How should I manage finance for my business (Luo)
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Myriam Oh Lily, my daughter, you look exhausted! What's the matter? Are you tired from your trip from the city?
Lily No, the trip was fine! My business is growing so fast. You know, I registered it so I could get bigger loans and entrepreneur products so I can grow it even more.
Myriam This is such great news! I remember the day I registered my shop. So what is the official name of your business?
Lily I am following in your steps, Mother! I registered my business under the name Lily's Fashion and Jewelry Designs.
Myriam A simple name that says exactly what you do! Well done! And have you already informed the bank?
Lily Yes, I went to the bank and opened a new Business account and applied for a new loan. I had all the information needed on hand with this app, showing that my business is growing so fast that I need more money to keep fulfilling my orders.
Myriam Oh! Really! Things are changing so fast. Let me see! Maybe I could use that app for my business as well?
Lily Let me show you: this app keeps a record of payments received from customers when they use my Merchant ID/Till number to pay me; it also keeps a record of every time I pay my vendors -- all my expenses. Everything in one place and easy to access. It is also quite secure.
Myriam This is so interesting. I also have Merchant ID number for mobile payments for my shop. It really simplifies transactions, don't you think?
Lily Mother, I wish everyone paid with mobile money! When someone pays cash I need to enter that transaction myself, and I have to go to the bank to deposit money! Look, along with my Merchant ID, I also got this QR code - this image with black squares and dots - that smartphones can scan to easily identify my business for sending money to me! But so many people don't know what it is.
Myriam Hey, you have to be patient! All this new technology is hard to learn how to use and trust!
Lily You know what I like about using mobile money and online services for my business? It is the security that comes with it! For my customers too: they get a receipt when they pay for their purchases. The same way I get a receipt from my vendors. Everything is in the same place which makes it so much easier to keep track of! And this is why I got fast-tracked for my loan application. I had all the information required.
Myriam Do you pay everything with mobile money?
Lily As much as possible! The electricity and internet are set to automatic payments -- I just check the amount in a text message and press OK -- and the amount is deducted from my account directly.
Myriam Wow. And how about your seamstresses?
Lily I pay them using mobile money too -- it is so convenient! I pay them once they bring me their work. They are happy they don't have to go to the bank. And sometimes, the orders are quite big, so it is also safer for them than to carry a big wad of cash!
Myriam That is smart! And then, let me guess the payment is recorded in your app?
Lily Yes, exactly! And with all of this information, the app can show me my profit!
Myriam I really need to get on this technology train as you call it!
Lily Oh Mother, I'll tell you one thing I like most about using my phone. The other day I was buying fabric. The price seemed to have risen a bit so I looked in my phone, found the price I paid previously, showed the owner of the store how often I had purchased goods from him in the past year and not only did he bring the price down to what I am accustomed to, but he also gave me a 5% loyalty discount!
Myriam Well, daughter, your business is going very well and you seem to stay on top of all the accounting. I am so proud of you, Lily!