Manage Business Unit

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A business unit is an independent section within an organization that frequently develops and executes its operations (accounting, human resources, marketing, sales, and supply-chain functions) independent of the primary business or brand while conforming to corporate regulations.

Overview

Strategic Business Units are essential because they enable managers to focus on various aspects of the same firm. Each business unit has its criteria, which may be effectively handled by paying close attention to each.

To start, click on the 'Settings' icon and select 'Business Unit'. Once inside, you can add a business unit by entering general information like 'Business Unit Name', 'Primary Contact', 'Fiscal Term', and 'Taxes'.

Figure 1

Ledger

A ledger is a collection of accounts in which account transactions are recorded. Each ledger account has an initial balance and a current balance. Ledger accounts can be a cash ledger or a bank ledger.

Add a cash ledger by entering the 'Name' of the ledger. Select the currency and mark the 'Total Initial Balance' by entering the 'Currency Denomination' and 'Quantity'.

Figure 2

Add a bank ledger by entering basic details like 'Bank Name', 'Account Number', 'Initial Balance', and 'Select Currency'.

Figure 3

You can add any number of ledgers in a particular business unit. Ledger accounts get credited during a 'Sale' and debited during a 'Supply'. You can do much more with ledger in the Ledger app in Batoi CloudSpace.

Fiscal Year

A fiscal year is an accounting period of twelve months. A business unit’s fiscal year is essential as it allows them to calculate accurately the revenues and earnings year after year. You can also add past fiscal years and maintain all your past ledgers.

Figure 4

Payment Settings

Payments can be made in many ways like cash, cheque, debit card, credit card, etc. With Batoi CloudSpace, you can seamlessly link payment methods used by your business unit with a particular ledger.

Figure 5

Manage User(s)

Organizational users assist one another in achieving the company's objectives and contribute their knowledge on various projects and activities. They may be employees, contractors, guest researchers, etc. You may add an organizational user by sending them an invitation via email. Once they accept, they become an organizational user for the business unit.

Figure 6

Each business unit has its own 'Asset' and 'Inventory'. Batoi CloudSpace helps you manage all your Assets and Inventory. You can seamlessly manage your Opportunities, Sales, and Supply for each business unit using Batoi CloudSpace. This also ensures separate ledgers for each business unit making handling accounts simpler.

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