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Your Business Probably Needs An Online Invoicing System
Your Business Probably Needs An Online Invoicing System
There is an explicit need for any small business to have an accurate and efficient invoicing system. This is to guarantee timely issuance of invoices which is a crucial key to a healthy cash flow.
Hawthorn,
Victoria,
Australia
(prbd.net)
08/07/2011
In business, managing cash flow is as important as earning profits. With proper management of your cash flow, your business will not earn a profit.
Managing the cash flow of a business is very challenging particularly for small business owners. With no finance manager solely handling on the business’s capital and cash flow, it would not be a surprise that some small businesses would neglect some important essentials in business management such as invoicing.
An invoice, also called a bill, is an important legal business document given to the customer or client as a record of services or goods rendered or sold to the customer or client. It is a receipt or proof of service rendered or goods sold and indicate how much money is due, how much has been paid and when to expect payment of the amount owed. It also shows tax information.
Invoicing entails keeping a record of the detailed list of goods shipped or services rendered, with an account of all costs and date of payment. It also entails generating and recording an itemized bill, meeting the terms of relevant tax regulations, and a source of any financial report and analysis. It is very important in tracking your cash flow. It is a key to a healthy cash flow, for if left unattended -- your business might lose money.
Therefore, there is an explicit need for any small business to have an accurate and efficient invoicing system to guarantee timely issuance of invoices which is a crucial key to a healthy cash flow.
Invoicing is time consuming. Because invoicing is a crucial component in business for it is how you end up getting paid, it is important that the invoicing system that you utilize in your business is well-designed and dynamic. Therefore, it is best and more preferable that your business engages an online invoicing software.
Online invoicing software is advantageous and necessary in business because:
- it is much cheaper than employing an accountant
- it allows instant invoicing via the internet so you can do it anytime, anywhere
- it keeps you organized your finances with less time involved compared to manual invoicing
- it is user-friendly for it has step by step information fields for filling up of details
- it automatically calculate tax dues and payment terms and amount due and due date
- it instantaneously provides customers an invoice send via email which can save on printing and postage costs.
- it provides instant customer support which is available online anytime
- it allows for customization of invoices for it can create different invoice templates tailored to suit the different products and services that you sell.
These benefits really help business become a success. Because of these advantages, business owners should not hesitate to use an online invoicing software.
Likewise, for business owners who are interested to use an online invoicing software, they are advised to choose the most reliable, proven online invoicing software that features accurate, efficient and customer-friendly invoicing modules like Shoebooks.
Shoebooks online invoicing software 2 invoicing modules namely accounts payable and accounts receivable.
Accounts Receivable (Trade Debtors) Module
The Accounts Receivable module has 4 activity areas namely customers, invoices, receipts and quotes.
The customers section is designed to allow all customer activities to be performed from the one area such as raising of invoices, managing projects, receiving payments or reviewing outstanding balances.
The invoice section has an Invoice Search screen that allows you to filter or sort the invoice list, by invoice number, date, amount or customer, based upon a combination of filters such as customer, date, payment status. It also has displayed results which can be navigated through as a set.
The receipt section has a Receipt Search screen that allows you to filter and sort the receipt list based upon a combination of filters.
The quote section has a Quote Search screen that allows you to filter the Quote list based upon a combination of filters.
Accounts Payable (Trade Creditors) Module
The Accounts Payable Module provides 2 different methods that are used in handling accounts payable namely via online and offline.
In Online method, customer are allowed to send unpaid bills direct to Shoebooks for entry then they can make payments based upon information in Shoebooks accounting software. All payment information are securely stored in Shoebooks to allow for either EFT File creation or manual payments using BPAY, EFT or cheque.
This method is far more well-organized and allows the customer to use the Shoebooks software to manage payment of bills. It also provides for more accurate and timely reporting such as Profit & Loss.
In Offline method, customers are allowed to send bill to Shoebooks as they are paid then Shoebooks will enter the bills when received. At the end of the year, the customer is required to send a copy of any unpaid bills. Accrual Method Bas customers are also required to send a copy of unpaid bills at the end of each quarter.
This method is intended for customers who do not like to pass on unpaid bills and like to do things manually. It is also ideal for clients registered for Cash BAS reporting.
About
Shoebooks is an Australia-based online bookkeeping company. We offer flexible, efficient and affordable online bookkeeping solutions to any bookkeepers and business owners. We provide the simplest & most comprehensive online bookkeeping solution. We also offer bookkeeping, payroll, consulting and training services to many business enterprises. Visit Shoebooks website at www.shoebooks.com.au
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