September 4, 2023
Are you looking for invoice software for Australian small businesses? These software programs take into account all your invoice capturing requirements and enable you to keep your records in order. This is essential when preparing for your tax submissions and good financial reporting.
Invoice software simplifies the process of issuing invoices to your customer ensuring that you maintain professionalism while doing business. What’s more, it’s easy to create tax invoices which is a legal requirement for all businesses operating in Australia.
Find out how to use invoice software to optimize your business while keeping all your records within the Australian tax laws.
The Benefits of Invoice Software for Australian Small Businesses
Running a business, no matter how small or big it is requires you to be professional at all times. And this includes managing your accounts efficiently. When your record-keeping is chaotic, you’re going to battle to know whether your business is operating at a loss or a profit.
Keeping track of your sales and making sure payments are made can become a headache. Furthermore, you could run into trouble when it comes to doing your annual tax returns. This is why installing an invoice software program is beneficial for small businesses.
Some of the many benefits include:
- Customizable features: Customize your invoice by including your company name and brand logo. You can also opt for your company colors when designing your invoices.
- E-invoices: The ATO allows for e-invoicing and the right invoice software lets you create online invoices which can be sent directly to your customer’s mailbox.
- Currency: Invoice software programs give you the option to pick the currency you want to use on your invoice. So, whether it’s Australian dollars or the English pound, you can change the currency on your invoice.
- Language: Business invoice software allows you to change the language on your invoices so if you’re doing business outside of Australia with non-English speaking clients, you can use the correct language to make reading your invoice easier.
- Tax calculations: Invoice software has been designed to make running your business simpler and this includes having automatic tax calculation features for whenever you generate a tax invoice.
- Faster payments: Online invoices often allow you to include a payment button for your customer. This means your customer will be able to make a payment as soon as they receive your invoice.
- Include attachments: Sometimes you may want to send supporting documents or a newsletter with the invoice. Invoice software can let you perform this action, easily and quickly, every time an invoice is emailed.
With all these benefits and so much more, running your Australian-based business becomes a whole lot easier with administrative tasks such as invoicing becoming a simple process. Now you have more time to focus on other key areas of your business.
Issuing Tax Invoices Using Invoice Software
The Australian Taxation Office (ATO) stipulates what tax invoices should be drawn up when a sale has been made. Any taxable sale of more than $82.50 (including GST) requires you to issue a tax invoice to GST-registered customers. This allows them to claim credit for GST included in the price of the purchase.
While this may seem like a daunting task at times, invoice software for Australian small businesses is your solution. Besides the benefits mentioned above, you can use invoice software to keep your tax invoices in the format required by the taxation laws outlined in your country.
Here are some ways invoicing software can make issuing tax invoices a simpler process for all your business needs.
All Details Can be Included
Details such as your ABN, descriptions of items purchased, GST, and more need to be included on all tax invoices drawn up for any purchases made from your company. While this may seem like a hassle, installing software for issuing invoices takes away the fuss. If you haven’t purchased business invoice software yet, you can make use of a free online invoice generator to capture all the necessary details on your invoices.
It’s Easy to Issue Receipt-Created Tax Invoices
If both you and your supplier are registered for GST, you can issue a receipt-created tax invoice (RCTI). Business invoice software will make this process as simple as creating a tax invoice and you’ll be able to include all the necessary information. This could mean embedding specific terms agreed between you and your supplier.
Saving Time With Recurring Tax Invoices
If you need to generate and send recurring tax invoices, invoicing software will do this for you. By automatically generating your tax invoices and mailing them to your customer’s mailbox, you can have peace of mind your accounts are on track. Plus, you’ll be saving yourself time to focus on other aspects of your business.
BAS Submissions Using Invoice Software for Australian Small Businesses
We all dread that time of the year when we need to start submitting our annual tax returns. For many small businesses, this can become a time-consuming and frustrating administrative task if proper records are not in place.
But Australian businesses are also required to submit quarterly business activity statements (BAS) depending on their type of operation. These forms are part of each company’s requirement to report on their tax obligations to the ATO.
To ensure the correct information is submitted on your business’ BAS form, your financial reporting systems need to be in order and correct. One of the ways to ensure this is happening is having a proper invoicing system. This way, you have all the proper information for sales made in the company.
Online invoicing software helps to keep all your records in order and giving your accountant all the figures they need for their financial reports. BAS submissions become a breeze when you’re issuing and keeping track of invoices with the right software.
