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You came here wanting to know why your business is not as efficient as you’d like to be and how to improve efficiency in business. It’s quite understandable why anyone would worry about business efficiency. The longer you remain inefficient, the more you lose. Businesses need to ensure everyone works at their optimum level and…
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As a business owner, you’re most likely familiar with payment receipts since you issue them each time you complete a transaction involving cash with a client. However, if you have a brand new business, you will want to set up a receipt template that you can customize to each customer’s order. If you’re not sure…
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Financial reports contain important financial information that helps creditors, auditors, and analysts to evaluate your company’s economic performance. Some of the information in these financial reports are required by law in the accounting industry for tax purposes. Using financial reports, small businesses can monitor their revenue and access their past successes and put plans forward…
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If you’ve ever ordered supplies or outsourced services to another vendor, you’ll know how important it is to get every detail correct. And if you’ve never done that, you’re in luck because today, you’ll learn how to do it right with the help of a purchase order (PO). In this article, we’ll show you everything…
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How to make sales projections – this is a critical question for your business. Sales forecasting is key to any business because it can help you improve and develop a solid strategic plan by giving you in-depth knowledge of the market. If you’re wondering how to forecast sales, this one is for you. We’ll fill…
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Why is accounting software so essential? Simple—it saves time, money, and countless headaches. No more pen, paper, and calculators. Manual accounting is history. The best accounting software today takes on the heavy lifting, handling complex calculations and delivering accurate results in seconds. But with hundreds of options out there, how do you choose? They all…
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If you do business in international markets, then you know just how important getting documentation right is. Certificates of origin, export (or import) licenses, customs declaration… The list is seemingly endless. That documentation can get even more complicated depending on the nature of the goods. If you’re exporting (or importing) goods such as hazardous materials…
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Every business runs on money and needs money to make even more money. However, a lot of things can go wrong with your business finances if there’s no proper management and growth plan in place. Just so you know, over 82% of businesses that fail cite a lack of proper cash flow as the main…
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If you’re starting with invoicing, you want to make sure you’ve got everything right. You’ve come to the right place – in this post, we’ll explain the essential invoice elements. Read on to learn which 10 invoice components must not be forgotten on your invoice. Key takeaways Basics: Include key details like dates, amounts, and…
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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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No one likes fine print – not even those who have to write it. Invoice payment terms and conditions are particularly problematic, especially for small businesses trying to set them up for the first time. Unfortunately, they’re vital in ensuring that your clients understand your payment terms and schedule and that you get paid on…
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There is probably no better time to start a business simply because small businesses are now booming. And as more businesses are propping up everywhere, the demand for various types of services also rises. This is especially true for cleaning services. But, starting a cleaning business can seem a bit daunting because the employee turnover…
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Want to know what the best invoicing apps for tradies in Australia are? For a manual worker, you’ll need invoicing solution so you can claim money from your customers for the work you’ve done. As an Australian tradie, you won’t always be in the office to complete administrative tasks such as sending out invoices. Therefore,…
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So you’re looking to create your own invoice – clearly, or you wouldn’t be reading this. Well, luckily for you, that’s easy enough with modern technology. You can design invoices in Excel, Word, Google Docs, specialized invoice generators, use pre-made templates or draw your own. The possibilities are near infinite!Unfortunately, that does mean that freelancers…
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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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Creating simple invoices for your small business is one of the smartest ways of billing your customers for any services done or products sold. Proper invoicing is essential when running a professional business and this matters even more so when you’re starting up with a new business. Launching a small business is exciting. You’ve spent…
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Your business started with a passion and evolved into something that you’re proud to call your own. Now it’s time to get your finances in order so you can endure the long haul. The first step in handling your business’s finances is to create a budget. “By creating a budget, you’ll be able to hold…
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Navigating the freelance world requires more than just consistently delivering quality work — building a strong professional reputation is equally important. That’s why your success may depend on your understanding of how to ask for a reference as a freelancer. References are a powerful way to showcase your professional credibility. They validate your skills and…
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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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Have you ever heard of the man who scammed Google out of $100 million just by issuing invoices, pretending to be a partner company? If not, you should because it’s one of the best examples of why invoice tracking is so important. Even big organizations, with all their market-leading tools and staff, sometimes make mistakes.…
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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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Service businesses offer intangible products that rely on expert skills or resources to meet specific consumer needs. These services are often unique and highly valuable, with customization and prompt responses being crucial to success. The relationship between service providers and clients is key, as quality and responsiveness drive business success. Unlike product-based companies that focus…
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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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Invoice number (sometimes called invoice ID, invoice reference or reference number) is a unique identifier and reference for each invoice. Format of invoice number may vary, but it’s usually a combination of number, letter or symbol. If you use invoicing software, this number can be generated automatically, but if not, you can create it manually…
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Receipts have been at the heart of commerce since ancient Mesopotamia. And as is often the case, the more things change, the more they stay the same. From clay tablets to pen and paper to PDF attachments – receipts remain a must-have for businesses of all sizes. In this article, we’ll cover everything you need…
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Business loans are crucial across all business stages—from startups and SMBs to established enterprises. According to the Forbes Advisory survey, business loans were the most common funding method for businesses in 2023. The survey also shed light on the primary uses of these funds: 42.4% of businesses invested in expansion 29.4% in equipment And 28.4%…
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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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Are you passionate about photography and dream of being your own boss? As a freelance photographer, you can pursue your passion while enjoying the freedom and flexibility of working for yourself. There’s no denying that building a successful freelance photography business will take time, effort, and insight. Obviously, you will need to develop essential technical…
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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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As a small business owner operating in the B2B market, you understand the significance of the B2B payment procedure. However, the process is brimmed with obstacles, ranging from accurately matching invoices with payments to getting payments on schedule. How do you choose the best payment method that fits your business model? How do you preserve…
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Is your business struggling with inconsistent cash flow from partial invoice payments? Delayed invoices restrict the funds available to a business. The longer it takes to receive payment on an invoice, the more time companies devote to collecting payments, leaving less time for activities that could drive business expansion. This prevalent problem affects financial stability…
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The first step for businesses looking to manage their spending is to understand where every dollar is going. You can’t control cashflow if you do not have visibility over all direct and indirect spending—which can be especially tricky in growing companies. Spend analysis is the process of organizing and reporting on corporate spending. This article…
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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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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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Financial terminology can easily confuse anyone. In a field that requires precision, the last thing you want or need is confusion, especially when it comes to business. For this reason, we have provided a guide to financial forecasting terminology. Understanding how to analyze and chart your company’s future performance represents an integral part of financial…
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As businesses continue to invest heavily in SaaS solutions, understanding how to navigate the intricacies of SaaS billing becomes pivotal. Let us understand SaaS billing and explore the various strategies for effective SaaS billing management. This will ensure that your organization can fully harness the benefits of modern cloud-based software solutions without breaking the bank.…
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Outsourcing or in-house? There’s hardly a manager or employer today who hasn’t asked themselves this question at least once. The problem with it is that there is no straightforward answer. Both options are available for many services and tasks and each has its set of advantages and disadvantages. So, how do you make the choice?…
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Imagine your business is thriving; revenues are rising, the client base is expanding, and the market presence is strong. However, in the office where financial strategies are crafted, complacency has taken root. This complacency creates an invisible ceiling, impeding the potential for further growth and optimization; thus, a vibrant culture of continuous improvement in finance…
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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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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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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…
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If you’re considering taking over the business by buying it outright, there are certain key elements you need to know about. What important factors go into buying a business and how do you make sure your potential business ticks all of your boxes? Are there any special requirements you have to consider? We’ll outline all of…
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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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Running a business is no walk in the park. To make it big, you have to juggle a lot of tasks at once. It’s not just about mastering your industry and products; you also have to be savvy with your finances, including working with invoicing software. One critical factor that can make or break your…
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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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In 2023, freelancing has taken on a whole new level than ever before. Studies show that 73% of U.S. workers planned to freelance in 2023, and more than 72% of Gen Zers stated they plan to leave their jobs in 2023. With numbers like those, it should come as no surprise that freelancing is simply…
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Looking to join the freelance market and become an independent contractor? Today, we’ve created a helpful guide to help you focus your intentions, so you can craft a plan in line with your values, strengths, and goals. Ready to get started? Let’s take a look at some important tips for freelancers along with nine of…
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Invoice Home is a simple invoicing system that’s gained a lot of following in recent years. It’s a cloud-based billing solution that is hyper focused on invoicing and payments. As such, it’s not what you would call a fully-fledged digital accounting solution – but it is a great choice for small businesses that just need…
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Are you prepared for the financial challenges 2023 may bring to your small business? According to Forbes, The US alone has over 33 million small businesses. Out of these, more than 80% have a single employee. Individually, small businesses only impact the economy a little. However, when you consider them collectively, it entirely changes the…
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In the world of business, thorough documentation serves as the foundation for success. It promotes openness, streamlines operations, and ensures adherence to rules and standards, all while improving communication and building trust within the company. For business proprietors, it stands as a fundamental instrument for sustaining prosperity over time and effectively mitigating risks. According to…
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Growing your career and attracting fresh clients are frequently the most challenging aspects of freelancing. Breaking free from the unpredictable income cycle and establishing a dependable revenue flow may be possible, but you must hustle. When you elevate your freelance enterprise, you may increase your earnings, work with a higher caliber of clients, and access…
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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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The coronavirus pandemic significantly affected our way of life. Although there were many negatives, remote work was one of the most important positive changes we saw. In 2020, when the world almost stopped, we realized that most jobs could be done from home. Well, that was when the concept of remote work came in. According…
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Managing finances is the backbone of any business, large or small. Among the various financial processes you may encounter, invoice reconciliation stands out as an essential practice. But what exactly does it entail, and why is it so important? The Ins and Outs of Invoice Reconciliation Invoice reconciliation compares a company’s internal financial records against…
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As a freelancer, you may have various clients with different projects that require you to manage their deadlines to keep everything nice and easy. It is usually a common occurrence that you find yourself among so many projects and don’t know where to start or how to deal with them. And you are reading this…
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A solid payment system for a business is like fuel for a rocket. Without it, you won’t grow and expand. And that’s why we prepared a comparison that describes 6 payment processing companies, their features, pros, cons, and pricing. As a small business, you need a system that’s reliable and secure. After all, your customers…
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Choosing the best payment alternatives is a critical choice that may affect a company’s profitability, client satisfaction, and overall success. It necessitates a thorough comprehension of the various payment options, their benefits and drawbacks, and an understanding of how they fit with the particular requirements and objectives of a small business. This in-depth guide seeks…
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You know firsthand just how important it is to make smart financial decisions. After all, your success hinges on finding affordable and user-friendly solutions. That’s where smart financing comes in, offering a transformative resource tailored for SMBs across diverse industries. We’re talking about tools and solutions that simplify everything, making your lives much easier. No…
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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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