When small businesses have their cash flow sorted they can scale and manage clients easily. But, what are the tools that can help you nail all these aspects with ease and optimize your business processes?
Well, cloud accounting software can help you streamline basic invoicing and billing, manage projects, simplify tax calculations, generate insightful reports, reconcile bank accounts, can provide a smooth road to business growth. This blog will discuss some common benefits of online billing software and how it can help you ace your taxes.
1. Simplified Invoicing and Billing
Billing software for small businesses is designed to simplify business functions. A major relief of using these solutions is that they can help you design invoices and save 100’s hours.
For example, when it comes to managing recurring orders, it is not a practical process to make them from scratch every time. Besides, when it comes to tracking invoices and reminding customers without a software solution in place, things can go haywire pretty soon.
Even if you are low on budget, we suggest investing in free accounting software for businesses to schedule recurring invoices, build better relations with clients, and receive payments on time.
These solutions can also help you decide on payment terms and add them to your invoices.
All you need to do is add all these details in your online billing software, set up reminders, and the software will take care of the best. The best thing is that you can track all your unpaid invoices, prevent instances of duplicate invoices, and pay your vendors on time too.
2. Accept online payments with ease
Now that you have created invoices with your billing software for small businesses, it is time to collect your payments. But, the whole process can be daunting if there is no proper system for the same.
Luckily your cloud accounting software can easily be integrated with multiple payment gateways. This will ensure that clients can pay you with enhanced ease. Wait, there is more to it?
Payment gateways help you keep your records clean and automatically update them in your invoicing system. Moreover, they also offer various payment options like online bank transfers, debit/ credit card payments, PayPal, and Stripe, among others.
As your business works with clients worldwide, your business must be equipped to handle all kinds of currencies. To get going you will need to integrate your online accounting software with payment gateways.
The benefit of doing this is that you can accept payment in your customer’s currency and do your accounts in your currency. Not only will you save yourself from extraneous calculations when it comes to foreign transactions, but you will also save on accounting resources.
3. Streamlined expense tracking
Tracking expenses is the key to getting hold of your cash flow. Billing software for small businesses will help you segregate your expenses and know where your money is going.
Besides, accounting solutions let you record information from scanned receipts. This helps you save on paper usage and remove the risk of losing receipts. Accounting apps make billing simpler than lifting a pen for both you and your customers.
4. Smoother bank reconciliation
Bank reconciliation is one of the main features of business management. When you connect your bank accounts to your accounting software, you can directly get bank feeds on your dashboard.
You can even choose to set up bank rules in your accounting solution. This will automatically segregate and match imported bank transactions. Post that your transactions will be matched, and you will only need to verify them, and then they can be reconciled. With easy processes in place, you will be audit-ready throughout the year.
How does online accounting software simplify tax calculation?
A good accounting app will help you adhere to your local tax regulations and simplify the overall tax calculation process. Besides, when you are dealing with multiple tax rates, accounting solutions will expedite the entire process and leave no room for errors. Moreover, you will develop a better understanding of your taxes, get access to tax summary reports, and stay ready for the tax season all time.
Even spreadsheets are not the best solutions when it comes to billing by the hour and charging on a project basis. Luckily, free accounting software for business can help you record your hours and convert your time entries into invoices in just a few minutes.
Also, when you stay on top of inventory management, manage taxes with ease, reconcile bank accounts, you can take your business a level higher and stay ahead of competitors.
Lastly, with automatic report generation, you can access insights, draw conclusions from your report data, and address business issues in a more organized manner.
Accounting forms the backbone of all businesses, and a solution like Moon Invoice can help you meet all unfulfilled needs. If you wish to know more about our accounting solution, you can connect with us at +1-805-491-9393 or send us a mail at firstname.lastname@example.org.