The shopping journey of customers varies from shopkeepers to shopkeepers but also varies from business to business. When running a business, what is more, important for every business owner is to facilitate a comfortable checkout process for their users, which cannot be imagined without the right billing system.
For example, When you have a small-sized business, such as a chemist shop, you have limited stocks to manage. Also, you have limited users for which you need to perform certain features. But the checkout scenario falls apart when businesses have to work with multiple store chains or wholesale businesses.
In this case, pharma wholesale business owners should have a complete software package that not only manages large inventory management but also provides solutions for finance, accounting, billing, and forecasting. In such a scenario, wholesale pharma distributors billing software is recommended.
The modern pharmaceutical business concept is complex. The business consists of many vendors, suppliers, distributors, and customers. For which, the businessman needs a proper management system that simplifies the business operations and produces efficient business results. It may include packaging, repackaging, and selling. Pharma stocks are often bought and sold as needed, moving from manufacturer to patient, and every transaction allows generating revenue and reaching the right market.
Thus, the wholesale pharma business needs to flourish your business with wholesale pharma distributors billing software.
Article Content-
- How billing software helps pharma businesses to grow
- Other reasons that force businesses to opt for billing software for pharma wholesale
- Let us consider the factors that will help you in selecting a perfect wholesale billing software
- FAQs (Frequently Asked Questions)
- Bottom Line
How billing software helps pharma businesses to grow
Billing is a business process that needs to be accurate and on time for any business. This helps your business avoid loss of sales and ensures quick order settlement. That is why the use of billing software gives your business-
- Invoice generation within minutes
- Fast billing and instant payment facility
- Easy management of your customer bills and data
- Multi-Mode Payment System
- Accuracy in the filling of data/ information
- Integration with third-party payment apps and more
Other reasons that force businesses to opt for billing software for pharma wholesale
According to data collected by the US Bureau of Labor Statistics, it is found that about 20% of new businesses close before their second year, 45% on their fifth year, and 65% on their tenth year. Of all the businesses that open, only three make it to 15 years or more.
It is a matter of concern as to why businesses are shut down so soon. Cash flow management is one of its problems. Other problems are particularly the lack of working capital, providing complex billing to users, and messy stock management is one of the top reasons for the early closure of businesses.
To ensure good financial conditions, business owners should focus on the efficiency of their billing system. The system should be equipped with the current market trend, invoicing, and billing process. The proper billing system for the wholesale pharma business ensures the accurate collection of revenue. Also, it is vital for the financial health and survival of any business.
Let us consider the factors that will help you in selecting a perfect wholesale billing software
In this blog, we’ll walk with you the factors you should consider when you want to enhance your customer’s shopping experience with you. In addition to this, we will provide you the strategy to find the right solution, which is required for billing software for pharma wholesale.
In the market, there are many billing software solutions available for the pharma business today. It automates and speeds up the entire business process. Also, it removes bottlenecks, reduces the margin of error, and improves efficiency significantly.
But what is most important is to understand that not all software solutions are the same. You have to choose it according to usability, budget, and future business requirements. Also, you need to consider your business and the number of employees. Below we take a look at some tips on choosing the best pharma wholesale software for your business.
Understand your needs
Every business has its own set of requirements for which it is necessary to use different technologies and seek solutions. Therefore, for wholesale pharma billing software, it becomes necessary to know the exact requirement. You need to know the size of your business, the complexity of its process, and the volume of transactions. Also, you have to know who will use it, how often, what reports are required, and where it will
be accessed. In this way, you can properly evaluate the right wholesale pharma billing software.
Set your budget
Budget is also an important consideration that plays a significant role in the decision to get the best pharma wholesale billing software. Now commercial software comes with the capability of an in-built billing facility, which you can choose according to your budget and requirement.
But if you want to integrate the new billing system with business software then you should discuss compatibility and fees with the development team. Here is an advice that you should also consider the potential costs for a future perspective. Focus not only on the upfront costs but also on future maintenance costs.
Features to focus on
For flourishing your wholesale pharma business, it is important for pharma business owners to make a list of essential features that they need in their billing and accounting software. Here are some features, which must be part of a good billing software system.
- Invoices generation and customization facility
- Tracking facility
- Inventory management system features
- Stock movements techniques
- Perform bank reconciliation
- Create purchase orders (PO) and record inventory purchases
- Create and manage GST filing and taxation
- Manage customers & vendors details
- View account payables & receivables feature
- View Balance Sheet, Profit & Loss statement and different reports & more
- Customer Support
- Integration with other popular software/applications
Flexibility and User-Friendly
Billing software should be easy to use. It is an important factor to consider as it is not at all necessary that the owners of the company employ fully technically skilled employees to manage their billing. As the owner of a wholesale pharma business, your billing software will be used many times, so the software needs to be user friendly. It should be accessible and understand its employees and customers with an easy interface so that pharma employees will not have to struggle every day to get things right.
Thus, you should choose billing software that is flexible and can be integrated with other accounting tools.
Proactive Billing Strategies
Billing software handles the most essential part of your pharma business. Therefore, your billing software needs to be active and interactive. A billing software eliminates manual working in your wholesale pharma business and gives you an error-free environment. The billing software allows you to check your inputs on daily basis and send alerts to you. In this way, you provide a hassle-free billing facility to your customers.
Inventory Tracking Techniques
Deciding store layout and product arrangement is a crucial part of the retail business. It directly or indirectly affects the wholesale pharma business. A robust pharma POS billing software helps in maintaining stock/inventory, sales, revenue, and workforce. However, if your retail POS software provides inventory management and tracking functionality, then nothing could be better than this. It can automatically simplify most of the work. Thus, it is better to choose Pharma POS software, which provides facilities for stock availability reminders and manage the out-of-stock scenario.
FAQs (Frequently Asked Questions)
Why does Wholesale Pharma business need pharma billing software?
Wholesale Pharma billing software helps streamline business billing operations. Owners can proactively manage bulk orders and their billing with the help of billing software for Pharma wholesale and distribution businesses. Additionally, it has components that automate complete inventory control and expiry management.
What benefits may you get from using pharmaceutical billing software?
Business owners can enjoy a seamless user experience from product order to delivery with the best billing software for Pharma wholesale business. It aids pharmaceutical distributors in- Reduce the order processing & delivery costs
Control prices & manage multiple price levels
Apply discounts for customers/groups/product categories
Keeping complete track of the stocks
Optimizing the stocks as per market demand
Automate reorders based on the minimum and maximum stock values Hassle-free monitoring of
expired/breakage/damaged goods
What are the benefits of having Pharma Billing software integrated with GST accounting?
An integrated GST accounting with pharma billing software will help you with accurate accounting and flexible e-filing of GST returns. You can stay updated with GST, and Financial Accounting reports, including Bank reconciliation statements, Balance sheets, Invoice wise opening balance entries, outstanding, and other calculations.
Bottom Line
Finding an ideal GST compliance wholesale pharma distributor billing software for your business is not an easy task. Once you invest your time and money in one billing system, thus it is difficult to switch to another. Therefore, it is necessary to make smart decisions while choosing it.
If you are looking for the best pharma wholesale software in India, you can contact the SWIL team. SWIL is the leading industry provider who can easily meet your needs with your services. Just contact with us. We will provide you with the best possible way and also offer you a free trial of pharma wholesale billing software for 45-days.
