Every year more and more people decide to walk the path of self-reliance and start their own businesses. Being your own boss has many benefits, but there are also risks and difficulties involved. Take a look at these 5 tips to avoid the most common pitfalls of self-employment.Continue reading
Cut down the time spent on invoicing to the absolute minimum. InvoiceOcean's new feature lets you skip most of the invoicing process - no more filling out your customer's contact info, sale details, tax rates and so on. Just leave it to your clients!
Startups and coworking are a match made in heaven. Why rent an office when you just need a desk?
The fundament of coworking is sharing space, but working on separate projects. It's up to you whether you want to work on something personal, or catch up with company deadlines. Coworking is perfect for ultra-creative startup owners, but it's also a great solution for enterprising small business owners. But what exactly makes coworking so great?
We have improved InvoiceOcean's warehouse documentation module by adding support for FIFO and LIFO queueing, including profit margin report generation. Not familiar with FIFO/LIFO? Read on - in this article we'll explain both concepts and give some tips on effective warehouse management.Continue reading
Are you looking for new ways to save money? You've probably talked to tax advisors, outsourced some services and negotiated better rates for your phone and internet connections. At this point, it seems that there's nothing more you can do. Wrong! You can save even more with online invoicing.Continue reading
In today’s market carriers are always in search of ways to cut down expenses. There are many online accounting sites to choose from - make sure you pick the right one for your needs. Consider InvoiceOcean: an easy to learn, fully-featured e-invoicing solution.
Estimate is a financial statement approximation of the amount to be either credited or debited for items that cannot be clearly measured.
The purpose of accounting estimates is financial statement accuracy improvement. Analysts' decisions are based on those financial statements and accountants' duty is to generate them as precisely as possible even if the monetary value is unknown.
In order for estimates to be effective, the basis, on which the accountant estimates numbers, needs to be reliable:
A bill is a payment request for goods or services which were received. It contains a list of services or items and the due date.
Bills and invoices are often used interchangeably and there is no difference in the results they produce. Invoices are commercial documents which contain more information (e.g. seller's and buyer's address, method of payment) than bills.
The use of these documents is determined by circumstances. Issuing bills is a common practice in restaurants, credit card companies, utilities and other service providers.Continue reading
Proforma invoice is an accounting document which shows how much a certain number of goods or services will cost in advance of a shipment. What differentiates it from an estimate or price quotation is the fact that the terms of sale are subject to change. It is used by a wide variety of businesses in every industry.
Proforma invoices are used in situations when the client have not yet agreed to the prices and is send a proforma to give them an idea of how much the goods or services will actually cost. InvoiceOcean allows your clients to easily convert a proforma to an invoice by clicking the "Convert to invoice" button. It is a useful feature which saves time on otherwise having to issue a new document and enter all data from the beginning.
A properly issued proforma should contain the below information:
Receipts and invoices are source documents in accounting.
When a buyer and a seller conduct business transactions they are required to record or document it with both of these documents.
A receipt is document stating that payment has been complete in order to finalize the sale. It usually works an ownership proof and should contain the following information:Continue reading
Invoice is the primary sales document, containing detailed information regarding completed transaction. It is the most popular accounting document. Properly issued invoice contains the following information:Continue reading
There are certain situations where a deposit is required from either buyer or seller. In such cases, you may issue a prepayment invoice.
Prepayment invoice is a document used to record advance payments from suppliers or clients. It contains the amount to be prepaid on a sales order and enables you to invoice deposits required from clients or sellers.
Prepayments can be calculated based either on the percentage of the total order, or have a fixed amount.
A Credit Note is a document type issued to correct an error which has been made in a sales invoice that's been processed and sent to a customer. Each invoice may be corrected and it is the only proper form of accounting interference. Any type of annotations or corrections on the invoice are not acceptable.
If any of your clients operate within the European Union, you are obliged to issue a European invoice. Such an invoice is not significantly different from the traditional, however, you need to remember to enter relevant additional details:
Execution and management of payments are the key aspects of every company’s daily life. Their ease and quickness have an impact on the financial condition and current results. In order to simplify and speed up the payment process, change your mindset and step away from the traditional approach. Become familiar with four examples of effective ways to accelerate the payment process.Continue reading
Online banking is a convenient alternative for traditional ways of conducting financial transactions. It allows customers to manage their finances on a secured website operated by the institution, which can be a retail bank, virtual bank, credit union or building society. As of 2014, over 69 Million Americans are using online banking.
E-banking combined with e-invoicing saves hours of time it would normally take to complete the process in a traditional way. Invoices can be paid by either cash or a bank transfer. The vast majority, however, are paid via online banking. So far in order to check if an invoice has been paid, you were required to log into your online banking and check if your client has transferred the amount.
InvoiceOcean lets you simplify the process even more by allowing to import your bank statement to the system, which automatically changes the invoice status. In order to take advantage of the Banking feature you need to take the following steps:
The European Commission’s proposal to implement rules regarding e-invoicing in public business sector has been accepted by the European Parliament.
This decision has the power to create great benefits for European businesses and public authorities, such as:
- Creation of a standardized e-invoicing system for cross-border public administration
- Cost and complexity reduction for European public administrators
- New business horizons and quicker payments
It is now crucial to structure an e-invoicing standard, that will ultimately be implemented and accepted by every public authority in Europe.
Online invoicing is essential for paperless public administration in Europe. It offers both economical and environmental benefits. The implementation of e-invoicing in the European Union could save up to €2.3 billion per year.