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When you sell services or goods for your business, you’ll enter an agreement with the client that involves completing a financial transaction. You can have a verbal or written agreement, and you’ll outline the transaction terms or document them with an invoice and a receipt. Receipts and invoices work as crusial documents for your accounting…
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As a small business owner, you will have to deal with dozens of invoices on a daily basis. Things might get even more complicated as your business grows and you start to have working relationships with more people. This can make managing invoices a very difficult job since it doesn’t only involve creating invoices, it…
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In an age where subscription-based products and services dominate the consumer sphere, understanding proration is a must for businesses and customers alike. In this article, we’ll discuss prorated billing in depth. Get acquainted with the pro rata definition; understand prorated charges, salary, and rent; and learn how to calculate prorated rates to deliver and take…
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The best invoicing software should ensure that self-employed individuals get paid on time and that their cash flow always runs smoothly and smoothly. In this article, we have compared and provided you with insights into the features of some of the top invoicing tools and how these can positively influence a business’s financial health. We…
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Invoices are the lifeblood of all B2B businesses. And in an ideal world, you’d never have to worry about getting paid. Unfortunately, that’s not the world we live in, and unpaid invoices are a common problem for companies of all sizes. Today, we’re here to help you overcome that problem. In this article, we’ll discuss…
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Invoicing is nothing new – quite literally. The first invoices appeared in ancient Mesopotamia around 2,000 BC. Since then, the technology has changed only a few times, simplifying and streamlining the entire process significantly each time.For one, we discovered new formats for invoices, starting with parchments and ending with printing papers. Then, we improved the…
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Increasing sales is one of the primary objectives of any business. After all, you’re in business to make a profit, and no matter how low your expenses go, your profit will never be substantial without a high sales revenue. While the right strategy to close a sale may depend on your product and industry, some…
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Every contractor knows that getting paid on time is crucial. Come on! We have to keep that business afloat. But let’s face it: we all know that invoicing can be a real pain in the neck. In this article, we will explore some of the best options on the 2024 market, helping you find that…
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Invoicing is one of the major parts of running any business, whether you offer freelance services, have an e-commerce store, or run a small contracting business in Australia. Without invoices you won’t get paid – they are pretty important! Why should your business use invoicing software? Let’s face it creating invoices, sending them to clients,…
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Financial projections are important for every type of business. But they can be somewhat daunting and difficult to get right, as you are trying to predict the future growth of your business while also attempting to anticipate your expenditure over a given period in the future. However, making realistic projections can be easy when you…
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How does business finance shape the growth and success of a company? Business finance is the lifeblood of any enterprise, shaping its growth, stability, and overall success. It encompasses the set of activities that help you figure out how much money you need, where to get it, and how to use it wisely to make…
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Remember the old days of spending hours in front of your computer, trying to clear up hard drive space? It was a tedious process, especially for small business owners who had to manage their data storage regularly. This constant struggle with storage can be a significant burden when you’re trying to keep your business running…
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We have already established the importance of accounting software. They help save time, money, and trouble. Gone are the days of manual accounting, you don’t need a pen, paper, and calculator to do accounting anymore as the best accounting software can take care of long and complicated tasks and provide error-free results in just a…
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Foreigners often joke about Australia being the “upside-down” country, where everything’s turned on its head. And while this benign joke mostly refers to the continent’s geographical location and murderous wildlife, it’s also relevant to Australia’s laws regarding self-employment and invoicing. So, to help you make sense of it all, in this article, we’ll cover everything…
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Whether you’re a small startup or a large corporation, effectively managing invoice processing is essential for maintaining healthy cash flow and optimizing financial processes. But have you ever wondered about the complexities of handling just one invoice?How many steps does it entail, and how much time does it consume? There are a number of things…
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FreshBooks is a great software suite for many small businesses, but it’s not a one-size-fits-all solution. Some small business owners need more flexibility or different features than FreshBooks offers, and this is why it’s important to shop around and look at all of the alternatives. There could be a better fit for invoicing or accounting…
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Mobile technology has made issuing an invoice an easier process than ever before. Now business owners can create and send invoices on the go, wherever they are. As a small business owner, you face a variety of unique challenges every day. Perhaps the biggest one is making sure you have enough funding to keep your…
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If you are running a small business or you are self-employed as a sole trader, it is vital to stay on top of your business expenses, as these have a direct impact on the amount of tax you pay and the profitability of your enterprise. However, tracking business expenses can be a difficult and time-consuming…
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When you first set up your business, you’re not likely to have too many recurring expenses, aside from rent for your premises, if you have one. Fast forward a few months, and you might have financed some equipment. Then you add a few cell phone plans for your sales team, and of course, there are…
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Looking for the best Invoice Simple Alternatives? We’ve reviewed the top 10 best invoicing software that are the ideal alternatives to Invoice Simple. To give you more detail about each platform we’ve included their best features and pricing plans. If you’re wondering why you may need an invoicing system we’ve provided a short section on…
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One of the reasons why many people choose to freelance is the income potential. As a freelancer, you may not have the security a full-time job gives, but you can earn more than your employee counterparts in most traditional business models. However, there’s a big challenge when it comes to dealing with clients and managing…
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Tracking your billable hours and invoicing clients for your time is one part of your consulting business you want to stay on top of to keep your business profitable. It’s essential that you carefully record the time you spend working on your different projects and invoicing your clients regularly to ensure they pay you. A…
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Are you trying to find the best way to use tax deductions? Governments can offer a cornucopia of various small business boosts through taxes and credits. Some of the tax deductions help small businesses across the board while others target certain sectors determined to be in need of more help. With the wide range of…
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Your income statement is one of the most important financial documents your business needs to provide. But what is it, and how can you make creating this document easier for yourself and your business? Here we take a look at everything you need to know about your profit loss statement, and offer you the chance…
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The accounting equation is one of the most fundamental concepts in accounting. It expresses the relationship between a company’s assets, liabilities, and equity. This post will explain the accounting equation, how it works, and why it’s crucial for accountants and business owners. We’ll also explore some of the applications and limitations of the accounting equation…
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Small business owners have a lot to handle on their own financially. Many find themselves handling billing and invoicing along with other management duties. Writing an invoice can be detailed enough, but things can get complicated when you have to send multiple invoices to people. Double invoicing is a problem that could cost you time…
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Whether you are just starting a business or trying to keep one afloat, the answer to “What is cash flow?” is critical to boosting your company. Why? Cash flow (CF) affects every aspect of your business, from paying employees to investing in growth. When you understand what it is, you can make sure your cash…
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Digital communications have evolved way past an email here and a newsletter there, especially in the aftermath of COVID-19. Email marketing has become a powerful tool that offers direct connections between brands and consumers, with impressive results. For accounting firms, navigating the complexities of financial services and leveraging the potential of email marketing can be…
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A lot of businesses used paper-based accounting systems before 2000. However, the GST’s introduction caused many small businesses to switch to accounting software, and the $100 voucher the Commonwealth Government offered helped cover the costs of picking the most popular accounting software packages like MYOB. If businesses didn’t make the switch, keeping track of your…
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As you’re aware, most deals (both B2B and B2C) follow the same basic structure and use similar documents. We’ve discussed how to create a professional invoice, purchase order, and estimate in the past, but the one we’ve so far neglected is the humble price quote. Today, we fix that oversight. In this article, we’ll cover…
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Success in modern business is measured not just by profits, but by a nuanced understanding of financial metrics. At the heart of this understanding lie Financial Key Performance Indicators or Financial KPIs. These metrics are the compass that guides businesses toward their goals, helping them navigate through the complexities of markets, costs, and revenues. KPIs…
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In the dynamic landscape of modern business, artificial intelligence (AI) has emerged as a transformative force disrupting habitual models and redefining multiple processes to match fast-changing business needs and maximize efficiency. A branch of computer science that focuses on creating intelligent machines capable of mimicking human cognitive functions, AI has become a catalyst for innovation…
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Accounting serves as the bedrock for financial stability and growth. From small startups to multinational corporations, understanding—and adhering—to fundamental accounting principles is paramount for sustainable success.These principles provide a solid framework for accurate financial recording, analysis, and reporting. The end result? Businesses can make more informed decisions, comply with regulations, and communicate effectively with stakeholders.In…
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Chances are, you’re aware that QuickBooks is one of the most popular accounting software suites for small businesses. There are several reasons why people turn to this software, including that it’s inexpensive and user-friendly, and there are dozens of training resources. But, if you decide that you’d like to try a QuickBooks alternative, they are…
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One of the most important parts of running a successful business is knowing how much you make and how much you spend. In simple terms, you must know what your income and expenses are. When you do, it’s easier for you to stay organized and understand the financial health of your business at all times.…
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All small businesses could benefit from extra time and resources. The tedious parts of running a business – keeping track of your business expenses, issuing estimates, invoicing customers, and tracking down payments – all take up valuable hours of the day. That’s why almost every modern business has turned to accounting software. Not only will…
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Many people considering starting a one person business know the daunting task that is ahead of them, but they believe the risk is worth the reward. How do you get your business off the ground, and how do you attract the big clients you need to grow? Showing your prospective customers that you can deliver…
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There are many challenges when you start your small business and begin managing it daily. How do you strike the balance everyday between incoming and outgoing cash flow? Many small business owners have money concerns at the top of their list. The good news is, there are many ways you can give your business a…
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