Blog - Cofinia Conseil Inc.

Which Zoho app should be used for the best project management system?

Utilize mobile apps, unlimited users, and unlimited projects to manage project teams and plans effectively. Zoho’s Business plan caters to larger teams and offers a comprehensive online project management software solution. With task dependencies, file sharing, to-do lists, and remote team support, Zoho’s project management software tools are tailored to handle client and individual projects. Popular among companies, Zoho covers the entire project lifecycle, from task assignment to month-per-user pricing for single users. Experience calendar and timeline views, shareable and unlimited dashboards, team collaboration, email integration, and third-party integrations with Zoho Increasingly, enterprises are adopting Zoho One to manage their operations. With a wide range of applications available, finding the right ones can be challenging. However, trial versions of Zoho’s project management platforms offer an opportunity to explore key features and select the most suitable collaboration tool for your business. Utilize these steps to identify the best Zoho management software for your project management requirements: 1. Define your objectives and needs: Before choosing online project management software, it’s essential to outline your goals and desired features. This will help you find the perfect cloud-based project management tool for your entire team, whether they are remote or on-site. Initiate by determining your project management goals and feature requirements Project schedules and task dependencies: Do you need to create project timelines and manage individual tasks with due dates and priorities? Task management tools: Are task lists, task assignment, and task comments crucial for your team’s collaboration? Time tracking and resource management: Is it necessary to track time spent on client projects and utilize resource management tools to assess your team’s capacity? Custom dashboards and views: Do business owners and sales teams need access to customizable dashboards for project tracking and client management? File storage and sharing: Are features like file storage, client portals, and integration with tools such as Google Drive and QuickBooks Online essential? Collaboration tools: Does your team, including software developers and creative teams, require real-time collaboration and task management features to stay aligned and deliver projects on time? Recognizing your team’s needs and objectives is crucial in selecting the right online project management tools, whether it’s an all-in-one project management tool or a more specialized solution. 2. Discover the ideal Zoho management software for your enterprise Experience Zoho Apps through free trials Take advantage of trial versions for each Zoho app, using a personal email to avoid mixing test data with your actual work environment. This allows you to explore features and understand how each product functions in practice. Evaluate usability for your team When implementing a new project management process, consider the impact on your team. Transitioning may require time investment. Assess each application’s user interface and ease of use. If your team isn’t familiar with timesheets or task management software for work planning and prioritization, the learning curve might be steep. Complex software that goes unused will not yield the desired results. Weigh flexibility and scalability Lastly, take into account each application’s flexibility and scalability. If your business is expanding, it might be wise to upgrade to Zoho Project now and be prepared as your business requires more resources and project management. Trying out Zoho is an excellent way to determine its benefits for your project management What are the main differences between Zoho apps that offer project management Zoho’s project management apps are designed to help teams collaborate and manage projects efficiently, from the simplest tasks to the most complex ones. In this section, we’ll go over the different Zoho project management apps and highlight the key differences to help you choose the best one for your business needs. Zoho Project It is Zoho’s flagship application for project management. It offers comprehensive functionality for managing tasks, calendars, reports, resource management and budgets, as well as real-time collaboration features. Zoho Project is a complete project management solution. It can be integrated with Zoho CRM, Zoho Books and Zoho Analytics to become a fairly complete integrated software. Benefits Offers many project management features such as task management, project planning, document management and time tracking. The free version allows project management for a limited number of projects and users. Integration with other Zoho applications such as Zoho CRM and Zoho Invoice. Ability to customize the user interface. Disadvantage Some reporting features may be limited in the free version. Zoho Books It is an online accounting software designed for businesses. Although it is not specifically intended for project management, Zoho Books can be used to make timesheets, allocate costs to projects (expenses, supplier invoices) and it also allows invoicing. It also offers the possibility to create custom fields and to be integrated with Zoho CRM and Zoho Analytics. There is no scheduling feature in Zoho Books. Benefits Ease of use and intuitive interface. Offers many financial management features such as invoicing, expense management, inventory management and payroll management. Ability to customize invoices and quotes. Integration with other Zoho applications such as Zoho CRM and Zoho Analytics. Disadvantages The free version only supports a limited number of invoices and customers. Some advanced features such as project and purchase order management are only available in paid versions. Zoho People It is a human resources management software that offers functionalities for the management of employees, leaves, absences and timesheets. Although not specifically related to project management, Zoho People makes timesheet approval more efficient than other apps. Benefits Offers many human resource management features such as leave management, performance management and employee records management. Ability to customize the user interface. Integration with other Zoho applications such as Zoho CRM and Zoho Recruit. The free version allows the management of employee records for a limited number of users. Disadvantages Some advanced features such as benefits management and payroll management are only available in the paid versions. Real-time collaboration features may not be as advanced as other HR applications. Zoho Sprint It is an Agile project management application for planning, managing and tracking Agile projects. Zoho Sprint offers features for managing sprints,

13 April 2023

Start budgeting with Zoho Books, made easy

For your business to be successful in the long term, budget management is crucial. However, this can be a time-consuming task. In this article, we explain what Zoho Books can do for businesses and how to start budgeting with the software. What is Zoho Books? Zoho Books is an intelligent, cloud-based accounting system designed to help small and medium-sized businesses meet their accounting needs and simplify their financial management. It allows you to manage all your business invoices in one safe place, balance your bank statements, manage your expenses and cash flow, keep an eye on projects and forget about BAT compliance issues. With Zoho Books, you can create and send invoices, track time and expenses, and generate reports. Zoho Books is simple online accounting software that syncs with your bank accounts and credit cards and covers all the essentials. SMBs need reasonably priced software that can grow with their business. Zoho Books offers three pricing tiers , like many other accounting software platforms. You benefit from a more economical rate if you decide to pay annually rather than monthly. Three users are supported with the Standard plan at $15 per month. You can track mileage and expenses, create invoices, reconcile transactions, manage projects and timesheets, and process up to 50,000 invoices, see full plan features here https://www.zoho . com/ca/books/pricing/ . The professional plan allows five users to benefit from a subscription of $40 per month. In addition to everything included in the basic plan, you can also create sales orders, manage purchase orders, issue recurring invoices, and work with multiple currencies. The Premium plan, which supports 10 users, costs $60 per month. Everything covered by the other two subscription plans is included, plus a vendor portal, custom domain, budgeting tools, and connection with Twilio and Zoho Sign. Financial guide for SMEs What can Zoho Books do? Unlike most other accounting software , Zoho Books saves you from spending endless hours entering data. As a result, you will have more time and energy to devote to growing your business. Accounting is one of the most tedious facets of running a business . Zoho Books’ automation of management tasks and online payment capabilities greatly help businesses reduce the time and money spent on bookkeeping. Here are the different ways Zoho Books can optimize your financial operations: Increased Automation : By streamlining your workflow, Zoho Books saves you time. The software can be configured to automatically perform things like sending regular invoices and payment reminders, tracking costs, and alerting you when your invoices are due. When transactions are imported daily from your bank feed, you can set up bank rules to automatically categorize them. The software detects potential matches when you reconcile your accounts. Efficient invoicing : You can easily turn sales orders or estimates into invoices, edit invoices as needed, and drag lines to reorder them. You also have the option to send them immediately or set a later time for them to be sent. The software maintains an audit trail, allowing you to see which transactions are linked, who generated or modified them, and when the modification was made. Online Payments : You can link your account to well-known payment processors like Authorize.Net, Braintree, PayPal, Square, Stripe, WePay, Worldpay, and 2Checkout to allow your customers to pay their bills online immediately. So you can receive money and track paid and unpaid bills more efficiently. Plus, it gives your customers a simple and easy way to pay for your goods and services. Mobile app : Like many other accounting apps, Zoho Books has a mobile app. Zoho Books’ app really stands out because it works on more platforms than others, including Windows phones, Android phones, tablets, smartwatches, iPhones, iPads, iMessage, Apple Watch, and Android phones. . Invoices and quotes can be managed, payments and costs can be tracked, receipts can be uploaded, reports can be generated and your dashboard provides you with key information. Also, it allows multiple users, and you have control over what data they can access. Project management and inventory tracking tools are available on Zoho Books. It offers task management plans, and you have the option to charge a fixed amount, project hours, task hours, or staff hours. How to reduce accounting costs How to manage a budget with Zoho Books 1. Create your budget It can be time consuming to manually enter amounts for each period when creating budgets. Luckily, with Zoho Books, you can budget using one of three techniques. You can: Automatically populate your cost and revenue accounts Pre-fill based on actual data from previous years Enter data manually Creating a budget based on the first period is a common budgeting technique. Using this strategy, you will estimate your budget for future periods. You can enter the budget for the first period in Zoho Books and then specify an amount or percentage by which it should increase or decrease for the next period. The budget amount will be automatically populated for each period (monthly, quarterly, or semi-annually) when you apply the change. Here are different ways to auto-fill your amounts: Apply a fixed budget for each period. For each period, increase by a certain amount. For each period, adjust by a certain percentage. Pre-fill based on actual figures from the previous year. You can pre-populate your budget using previous years’ actuals if you want to use the previous year’s actuals as a baseline. You can increase the pre-filled amounts by an absolute amount, or by a percentage for each time period if your business is expected to perform better than previous years. Similarly, you can autofill amounts with a downward adjustment if you want to initiate budget reductions. You can also manually enter amounts for each period if you need to create budgets for your income and expense accounts that are separate from each other and don’t follow a pattern. 2. Evaluate your organization’s performance and compare actual results to budgets You should compare the actual performance of your business to the budgets you set for it at the end of each financial period . You can use a detailed report in Zoho Books to compare your budgets with your actual results. You can find a list of accounts in this report with their budgets, accomplishments,

15 August 2022

How to read your financial statements?

During a meeting with employees, we asked the finance team to name the recurring issues that their clients were experiencing and for which we had relatively simple tools and solutions to offer them. Among the issues raised: How to use financial statements as a management tool? How do we manage to resolve this issue? How is the analysis and reading of its financial statements done? First, what do a company’s financial statements mean? Financial statements are made up of accounting data that is collected in accordance with auditing standards over a well-defined period. They include 3 separate reports: The income statement, which presents the company’s profitability The balance sheet, which lists assets like accounts receivable and debts of the business like credits. Cash flow, which explains the use of company funds Each report takes the financial pulse of the company and presents different information. What are the objectives of financial statements? Financial statements provide important information about the financial condition of the business. This data is used by the various internal and external users to make well-informed decisions regarding the company’s future financial strategy. Objectives of Financial Statements for Accountants and Internal Management The results obtained during the preparation of financial statements allow accountants and managers to: Check to see if they have made any errors in the accounting entries. The trial balance (debit=credit) is a good indicator for this. Detect internal anomalies that do not comply with current accounting standards. Better manage cash Better manage the possible risks that can impact the financial situation of the company Make comparisons of financial indicators over time (between two years for example) Make comparisons of the financial situation of one company compared to another (in a group of companies for example) Evaluate the creditworthiness of the company as well as request new credit from a financial institution Evaluate the financial capacity necessary to make new investments internally (product innovation, acquisition of equipment, recruitment of personnel, targeting of a new market, etc.) Optimize the production rate Review employees’ salaries and see if salary increases are possible in order to motivate them more Develop an effective strategy to improve the financial health of the company Objectives of financial statements for external users Financial statements help shareholders and outside investors get a clear idea of the investment potential in a business. The income statement and the profit statement are useful indicators to decide whether they invest more in a company or withdraw from it. For creditors, financial institutions rely on financial statements to decide whether or not to grant credit to the company. For public organizations, the objectives of financial statements are based on the needs of their users, and take into account the limitations of financial statements as a means of information, the nature of government activities and legislative control. How to read and understand financial statements? How to interpret the income statement The income statement is presented for a given period: a month, a quarter or a year and it measures the financial performance of the company. It is generally the most used report, but it is not necessarily the best structured to help optimize asset management as well as the internal management of the company. Too often companies use the chart of accounts found in their accounting software as a structure for their financial information. It is generally a very limiting presentation which does not allow to seek an interesting capacity of analysis. With our years of experience, we have become accustomed to presenting income statement information in the following manner: How to interpret the balance sheet The balance sheet is a picture of the company’s financial situation on a given date. We often present a comparison with the same period the previous year in order to see the evolution of the financial situation of the company, for example the variations of equity. The balance sheet is made up of three sections: assets, liabilities and shareholders’ equity or equity (both terms are used). Assets and liabilities are separated into short-term and long-term (more than 12 months). Shareholders’ equity includes share capital and retained earnings, that is, realized profits that have not yet been distributed in the form of dividends. Certain financial ratios calculated from the balance sheet make it possible to validate the financial health of the company. If you want to keep only one ratio, keep this one: The working capital ratio = Current assets / Current liabilities This ratio allows you to see if you will be able to meet your short-term commitments. For example, you have in your asset class cash of $20,000, accounts receivable of $50,000 for current assets of $70,000. In your liabilities, you have the balance of your credit cards $5,000, accounts payable $15,000, salaries payable $10,000 and taxes payable $10,000 for a total of $40,000. Your working capital is $30,000 or 1.75 (the ratio). Depending on the industry, a ratio below 1.25 could be problematic and you could run out of cash in the short term. A ratio above 2 could indicate that you are not maximizing the money available and that it is “sleeping” in the business. How to Interpret a Business Cash Flow Statement Operating cash We start with the company’s net profits from which we subtract the items that have no impact on cash. Then, it is necessary to make the variation of balance sheet items such as accounts receivable and accounts payable. This is a very technical statement, but be sure to remember that it allows you to distinguish whether your current activities have generated cash during the period or whether they have consumed it. As the business grows, it often happens that accounting becomes more complex. Managing on the basis of cash inflows and outflows is no longer sufficient. We may have work in progress, income received in advance and other accounting items that change the way in which we must analyze our financial statements. Looking at a company’s cash flow allows us to assess whether current operations generate cash. The cash flow statement shows how a business received funds and how it spent them over a period of time. It is also a tool that measures

2 August 2022

Everything you need to know about e-Invoicing with Zoho Books

If you are integrating Zoho CRM into your business or have done so before, you should be familiar with Zoho Books . A single platform for organizing your transactions and handling all kinds of accounting tasks, Zoho Books can help you manage your business invoices, expenses, and more. What is e-Invoice in Zoho Books? An electronic invoice or e-invoice is a type of invoicing designed to be transferred in an electronic format. Electronic invoices in Zoho Books provide a safe and efficient financial communication channel for buyers and sellers. The financial data contained in Zoho Books e-invoices is specifically structured for easy delivery. Relevant information is easily accessible through a link or PDF document. A visual representation of invoice data is available in a well-organized and attractive format, and can be customized to suit your needs. How to create an electronic invoice in Zoho Books? To generate e-invoices in Zoho Books, you must first create a Zoho Books account. Next, you can add your business information, such as address, phone number, tax IDs, and more . Invoices can be enabled and adjusted from the system preferences tab. You can also activate a customer portal, so that all invoices are available at all times. How easy is it to generate an electronic invoice in Zoho Books? The developers at Zoho Books have gone to great lengths to make the digital invoicing process as smooth and easy as possible. It is possible to send a Zoho Books invoice once or create a recurring invoice based on a profile that you define for each customer. The Zoho Books e-Invoicing process is divided into 3 main steps : Create your customer information : This can be done from the customer menu or directly when creating the invoice. Integrate Zoho Books into Your Workflow : Full implementation of Zoho’s suite of applications can satisfy all of a company’s organizational needs. Configure user permissions : Managers can decide which accounts will be allowed to access Zoho Books. For example, if only the sales team needs to use the software, it can be configured to be accessible only by them. If you are having difficulty setting up Zoho Books or integrating it with other software, you can turn to the Zoho experts at Cofinia for advice and assistance. Need help with your Zoho apps? What are the advantages of electronic invoicing? The main advantage of Zoho Books e-Invoicing is the high level of integration that can be achieved using the software . The e-invoicing system can be used to easily integrate with other invoicing software, enterprise systems, and business partner software. Zoho Books ‘ advanced e-invoicing features can help businesses save a lot of time and money by eliminating paper usage and manual document processing in the invoicing process. The convenience of online e-invoicing software makes it a great first step for any business looking to begin their digital transformation. People who adopt the software benefit in the long run, as they automatically have access to tools, payment options and more. Zoho Books is ready for the future and by implementing it into your business finances, this adaptability will trickle down to your operations. The reason why Zoho Books is the smart accounting software of choice for many users is that the improvements made to the software are mainly focused on its users. Zoho Books is built on a USER strategy: Usability : Zoho Books was designed to provide its users with immediacy and convenience. Through an intuitive dashboard, users have access to detailed information about their financial health. Zoho Books UI navigation is so user-friendly that using the app becomes second nature. Security : The privacy and financial integrity of users are maintained within Zoho Books. Thanks to numerous security measures, including IP restrictions, two-factor authentication and SSL, data can only be viewed, retrieved and modified by people with the appropriate credentials. Zoho Books protects its users against all kinds of threats, from fake invoices to hacking attempts. Extensibility : Zoho Books is able to connect your business operations across multiple platforms. Users can take advantage of the interconnectivity of Zoho suite applications and connect Zoho Books with Zoho CRM, Zoho Projects, and more. Additionally, users have access to a library of over 200 business apps. Reliability : Zoho Books is built to last. A wide variety of reliable features help the software protect user data while providing the most accurate accounting results. Zoho Books is recognized and acclaimed in the professional sphere. The software has won awards such as FinanceOnline’s Expert’s Choice Award. What other e-billing capabilities does Zoho Books offer? Zoho Books ‘ capabilities go beyond bookkeeping. The app can be used to streamline a company’s entire financial management process . The many benefits of Zoho Books have made it the software of choice for business owners around the world. Seamless integration with other systems After a one-time setup process, Zoho Books is ready for the long haul. The system architecture that makes up the software is significantly flexible while remaining secure, allowing your data to remain protected while integrating the software with a wide range of third-party applications. Zoho Suite users can connect WhatsApp, Google Drive, Dropbox and many other useful apps to their Zoho software . Tax compliance Zoho Books has been programmed to automatically comply with government tax requirements. In this way, the artificial intelligence of the system ensures that your operations remain within the framework of the law. Zoho Books can print IRNs and QR codes that contain all relevant transactional data in the PDF of each invoice. Expanding your management capabilities With Zoho Books, managers can oversee the management of multiple branches at once. Additionally, the app’s sophisticated analytics and reporting tools can provide detailed reports on each branch’s performance, helping to identify management successes and challenges. Smart invoicing process By performing intelligent validation checks on every e-invoice, the artificial intelligence that powers Zoho Books prevents incorrect information from entering the system. The AI certifies that each NIR is generated using the correct data, does not violate any regulations, and is not missing any mandatory fields. This automatic process can save a business thousands of hours of work and provide a reliable, error-free electronic invoicing system. Zoho Books keeps you up to date When working in a fast-paced competitive environment, it’s important to stay up to date

20 July 2022

Zoho Analytics: A Unified Data Analytics Platform

Fragmentation has always been a feature of the field of data analysis. Indeed, business intelligence and data management have always been separate silos in many organizations. It took a long time to come to a point of confluence. Intelligence and data tools have been striving for years to move away from their specialized frameworks towards more sophisticated integrated platforms . Zoho Analytics, for example, was created to be a unified data analytics platform , built specifically to meet this growing requirement. What is Zoho Analytics? Zoho Analytics is a self-service business intelligence and data analytics application that lets you analyze your data, create quality reports, visual dashboards, and highlight results and trends in a wealth of data from your organization. With pre-built integrations into Zoho apps as well as many other solutions (Facebook, Shopify, Quickbooks, to name a few), Zoho Analytics comes with a simple interface that lets you unify enterprise data. It also allows users to gain insights from relevant reports that cover multiple business processes. Drill-through data analysis, automated insights as well as predictive analytics are some of the built-in AI and machine learning capabilities. Enterprise-grade security features and governance structure have been thoroughly tested and accredited, ensuring continued data management and proper use. Features of Zoho Analytics What is Zoho Analytics for? Zoho Analytics is used to break down silos, streamline operations, and help reduce reporting and analysis preparation time. This business intelligence and data analysis software allows companies to scrutinize their data, create custom reports and provide valuable insights using the following tools: Workspaces In Zoho Analytics , data is grouped into workspaces. A workspace is a collection of datasets (stored in entities called tables) and all the reports and dashboards built on top of them. The workspace also contains structural information about the relationships between components. It also helps generate metrics from the data, which can be used for further research . You can define one or more workspaces in your account, which you can share with other people. To learn more about workspaces and how to manage them, click here . Data tables The actual data that needs to be analyzed is grouped into data tables. A workspace is made up of multiple tables of data A table is like a spreadsheet because it has columns and rows of data. A name and a type (data type) are assigned to each column. Typically, a workspace contains one or more tables containing logistically related data. A sales workspace, for example, might have tables for customers, products, sales, and orders. You can quickly establish a relationship between two different sets of data by creating relationships. Then you can use the table columns to generate any form of detailed report. Formulas Formulas are calculations that help you determine critical performance metrics for reporting and analysis. Zoho Analytics has a powerful formula engine that can help you generate any type of calculation you need for your custom reports. Different types of formulas are supported by Zoho Analytics: Custom formula columns: You can use these types of formulas to add a new column to your data table. Values are derived using the given calculation/formula. The result of the formula creates a new column in the table. Aggregation formulas: These formulas are calculated using aggregation functions (SUM, AVG, etc.). They are generally used to calculate management measures. The results of the aggregation formulas will not be added to the underlying tables as an additional column, but they can be used in reporting. Reports Charts, Pivot Tables, Summary Views, and Tabular Views are just some of the report choices available in Zoho Analytics. This allows you to quickly assess your data and draw relevant conclusions. Zoho Analytics’ intuitive interface and its many existing reports make it easy to get started. Zoho Analytics supports the following report types: A chart is a visual representation of data that allows you to review and interpret data more effectively. Zoho Analytics supports the following chart styles: area, line, bar, stacked, pie, scatter, combination, funnel, web, bubble, etc. The PivotTable lets you dynamically rearrange, group, and summarize data to make it easier to analyze large volumes of data. With the wide range of options provided by Zoho Analytics, you can filter, sort, and customize the look and content of your PivotTable exactly the way you want. The table visualization allows you to display raw data in a simple table. You can produce a spreadsheet-like report with all your data using this option. You will be able to access your raw data, as well as summaries and groupings. The summary visualization allows the user to view summarized data in tabular form. This report is useful when you need to visually assess a large amount of data with logical grouping and summaries. Dashboards A dashboard is a handy tool for condensing information onto a single page and providing a quick overview of key metrics. By combining reports, widgets, selection criteria and formatted text in a one or two column style, you can easily create a rich and dynamic dashboard. A dashboard can have multiple reports. What is the advantage of Zoho Analytics? Zoho Analytics is an excellent data management and analysis tool. You can generate reports in the form of graphs, tables, figures, geographical maps and various other formats. Zoho Analytics provides organizations with great insights, and it’s a user-friendly platform. This tool does not require any technical or coding experience. Characteristics of a Unified Data Analytics Platform The characteristics of a unified data analytics platform are: Data connection and integration Data preparation Analysis tools AI increase Administration Deployment Data connection and integration The foundation of a unified data analytics platform is the connection with a variety of data sources: internal and external, structured and multi-structured, cloud and on-premises, files and applications. Zoho Analytics integrates with over 250 data sources. Data preparation Filtering, formatting, normalizing, and merging data, as well as using logical formulas to modify and enrich data, are all part of this process. All these features are available in Zoho DataPrep for all users who deal with data, whether they are ordinary professionals or data analysts and engineers. Analysis tools Data visualization, like reports and dashboards, is used by businesses to assess financial data and consumer insights. While some people prefer to use a separate tool to access

9 June 2022

Why do you need GCH software?

In today’s competitive market ecosystem, it can be difficult to maintain a productive and motivated workforce. As companies grow and evolve, they run the risk of overextending their HR departments, creating a chaotic and unpredictable workplace. Human Capital Management (HCM) systems leverage digital technology to improve employee satisfaction and productivity. What is HCM Human Capital Management Software? Human Capital Management Software, is a new digital solution designed to improve the strategies and operations of Human Resource (HR) professionals and managers. HCM solutions such as Zoho People allow HR to manage onboarding, workforce planning, attendance tracking, and offer a myriad of other capabilities like performance appraisal. Any company implementing HCM software solutions, if done well, can expect an increase in productivity, retention rates, and employee engagement. What is the difference between GCH and GRH software? The difference between human capital management (HCM) and human resource management (HRM) lies in the roles they perform. HRM is a set of strategies based on hiring and managing employees, while HCM aims to increase the value of human capital and employee satisfaction. A human resource management software solution revolves around day-to-day HR activities, while a human capital management solution goes deeper and aims to maximize the return on investment (ROI) of the workforce. ‘a company. Who uses the GCH software? The main users of GCH software are companies wishing to enhance their human capital. Companies that implement this software in their workplace operations include Apple, IBM, Toyota, AT&T, Adobe, and Google. Even though GCH solutions are mainly used by companies with more than 1000 employees, they are also advantageous for companies that work with smaller teams. A company with 20 employees can benefit from HCM systems just like a multinational. If you are unsure whether a HCM solution is the best choice for you or not, you can consult Zoho experts . When do you need GCH software? The adoption of GCH software becomes necessary when a company begins to carry out expansion operations. The larger a business grows, the more useful workforce management software becomes. For example, a two-employee startup that suddenly has 20 employees under its belt cannot expect its previous management strategies to work the same way. Additionally, human resources needs and challenges increase exponentially as new employees are introduced into the business. What are the benefits of GCH software? Advantages of the GCH software : Increase employee satisfaction Evaluate employee performance Create training and development opportunities Better time management Profitability Compliance with rules and regulations Increased data security 1. Improve employee satisfaction Employee retention is one of the biggest challenges HR faces in the hiring market. In fact, the Microsoft 2021 World Trend Index report acknowledges that more than a third of employees are considering leaving or changing careers ( source ). Attracting and retaining talented employees is becoming a higher priority, and improving the quality of employee engagement with their jobs is the primary workforce retention strategy. GCH software can provide tools to monitor employee engagement. Tools such as one-time surveys and employee recognition programs can help HR better understand worker needs. Additionally, benefit programs can be put in place to help employees improve their abilities, while adding to their personal skills. Retention of top performers can also be enhanced by HCM systems such as Zoho People . Employee data can be monitored by HCM solutions to look for signs of employee dissatisfaction, giving companies a chance to improve the situation before moving on. 2. Assess employee performance The data collection and analysis capabilities of HCM software allow a company to perform comprehensive analysis of all employee data. Organizations can use HCM solutions to run productivity analysis of all areas of their business , while being able to access detailed information about a particular department, team or individual. Using analyzed data enables business leaders to design new workforce planning strategies and make more accurate decisions about critical processes like succession planning. Likewise, absence management can be enhanced with the attendance and absence tracking feature in the software. 3. Create training and development opportunities Growth opportunities are very important for today’s employees. If workers are not engaged, they will start to become dissatisfied, which will eventually lead to their resignation. Training and development options are a great way to incentivize workers to be more engaged in their work and increase the value of a company’s human capital. A HCM solution can be used to provide employees with opportunities to develop their personal and professional skills. It can provide workers with information on opportunities for improvement while tracking the individual performance of each employee. Some GCH systems also come with apps designed to access the software from smart devices. 4. Better data and time management HCM software is an integrated solution for many underlying business processes. Adopting these can help automate tasks and organize data related to employees and their productivity. Relieving HR teams of recurring manual processes allows them to improve workforce growth and address other issues. If a company does not implement HCM software, all employee data is likely stored in spreadsheet software. Performance evaluations are probably kept by managers without a centralized database. GCH technology allows all this information to be accessible from the same place and to be updated automatically. This approach enables a faster and more accurate information ecosystem, which results in more efficient use of time and resources. Tasks like compensation management become much easier with the use of a centralized database. 5. Profitability GCH systems are not only useful for HR professionals, but also for IT teams. There is no need to build, update, and maintain proprietary on-premises software or other IT infrastructure, as GCH software can perform these tasks. Software updates and enhancements are provided by software vendors, without a company needing to use its resources to manage expansion Learn more about Zoho People 6. Compliance with rules and regulations Municipal, provincial and federal governments regularly change public policies, which can affect how HR activities operate. Due to the cloud-based nature of GCH systems, updates can be deployed instantly and seamlessly. This helps companies that adopt HCM solutions stay compliant with the law simply by implementing the software. 7. Increase data security Data is a company’s most valuable asset. They must therefore be handled

29 March 2022

What is accounting software?

Accounting software is a fundamental part of any business. It doesn’t matter if a company sells shoes or motors, accounting and bookkeeping are key to understanding a company’s performance and ensuring it stays aligned with its goals. Thanks to recent advances in technology , businesses of all sizes can take advantage of specialized digital tools designed to automate and improve financial data entry. Keep reading to find out everything you need to know about accounting software. What is accounting software? Accounting software is software, now digital, created to simplify the tasks of accountants and bookkeepers. Software designed for these purposes can be adopted by businesses in all industries and of all sizes. Learn more about Zoho Books What is accounting software used for? Accounting software is an effective tool for managing a company’s financial data . Businesses can implement this software to process banking transactions, manage accounts, store financial data, and restructure critical business operations. The new functionalities of cloud computing systems are very interesting and make it possible to gain in efficiency. Benefits of using accounting software The benefits of using accounting software are many: Win time Automatic generation of financial reports Synchronized financial data More accurate financial reports High quality financial statements Streamlined payroll process Detailed information on financial data Copy of supporting documents integrated into the application Improved inventory management Win time Accounting software optimizes all of a company’s financial operations. Properly implemented digital accounting solutions can turn tedious manual processes into automated ones and dramatically reduce the time it takes to complete certain tasks. For example, downloading CSV files from your credit or bank accounts becomes a thing of the past when you use online accounting software. The software is able to automatically access this data and provide a view of all transactions made. Automatic generation of financial reports By using older generation software such as Sage50, Acomba or Advantages, you have to wait until the end of the month for the accounting team to prepare the monthly reports. Consultation is not easy for the uninitiated and means that entrepreneurs are not able to take the daily pulse of their company’s finances. In contrast, cloud accounting software financial reports are accessible on demand and are automatically updated as transactions are entered to display information at any time. Even the uninitiated, depending on the access assigned to them, can enter transactions. Synchronized financial data Most of the time, companies keep their data stored on various platforms, such as local servers, cloud directories like OneDrive, Google Drive. Instead of going through the time-consuming process of transferring data from one platform to another to research and identify various transaction details, accounting professionals can take advantage of software’s automatic capabilities to have all financial data perfectly synchronized in the same place. More accurate financial reports Reports such as income statement, balance sheet, cash flow statements and many more can be easily viewed. Data can be segmented on a monthly, quarterly, or annual basis, making it easy to identify trends in a company’s financial transactions. If a more specific approach is needed, the software can be customized to filter the results or compare periods between them . Easily accessible financial statements When dealing with potential investors or bankers, showing professional detailed reports can be the difference between closing a deal or walking away empty-handed. Cloud accounting software helps reduce the preparation and/or validation time of interim financial statements because the information can easily be shared between the actors involved, entrepreneurs, accountants, auditors. When a company needs a document, it can be downloaded in a standardized format. In addition, requests for information from third parties can be easily handled. Seed Grants Guide Detailed information on financial data Properly configured business accounting software can keep tabs on the financial transactions of departments, projects, and any other area of a business. Creating documents that give a clear picture of financial data can help a business with bank reconciliation and strategic planning. This is called management accounting. A good, well-structured chart of accounts makes it possible to present several indicators of a company’s financial performance. Simplified tax return Tracking expenses, filing tax returns, and calculating available tax credits become much easier when all financial data is efficiently cataloged . Depending on your accounting solution , the software publisher that provides it may have an API information transfer feature. This feature can help accountants create specific tax reports. Improved inventory management Your accounting software platform of choice may contain inventory tracking and management tools to improve access to product availability, sales, and replenishment information. Unlike manual data entry, automated inventory management solutions are not as prone to human error , controls are more easily set up and stock level alerts can be added. What are the types of accounting software? The most common types of accounting software are: Excel spreadsheets or Google sheet Accounting software Zoho Books, Quicjbooks, Sage 50, Acomba Enterprise Resource Planning (ERP) software ZohoOne, Dynamics Custom accounting solutions Spreadsheets It is the most basic form of accounting software, with spreadsheet applications like Microsoft Excel and Google Sheet being widely known to the general public. Spreadsheet software is an easy entry point into digital accounting, but it’s hampered by a variety of issues. Mishandling of this software is a common occurrence so inaccuracies often occur. Misplaced values, double-entry bookkeeping, missing information, and other issues can be caused by negligence. Spreadsheet software is best suited for businesses with very low transaction volumes and no sales tax remittance. Accounting software Commercially available accounting software applications are commonly used by businesses around the world to manage accounting operations. This type of software, depending on the solutions, can be customized according to customer specifications. Different software packages exist to cater to the particularities of different industries so customers can add or remove features depending on their effectiveness in a particular area. The deployment and maintenance of digital software is simple because it is the responsibility of the software publisher. Many offer technical support to their customers, through reference guides or through partners. Enterprise Resource Planning (ERP) Software An ERP solution works by implementing different modules to manage the critical processes of a business. A centralized approach works best when adapted to different departments, where information might otherwise be lost due to a

29 March 2022

Growth stages of a business and type of financing

For each stage of its development, a company needs a means of financing adapted to its growth. Whether it’s equity to launch a project, credit to support its business development or propel new products to market, entrepreneurs must establish a financing strategy to ensure the sustainability and expansion of their long-term businesses. What are the stages of business growth? Identifying business life cycles allows managers and investors alike to: Prepare adequate measures to face different challenges and risks Take advantage of potential economic opportunities Choose appropriate funding sources . . Business life cycle ( Source ) 1. Getting Started After validating the project study and identifying the target market, the start of production and sales of products or services begin. Based on own funds for the acquisition of equipment, premises and personnel if necessary, it is important in this phase to invest in marketing by remaining attentive to customer feedback in order to refine the products according to their expectations. Since revenues are low and initial start-up costs high, businesses are likely to incur losses during this stage. 2. Growth In this phase, companies generate rapid sales growth allowing them to break even and earn a profit. During this phase, entrepreneurs need a well-established financial plan to “boost” their sales and the implementation of a marketing strategy to overcome the challenges and threats coming from the competition. 3. Consolidation The consolidation phase is characterized by a continuous increase in sales, but at a slower pace due to market saturation or the entry of new competitors. It is necessary to explore new markets by relying for example on the innovation of products or services. Optimize your sales with an intelligent CRM 4. Maturity When the business reaches the mature stage, sales begin to slowly decline. Thus, profit margins are shrinking, while cash flow remains relatively stagnant. However, it is important to note that many companies extend their life cycle during this phase by reinventing themselves and investing in new technologies to gain segments in emerging markets. This allows entrepreneurs to reposition themselves in their sectors and renew their growth . 5. Decline In the absence of the implementation of a new marketing and financial strategy, sales, profits and cash flow all decrease. During this phase, companies come to terms with their failure to extend their life cycle by adapting to the changing business environment. They end up losing their competitive advantages and leaving the market. What are the preferred sources of financing depending on the growth stage of your business? The accessibility to financing and its cost are determined throughout the life cycle of the company according to the level of risk envisaged by each phase. The company’s risk decreases as it makes sales involving the growth of liquidity and profitability. Funding for the start-up phase At this stage, the company has a large operational risk. Thus, the agents interested in financing are the entrepreneur who wants to invest in his idea, his relatives who wish to support him and the investors ready to invest their capital in a risky idea, but which presents a strong potential return. The first source of financing for the company is the down payment by the associates, their friends and their relatives. As the company makes sales, it strengthens its power to convince outside investors of the potential of its business. At the start-up stage, angel investors can also offer financing. They are often business people with a high risk tolerance, extensive management experience and an objective to grow their investment in the medium and long term before selling their shares. Government loans are also interesting financing tools for SMEs. Guide to Startup Grants Funding for the growth phase At this stage, the company still presents risks at the operational level, but its sales increase significantly and its liquidities become positive, as does its profitability threshold. Thus, new investors are ready to finance the company, because the risk of having a negative return on investment becomes increasingly low. Unlike the start-up stage, these investors are now institutional and not just individual. Venture capital companies are companies made up of different partners specializing in the private investment of young companies with high potential. The investment comes from the various partners. Generally, these partners require a significant return and therefore, this means of financing is relatively expensive. In addition, the venture capital company is interested in active participation in the governance of the company and will therefore own significant shares in it, in addition to occupying a place on the board of directors. These companies are expert in management and have a large network of contacts, making them important allies in the growth of a business. Institutional and corporate investors can invest directly in the company or by becoming partners in a venture capital company. Their interests are financial and strategic. These are usually pension funds, insurance companies or foundations. Financial guide for SMEs Financing of the consolidation phase Funding at the level of the consolidation phase is a continuation of the previous stages. Angel investors probably want to get out of their position and sell their shares to another angel or to the company directly. Funding for the maturity phase Financing at this stage opens at the level of indebtedness, the issuance of long-term debt and the public issuance of shares. Banks are interested in lending money to the company if the latter is now able to demonstrate sufficient financial health to repay the loan. Banks will always be willing to finance, but as the company matures and becomes profitable, the terms are more attractive to the business as it carries less risk in the eyes of lenders. Banks will then analyze working capital, interest coverage and debt ratios. Forecast financial statements are also requested to support the financial health of the company. Adequate use of debt is very important for companies, because interest payments are tax deductible, which allows a reduction in the cost of financing the firm. The company can itself issue debt via commercial bonds. It will therefore obtain direct financing from its creditors in exchange for fixed payments. The public issuance of shares is done on public stock exchanges. The company pays a fee to a subscriber (usually a broker from a large bank)

17 November 2021

Zoho Projects: Resource Workload Scheduling

You have a well-structured, organized CRM that allows you to have good visibility on your current and future sales and what actions must be taken by your sales team to complete the current opportunities. You have a project management tool that allows you to follow the progress of your current projects, assign tasks to your various resources, plan delivery dates, hours and budgets invested, etc. But, you have difficulty predicting the current and future workload of your various resources or according to their expertise in order to plan your capacity to take on new mandates and new clients? You ask yourself “Will you have to start a recruitment process if 2-3 additional mandates were won in the next month… or is the team able to deliver without having worked evenings and weekends? “. At Cofinia, we had exactly the same challenge! Zoho Projects and Resource Scheduling The Zoho Projects project management app is a collaborative tool that manages more than just the projects you do for your clients. To get the details of these features, we invite you to read our blog post on the subject, ” Project management, key features of Zoho Projects “. Among these features, Zoho Projects offers a reports module that allows you to have a bird’s eye view of your business, from all of your activities and drill to analyze several dimensions (projects, expertise, resources, events, etc.) depending on the configuration that has been made. One of the very interesting reports is the use of resources which makes it possible to evaluate the level of workload of each one according to the data which is present within all the projects in progress. That being said, let’s be honest, in reality, there are very few companies that have the capacity, the time and the rigor to update all tasks, deadlines, for all projects and for all resources. Unless a few projects are not updated correctly and systematically, the resource utilization report loses its reliability. This was precisely our challenge at Cofinia and as a project manager, I had the choice between taking hours and hours to update each element and task of my Zoho Projects and investing a lot of time each week to ensure that my colleagues had collected all the information for each new task (impossible!) or find an alternative solution that would take 20% of the time needed to obtain at least 80% of the data quickly. Capacity planning (or capacity planning) The solution that we have developed consists of creating a project in itself that includes all the projects in progress and that allows you to view at a glance which resource or expertise is under or over used according to the different mandates in progress. By using milestones as projects and tasks as expertise and assignments to team members, we are able to combine the various relevant information to effectively plan our mandates. More so, we have the possibility to add the most probable opportunities to be concluded in the next months in order to evaluate the real capacity to deliver. At the same time, we can include recurring or administrative elements that deserve to be considered in the time plan, such as meetings, continuing education activities, not forgetting holidays and vacations. The recipe for success when implementing a tool like capacity planning is to plan the project structure well from the start and identify a manager who will have the rigor to keep it up to date. Initially, it might take a few hours to set up, but once you’ve done this, you’ll only need to invest 1-2 hours every week or two to keep it up to date. Get more information Benefits of planning workload capacity Customer relationship We are not teaching you anything by emphasizing that the relationship you have with your customers is your best business card for retaining them. A satisfied customer who talks about you to those around them is of infinite value to your business. It is much less expensive to keep customers than to find new ones, we too often forget that. What determines your customer’s satisfaction? By a multitude of factors, of course. But one of the most important elements remains communication and managing expectations. If you communicate to your client that “yes, absolutely, we can deliver the project in the next 2 weeks” without really knowing the capacity of the team, you run the risk of having to put pressure on them to deliver or disappoint your client by postponing the deadline. A client who sees that you have a global vision of your current and future projects and that you are able to deliver according to a defined schedule, will be reassured and prefer to wait a few days or even a few weeks so that you have the capacity to take his project. Employee relationship In the current context of labor shortage where recruiting resources is particularly difficult for most companies, it is essential to plan the recruitment process in advance in order to hire on time. Even more, planning gives your resources time to plan their schedules and not have a false sense of urgency. The capacity planning allows us to identify the places where the workload will overflow and to identify possible solutions; reassigning tasks within the team, training colleagues to add capacity or hiring new resources. It is also a decision-making aid for planning vacations, ensuring that projects will be delivered on time, that at least one resource per expertise remains available to respond to emergencies and that people who remain at work do not are not struggling with deliverables of which they do not know the content. Organizing and managing change From experience, when setting up a resource workload planning project, we have to ask ourselves several questions about our management processes. How do we want to work on a day-to-day basis, how do we interact as a team, who are the best people to participate in setting up a capacity management tool, who has the best project management skills, how management can support the initiative: these

30 September 2021

Zoho CRM 101 Glossary

Zoho CRM 101 Glossary |Cofinia Consulting Thinking of implementing a CRM? But what does it eat in winter and how does it work? The implementation of a crm allows better management of the customer relationship (Customer Relationship Management). It helps to better identify, understand, manage and meet the needs of potential and existing customers. The objective of having a CRM is to centralize all data and activities related to prospects and customers. But how is a CRM composed? In this article, we introduce you to the different modules of Zoho CRM to help you better navigate the application. Basic terms Modules In the top menu, several tabs allow you to navigate within the application. These different tabs can represent different stages of your sales cycle and can be managed independently or interdependently. Note that not all modules are accessible in the basic and free versions. The order and name of these different modules can be personalized according to your needs and your situation. Prospect (lead) Potential customers who have shown interest in your product or business. These are not yet customers of your company. Opportunities (Deals or potentials) When a potential customer or existing customer indicates their interest in buying a product or working with you and enters your sales cycle. The opportunity module makes it possible to divide the different stages of your sales cycle and to put forward probabilities of success rates according to the different actions carried out or even. Note that this module is not available with the free plan. Accounts This module allows you to record all information relating to a company or department within a company that your organization currently does business with or plans to do in the future. Contacts (Contacts) The people you communicate with in connection with your business and sales. These people are associated with accounts (see above). Activities (activities) The activities module groups together all the activities of CRM users; remarks, tasks, calls, meetings and events, regardless of whether these activities are created in the lead, contact, opportunities or account module. It is also possible to find there the activities to come, in progress or past. Feeds The Flows tab allows you to see in chronological order the different actions, activities and information entries in your CRM. This module provides a wealth of information at a glance. Forecast (forecast) This module allows you to optimize your forecasts and the estimation of future sales based on the information recorded in your CRM. At the same time, based on past data, you are able to better set your short and long-term goals. Note that this module is not available in the basic and free versions. Dashboards A visual representation of the reports that appeal to you the most and which allows you to consult in real time the key indicators of your organization. You are now familiar with the different modules that make up Zoho CRM. In a future article, we will introduce you to the different features of the application. For more information on your project to implement a CRM, contact us. We will be able to guide you in your needs. #Cofinia #Cofiniaconseil #Zoho #crm #zohocrm contact us

5 May 2021

13 April 2023

Which Zoho app should be used for the best project management system?

Which Zoho app should be used for the best project management system?