Why You Need to Track Your Business Expenses?


track-your-business-expenses

Business expense tracking software is an accurate and revolutionary tool for managing finances. The secret behind its massive success is its ability to track finances daily.

Tracking business expenses is important because it helps you see the bigger picture. Once you know where your money is going, you can look for opportunities to spent it better. It will give insight into the latest financial data, which you can use to analyze your organization’s successes and identify the weaknesses. With a business expense tracker, you can make this process exceedingly smooth. Also, not many businesses can afford to hire a bookkeeper to track their daily expenses. However, they can use that money to buy a business expense tracking software.

Here are some of the reasons to track your business expense daily –

Financial Consciousness
You need to have a solid foundation to run a successful business. That means, you need to learn to how to manage your finances better. By tracking your business expenses daily, you get a clear understanding of your business expenditure. Some business owners find this number game intimidating, especially when they receive it from their bookkeepers, at the end of a fiscal year. This is where tracking daily expenses can come to rescue. It will allow you to become more in touch with the functioning of your business.

    Also Read: 3 Steps for Tracking Your Business Monthly Expenses

Earn Profit from your Taxes
Tax season is a dreaded time for people, who are not prepared. People generally scramble to find the invoices and receipts on their laptops. But this does not have to be your experience. If you have kept a clean record of all your expenses, the tax season can help your business grow. This way, you can contribute to the economy in a positive light instead of developing vengeance for the market. With a business expense tracking software, you can keep a tab on your daily expenses, and go through the tax season untouched. You will also be able to claim tax returns, which can be added in your budget for the next season or as bonus checks for your employees.

Always have a Backup for Rainy Days
Every business has a set objective that want to achieve. But, accomplishing those goals is not always easy as your business may suffer setbacks at times. This may be in the form of business losses. This is where keeping a daily record of your expenses can come to your rescue. Businesses often spend a lot of money on subscription and make recurring payments to fulfill luxuries. On a rainy day with such record at your disposal, you will be able to cut down the unnecessary expenses without putting the burden on your employees.

    Also Read: 3 Quick and Simple Steps for Business Expense Tracking

Find out why you are Losing Money
The most important aspect of tracking daily expenses is to figure out what exactly are you doing wrong. Contrary to popular belief, tracking business expenses is not meant just to give reimbursement to your travelling employees. Using a simple analytics tool on your database for daily expenses, you can find out important information. Basically, it serves as a financial supervisor. It will tell you exactly what are the small things that you are doing wrong, that are adding up as major financial losses at the end of a quarter.

    Also Read: 10 Tips for Small Businesses to Track Their Expenses

Every Sole Trader Should Use These Free Invoice Software


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Sole proprietors are constantly looking for a simple invoicing software to streamline their payments. With number of options available, choosing the right one can be difficult. To make things easier, we have listed some of the best free invoice software.

As a sole proprietor, the success or failure of the business rest entirely on your shoulders. Therefore, you must stay on top of your finances. A free invoice software offers simple solution to help sole traders work faster and smarter. From keeping record to making bookkeeping easy, a free invoice software can do it all. This software not only allow you to generate invoices with your branding and personal style, but also provide you with sole proprietor invoice templates.

Let’s take a look at some of the best free invoice software –

CloudBooks
CloudBooks invoice software provides you with a multi-faceted platform. This software offers a free of cost plan for sole traders, who are looking to create invoices according to their requirements. They generally serve different types of clients, and even have to make use of two or more templates for the same client. CloudBooks makes this frustrating process easy. It allows you to create client specific invoices. You can even use this software to keep a track of the expense and time to make error-free invoices.

ReliaBills
ReliaBills offer unlimited invoices along with the tools to generate recurring invoices without any added costs. You can even use it to send automated reminders via email to your clients. It is basically a client management platform that streamlines the invoice generation and payment collection process. You can make your own templates and designs for a branded experience using ReliaBills. You can generate client specific invoices and edit them whenever you want.

    Also Read: Billing And Invoice Software

Invoicera
Invoicera has taken invoicing up a notch. It offers a free plan for a lifetime to cater to the needs of small businesses and sole traders that are starting out. This software allows you to generate invoices and scale, depending on your requirement. Invoicera offers many paid premium tools for businesses, looking to expand. It even provides a quick solution for all their invoicing needs.

Nutcache
Nutcache is a supreme invoice generation software that also allows you to manage and track your projects. Being a sole trader, you might have come across situations wherein you are left frustrated. This is where Nutcache comes into the picture. By using this software, you can save time by following a more centralized approach. It makes accurate invoicing possible with integration of expense tracking, time tracking and invoicing. It is a one-stop solution for all sole traders out there.

Wave Accounting
Wave Accounting is a free invoicing software. You can choose from many invoicing templates to provide all kinds of invoices including standard, debit and mixed. Nothing is impossible with this solution. You can easily create and professional invoices with advanced features like recurring bill and automatic payments.

Brightbook
Brightbook is another great free software for sole traders. You can instantly sign up for a free account and import all your financial data to integrate with your new invoicing templates. Brightbook makes accounting a cakewalk with its easy to use tools and selective access platform. Being a completely free software, it is one of its kind. It allows multiple users with uncompromised security and privacy methods in place.

    Also Read: Billing Software for Small Business

5 Common Questions About Online Invoice Software Answered


questions about online invoice software

Online invoicing software makes it easier to manage sales, create invoices, receive and keep track of payments among other things. Here we have answered the five most commonly asked questions.

In this day and age, online invoice software is essential for the smooth functioning of a business. The software acts as your bookkeeper, budget handler, expense tracker, and most importantly as an accurate analyst. An online invoicing software can keep business processes systematic. You will be able to send and create invoices without errors while keeping track of the financial information.

Many people are still not satisfied and have questions about online invoicing software. Here we have answered the five most commonly asked questions.

Is an Online Invoicing Software same as an Invoice Template?
The answer is – No. An online invoicing software is a platform that lets you make invoices at your whims and fancies. Inside an online invoicing software, you will find many invoice templates. But that doesn’t mean an online invoice software is just a file of invoice templates. An online invoicing software lets you edit, schedule, and build invoices from the scratch. The invoice template in the traditional sense is just a spreadsheet document with some columns marked on it, depending on your business. An online invoicing software is a platform that includes not just the template, but the transaction database and the various tools.

Is Online Invoicing Automated?
Yes! Online invoicing is a seamless and automated experience for all things related to accounting. With an online invoice software, you can schedule various invoices on multiple dates at once. You can directly link your bank account with the online invoicing software to automatically generate invoices. You can even link your client’s bank account through an invoicing software to get timely payments. Setting up an online invoicing software allows you to automatically generate recurring invoices for your clients. The software also allow users to set reminders for payment.

Are Invoice Details Safe Online?
Most online invoicing software use state-of-the-art security services to maintain and protect their data. With a cloud based invoicing software, users can also create multiple backups of their entire transactional history. Online invoicing software use various security models like SSL protection and secure servers to protect sensitive information. An online invoicing software allows you to control access of invoices, and lets you track that access. This means you can limit or revoke access for subordinates.

   Also Read: Online Invoicing for Small Businesses: Brief History & 5 Essential Invoices You Need

Can Invoicing be Customized?
Of course, online invoicing is all about customization. You can even customize the payment options. Online invoicing software come with tools that allow you to personalize each invoice for your client’s needs. With an online invoicing software, you can set up multiple invoices in sync with the client’s invoices and bookkeeping. You can even generate sample invoices for client’s approval and add estimates and quotes and later convert them into serialized invoices. Generating invoices online is not only easy, but fun!

Online Invoicing is Too Expensive?
There are a numerous free online invoicing software available today. So, the answer is no. Online invoicing is the cheapest method to manage your company’s bookkeeping. In fact, it makes so many aspects of doing business easy, that the equivalent manual labor could cost you five times the monthly subscription of an average online invoicing software.