthen lamps called Diyas. On this day, people worship and thank ‘Goddess Lakshmi’ for showering all the blessings and giving us a prosperous and healthy life. In the Hindu business calendar, Diwali is considered as the last day of the financial year. Small Business owners close their old account books ‘Chopdis’ and create new ones. 

Read:- TOP SOCIAL MEDIA HACKS BY EXPERTS

Every year on Diwali, these chopdis (Bahi Khata’s) are worshipped as they are used to manage revenue of the business. This is called Chopda Pujan. It is performed with so much faith and enthusiasm. People offer special prayers in front of Goddess Lakshmi and Lord Ganesha and wish for a healthy, wealthy and peaceful year ahead. 

Managing financial accounts of your own small and home-based business is itself a full-time job. You should not waste your precious business hours doing all the accounting and bookkeeping manually. Your focus should be more on marketing and growing your business altogether. 

In this era of computers and the Internet, small businesses must quickly adapt according to technology by accepting fast and more precision-based tools to manage their bookkeeping.

Read:- 6 ACTIONABLE WAYS TO SAVE YOUR FAILING SMALL BUSINESS

Following are some of the advantages of using bookkeeping tools for your small business:

1. Handling financial transactions – 

Read:- 7 BUSINESS IDEAS THAT ARE ENVIRONMENTALLY FRIENDLY

2. Providing security and confidentiality to your online data – 

Read:- WHAT IS THE IMPACT OF E-COMMERCE ON SOCIETY

3. Saving your business from any legal disputes and government audits –

Read:- WHAT ARE THE DIFFERENT TYPES OF COMPANIES?

4. Organizing all the source documents like invoices –

Read:- COMMON MISTAKES MADE BY HOME BUSINESS

BulbandKey is a platform which helps small businesses grow by enabling them with online tools to manage their businesses. If you are a small & home-based business and want to use tools like order managment and payment managment you can download our Android App. 

Read:- MOST USEFUL LINKEDIN MARKETING TIPS

Story By: Trishant Nimsarkar