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There’s no denying that invoicing has gone high tech. There are very few companies out there that are still relying on old fashioned paper invoices in the mail. More so now that so many of us have switched to a click and mortar model to cope with pandemic related changes!

But, as with any big change, this also means that there are a lot of options out there. It can be hard for small businesses to find the right online invoicing solutions. But, if you’ve been scouring the web looking for the best Xero alternative, you’ve come to the right place! Welcome to our roundup of the best, and the rest, in the world of digital invoicing solutions!

Why Is Xero So Popular?

Before we start looking at Xero alternatives, it’s worth considering why Xero is so popular in the first place.

There are several reasons why people like this software.

One is that it’s cloud based, which means it can be accessed by teams that are located in different places quickly and easily. It’s also accessible wherever you happen to be, so you can check your invoices while you wait for a plane or create estimates while working from home.

Xero has built in currency conversions too, which is nice if you operate across borders (whether you’re importing goods from suppliers or selling internationally.)

This platform also has integrated bank feeds, so you can push and pull data into and from the software to your bank accounts easily. It’s also highly compatible with other business software systems. There are several pricing options, depending on the type of organization and your needs (although at $10 to $30 per month, it’s one of the most expensive on this list.)

Xero accounting software

Source: xero.com

 

There’s no denying that Xero gets a lot of things right. But it might also be too much of a platform for smaller companies, or those that are just looking for an easy estimating, quoting, sales and invoicing system, and want to leave the real bean counting to the professionals.

That is why we’ll introduce you to some of the available Xero alternatives available. They’re definitely worth considering if you are a small business owner.

So let’s look at some other options.

1. Billdu

Accounting packages like Xero might have all the tools an accountant (CPA) might need to do recons and taxes too, but unless you have a CPA on staff, you probably won’t need all of those. So you’ll just end up paying for parts of the package that you don’t need, can’t use, and might confuse your team.

Billdu is different, because it doesn’t waste time and energy on things you’ll probably outsource to a professional accountant anyway. We focus on building the best estimating, quoting, sales and invoicing options, so that small businesses can focus their attention on making more money, rather than worrying whether it’s a depreciating asset or a loss.

The platform is packed with features that help to streamline your sales and invoicing processes. And you would not expected any other Xero alternative to be ranked no. 1, would you? 🙂

Features:

  • Quick and easy estimates
  • Invoices, including recurring invoices for contract payments
  • Mobile invoicing and apps for iPhone, iPad, and Android devices
  • Fast payments and “pay now” buttons that integrate with your favorite payment processor
  • Track expenses accurately from anywhere, so you can hand over all the information to your accountant
  • Online sales tools including booking, online product purchases and quote requests
  • Communication tools, widgets, and live chat, so you can integrate with your existing site, or create a standalone online sales and invoicing solution for your business fast
  • Customers can message you right from Billdu – they never have to click through to another site to reach you!
  • And more
Billdu - Best alternative to Xero for small businesses

Source: billdu.com

Pros and Cons:

One of the reasons Billdu is so great for small businesses is that we’re not trying to be great at everything. We leave the high level financial accounting in the CPA’s office, where it belongs. Instead, we focus on giving businesses sales and invoicing tools that are quick to learn and implement, accurate, and easy to use.

Pricing for Billdu starts at zero dollars for the free plan (which is not a trial, but can be used as long as you need to keep your costs down), and then range from $3.99 per month to $16.99 per month. Therefore, it is a great Xero alternative also when it comes down to cost.

Check out the #1 alternative to Xero
& streamline your invoicing with Billdu today

Invoicing, expense tracking, quotes, automation. Learn why Billdu is one of the best Xero alternatives out there.

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Billdu invoice maker and invoicing app

2. Invoice Simple

Invoice Simple is another platform that is hyper focused on invoicing and sales, rather than trying to be another cloud based full accounting package.

Their system offers easy setup and gives your invoices a professional appearance. There are also several great features built in.

Invoice Simple - Xero alternative for small businesses

Source: invoicesimple.com

Features:

  • Easy estimates with the option to convert to an order and invoice
  • Style your invoices and estimates to match your brand
  • Track invoice status through the platform
  • Create and save frequently used products and services so you can quickly add them to new estimates and invoices
  • Powered by Stripe, and accepts most credit and debit cards
  • Cloud based and responsive, so it’s accessible from every device, wherever you have internet connectivity

Pros and Cons:Invoice Simple is an even more stripped down platform, that doesn’t have easy online sales integration or communication tools built in.

There is an option to use Invoice Simple free, but if you want to use most or all of the advertised features, you will need to pay a monthly fee of $8.99 a month for basic access, or $6.66 per month calculated annually if you pay for a full year upfront.

Invoice Simple is great. But why not
try Billdu as a Xero alternative?

Invoicing, expense tracking, quotes, automation. Learn why Billdu is one of the best Xero alternatives out there.

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Billdu invoice maker and invoicing app

3. FreshBooks

FreshBooks is undoubtedly one of the bigger names in the cloud based accounting world. But, while they definitely have some great accounting, invoicing and sales features built in, there are probably too many bells and whistles for small businesses. In that way, it’s possibly a closer alternative to Xero. But that’s only useful if you’re ready and you need all those things.

If you are still using an outsourced accountant for your annual financials, you probably won’t need all the things this software offers. On the contrary, having too many things to figure out can lead to analysis paralysis, and could make uptake of this software harder for smaller teams.

That having been said, there is a very impressive list of features on offer by FreshBooks.

Alternative to Xero - Freshbooks

Source: freshbooks.com

Features:

  • A full double entry accounting system
  • Easy integrations and APIs for various popular platforms like Shopify, Zoom and others – although you will still be paying additional fees for all of those services
  • Expense and mileage tracking
  • Estimates and proposals
  • Time tracking for hourly billing
  • An integrated CRM solution
  • Invoicing
  • Project management and costing tools
  • Reporting options

Pros and Cons:

FreshBooks is, without a doubt, a complete soup to nuts accounting solution that will work very well for smaller companies that have an in house accountant. But the learning curve for financial accounting is still there, and if you don’t have that person on your team, you still can’t “wing it” with the books. So those features are expenses that you won’t recoup early on.

Like many full accounting packages, FreshBooks costs a little more, but with packages starting at $6 a month and going up to $20 a month, it still won’t break the bank. Packages are based on the number of clients you have however, so if you have more than 50, you will have to opt for the largest, professional package.

4. QuickBooks

QuickBooks is another titan in the online accounting platform world. They’re one of the most popular systems out there, and they really do pack a lot of features into their system.

But, like FreshBooks, they might suffer from being a little too much for smaller businesses that don’t have the technical know how for full accounting packages. QuickBooks has whistles on their bells and bells on their whistles, but do you really need them all?

QuickBooks - popular Xero alternative

Source: quickbooks.intuit.com

Features:

  • Detailed estimating and invoicing
  • Income and expenses tracking
  • Sales and tax tracking
  • Live inventory
  • Receipt capturing and organizing
  • Payment processing
  • Progress billing
  • Mileage and hourly billing tracking
  • Maximizing tax deductions (Intuit, who make QuickBooks also make TurboTax!)
  • Multiple users and granular permissions
  • Reporting and profitability tracking
  • Easy currency conversions
  • And more

Pros and Cons:

Of course, QuickBooks is also online, and cloud based, so it’s got all the accessibility angles covered too. However, while the UX is great, and the software looks great, there is a fairly steep learning curve, and you really do need to have an accountant take care of the financial parts of the package.

If you just need invoicing and sales solutions, you would probably be paying for big chunks of this platform without getting any benefit from it.

There are varying levels of account you can choose with QuickBooks, starting at $10 a month and going up to $30 per month for business. Freelancers can opt for the “self employed” package, which costs just $5 a month. There is a 30 day free trial if you’re just shopping around, and all the small business options also have optional payroll for $20 per month and an additional $3 per employee.

QuickBooks is one of the best small business accounting packages, but it’s best for bigger small businesses. If you’re not there yet, you may find it overwhelming, and you probably won’t get your money’s worth for a while.

FreshBooks or QuickBooks? Try Billdu
as our #1 Xero alternative for small businesses

Invoicing, expense tracking, quotes, automation. Learn why Billdu is one of the best Xero alternatives for small business owners.

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Billdu invoice maker and invoicing app

5. Zoho

Zoho is a little different to the other options on this list, because it’s more like an enterprise solution for smaller businesses. There’s financial modules, HR tools, marketing options, digital management tools and more. You don’t have to opt in for all of them, but if you do want an end to end solution that can do everything (or at the very least most of it!) this might be a good Xero alternative option.

Since this is an article about invoicing and sales solutions, we’re going to focus on the finance and accounting tools offered as part of Zoho, but it’s worth knowing that there are options to expand.

As you would expect from what is a massive and complex software platform, Zoho is not exactly simple. It’s not something you’re going to sign up for now, and start using in ten minutes time. That being said, there are some great features built in.

Zoho invoice

Source: zoho.com

Features:

  • Quotes and estimates
  • Sales orders
  • Warehouse orders and shipping manifests
  • Inventory management
  • Expense reporting
  • Subscriptions
  • Invoicing
  • Payment management and tracking

Pros and Cons:

Zoho finance does most of the things a small to mid sized business needs, but if you’re not quite there yet, as with some of the other packages we’ve mentioned here, the learning curve might be too steep and the payoff a little too low when you’re starting out.

This platform also has one of the highest costs on this list. They charge $249 per month for ten users, with a 14 day free trial. There’s an additional fee for any user over ten. You can reduce this to $199 per month if you are paying annually upfront.

However, if you don’t have ten people that need to access your accounting system, and you won’t use all the features they offer (and there are a lot!) it’s probably better to leave this until you’re a little further along in your growth!

6. Square

Square is a little bit of a wildcard inclusion on this list because they are primarily a payment processor. However, they do offer invoicing, quotes, and some very basic accounting tracking tools, which does put them in the same sort of neighborhood.

Unlike some of the other options on this list, because Square has their own payment processing system rather than using a third party system, their platform only works in some countries. These include: the US, Canada, Japan, Australia, Republic of Ireland and the UK. So if you’re outside of those countries, or you sell outside of them, you will have to wait until they expand.

Alternative to Xero - Square Up

Source: squareup.com

Features:

  • Payment processing
  • Point of sale
  • Invoicing and estimates
  • Online sales
  • Appointments
  • Repeat payments
  • Manual / over the phone credit and debit card processing on desktop or app

Pros and Cons:

If you want a single solution that does most of what you need, and you’re in a country their platform works in, this is a good option.

Because they have their own payment processor, there’s no figuring out of APIs or anything else to get done before you can get started. There’s also no upfront cost if you don’t choose to use their hardware.

However, they do charge a fee per transaction, which is usually upwards of 2.9% and upwards for each transaction, plus a flat fee starting at $0.30 per sale. This can add up over time, but it does also make this system “pay as you go” so you don’t have to worry about monthly fees. No sales, no cost!

Square is made for payment processing, so it integrates with a lot of websites (good for businesses that incorporate e-commerce.) There are also hardware options that can accept physical payments, so you can keep all your transactions in one place.

Zoho or Square? Can’t decide?
Try Billdu today – you won’t regret it!

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Billdu invoice maker and invoicing app

7. Gnu Cash

Gnu Cash is another very different option on this list, because it’s not cloud or account based. Instead, it’s an open source accounting package that has been around for many years.

As open source software, it is completely free to use, which is great, but that also means you have to have some technical skill to get it all working. Plus, if you want to have more people using the same system, you need to enable remote access or set up a VPN or server to make that happen. Which is also costly and requires some high level expertise. Because it is Open Source, you will also wait for tech support – since it’s all done by volunteers.

Gnu Cash is very simple, and it definitely won’t replace high end accounting software. But it does get the basics done pretty well.

GnuCash - one of Xero alternatives

Source: gnucash.og

Features:

  • Double entry accounting with checkbook style entry
  • Recurring and scheduled transactions
  • Reports and recons
  • Income and expense tracking
  • Invoicing, quotes, sales orders, and purchase orders
  • Various currencies available
  • And more

Pros and Cons:

Gnu Cash is free, which is the best price range out there. But it’s not the easiest to set up and use, and when it comes to support, you really do get what you pay for. There are lots of Gnu Cash enthusiasts out there, and they’re happy to help, but the support turnaround is patchy at best, and when you’re dealing with important finance issues, that’s not great.

Gnu Cash might also have too much for small businesses that only need to manage invoices, sales, and payments, which means there’s a lot to learn without too much payoff.

Not a bad choice if you need something for a very slim budget, but you should plan to upgrade as soon as you can. There’s also no telling when OS packages like this will stop being developed or supported, so you probably don’t want to get too invested.

8. Wave Accounting

Wave Accounting has got a good reputation as one of the big name “freemium” accounting packages. You can use many of the features free, but if you want to get access to everything (and take away the ads!) you need to upgrade.

Wave is a full accounting package with several different modules that cover different types of financial management requirements.

Wave accounting software cash flow

Source: waveapps.com

Features:

  • Full accounting package
  • Track income and expenses
  • Invoices, including recurring billing
  • Integrated payment processing
  • Payroll and taxes

Pros and Cons:

Wave is free to use, which is great, but you will probably find that if you want to use all their features, you will need to pay. If you use their payment processor, you will be charged 2.9% and upwards for each transaction, as well as a flat fee of 30c. There is also a $20 a month cost for the payroll addon.

This platform is built for north America, so some of the features might not work if you’re not in the U.S. or Canada.

Wave is all cloud based, so it’s great for spread out teams, or to manage finances on the go. However, like many packages on this list, it does a lot more than just invoicing, and you may find that setup takes longer and is more complex than you’d like.

Choosing the Right Platform

These are some of the best invoicing options out there, but they’re not the only ones. Chances are, you can find more just by looking online. However, not all platforms are created equal, and there are a few things you want to consider.

The first one is whether it does what you need, or whether it’s overly complex – or too simple. The software you need to manage invoicing and quotes will vary depending on where you are in your business. When you’re starting out, something that is plug and play and can get you going in minutes is probably preferable. Later on, when you need to have something your CFO can use to manage all your complicated finances, you might need something bigger and flashier, but that does require proper training.

Cloud based is also great for smaller businesses. You want to be able to access your information anywhere. But you also want to choose a platform with staying power. No one wants to enter important information on a platform and then have it all disappear one day!

Integration is important too. You probably want to have the flexibility to sell online, to set up recurring payments for contracts and to manually process payments. Or you might need something with a particular API or widget to connect to your website.

Finally, consider whether you want to be locked into one payment processor, or have the freedom to choose. While it’s nice to have one system locked in, many customers want options, so you might want to give them a variety of choices.

Hopefully, you know a little more about the best Xero alternatives out there now, and what might work better for your business, right now. Whatever you do end up choosing, we hope it’s easy to learn, easy to use, and processes lots of payments for your business now, and in the future!

Streamline your invoicing
with Billdu invoice maker

Invoicing, expense tracking, quotes, automation. We are confident that as a small business, you’ll find Billdu a great Xero alternative.

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Billdu invoice maker and invoicing app

This is a difficult time for most businesses and many have already shut shop due to their inability to pay the bills. While most businesses work to increase the bottom line by making more sales or winning more customers, the real success lies in reducing business expenses.

There will not be much of a difference in your operating profit if you don’t work to reduce costs.

In this article, we’ll talk about fifteen things you can do to reduce business expenses.

#1 Work From Home When You Can

The pandemic forced a large portion of the workforce to work from home. More people now are willing to work remotely as they have realized the benefits of having the ability to work from home.

Some businesses do not plan on having employees work from the office even after the pandemic as they have realized potential savings since this option helps reduce business expenses. The best thing is that it benefits everyone involved.

Workers get to save around $4,000 a year by working from home, according to a FlexJobs study. They don’t have to spend on fuel, wardrobe, lunches, etc. On the other hand, businesses get to save because they don’t have a lot of people coming to the office, which allows them to save on stationery, office space, utilities, and more.

You can work from a small office if your job requires physical presence without having to worry about making space for employees. This can be very difficult for a growing company or startup because businesses have to make sure they provide the right environment to employees and have all the utilities available including an internet connection and phone line.

When workers work from home, it’s their responsibility to ensure they have a working machine, internet connection, and work-friendly environment. However, in some cases, you may have to pay allowances to cover additional expenses. Still, this tip can prove to be beneficial in reducing business expenses.

#2 Get Rid of Your Extra Staff

As odd as it may sound, some companies hire more workers than they need either due to poor planning or to have talent ready in case someone quits or is unavailable due to any other reason. While it might make sense in some situations, in most cases, it’s an expense that should and can be avoided.

Have your HR department perform an audit and ensure you are not overcapacity. While letting go of people can be a tough decision, sometimes it’s the only wise decision to make. Reducing the number of employees is a fast way to reduce business expenses but make sure to not get rid of people you need.

#3 Automate Processes

Automation is the future of almost every industry. It can help reduce business expenses – up to 75 percent in some cases.

You can automate everything from invoice management to order entry, email marketing, and more. There are machines and software that can do a job that humans do.

Marketing automation is most popular with 49 percent of businesses using some kind of marketing automation tools. It drives a 14.5 percent increase in sales productivity and nearly a 12.2 percent reduction in marketing overhead. However, automation in manufacturing is also getting popular with robots getting smarter and more affordable.

While it usually requires a heavy initial investment, it can turn out to be very beneficial in the long-run. Robots or machines are not only more productive but also less likely to make mistakes, which helps save both time and money.

Automation does not need to be super expensive, though and nowadays is affordable for small business owners, too. Billdu can help you by automating your invoicing and expense tracking. It’s super easy to set up your recurring invoices so that they are automatically sent out to your customers in a frequency specified by you.

Similarly with recurring expenses, you do not need to worry about entering periodical expenses manually every week or month. Billdu can take of all of this and more including communication with your customers, payment reminders etc.

Automate invoicing and expense
tracking with Billdu

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Pro invoice maker for small businesses

#4 Use Energy Efficient Products

Energy efficient products can help reduce business expenses by around 25 percent.

Businesses spend on a variety of electronics including bulbs, printers, refrigerators, computers, etc. You can buy ‘energy efficient’ versions of almost all these products that may cost a little more to buy but can help you save money in the long-run. Plus, many even come with rebates offered by state and federal governments.

If you want to go a step further then consider going solar. This way you will not have to worry about electrical expenses and if you have a big solar panel, you might even be able to sell electricity and make money.

#5 Outsource When Needed 

About 70 percent of companies outsource tasks to reduce business expenses. While outsourcing is said to be suitable for all kinds of businesses, larger firms are said to be 66 percent more likely to outsource than small firms.

Outsourcing doesn’t only help save money but it can also make processes or a business more efficient. Some of the most commonly outsourced departments include customer support, human resources, and cybersecurity. In fact, about 83 percent of IT leaders intend to outsource their security this year.

You must, however, ensure that you choose the right outsourcing partner. Most of these jobs are outsourced to India and Pakistan but not all providers are reliable or worth a try. Don’t just go for someone cheap, make sure to pick a partner who provides you the support that you need.

#6 Hire Interns

Working with interns can be both difficult and beneficial. Let’s talk about the disadvantages first: since they’re new to the job market, they might not always follow the rules or know how to react in difficult situations. On the positive side, they can help you save money by performing small, less complicated, and mundane tasks.

In addition to this, interns can be used as future employees. Someone who has been a part of your company would be well aware of your organization and its culture and would fit in easily.

Many experts suggest hiring interns who are more likely to stay with your company. While you can offer ‘unpaid internship’ opportunities, paying a little amount of money can be a great way to keep them motivated.
Reduce business expenses with interns

#7 Avoid Travel If Not Necessary

Businesses spend a lot of travel and while traveling to attend meetings was once considered mandatory, the lockdown has made us realize that it is possible to conduct meetings without having to buy a plane ticket.

According to reports, the average business spends $1425 for every employee sent on a business trip, with per day cost standing at $325. This is a lot of money, especially for a business that’s struggling to pay the bills. In your reducing business expenses journey, you must work to cut these expenses.

You can save this money by using tools like Zoom and Skype that allow conference calls. While some of these tools are paid, some are free to use.

Even signing documents is possible since e-signs are acceptable in a number of organizations. All you need is a software that lets you e-sign and you are good to go.

#8 Improve the Hiring Process

Very few people pay attention to this factor since they don’t consider it an expense. Let’s bring your attention to the cost of hiring an employee that includes giving ads, interviewing candidates, covering related expenses, etc.

According to reports, it costs employers around $4,129 to fill a vacant position. Moreover, the average position stays vacant for about 42 days, which results in a waste of money.Hence, it shouldn’t come as a surprise that improving the hiring process can help in reducing business expenses.

By improving the hiring process, you can make it affordable to find talent. Outsourcing the HR department, hiring interns, and preparing employees to take on bigger roles are some of the easiest ways to make things right. Moreover, work on writing clear job descriptions, use a reliable channel, and work to retain more employees so that the turnover rate is under control.

#9 Lease Equipment or Opt for Used Goods

Leasing versus owning is a long debate and while both options have their own pros and cons, owning might not always be the best option, especially if you don’t need a machine or equipment for the long-term.

Leasing allows businesses to only pay for what they use and not the entire purchase price. Big purchases can be costly. Not every business can afford to own machinery, which leaves them with no option but to lease goods.

Make this call with a lot of care and ensure leasing actually helps you save money. For example, if you need an extra machine just to complete one big order then leasing might be the right call since you will not need the machine in the future. However, if you are sure to use this machine for the next few years and if you have cash then buying might be the right option.

Another alternative is to buy used goods. Again, this is risky since used products don’t always come with a warranty or guarantee. However, if you look around, you will be able to find some excellent used products. Many manufacturers also sell used goods with guarantees so make sure to search the market.

#10 Purchase in Bulk

Next tip in our article on reducing business expenses is to buy in bulk.

Many stores offer up to 10 percent discounts on bulk buying and some B2B businesses even offer special packages to businesses that sign big deals. It’s all about how you negotiate to get the best offer.

We must, however, mention that bulk buying might not always be a suitable way to reduce business expenses. Only buy in bulk when you are sure you will be able to use all products and don’t let discounts lure you.
Bulk purchases for reducing business expenses

#11 Avail Free When Possible

Businesses have to spend thousands on software, apps, and other such expenses when they don’t always need to.

Look for licenses that suit your business. If you want multiple people to use a software then consider using a corporate license instead of an individual license. It will help you save money.

Similarly, see if you can use a free tool instead of a paid one to reduce business expenses. Many paid tools offer the same features that free versions do. Don’t go buying what you do not need and always try a free demo before you make a decision to purchase a tool.

#12 Stay Away From Litigation and Lawsuits

Make sure to take care of all legal issues and avoid unnecessary lawsuits. This might not sound like a major issue but it can turn out to be quite problematic. Let’s look at this number: businesses in the US spent around 5.1 USD in employment litigation in 2019. The number goes higher when you consider other legal issues such as customer lawsuits.

To avoid these issues, consider having a legal department or to outsource legal tasks and reduce business expenses. All contacts must be neatly drafted and you must meet all state and federal requirements to do business.

Not meeting requirements or standards doesn’t only result in litigation issues but also heavy fines and penalties including suspension. Try to avoid these additional expenses at all costs by learning to negotiate and getting out of trouble.

#13 Maximize Every Penny Spent on Marketing

Marketing is a major expenditure and while you should try to control it, you can’t eliminate it altogether since no business can flourish without marketing.

Marketing budgets can be around 40 percent of a firm’s total budget, according to this report. The median stands at 10 percent with a mean average of 12 percent. Instead of reducing your marketing budget, work to maximize every dollar spent on it, i.e.: increase your return on investment (ROI).

It is easier for companies that use online marketing since tools such as Google Adwords make it easy to calculate the ROI and reduce business expenses. To make things right, replan your strategy and choose the marketing channel that’s most profitable.

#14 Check If There are Subsidies and Rebates

Though not applicable in all industries, this option can be a great way to save money and reduce business expenses. Governments offer subsidies and rebates including tax benefits to certain businesses. Talk to an expert to know about all such programs and check if you’re available.

You might have to submit multiple forms and wait for days to receive a response but this option is worth a try. There are many programs for small businesses affected by Covid, if you’re a victim then look around.

#15 Use an Invoicing Tool

Invoicing tools like Billdu can help you save money in multiple ways. They can automate the entire invoicing process from generating invoices to sending reminders. This helps save time and ensure you get paid in a timely manner so that your cash flow does not suffer.

The future is e-invoicing. With an invoice generator, you will be able to manage invoices, access them on the go, and know exactly when an email or invoice gets read so you can plan your strategy accordingly.

This will help save money spent on papers and allow your workers to concentrate on other tasks, thus improving productivity. Though it will not help you reduce business expenses by millions, it can make quite a dent.

There are several invoice automation tools out there, make sure to pick one that meets your requirements and offers all the features that we need. Businesses looking for a reliable automation tool for invoices can check Billdu for free. Sign up today to enjoy our free demo.

We hope these tips to reduce business expenses will help you reach your financial goals and ensure you have no trouble meeting your needs. Check other blogs on our site for some more tips on reducing business expenses.

Reduce business expenses
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Pro invoice maker for small businesses

Are you looking for a dynamic job role and tired of fixed working hours? Then freelancing is the best way for that. However, as much rosy, it sounds with the freedom and flexibility. It is common to make mistakes, but it is important how we learn from them, and this is what this post will be all about. Freelancing is full of difficulties and challenges, and we agree to that completely.

However, in order to ease your burden, we are going to share some freelance advice that you can use and also be careful regarding such mistakes.

Top Tips for Freelancers to Avoid Typical Freelancer Mistakes

1. Too Afraid to Promote

According to various studies conducted, it is seen that certain newbie freelancers feel shy to campaign their work or business, so here is a piece of freelance advice; without promoting yourself, you won’t get the required number of clients the business won’t be successful.

We suggest you take all doubts out of yourself and do not take any rejection personally. With regular and effective practice, you would be able to promote yourself as well as your business in a better way. Also, it is important that your pitch should be more about how your business can help rather than what you are about.

2. Confused About the Rate of Charging

Though we understand it is a challenging thing. However, it would be one of our tips for freelancers that try and watch out for the rate. If you charge a hefty amount, you won’t be able to close deals, and if you charge too less it will become difficult to make a good amount of profit, and it would give the impression that your products are cheap and of low quality.

We will suggest you check what rates other freelancers are offering and then compare accordingly. Also, it is important for you to check their websites and platforms to see their prices and quality. For example, you should start by looking at their lowest price and then move up to their highest prices, to make a comprehensive overview.

Another way can be to find out what prices are on the market is to ask different freelancers in your field, especially those who offer services that are complementary to your services, as most freelancers who are directly competing with you will not reveal their prices to you. Also, there are certain freelancers who list their price range on their website, which you can also check.

By using a proper charging rate and some techniques you can be sure to write a winning job estimate.

Freelance advice - use adequate rates for your services

3. Generalization Without Specializing

This is one of the common mistakes performed by most freelancers as they try to specialize in everything, thereby ending up in generalizations. However, a very important piece of freelance advice from us is that do not take every project you are offered when you are settled.

Most people, after becoming a freelancer, are tempted to take up every project they are offered, thereby becoming someone who knows everything however not a master in anything. If you do take up various projects in different domains, you won’t have the opportunity to specialize in a single thing that you are really good at.

Clients try to look for certain special elements with the person they are hiring and if your work experience doesn’t list their preferred skills and elements, without any specialization in any domain, in most cases, they would feel you are an unprofessional as well as a novice person.

4. Not Using a Software Management/Accounting System

When you are just beginning with very few projects, it will be quite easy to do all your transactions, invoices and expenses. However, when the business starts to grow, you will see that it will be really a hard time to manage everything.

So, for this, it is a piece of freelance advice that you should use a software tool that is tailored to the needs of freelancers and small business owners such as Billdu small business tools to streamline your common administrative activities like invoice creation, expense tracking, appointments, communication etc. With such an app for freelancers, you can easily have all your finances in one place, thereby giving you a proper overview of your invoices and expenses.

A software tool also helps to provide you with daily, weekly, monthly and yearly statements. Also, with a software tool, you can easily schedule your appointments and set automatic payment reminders for your clients.

Another advantage of using a software tool is that you don’t need to research your invoice or communication templates as they will be already included in your system with up-to-date regulations. One of the best software tools is Billdu which you can definitely check out in order to make your life easier.

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5. Not Enough Network

One of the very important tips for freelancers is that when you start freelancing, you need to enhance your networking. You have to meet various people throughout the day, spread details about your work and the products/ services that you are planning to offer. You also meet people who are not your direct clients as they can be an indirect channel for recommendation purposes.

In order to meet many people, you can look up business groups like LinkedIn and other similar platforms. Also, try searching about live networking in your domain of business like meet-ups, after-work events, conferences.

Well, we agree it is awkward to introduce yourself every time to strangers. However, you will get used to it. It would be our advice that you try to start asking about their business which will help to break the ice and learn more about how they are operating their business and also learn how you can present your own business.

Working with a relevant, powerful network is one of the biggest long-term investment you will make in your freelancing career.

6. Charging Low Fees for Every Project

We understand that when you enter the freelancing business, you have to charge lower rates to your first clients in order to create a stronger portfolio. However, when it becomes a repetitive thing even after a number of projects, then it becomes a mistake. It is one of our significant tips for freelancers: do not settle at low prices.

In order to grow, you should be paid at the market price. Even if you accept lower payment at the beginning after gaining significant experience, you cannot accept payment lower than the market rate. It is very important to know the worth of your services and ask for the rate you actually deserve from your clients.

Tips for freelancers - Avoid low project fees

7. Accepting any Project

It is a common mistake done by most professionals is that they accept any project that comes their way. Now, this is a piece of freelance advice to all that not only you should not accept projects that pay you less, but you should also avoid clients that you don’t feel comfortable working with.

If a client doesn’t treat you with respect and understand your terms and conditions, it is important that you step away from such work which goes against your principles. If you continue a partnership with such a person, it will reduce your confidence and not do good to your work portfolio.

8. Working Without Having a Signed Contract

Whenever you start working with a client, it is important that you know everything about the client. We would like to share these tips for freelancers that under any circumstances do not start any work without a properly signed contract which will list all the details of terms and condition of the work as well the amount and mode of payment.

There are many disputes which arise between freelancers and their clients because of previously agreed oral terms and conditions. However, if one has written, it can be easily solved. You can also use digital signature software so that you and your partner can directly sign the document electronically without any need for scanning or printing a document. This results in the contract becoming secure as well as legally binding.

Tips for freelancers - Do not work without written contract

9. Lack of Proper Management of Projects

Most new freelancers do not have the experience to manage a project and go through projects without a structured plan aimlessly. Hence it becomes difficult for you to keep with deadlines. It is a piece of important freelance advice to not make the same mistake.

Have a plan for every single project with a proper plan and the processes that are involved, thereby making sure on how you can make sure that you are on a proper routine.

10. Being Overboard

Sometimes it does happen that when you are working by yourself, you try to go work much more and toil day and night. We understand your passion, and hence it is one of our tips for freelancers that it is not a good strategy as if you don’t pay attention to your health, it will eventually affect the output you are producing.

So, it is better you take an adequate break from your work and do not overwork yourself. Also, remember to relax on weekends and take holidays when necessary.

Tips for freelancers - Work life balance

11. Not Managing Your Fluctuating Income

One of the biggest challenges of freelancing is unpredictable income. Well, according to market estimates, the average pay for freelancers are not bad however, if your expenses rise and there is a fall in paycheque, that is where the problem starts. So, this is a piece of freelance advice where we would suggest that try creating a savings account and pay yourself for your monthly expenses from that account.

This will also help you to check if you are going overboard with your expenses. We would request all freelancers to use this tip as it is important that you take care of your finances really well for a long term financing career.

12. Not Using Scalable Business Practices

When you are a freelancer, you have a lot of responsibility for yourself. One of the common mistakes that we find is that freelancers put a lot of energy into marketing and business practices that do not scale. Following are some tips for freelancers in order to use some scalable business practice.

  1. Freelance Tips for Scalable Business: Using an Email List

It takes quite an effort to send newsletters individually to a lot of people. Try using an email list for it. However, contrary to the popular perception email list is not just about sending a number of emails but is also about sending value-packed emails. If you choose an email route, start sending email to five people. If they like it, you can send it to a greater number of people.

  1. Freelance Tips for Scalable Business: Outsourcing Repetitive Tasks

Accounting, assistant work, graphic design is quite a repetitive task. However, you do not need to be bogged down with such miscellaneous administrative tasks. For this, we suggest that once your business has settled, try to outsource this type of work, well we know that it is hard as you may not have the necessary trust, but it will be worth it.

  1. Freelance Tips for Scalable Business: Using Automation Tools

If it is difficult for you to outsource your work, then you can also use automation tools for invoicing and expenses tracking, which can also make things easier for you by organizing several miscellaneous tasks and ensuring you do not waste your time on such activities.

  1. Freelance Tips for Scalable Business: Repurposing Your Content 

Also, for your marketing efforts, we suggest that you repurpose your content for new channels rather than doing it from scratch. This is a huge time saver as you can always borrow from some of your previous work.

With this, you can easily scale your work, thereby reducing your time on such activities and putting it in your core tasks. Analyze your daily work processes, then outsource tasks that you feel are routine. Once this is done, you will easily know how to scale your business.

Freelance Advice: Summing Up

These are some of the freelancing advice that you can take care of while beginning your journey. If you just started freelancing, you are bound to get confused, and there are a lot of things in your head. This is common and does not freak out. We assure you that by using these tips, your burden to a lot of extent would be reduced. It is common to make mistakes; however, it is important that we learn from them and accordingly correct them.

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Trading has been evolving ever since the Early Men decided that they would exchange useful items and called it a barter system. We may have come a long, long way from the barter system, but the basics of business are still the same. If you are giving away more than you are getting back, you’re probably incurring immense losses and your business is on the brink of going bankrupt. No, we’re not scaring you. These are just facts.

A modern business owner in today’s world has a lot on his plate already- maintaining sales, customer satisfaction, bringing innovation, boosting productivity amongst employees, etc. Amongst all these job roles, a job as significant as business expense tracking gets lost. You cannot afford to overlook this vital component of your business, at any cost. You need to pay extra attention to what goes into this and what outcomes you are having. Only a businessman who has successfully tracked his business expenses can dream of making it big and making sure that their business stands out from the rest of the clan.

Small businesses have a harder way around doing this job in the early years. They need to be very cautious with all the expenses that they are doing and keep an alert check on all their money pathways because the revenue generation may not be as high as one aspires to during the early stages of their business. They need proper financial advice regarding crucial matters and a helping hand to track expenses for small businesses. In this blog, we are going to talk about what exactly business expense tracking means, how it is important for your small business, and also suggest some excellent ways by which you’ll be able to achieve this for your own company.

What is Business Expense Tracking?

As mentioned early on, business expense tracking is the continuous and diligent tracking of every business expense that is undertaken by your company, no matter how small or large. This plays an important role in creating a working and expense budget for your business. This involves taking note and maintaining a record of client receipts, the delivery invoices sent, and also the outgoing expenses incurred by your business.

This helps in making certain that your small business has commendable financial growth and health. It prevents you from investing too much in risky operations and understanding the market value of your business.

This will help to make your bookkeeping more accurate and adaptable. You can make forecasts with the help of this and explore several different trends that you observe in your number sheet. You might feel that this is a boring job and doesn’t require much of your attention.

But, in reality, you’ll find out that your business is actually not doing as great as you thought it was doing. This can serve as a reality check and also help you realize a lot of the weak and strong points of your small business. Working for a small business can be equally overwhelming and you might need some tips to manage your small business finances as well.

Why is tracking expenses for small businesses so important?

Manage your money better

To ensure success, your business must be able to stay at the top of its game for a continuous time period. Any break-outs in the middle can have an impactful effect on your business scale.

With business expense tracking, you can better manage your money and keep a look-out at what avenues your money is going to. You will stay financially aware throughout the working year and this itself will be very beneficial for your company. Maintain a good livelihood for your business by ensuring enough cash flow into your company accounts.

Be prepared for the tax season

When you have a solid record of all the expenses that you have made throughout the year, you wouldn’t be searching and looking through your bed mattresses and tablecloths for due receipts, when the dreaded tax season arrives. This will act as a safety net to prohibit you from spending extra money than what you are supposed to be keeping a check on all the tax-deductible expenses. These expenses include telephone bills, internet bills, bank fees, travel-related expenses, home office-related expenses, etc. Know and be aware of all financial issues faced by your small business. Expense tracking will make sure that the tax season does not come as a big blow to your small business.

Be able to give money back to your employees

With business expense tracking, you will be able to keep your employees happy. How so? By giving them timely reimbursements. You can take them out to team dinners, plan a worthy vacation once a year for your employees and make sure that they know you are thinking and taking measures for their recreation and happiness. When your employees are happy with the services that you are providing them, they will stay loyal to your company and work their level best to make sure that the business runs smoothly. Tracking expenses for your small business will easily help you achieve this.

Business expense tracking makes business forecasting easier

Calculating the profitability of your business becomes way easier when you track the expenses properly. All you then need to do is subtract the expenses from the total revenue generation of the month or year. This will help you to convince potential investors better and will help you to prove to them that your business is financially stable. It is an organized way of displaying the workings of your business and the business transactions that are taking place. Stay up-to-date with all the expenses that are taking place in your business and you will be successful in offering your clientele and stakeholders your business strategies, ideas, and goals.

How to track expenses for small business

How can business expense tracking be done by small businesses? 

Below listed are a few easy, cost-effective, and highly useful ways by which expense tracking can be done by small businesses. Read on if you are still confused about how you can properly track all your business expenses and make note of all the suggestions. This can be a good place for you to begin your work.

Step 1: A business account must be established

Small businesses start in a one-room apartment- True. Small businesses are personal and may have only a handful of workers- True. Small businesses do not need a separate bank account because they are small- False.

This idea will cause your business immense havoc. You need to have a separate bank account for your business the moment you embark on this journey, irrespective of where you start it from and with how many people.

Your personal bank account should always have bank statements and expenses that have taken place owing to your expenditures that have nothing to do with your company. Putting your company’s expenses in the same account will only make you face trouble trying to separate between the two; it will make the lines blurry between the two unrelated expenses.

All your business expenses should be done from this same bank account. You will need a business account, a savings account, and a credit card allotted exclusively for your business-related ventures.

Some of these credit cards can give you cashback on certain purchases. Avoid using cash as much as possible and ensure all your transactions happen online. Using e-money will keep your expenditures in check.

This option is not only better for your business, but also will save you a great deal during tax payment season. A digital transaction will always come with a receipt which will help you keep track of your expenses. This is your very first step at business expense tracking. 

Step 2: Take good care of your receipts

You probably did not think THIS would be a part of tracking expense for your small business but, here we are. You must keep track of each of those tiny little paper pieces that you receive after purchasing your business.

This can be over-burdening but if you try to follow some simple steps, it may not be as hard as you think it is. Just have a separate envelope for collecting all these paper receipts and try to fill your receipts daily.

You can use binders to meticulously store all these receipts and you will not have to stress on whether you have dropped some of them at a place. Scribble the purpose of the purchase on the receipt so that even if you do not account for it just on that day, you do not have to wrack your brains trying to recall why you made that purchase.

Keeping a business calendar ready on Outlook can also help you to track your purchases and the reason behind each of them.

The trouble with maintaining paper receipts is eliminated with the advent of digital receipts. You will easily be able to track your business expenses with good software available online. When you use online invoice and expense tracking software to track expenses, all you will need to do is take a snap of your receipts and link them to your expense records on the app.

It is that simple and easy. You wouldn’t need to keep a separate file or a binder in order to store your receipts for future use. Half of your job will be done by this software and you wouldn’t have to raise a finger.

Business expense tracking - overview of expenses in the app

Here is how you can maintain your receipts using the Billdu app for iOS devices. Just click a snap of your receipt and upload it to the Expenses section on the application. Select “Open With Billdu” and the receipt will open up on the application.

You can also use the Billdu Web app and your Expenses section will keep track of all your receipt details. The Expense section on the web page looks like this.

Overview of business expenses in the Billdu app

Step 3: Make a detailed spreadsheet

If your business is still very new and you are just starting with small paid projects, then it is probably the best option for you to make a spreadsheet out of all the expenses that you are making.

This is easy and wouldn’t need you to sit for hours trying to figure out what to do and how to do it. Even if you have very limited knowledge of keeping records and handling data, you will do just fine with a spreadsheet.

A spreadsheet will help you to categorically segregate all your company expenses, will give you a platform to make daily updates about every new expense that you had to do, and will also be available to use for a prolonged period of time.

Business expense tracking is made simple and accessible with a working spreadsheet. The columns of your spreadsheet need to have categories such as date, vendor, cost, purpose, mandatorily.

Your spreadsheet will give you an idea as to what component of your business is needing hefty sums of investments and which avenues are yet to flourish properly.

Step 4: Use software

You may use complex accounting software if you feel that you would need complex data management. Or you can just go for simple and easy-to-use small business invoicing software such as Billdu and your work will be smooth and hassle-free.

You can easily use the predefined invoice templates in this tool. It is all very user-friendly and will help your business reach greater heights. And of course, Billdu comes with powerful business expense tracking features.

Track expenses for small businesses to ensure that your business works just the way you want it to and that everything goes according to your plan. There is a 14-day free trial available for you to get accustomed to the software and receive all your business-related advice in one place. Start your trial now.

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If you’re planning to start a new company this year then be inspired by our list of the top 10 small business ideas. It’s essential to acknowledge what once worked and resulted in a great business just over a year ago, may no longer be the best plan in the current global economy. The COVID-19 pandemic has altered the way many businesses operate.

Your role as an entrepreneur is to understand the current dynamics in the business world. If you want to succeed, the next step is to make sure your startup fits in with what the market demands. For example, most traditional businesses have had to transition to the online business model in order to survive the pandemic environment. The key to coming up with a successful business idea is figuring out what people want in today’s world.

Advanced digital technology does mean many businesses are moving over to online operations. However, this doesn’t mean you’re limited to online business ideas. While brick and mortar type businesses may not be as popular these days, we’ve also come up with ways you can run a physical entity.

Read on as we share our top 10 small business ideas that are taking off in 2021. These creative small business ideas should inspire and motivate you to be a successful entrepreneur operating according to the new norm.

1. Virtual PA Services

With more companies having to operate from their homes or smaller premises because of rising rental costs, business owners prefer to employ workers who can operate remotely and virtually. This includes the services of a personal assistant. If you love the idea of managing someone’s diary, organizing their weekly tasks, and handling administrative jobs, becoming a virtual PA could be a good business to start.

All you need is Wi-Fi and a fast computer that will help you deliver work fast and efficiently. This means you can work from home and set up a flexible schedule that works best for you and your client. Be prepared to handle tasks such as booking events, managing travel arrangements, issuing online invoices, and scheduling meetings. Running your own successful virtual PA business can be profitable if you’re a meticulous and organized worker.

2. Mobile Mechanic Services

Whether we’re in a pandemic or not, people still need to drive. And that means car repairs still need to take place. While a lot of vehicles require fancy diagnostic machines before repairs can be carried out, this doesn’t mean your services as a mechanic are no longer needed. Often cars need a simple maintenance or repair job that can be done without having to book it into an auto repairs workshop.

If you’re trained in auto repairs and want to start up your own business, offering your services as a mobile mechanic could be a lucrative idea. You’ll be saving your customers the inconvenience of leaving their vehicle in a workshop for the day. Instead, you can perform oil changes, headlight repairs, battery repairs, and more right in your customer’s garage or office parking area.

Yoga teaching as a small business idea 1

3. Personal Wellbeing Services

People are always looking for ways to improve their personal wellbeing, even more so during stressful times. Offering your services as a yoga teacher, life coach, therapist, or fitness instructor are good business ideas to consider. What’s more, you can offer these services online using Zoom or similar video conferencing tool.

If you’re passionate about helping people in personal development, getting fit, or equipping them with the tools to improve their overall wellbeing then turn it into a business. You can offer your services one-on-one, in groups, or through online courses. By tapping into every person’s desire to improve themselves, you can grow your personal wellbeing services into a profitable business.

4. Mobile Nursing Services

Offering mobile nursing services is an excellent business idea for people who have trained as a nurse or caregiver. If you’ve recently retired as a nurse but you’re still keen to keep yourself busy, you can offer your services as someone visiting the homes of your patients. Running your own mobile nursing service could become a profitable business once you’ve built up your clientele.

Mobile nursing services can include:

  • handling blood tests and COVID-19 samples for testing.
  • offer to clean wounds
  • take daily vital signs
  • assist patients with mobility difficulties
  • administer medications

Post-operation care is also often required by patients who choose to go home rather than go into a step-down facility.

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5. Online Copywriting Business

No. 5 in our list of top 10 small business ideas is closely connected to what you are reading now.

If your skill lies in writing, consider starting your own online copywriting business. Content writing has grown exponentially and will continue to do so as long as digital marketing is around. People are always looking for writers who can write blogs, e-books, website content, and email marketing information.

With more businesses going online, business owners are hiring the services of strong writers for their websites. Affiliate programs are also taking off and clients need copywriters to assist with their blogging and writing of product reviews. Offer your services through a freelancing marketplace and just make sure you have a quality laptop and decent internet connection.

6. Mobile Food Trucks

Before the pandemic, opening a coffee shop or restaurant was one of the most profitable business ideas to pursue. However, with brick and mortar rental prices on the rise as well as stricter health and safety regulations, these traditional businesses are taking a knock. Instead, why not turn your passion for food into a thriving mobile food truck business?

Food trucks offer a more flexible way of delivering meals. You can park your truck at a local market, offer your services at events, and serve food during filming when film crews are on location. You can even park your food truck in a strategic spot for people desperate for a good cup of coffee while driving in rush-hour traffic! Just research the health regulations for operating such a business in your area before you start.

Small business ideas - online courses

7. Online Courses

If you have experience in a certain industry and want to share your knowledge with others, why not start creating and selling online courses? Online platforms are making it easier for businesses to create, market, and sell their digital courses. Never before has online teaching been such a viable business to tap into! So, if your skill lies in education, turn it into a profitable service.

To be successful as an online teacher you need to take advantage of one of the many platforms designed to help you create and sell your courses. Once again, you’ll need a decent PC and good WiFi connection but also the ability to craft interesting curriculum content. You can either teach online through an existing online education marketplace or build your own website.

Although online courses have been around for a while, their usage has skyrocketed over the past 2 years and running your business in this niche is definitely one of the top new small business ideas that are around.

8. Bookkeeping and Accountancy Services

Bookkeeping and accountancy services will never go out of fashion! Business owners are always looking to hire the services of a bookkeeper or accountant. If this is your field of expertise, consider turning it into your own income stream.

Many entrepreneurs may come up with good business ideas but when it comes to managing their cash flows they get overwhelmed. Your services as a bookkeeper or accountant will be invaluable when it comes to helping startups with money management. Your role could include processing invoices, preparing financial reports, and handling tax submissions.

9. Mobile Car Wash Services

One of the most profitable business ideas 2021 has seen come to light is providing mobile car wash services. Once again, as more people continue to work from home, taking their vehicle to a car wash facility may become a bothersome task. A mobile car wash service is a convenience many people are willing to pay for in order to save time.

The benefit of running a mobile car wash business is that you don’t need a physical location that’ll often cost you an arm and a leg. Minimal capital layout is required with startup kits available for starting your own mobile car service. Always do a full market assessment to see if this kind of service is in demand in your particular area.

10. Consultancy Business

Put your knowledge and expertise of an industry to good use and make yourself available to advise others in the same field. Setting up your own consultancy business is an excellent way of putting years of experience in a certain industry to good and profitable use. Business owners are always looking for advice and guidance so make sure you’re the person they hire.

Offering your services as a consultant can include presenting at conferences in your area of expertise or serving as a board advisor for a business. Your expertise could also be used for companies developing strategic plans and visions for their own businesses. The benefits of running a consultancy business are minimal capital outlay, working to your own schedule, and empowering other businesses to be successful.

Now we’ve covered the top 10 small business ideas which you can use to start and/or develop your small business in 2021. But what is there to know before you start a small business? Read on!

What You Need to Know Before Starting Your Small Business

Before acting on one or more of these small business ideas and setting up your own small business, it’s essential to know what you’re doing and why. The good business ideas we’ve shared here involve operating in different industries and having various skills and knowledge. In order to turn these ideas into successful, profitable, and satisfying businesses, ensure you do the following:

1. Explore Creative Small Business Ideas and Do Research

Most of the business ideas we’ve listed in our article offer a service most people need. But to make your small business stand out in the crowd, you need to be innovative and creative. Exploring different creative small business ideas is always key to finding a concept that may sell your services. But, always do your research and make sure there’s a market for what you’re offering.

Your research should include:

  • Knowing your niche market: Identify your target audience and determine what their needs are.
  • Being the solution: Does your business idea help to solve your niche market’s needs and problems?
  • Identifying the competitors: Gauge the competition in your market and determine if it’s going to be a challenge to obtain a piece of the market share.
  • Earning potential: The aim of your small business is to make it profitable so check out the earnings potential of your idea before putting it into practice.

By using these guidelines, you can do an in-depth research of your business idea. The results will help you decide if it’s a business worth investing in.

2. Be Organized – Develop a Business Plan

If you’ve decided your business idea is a profitable one, then you need to start organizing and setting up your company. The first place to start is preparing a good business plan. This includes all the information you need for setting up your small business such as:

  • Core activities
  • Objectives
  • Financial obligations.

Every startup should have a well thought out business plan so their goals are clearly defined. Going forward you can keep yourself focused and on track by measuring outcomes against this plan.

Also make your business official and ensure all the legal aspects of running a company is taken care of.

A well-developed business plan is also useful if you want to approach a bank for a loan or attract other investors.

Final Thoughts

Starting a small business should be exciting, since it contains potential to help you live your dream and benefit your bank balance. Our list of the top 10 small business ideas can help you get started as an entrepreneur. However, before starting any business it’s crucial to do your own research. What works well for one business owner may not necessarily work for you. But, this shouldn’t stop you from running your own small business.

Get creative and explore the many ways you can run your own small business whether it’s online or through offering mobile services to make your customers’ lives a little easier. Through innovation and taking advantage of digital technology, you can come up with a range of good business ideas to help you succeed as an entrepreneur in today’s business world.

Remember, our Billdu website contains excellent features for managing all your small business invoicing needs as a digital Nomad! Once you’ve got your business idea up and running, make sure you take advantage of automated invoicing software to ensure your company’s cash flow stays healthy!

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If you are one of the millions of millennials, you’ll remember those dreary days when we had to sit for hours in front of our personal computer getting rid of extra stored data from the hard drive. What an absolute headache the whole process is. Business owners and especially small business owners have it really hard because they have to deal with this issue once or twice every year if they want to keep their business up and running from the same one-room apartment that they are working from. It gets really difficult, no doubt about that.

Managing storage while you have immense collections of data pouring in daily is not a child’s play. If you really wish to keep working like this, then you must make some foundational changes in the way that you do business. Firstly, you need to migrate from your computer hard drive to cloud accounting software. And just like that, all your problems relating to storage and managing of data will vanish within a span of time. Well yeah, it may not be as easy as it seems but even considering cloud accounting software is a great start for your business.

Once you start considering the prospect relating to a software that is heavily based on the cloud storage system, you would want to delve deeper into the mechanics of this and how it works. When you have gotten rid of all kinds of doubts from your mind regarding this, you would want to know the pricing and if it’s affordable or not.

All of this is a process and may not happen over a few days. For the transition to take place; you as a business owner need to trust technology as much as possible and you also need proper guidance throughout the process. In this blog, we’ll discuss this very technology and how it is beneficial for your business. So, let’s begin.

What is Cloud Accounting? 

Accounting that takes place online using remote means is popularly known as cloud accounting. To explain it better and in a more comprehensive way, cloud accounting or cloud computing involves storing data and accessing that data over the Internet. Cloud is a word that is used synonymously with the Internet.

The imagery produced is that the Internet is a vast cloud of information that prevails in spaces around us but is not perceivable or tangible. The cloud helps you to take your business to a whole new level and puts it right on top with all the big names in the business world. It is a huge technological and functional reset but it is definitely worth every penny that is spent.

Cloud accounting is not very different from desktop accounting but there remains a key difference which puts everything that is done on a cloud accounting software, onto a cloud platform and then expands your database on it. Before cloud accounting software came into existence, accounting was heavily dependent on desktop-based accounting software. The main issue with this was a very limited access to the data that is stored by you and also owned by you.

There is a constant need to update the features of the software, even after a heavy installation fee. The overall investment into this software is huge and honestly, very unnecessary. Business owners have now realized the importance of having a cloud-based accounting system and a lot of them have made the leap from the traditional methods to this up-and-coming technological innovation.

How Does Cloud Accounting Work? 

A lot of people are keenly interested in knowing how exactly cloud accounting software works. We have that information for you in the simplest terms. So, when the users sign up for an accounting software online, they are required to shift their business books to the cloud. This would help them to get access to their business accounts and records at any time of the day from any web browser or device.

It can be on an app from their cell phone or through the web browser on their laptop. Users may also connect the software to their business account which would help in a smooth flow of expense reports and transaction details from the bank account to the software without the need for manual data entry that takes up a lot of precious time of the business owners.

Benefits of cloud accounting

What are the Benefits of Cloud Accounting? 

Getting Access to Real-Time Information

The ultimate need for speed would eventually bring every business owner to this pivotal element offered by cloud accounting software. You would want your company to move as fast as it can and for that reason a cloud accounting software helps you to get a real-time overview of your company’s financial situation.

When working with a desktop-accounting software you would have to spend a lot of time scouring through historical records of data from days or even months ago. Real-time access to data will not only help you to make big business-related decisions more accurately but will also help you in creating a steady future plan for your business.

Handle Your Accounts from Anywhere

You get 24/7 access to your business numbers and accounts with cloud accounting software. You have access to this information from any location, any part of the world. You just need to have the log in information that is exclusive to your company and a stable internet connection and you’re good to go. This would help in building stronger bonds between yourself and your employees; between yourself and your clients. Since getting access is so easy, organizing the data and working on presenting it in a systematic manner is also an option for all the users.

Facilitating a Paperless Environment

It is no surprise that the bigger the business, the more the transaction records and massive the clutter that is generated. You wouldn’t need to physically store any of your invoices, bills, expenses or anything when you are working with cloud-based software- mainly because everything is present and available online.

Every deal and every record ever made will be securely stored on your cloud for years and years together until you feel the need to delete them or get rid of useless information. Paper documents can be easily eliminated through this process and you wouldn’t have to scour through your belongings trying to find a single piece of paper that had some transaction details dating months back.

No Need for Monthly Software Updates

When you log in to the cloud accounting software that your business has invested in, you would immediately start using the latest version of the software. Unlike desktop accounting software, there is absolutely no need for you to sit and update your software again and again for every new feature that is incorporated into the software.

This saves a lot of your time and utility costs. You wouldn’t need to fix technical issues that go wrong in the software as the software provider is solely responsible for it. All problems that arise in the software are almost immediately taken care of by the software provider and this takes a lot of burden off of your shoulders.

A Secured Method of Sharing Data

Using cloud accounting software is a safe way of dealing with confidential information regarding your business transactions and dealings. You, as the owner, have to give access to whomever you want and only those who get access directly from you will be able to handle the data that is stored in your cloud software. The people who need urgent access to the data are your accountant, the financial advisers of your company, your bookkeepers and you yourself. You have the utmost control over who else gets access to your company records. This is a highly secured and quick way of sharing and updating exclusive information as it cuts down on the emails sent back-and-forth that anybody can get access to.

Live feed from Bank Account 

There are many cloud accounting software that offer you live feed from your bank account when you link it directly to your company’s account on the software. You wouldn’t need to sit and manually type in all the bank statements that you receive as it gets directly updated on the software. When there is a live feed, information from your bank account will immediately make its way into your software without you having to deal with any of it.

This will definitely speed up the whole process of gathering and storing data and would also give you a precise overview of your bank balance. An updated view of your saved capital will help you take better company-related decisions that require large investments. You can be a better judge of company needs when you have easy access to the financial situation of your business bank account.

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Effective Cloud Accounting Software for Small Businesses

Cloud accounting has made businesses run smoothly and has cut down on a lot of maintenance costs and utility bills, there’s no doubt regarding that. But, for small businesses that run on very simple grounds and with a limited hands-on deck, a cloud accounting software that is huge and complex may not be the right option.

You would then want something that is simple and also very effective. A software made solely and exclusively for small businesses, catering to all the needs and whims that a business with a limited stature has.

For times like this, you need software that makes good use of technological tools and serves only the best features to its users; for times like this, you need Billdu.

A one-stop software that takes care of all the needs of either an established or a newbie small business. Starting from creating invoices, expense records, professional estimates, a comprehensible dashboard, payment reminder and a lot more- all available on a single platform that is user-friendly and easy-to-handle.

Attractive Features of Billdu

Although Billdu is not positioning itself as a cloud-based accounting software, it definitely is cloud software for small businesses. The main difference is that in Billdu, you can handle or your invoicing and expense tracking, along with other possibilities, and then your accountant can login to access this financial data and take over the invoices and expenses (or just the balances) to their accounting software.

Some of the features of Billdu cloud software platform you will like:

  • Achieve high efficiency and save time with Billdu instant invoices and faster payments. You can make invoices in the easiest way possible using the Billdu software. Just click ‘Create new invoice’, fill in the data and the invoice is ready to be downloaded and/or sent to your customer.
  • There is small business expense tracking that you can do on the Billdu software. Expense tracking is a crucial step in keeping a track of all the revenues that are gathered by your company the ones that are spent as expenses relating to various business-related operations. Expense tracking with Billdu will help you get a clear idea of what part of your business requires your attention and what needs a complete reset. Count your assets and your savings before leaping onto another big investment.
  • You can create networks and form great business communication channels through Billdu. There’s a community of small businesses that learn and grow their companies while taking inspiration from each other. Billdu blog posts financial advice for all small business owners and are filled with tips and tricks to overcome a financial crisis. Keep track of upcoming appointments and increase your customer base using the communication tools built in Billdu.
  • Rest assured that your confidential documents and business-related records are kept safely at the Billdu cloud software. This is achieved using a secured server that is similar to the functioning of a bank. You can also create or edit your invoices while your device is offline. Billdu software supports offline mode that can be very useful if you were to travel to places with a low broadband speed.

All the features of cloud-based accounting discussed in this blog are highly essential for the smooth workings of a business, be it small or large. You absolutely need cloud-based software for better accuracy, precision and efficiency in your business.

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Managing the financial sustainability of your entity comes with a bunch of responsibilities including having credit policies for small businesses in place. To ensure your company is growing, you have to keep a close eye on your cash flow at all times. Issuing invoices is easy enough but checking that payments are done on time is another story altogether!

Credit management is key to the success of any small business and needs to happen from the day you start operating. Having a credit policy for small business purposes means you’re taking the financial obligations of your organization seriously. This is one document every startup should have in place before opening for business.

But what is credit management? And how does a credit policy help you as a small business owner? Read on as we talk about credit control and how to manage it so your company’s earnings are well-protected and your cash flow remains healthy even through difficult times.

What is Credit Management for Small Businesses?

For an enterprise to thrive they need to have good credit management. This is the process by which credit terms are granted to customers with clearly defined payment terms. A good credit manager will always try to minimize any risk while still maximizing potential opportunities for a sale.

Trading on credit is a popular practice in the B2B environment. Offering credit to customers means you’re extending trust towards building a good business relationship with them. Operating on credit is an essential business tool many companies use to foster long-term relationships with their clients. However, if it’s not well-managed it can become a cash flow problem for you.

Credit control is a fine balancing act. It requires mitigating any potential risks while determining exactly what length of credit term you should extend to a customer. The longer the credit term, the more you’ll feel the impact of non-payment on your cash flow.

Efficient credit management

The Dangers of Poor Credit Management

Poor credit management often leads to a business becoming bankrupt. This is one of the main factors leading to startups failing soon after starting their own enterprise. New small business owners are so keen to build potential clients that they’ll willingly offer credit without taking into consideration the pitfalls of such practice.

Without having a clear credit control policy in place from day one, you’re already exposing yourself to poor money management. A credit policy for small business purposes can prevent the following dangers from happening:

  • Bad management of accounts receivable leads to less capital for the business to invest back into the company.
  • Higher risk of taking on slow payers which means payments are always delayed for longer than the business can afford to carry.
  • Exposure to fraudsters taking advantage of your credit terms to exploit you and your business.
  • Poor monitoring and evaluation of your cash flow on a regular basis.

To avoid the dangers of poor credit management, it’s essential to have credit policies in place.

What is a Credit Policy for Small Business?

Good credit control means you’re minimizing the time you have to wait for payment once you’ve supplied your customer with goods or services. A credit policy gives you clear and concise guidelines on what credit to extend to your customers and what type of payment terms to offer. This document also describes the process to undertake when offering credit to a customer.

Why Small Businesses Need a Credit Management Policy

A credit policy for small business purposes means you can offer credit in a controlled manner. This way, you’re extending credit while leaving no doubt in your customer’s minds as to when you expect them to pay. Clearly stipulated Payment terms can include conditions such as late settlement fees, due date, and method of paying.

When you implement credit control procedures from the start, you’re not only issuing professional invoices on time but you’re handling receipt of payments in a controlled way. This prevents wasting time chasing up outstanding payments. Credit policies also help you to plan your cash flow and calculate what your business can afford to float financially when offering payment terms.

Credit policies for small businesses

Steps to Implementing a Credit Control Process

The number one benefit of having a credit control policy in place is that it defines the process, step-by-step, when offering credit terms to a customer. A good credit manager would ensure that the sales team is fully clued up on this process. And, if you’re a one-man show, you as the business owner, will be able to offer credit terms knowing that you’ve gone through the process beforehand.

Following the credit control process minimizes any risk of getting non-payment or taking on slow payers. It also gives you guidance when you think you’re dealing with a con artist trying to take your business for a ride!

Step #1: Get to Know Your Customer

Getting to know your customer is the vital key to successful credit policies. This knowledge helps you in deciding whether you extend credit or not. If you miss this step out, you’re already in murky waters when it comes to proper credit management! Find out everything you can about your potential customer. Relevant information can be captured by asking your customer to fill in an application form for credit terms.

This application form will give you all the details you need to perform a credit check. It gives you permission to get a full credit report on your potential client and a full indication of their payment behavior with other lenders.

Step #2: Set Realistic Credit Terms

When you have all the necessary information about your customer obtained through Step #1, you’re better placed to decide on realistic credit terms. This is another important part of credit policies for any business. You’ll be able to determine how much time you can afford to give your client and the type of payment terms you’re willing to offer them.

These credit terms need to be fully detailed and formalized so there’s no dispute further down the line when it comes to making payments. Ensure your customer understands the terms you’re extending them and get their full agreement before you deliver goods or services.

Step #3: Be Clear About Your Debt Collection Process

A good credit management policy should include a debt collection process. Having this clearly spelled out makes it easier for your administration and sales team members to inform potential clients what will happen if there’s late or no payment.

Details for debt collection make it easier for your company to follow through when a customer defaults on their credit terms. At no time should a small business owner feel they can’t claim on debts outstanding to them.

Common issues with credit policies

Step #4: Be Prompt With Your Invoicing

No customer will take your business seriously if you don’t issue professional invoices promptly. When you’ve made a sale, make it your priority to issue an invoice. This way, your customer is reminded of their credit and payment terms which should always be clearly stated on your invoices.

Automated invoicing software keeps you ahead of the game when it comes to issuing invoices. You can have peace of mind the invoice is mailed directly to your customer’s inbox and it’s easier to track all payments received.

Step #5: Keep It Simple

Nowadays, more companies are switching over to automated invoicing systems. These systems simplify the whole process of credit management making it easier for you to issue invoices and receive payments faster, or at least, on time.

A credit control policy would encourage you to install an online invoice generator so you can send out simple invoices that include all the information your customer needs. You could also include a pay button that allows your customer to make online payments, quickly and simply.

Step #6: Thank Your Customers for Payment

The sixth step in implementing functional credit policies is to always follow through on payments made and thank your customers when they’ve paid your invoice. This step ensures you grow a good relationship with your customer and encourages them to come back to you for more business.

When a client honors your credit terms, you want to keep them on your books. Nurturing business relationships with good payers means you can be sure they’ll prioritize your company. And, you can rest assured payments on future sales will always be honored.

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Common Mistakes You Can Avoid With a Credit Policy

Poor credit management leads to trouble and if you don’t have a credit policy in place, you could end up facing the following common mistakes most small business owners make:

  • Poor customer relationships: The simple act of not saying thank you for payment can make a customer feel ignored or disrespected. Poorly designed invoices can also frustrate your clients leading to slower payments leaving you feeling resentment towards your customer.
  • Aggressive chasing of payments: The last thing you want to do is get aggressive with your customers because of slow payments. However, this is what often happens when you don’t have a clear credit policy to guide you on how to set credit and payment terms properly.
  • Slow invoicing: You can only expect payment when an invoice has been issued. When you’re slow in issuing invoices, your cash flow will take a knock as you wait for the money to come in.
  • Poor debt collection: When the debt collection process is not clearly defined for both the business owner and the client, it makes it harder to collect on outstanding payments. Instead, many companies choose to ignore late payments rather than face the client and come to an agreement that’s amicable for all parties involved.

By setting up a proper credit policy right at the beginning of opening your small business, you can avoid all of the common mistakes mentioned above.

Credit Policy Examples

You can easily find credit policy examples on the internet. If you have an accountant or bookkeeper managing your financial systems, ask them to set up a credit policy. If they’re not sure how to do this, they can find free templates online.

Here is a breakdown of a credit policy example for you to use for your own small business. It’s made up of the following components:

The Purpose of the Credit Policy

The purpose of the credit policy should be clearly defined. This could include a statement such as the following:

“This credit policy offers clear guidelines outlining the requirements for terms of payment with the entity’s clients. These guidelines stipulate the process through which credit may be offered as well as how to monitor payments. This policy also stipulates payment terms for customers who don’t qualify for credit with the entity.”

The Scope of the Credit Policy

This component of the credit policy states the sales it’s applied to. The policy will define to whom, and within which country or location, sales are made. It also clearly states the types of contracts the small business can fulfill or perform.

The Main Body of the Credit Policy

The main body of the credit policy should include the following statements:

  • Which customers may be granted credit terms.
  • The amount of credit granted.
  • The number of days within a payment must be made.
  • Reviewing the customer’s application form for awarding and adjusting credit levels.
  • Who is responsible for offering or adjusting credit terms such as the credit manager or the business owner.

Make sure you cover all aspects of credit control so there are no grey areas when it comes to granting payment terms to potential clients.

Final Thoughts

Proper credit management is the key to running a successful and financially viable small business. By ensuring you have a solid credit control policy in place from the day you open your enterprise, you can rest assured your cash flow will stay on track.

If you need support in managing your invoicing process check out our Billdu website to find out more about our automated invoicing platform for small enterprises. Proper invoice management is also key to good credit control practices so make sure your invoicing systems are fully automated for a smoother process.

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If you are a small business then it is crucial to have every bit of your expense managed. Since automation and cloud storage are coming more into the mainstream, small business owners are taking full advantage of them to run their small businesses succeed.

The pandemic has seen a huge growth in small businesses as more and more started to invest their time into their passion project. With hundreds of small businesses currently on the internet, you must invest in things smartly to make your small business stand out. Investing in business expense tracking apps could be one of them.

Most small business owners are single-handedly running their business, so they must invest only in one of the best business expense tracking apps to have every detail of the expenses on their smartphones.

Small business owners have to go through all sorts of expenses themselves, right from rent, utilities to types of equipment, inventory, license, and even insurance expenses, to make sure they stay within their secured budget is best f they invest in one of the best apps for tracking business expenses. This guide will provide them with some of the best apps to track business expenses to maintain the finances of their small businesses.

Reasons for trying out business expense tracking apps

Why should small business owners invest in an app for tracking business expenses?

It effectively eliminates paperwork

One of the most common reasons for investing in business expenses tracking apps to avoid paperwork because let’s face it, if you happen to own a small business then paperwork takes up almost all of your time. It also significantly reduces the risk of having any errors or delays in submitting expenses and invoices.

Accessible anywhere anytime

When you decide to invest in one of the best business tracking apps, you are automatically entitled to access your expenses report anywhere and at any time of the day. the cloud-based storage facilitates the accessibility, submission, and approval of expense reports at all times of the day without even having to be in your workstation. It provides small business owners with flexibility and workforce mobility.

Say goodbye to data losses

The most common problem experienced with handling physical financial reports through paperwork is that they often get misplaced.  Losing or misplacing expense receipts not only disrupts the tracking of finances but also creates a gap. Investing in a good business expense tracking app will allow you to scan receipts at all times so you longer have to wait till you return to your workspace.

Create financial awareness

Effective tracking apps will create financial awareness because you will be having the receipt and knowledge about all the expenses that had taken place in your small business.  You will be making better business decisions now that you have the entire expense report of your small business. Here are the 10 best apps for tracking business expenses.

Best apps for tracking business expenses

Billdu

One of the best apps for tracking business expenses, Billdu lets you scan all your receipts and bills in real-time with its scanner, inbuilt into their iOS and Android apps. All your bills will remain in order and you can access any of the bills at any given time of the day. Billdu is available as an online app or an app for iPhone or Android.

Billdu is more than an expense tracking app – it contains an invoice maker that can take care of issuing invoices, including recurrent invoices. The app has been designed keeping in mind the convenience of the users; the interface is extremely friendly and simple and allows you to maintain your entire financial reports without any trouble.

The Billdu app is one of the best apps for tracking business expenses. Actually, we believe that it is the best expense tracking app available on the market. It would be weird if we haven’t thought that, wouldn’t it? 🙂 Billdu is very affordable, a standard monthly plan is cheaper than your next Starbucks coffee run. You can choose your desired package after you go through our risk-free trial.

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Zoho

This tracking app has been designed to keep a record of all your bills and receipts, not only the ones involved in your small business but also, travel expenses, credit and debit card bills. The interface is simple and all you require is your smartphone to scan and record the bills, manage the reports and calculate the total expense. The mobile app has been created to allow small business owners to conveniently manage both their business expense and their personal expenses, all together in a single app.

The app provides cloud storage of around 5 GB, facilitates the use of multi-currencies, provides several project tracking features, and even allows small business owners to sync their credit and debit cards. The apps allow business owners to easily send receipts to customers and also save the receipts without any fuss. The Zoho Expenses Mobile app has a pricing of $3 per user every month. You can choose the plan that caters to your needs after you go through their 20-day free trial.

Quickbooks

This online software has been designed to manage your business expenses, customer invoices and even calculate a project’s profitability. It is perfect for small businesses and helps small business owners to manage their finances and prepare them for taxes effectively.  The app allows owners to connect with banks and accept bank transfers in the invoice.

The app allows transactions in over 145 different currencies. The app’s inbuilt project tracking feature is quite noteworthy along with its tracking of incoming and outgoing VAT. The app is even designed to generate a VAT report.

The app has a 30 day free trial period for all its potential users. You can customize the app according to your needs and convenience. The app comes with high-quality inventory management features. The pricing of Intuit QuickBooks mobile app is very pocket-friendly; it starts with just $7.50 per month and the highest plan cost around $45 per month, although it comes with its own set of perks.

BizXpense Tracker

One of the best apps for tracking business expenses if you happen to be a small business owner. You have the option to monitor and manage the time you spend on each project and can even customize the app according to your needs.

BizXpense Tracker app allows you to save your expense report in the form of PDF or even CSV. Along with the standard calculation, organization, and management of receipts and bills, the app also allows you to calculate the working hours of your employee if you have any, and even their overtime hours. You have the option to send the invoices via mail to your clients or even submit them in dropbox, depending on the convenience.

The app has several features, multi-currency transactions and allowing small business owners to send over their expense reports being two of the most important. The app is extremely easy to set up and has excellent customer support. One of the best apps for tracking business expenses, the BizXpense Tracker app is compatible with both iOS and Android smartphone users and is available at a monthly cost of $6.99, which is extremely affordable if you happen to be a small business owner on a tight budget.

Business expense tracking apps overview

Expensify

Designed to not only track expenses but also report the expenses, this app generates your expense report the second you import your credit or debit card transactions. The app has been designed to integrate with several other applications including Uber, Revel, and Oracle among others. The app allows you to store the receipt for as long as you want after you scan them into the app. You will be allowed to organize your receipts according to dates to maintain distinct transparency about your finances.

It is one of the best business expenses tracking apps because it has many features. Multi-currency transactions and permission to let multiple users operate the app from one single account being two of them. You even have the power to submit your reports to an auditor. It has been created with one f the most advanced Tax tracking features that help you to calculate tax reports for your clients and even you as a small business owner.

The app has a very user-friendly interface and is quite easy to manage. This app is compatible with the majority of smartphone users as it has been designed to cater the iOS, Android, and even Windows users among others. The pricing of the app is quite affordable starting right from $4.99 per month.

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Shoeboxed

One of the best apps for tracking business expenses, Shoeboxed helps small business owners to effectively scan the receipts and bills and extract crucial data from those to create an expense report. The app also helps to conveniently manage and organize the documentation of your finances digitally. The mobile app allows small business owners to send images of the receipts instantly to the clients. The app has been designed to help in the easy calculation of tax filling and reduces taxes and eliminates the extra paperwork.

Integrated with other apps used for documentation including Evernote, QuickBooks, and even HP; Shoeboxed houses several important invoicing features. It makes receipts audit-ready the moment you scan them into the app. You will be able to send or even receive receipts and bills via Gmail. The apps allow small business owners to conveniently organize the receipts and digitize them without having to worry about data loss. Shoeboxed has a pricing plan that starts from $22 per month.

Rydoo

Also one of the best business expense tracking apps, Rydoo is a cloud-based tracking app that lets you manage your expenses neatly along with a reporting solution for all your business expenses. It is designed in nine different languages and is efficient for all types of business, right from small businesses to medium businesses to big multi-national companies. The app’s webs scanner lets you scan the receipts and import them to your Rydoo account instantly. It effectively helps small business owners to generate a monthly or even weekly expense report.

Rydoo comes with many noteworthy features, it offers Its users integration with multiple apps required for the import of documents including dropbox, oracle, Xero, and  Slack among others. Designed to let people scan multiple receipts at a go, the app has an extremely simple interface and is extremely easy to manage and run. It eliminates wastage of time by automated approval and allows users to store every piece of a document on the cloud to prevent any possible data misplacements or even losses.

This highly compatible mobile app has very cheap pricing plans, right from $7 per month to customizable plans depending on how big your company is and the number of users it requires.

10 best apps for tracking business expenses

Concur Mobile

This app allows the users to receive and record business expenses from multiple different sources and organizes them neatly before generating expense reports for your small business.  This app is perfect for those whose business compels them to travel a lot because it has a feature to book tickets, hotel, or even track the places you are going to about your business.

The app has a very neat dashboard that allows you via all your business expenses together. There are more than 25 different templates that you can choose depending on your preference. You can integrate your credit card to import the expenses. You will be able to track your travel expenses and attach them with your business expense if your business makes you travel to different places.

It is suitable for all types and sizes of businesses and conveniently allows users to manage their expenses. The app has automated software to generate expense reports without the users having to fuss about it. This compatible business expense tracking app has two pricing plans, one that costs around $8 per month and another which is customizable depending on the user’s needs and wants.

Freshbooks

Freshbooks is again one of the best apps for tracking business expenses which have cloud storage. It is perfect for small business owners who want to have an app that helps them with time tracking, importing, managing, and organizing receipts and bills and create an expense report thereafter. If you happen to be a small business owner, then you can invest in the services provided by Freshbooks to manage and organize your finances.

The app lets you create invoices for every client that you offer your services. The invoicing software provided by Freshbooks is top-notch and make sure every invoice generated by you is customized with your company’s logo and name.

The app accepts different payment methods including credit-debit card payments, online payments through bank transfers, or even e-checks. It also manages entries, trial balances, ledgers, and balances sheets quite effectively. The app also has a feature to generate recurring invoices generate reports which match the professional standards and even organize and calculate taxes correctly.

Freshbooks has several features including time tracking software that allows you to track the time you spend on each project, accounting features that make sure financial reports are created automatically, and even chat with your clients before sending them professional-looking invoices.

The app is extremely easy to use and simple to comprehend due to its simple interface. It reduces the chances of data loss to almost zero. The app is available at different pricing plans starting from $7.50 per month to a customizable pricing plan for businesses that have a huge profit margin.

Personal Capital

One of the best apps for tracking business expenses, personal capital not only allows you to monitor and create expense reports for your business but also gives you financial advice for free. The wealth management feature of the Personal Capital app lets you manage your business expenses through a single dashboard. The financial advisor helps you to review your expenses and investments, make the right financial decisions and draw up the best financial plan suiting your needs.

The app lets its users customize their portfolio, monitor and balance the expenses very efficiently. One of the most noteworthy features of this app is that it lets you see your entire expense report on a single dashboard. You will be able to see your cash flow through your account and even optimize your taxes.

Personal Capital helps you to manage all types of expenses without having to customize your account. The app is simple to use and lets you calculate your net worth, assets, and liabilities without any fuss at all. The pricing of Personal Capital depends on the amount of your balance.

When choosing an app to track your business expense, make sure you are looking for only the best in the market. Presently the best apps for tracking business expenses will allow you to generate invoices for different clients who decide to avail of your services.

In case you are looking for an app that lets you not only generate invoices but also manage and create expense reports, then the above apps could be the right fit for you. Just choose the one which caters to all your needs as a small business owner and helps you to effectively manage your business expense every day.

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