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Roads to Smoother Invoicing For Pilot Car Industry- Case Study

pilot-car-case-study

 

The drivers on duty ensure safety on roads and even safer transfer of heavier goods. 

Pilot cars are one of the most relevant industries to those who deal in goods trading or heavy loads transfer. They are the vehicles that escort your safe transfer and safer road travel.

Pilot cars are one big industry and so are its business problems. So, we at Invoicera took deeper analysis into the industry to come up with key challenges that act as potholes slowing success.

Invoicera is an online invoice software working for different business verticals to ensure smooth invoicing processes. Serving convenience has been our ultimate goal. In our initiative, this time we launched a module specifically for Pilot Car industry. Keeping in mind their key challenges, we have implemented solutions to help organizations plan and strategize their business based on micro level reports from different perspectives of the industry.

 

Key Challenges:

A Pilot Car also called a pilot vehicle is a car used to escort trucks with large loads, convoys of large vehicles and guide motorists through construction sites. Having a pilot car ensures a safe transaction of heavy loads within the states. But just like any other industry, this industry also faces challenges of invoicing and management. Let us have a look at some of the major challenges faced by the industry:

 

  1. Cumbersome driven miles in tracking and management.
  2. Offline tracking and recording of Trip sheets submitted by Drivers.
  3. Recording miscellaneous expenses and reflecting them in invoices.
  4. Missing out on desired revenues due to missed numbers.
  5. Management of multiple trips and tracking profitability at the same time.
  6. Tracking driver’s payments- paid & due.
  7. Efficient use of driver trip sheets for sending invoices.
  8. The time-consuming process of Invoice creation and keep Track the payment receivable.

Solutions:

Here are all the solutions we worked on for the Pilot Car Industry:

  1. To make miles tracking easy, the driver will now have to enter Start and End Time of the Journey in-order to track the miles traveled.
  2. If the driver is unable to connect online, he can also save the trip details offline. Simply fill the trip form and add attachments. It will serve as evidence for the entered information.
  3. Drivers can now add miscellaneous expenses as and when occurred. For example, motel bills, gas bills, etc. It will help to keep a tab of all the expenses that need to be charged.
  4. The admin is now allowed to add multiple staff members on the same trip to have an efficient reporting of the project completed.
  5. As over 30+ payment gateways are integrated into the system so it is now very easy for Tracking due payment in the Invoices, Estimates and Expenses sections.

 

expense-management

 

 

Read below, how Invoicera implicated all the solutions to make sure invoicing for Pilot Cars had no barriers: 

People Management

Managing associated people was never so easy. Manage client, trips, and drivers separately under different fields.

 

Driver Management:

Invoice Conveniently! Simply convert trips sheets to invoices. Have your driver fill in the trip sheet online. You keep a record and later, invoice!

  1. Add, Edit and Delete the Drivers.
  2. View Details of the Drivers.

 

Client Management 

Manage clients profiles separately. Easily invoice each client. You can easily Add, Edit, Delete the clients for purposeful invoices. 

 

Trip Management:

No more turning piles to manage trips. The trip management section to let drivers create, edit and review trips.

  1. Add miles traveled, Start and end time, expense field and other relevant trip details.
  2. Add Start and End Trip Locations.
  3. Attach Gas, Motels and other bills for tracking the expenses.

 

Invoice Management:

As soon as the driver ends a trip, the admin can send an invoice to the client based on the trip sheet submitted by the drive online.
Before you go forward, here are the two types of invoices that you can send from Invoicera:

a) One-time invoices

b) Recurring invoices

 

Invoice Payment Receivable :

Admin has a 360-degree view of Payment receivable segment, sent invoices can be traced with the payment status. This helps admin to track the payments.


Results:
Equipped with various innovative features, Invoicera helped the startup to drastically capture the market. The revenue reports and insights generated by Invoicera Pilot car software allowed them to scrutinize and enhance their operations for better results.

The Pilot car company has now set its goal of expanding its resources & workforce to increase their customer reach. With time, they look forward to capturing the global market with the multi-location business.

 

Wrapping up:

Being in the pilot car industry, was invoicing & business activities management difficult for you too? Hope the above article directed you to better business management and efficiency in skills. Take a quick tour of free Invoicera demo, right now!

 

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Take A Demo Tour Now!

Why Do You Always Fall Prey To Wrong Estimates?

 

Are you prone to wrong estimates?

Or your estimates have more crossed words than prices?

If your estimates are exactly as accurate as shooting arrows in the dark, then you’re not the only one hitting bullseye anonymously.

Project and task estimates are one of the core needs for a business to enter into any desired project that you may like. But, bad estimates can be your biggest nightmares. They will not only lose your projects but, also close your doors to future endeavors.

Badly laid estimates can destroy your projects, budgets, plans, and even credibility.

Managers around many small business organizations are figuring out the best way to create an estimate accurately. How do you create a perfect estimate? Calculate exact dates? Work with prices that we did with 6 months back? Have the prices fluctuated? How much to add up for the market price fluctuations?

Do you know? High estimates can lead to low productivity and confidence amongst the stakeholders and Low estimates can lead to negative margins.

Why are we unable to create perfect estimates?

Here we have listed for you the possible 7 mistakes that you would be committing while creating an estimate.

The only way one succeeds and places himself above others is by having an intention to change.

 

Read below the top mistakes committed by managers while creating estimates:

Underestimating Tasks

Sometimes minors can take days and major tasks can be completed in no time.  There can be no perfect law and set time to complete a task. But, it all depends upon the working environment and conditions. Therefore, while creating estimates give every task considerate amount of honor and dedicate time. Do not forget to also include buffer time in your estimates.  They work as your savior during patchy days.

 

Overlooking Project Guidelines

 

estimate-management-software

 

When a client visits you he has certain needs and demands in mind, completely varied from the projects you have worked on in the past. Respect the guidelines shared by each of the clients and create individual estimates for every client. Remember, no one estimate is a fit-for-all-business. It varies from client to client and needs to need.

 

Risk Management

 

Estimate software

 

While creating an estimate with your invoice and estimate software, make sure you give a considerate amount of attention to risks that the future holds and prepare yourself for the same. Precaution is always better than prevention! And, in the business world, there is no other statement that holds more worth.

 

Over-Estimating Team Limits

 

estimate-management-software

Your team is your biggest strength! However, the highest strengths even have limits. Over pushing teams or individuals to derive results can certainly reflect the negative impact and unfruitful results. Therefore, create an estimate that is realistic and equally beautiful to work on as on the papers.

 

Unprofessional Estimates

 

invoice and estimate software

 

No matter how accurate your estimates be if they are not presented professionally to clients, they will never be appreciated. Poorly created estimates on paper are late as well as obsolete.

Opt for an invoice and estimate software to create estimates on pre-designed estimate templates. The beautifully laid out professional estimates can be your perfect entry tickets to new projects.

 

Overlooking Time Boundaries

 

Time and Estimate Management

 

Any given project is expected to be delivered before the time for obstacle-free functioning. Make sure while you’re creating an estimate you set dates that are feasible for you to deliver. Unrealistic timelines will only lead to delayed projects and broken trust, ultimately leading to conflicts.

 

Opaque Estimates

Transparency in any relationship makes it stronger. It holds all the more importance when you’re beginning new relationships.

Business relationships are way more important and professional than we have any other. Having transparency in communications can help you build trust amongst the clients.

Create estimates that are completely transparent and describe each part of the project clearly.

 

How To Never Go Wrong With Estimates? Watch This Video Now!

Creating a professionally beautiful estimate is your first step to grabbing a project. You would really not want to go wrong with that, do you? Therefore, here is a complete solution on to how you can create astonishingly magnificent estimates to grab any project you may desire to.

Invoicera offers you an invoice and estimate software that helps you create both invoices and estimates on pre-designed templates. Also, the software allows you to directly convert such estimates to invoices as and when desired.

Apart from this Invoicera helps you host a lot more remarkable reliable features used by more than 3 million of our subscribers:

  1. Multi-business
  2. Custom workflow management
  3. Expense management
  4. Task management
  5. Staff management
  6. 30+ payment gateways
  7. 3-layered security

Confused about how to renovate your business with each of the above features? Take a demo tour now!

 

invoice-estimate-software

 

6 COMMON INVOICING MISTAKES CONTRACTORS COMMIT

contractor-invoice-app

 

 

The heart of any business lies in its cash flow. It is the blood and supplement for your business growth. But do you know what ensures a super fast cash flow into the business? Invoices!

An invoicing strategy is a core need of any business, irrespective of its size, type, and industry. It may vary depending upon the business. For example, a small business which sells products might invoice daily in bulks, whereas a large enterprise dealing in services might send out fewer invoices periodically because they work on bigger projects. Daily or periodically, we all deal in invoices. But we still overlook some mistakes as contractors that we commit in our invoices.

Contractors are a critically challenging niche when it comes to the area of invoicing. We all know contractors invoice on a per-job basis followed by a lot of inconsistencies. This makes them prone to a number of mistakes leading to obstacles later on. It is always beneficial to take precautions proactively to avoid cash flow consequences later on.

 

Here is a list of some of the biggest Invoicing mistakes Contractors Commit:

Unprofessional invoices

Unprofessionalism in any sector of business is a big no-no! It not only leads to loss of clients but a bad reputation as well. In the highly competitive market today, professionalism sets you steps high.

Invoices are one of the most official communications that you send to your clients and any mistakes herein can lead to major consequences. Many of us don’t know the exact method to create an invoice. It is exactly where we make most of the mistakes.

Here is a quick guide to how you can create a perfectly professional contractor invoice:

A contractors invoice should include:

  1. Date
  2. Client’s information
  3. Billing address
  4. List of products/services
  5. Due Date
  6. Payment Details
  7. Notes

Paper invoices have become obsolete, independent contractor invoices are now created on pre-designed templates on contractor invoice software or apps.

Those pre-designed templates not only make invoicing easier but actually guide you to create professionally and aesthetically strong invoices to amp up your invoicing game.

 

Inconsistent pricing schedules

Pricing for product-based businesses is straightforward. You fix prices for each time and then you send out invoices by simply calculating volumes.

But as a contractor, you’re into service-based business and pricing is inconsistent. Such fluctuations are dependant on external factors, which you have no control over. Therefore, setting up one price will be complex. Inform your clients in advance or set up prices before every project keeping in mind the needs and demands of a particular project.

For example: While working on interiors of 2 clients, prices will change for both depending upon the area, requirements and quality demands of each.

 

Inefficient Employee Training

 

invoice-software-for-contractor

 

Half baked knowledge is dangerous! Similarly untrained or partially trained employees are when left in the battlefield to fight might not strive. When employees do not have enough training they will be prone to more errors and mistakes. If they do not know how important it is for the business to maintain consistency into the invoices, they will never focus on maintaining professionalism.

Train your employees and educate them about your business, its needs, and professionalism that you aim to thrive.

Inability to backup invoicing

Assume after a month one of your clients comes back to you regarding any confusion in the invoice amount, how will you clear doubts if you do not have copies of all the invoices sent?

Well just to avoid that hassle, always keep copies of invoices sent to clients. A contractor invoice app automatically saves all your contractors invoice copies in the cloud for future references.

The automation in the contractor invoice app automatically saves communication and invoices, saving you from the manual hassle.

Underestimating payment terms & conditions

Setting clear terms of payments and due dates is one of the first steps to ensuring timely cash flow into the business. Many contractors include just one policy for all, which is 30 days payment policy. But, understand each client is different. Therefore, set unique payment policies for all.

Include in each invoice notes for payments individually to let your client have top-of-the-mind recall of final dues.

Not Following Up

Your job does not end once the invoice is sent. Till the moment final dues get clear, your invoicing process is still open. The after invoice process known as follow up starts soon after 3 days of sending an invoice. It continues till the time you do not receive an invoice. It is always beneficial to send a gentle automated reminder first. In your contractor invoice app set automated payment reminders for your clients to be sent in set frequency.

An automated reminder is the most professional approach while asking for dues. Most companies around the globe are opting for it. It not only amps up your invoicing game but also leaves an impression with clients about your professionalism. Therefore, leading to quicker cash flow into the business.

Note: If you are a freelance business or do not have a registered billing address, you may use a virtual business address in your invoices to make it more professional.

How a Contractor invoice software/app helps businesses?

A contractor invoice app like Invoicera has become the need of the hour for the contractor businesses. A contractor invoice app apart from its basic functioning of invoicing also helps you in managing your entire business activities. The app allows you to:

  1. Contractors Invoices
  2. Estimates
  3. Multi-Business Setup
  4. 3-Layered Security
  5. Custom Workflow Management
  6. Automated Billing
  7. Cash Flow management
  8. Finance Management
  9. Attach the Invoice Templates

 

invoice-software-for-contractor

Why Asking For A Demo Is A Smart Choice?

online-invoice-software

 

How lucky it would have been if we had a 30-sec trailer before entering into every new door. While that is not possible! Invoicera is making sure you fall your foot into the right place by taking the aptest decisions.

Curious to know how? Keep on reading! We’re unveiling some of the recently customized revolutionary features for you.

Also, Invoicera is letting you take a demo tour of each or all of the features before you sign up. The revolutionary move ensures you’re familiar beforehand with all the dashboard, it’s experience and interface.

Let’s have a look at the latest business management features added by Invoicera to ensure smoother business processes:

 

MULTI-BUSINESS:

Till date, you’ve been struggling with multiple accounts to manage invoicing for all your different business verticals. We’ve got your problem and your back, therefore, we decided on to making invoicing super simplified for you. Invoicera now offers you a setup to add multiple businesses in the same account under separate verticals.

Multi-business setup will not only make your job of invoicing convenient but will also ensure you’re saving time and efforts that were getting wasted earlier on with managing different business accounts.

 

multiple-business-profile

 

CUSTOM WORKFLOW MANAGEMENT:

Just like any other organization, your business is unique too. You follow a different process, your hierarchies are different and so are your workflow management. In order to ensure you’re not settling for anything less than the best, Invoicera lets you integrate a completely custom workflow management setup through its online invoice software. The invoicing software makes invoice approval process easy so that you can send accurate invoices in one go.

 

3-LAYERS SECURITY

In order to ensure your data is completely secure from any unwanted intrusion and theft, we have added multiple layers of security to Invoicera. This makes your account secure and our relationship more reliable.

we ‘re working day in and day out to make your experience investment worthy. Higher satisfaction has always been our aim and with each of our updates, we aspire to achieve that.

 

EXPENSE MANAGEMENT

A lot of us struggle to manage our company’s cash flow and keep it on track. Sometimes we forget to bill expenses and it is then we fail to earn accurate profits. Unbilled expenses can cost a company huge amounts.

Therefore, our experts help you understand with a demo, how you can efficiently use invoicing software to track down your expenses. It makes tracking and management of expenses convenient and reliable.

Confused how to use these features to best of their use? Ask for a free demo from our experts now!

 

expense-management

 

Why You Should Always Opt for A Demo First?

Entering blindfolded into gates is the dumbest decision ever made when you can opt for a demo to familiarize with the entire interface. A demo ensures you what the software has to offer you and how you can customize and bring the online invoicing software into your best use.

A demo is a guided virtual tour you take up with our experts where we allow you to explore and experience both paid and free versions of the software to have hands-on experience on to how to easily get started when you sign up.

 

4 Challenges Eating Consultants’ Business Away

Invoicing-software-for-consultants

 

Your words have the power to let someone find new directions!

As a consultant, you’re an expert in your field with the ability to manage relationships and some ingenious abilities to manage sales, marketing, and overall administrations.

In the world of business, consultancy exists in varied shapes and sizes. The different kind of advice you give or services you offer such as strategic advice, solutions for crisis, or methods to help the company boost its productivity will decide your niche of the target audience.

When working with clients set in a particular niche you are supposed to face challenges that need constant solutions.

How to get on board new customers? Calculate the unsaid needs of your most loyal customers? How to stay ahead of competitors? Most importantly, how to manage cash flow?

 

Consulting the consultants today! Find solutions to your big problems:

 

How to Get On-Board New Customers?

As a consultant, you give out the best business advice to your clients. But you’re not a marketer or salesperson! Getting onboard new clients is as much a challenge for you as any other business in the market. It is important for you and the sustainability of your business is completely dependant on it.

The consultants are problem solvers! You’re hired to solve business problems. One the mission is complete, your job is done until the business in its long-run faces another crisis.

Such short term relations do not ensure you business for long, therefore, roping in new clients becomes important.

The best ways to find new clients is by hiring an agency to market and brand you amongst your niche. The branding will result in top of the mind recall, resulting in more clients over the period of time.

 

Focusing on Unsaid Needs of Loyal Customers!

When a client visits you with a pile of problems in hand, he is expecting from you the best of solutions that he is unable to find. But when one of your most loyal clients visits you, he is not only expecting the best solutions but more than that. You’ve built a relation by now. Go a little out of your professionalism and advice them even on factors that do not belong to you directly.

There is a reason your retained clients are coming back to you again and again. Foresee their needs and try fulfilling them to build healthy and long-lasting relationships.

Moreover, a client-consultant relationship is much more than a professional. It is very personal, therefore requiring constant maintenance. Share expertise with a touch of personal advice to help them nurture. Trust us, you will nurture too!

 

custom-billing-software

 

Adding and Managing Talent.

While one brain thinks of the best idea, many brains work together to make it even better!

Consulting is becoming one of the major segment in the business industry with great competition too. The European consulting market is expected to see a growth of 4% in 2019 to $98 billion. And with such gain in growth momentum comes a growing demand for new talent.

This will also allow you to have in your team emerging talents with fresh ideas. Recruitment isn’t difficult, managing staff is. But you should worry no more, opt for an online staff management software. It will make the management of tasks, staff duties and tracking activities easy.

Not just this, Invoicera gives you a complete package of consultant billing software with features like staff management, expense management, time tracking and more. So as to let you manage staff, create invoices and promptly invoice clients when you finish the job.

It is a smarter choice topped up with convenience.

 

Time Tracking, Management & Thereby, Invoicing.

 

time-tacking-for-consultants

 

cashflow is integral for a business. Maintaining a healthy cash flow into the business is what any businessman, irrespective of sector working in, aims for.

With the segment of business such a consultancy you’re not straight away selling any measurable product or defined services, but time. It is important to understand the worth of each minute you’re investing in it to earn maximum returns.

Most consultants face the issue to accurate time tracking for the services offered and are unable to earn appropriate ROI.

An easy and convenient solution for this is to opt for Invoicera’s consultant invoicing software with features like time tracking, expense management, estimate management, multi-business, staff management and more. Invoicera ensures smooth invoicing and even smoother transactions with 30+ payment gateways supporting multiple currencies.

 

Final Words:

Management of business as complex as consulting is not easy. It requires a lot more effort and time. Here in, while you’re figuring and solving complex issues of clients, you are fighting for your own cures too.

Invoicera custom billing software ensures 360* management of business activities. Not just billing, but entire custom management of your business needs. One account enables you to start from managing project, staff, tracking time and later on sending out invoices.

Want to take a quick demo to what we’re offering? Schedule now!

Or, simply sign up to avail multiple benefits!

 

consultant-invoicing

 

Top 10 Challenges faced in Buyer Supplier Relationship Management

supplier relationship management

 

One of the most for granted relationship in any business setup is the one you share with your suppliers. When you always aspire to deliver satisfactory high-quality services, it holds utmost importance to maintain a strong and healthy relationship with your supplier. Conflicts in the system can actually lead to unwanted outcomes. The source of error resulting in conflicts could-be-anything. Understand and rectify the conflicts to its exact necessity to ensure smoother processes.

Suppliers play a crucial role in any company’s success. They are initiators to your processes. It is important to manage a healthy relationship with your supplier.

 

Here are the top 10 Challenges faced in any buyer-supplier relationship management and how they can be resolved:

Supplier’s Track Record

The first step to take before engaging with any supplier is to go through his past and current projects and to investigate his knowledge about tax and legal implication of exporting and importing. Knowing the supplier beforehand helps to create and build healthy relations.

 

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Also Read: Top 8 Ideas To Enhance Business Productivity without much effort

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Understanding The Culture

Belonging to a different culture may give rise to different views and interpretations while having the same conversation.

 

Communication gap

Communication is absolutely necessary for many aspects of the business. If a supplier doesn’t understand the company’s strategic goals that may fulfill the needs and requirements due to poor results. Maintaining good contact with the suppliers can benefit the organization in a big way.

 

Non-Transparency of Processes

Many times, the non-transparency of the supplier’s process creates gaps in the company-supplier relationship. Technology can play a crucial role to fill this gap. Analyze the whole process more efficient by using an online purchase order and invoice management tool like Invoicera.

 

Stressed Supplier

Suppliers deal with many organizations at once. Often the order is delivered late by the supplier because of the unavailability of the product. These type of late deliveries can weaken the relationship. Forecasting the requirements of the company can help in running the SRM process smoothly.

 

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Related post: Buyer-Supplier Relationship Management Best Practices

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Damaged Delivery

At times, the delivered product turns out to be damaged or flawed. Aggressive steps at such times can ruin a relationship. One should notify the supplier respectfully and ask him to replace it. A healthy balance maintained while taking steps against suppliers who are underperforming. A healthy balance manages underperforming suppliers.

 

Supplier training

If the supplier doesn’t understand, what the company wants its customers to experience through their products, he won’t be able to provide enough supplies. One should make sure that the supplier knows the company’s motto. They should be given appropriate training to ensure expectation levels.

Create a comprehensive knowledge base that can train your suppliers on each of your different processes. If you are a corporate with a huge network of suppliers, you may also consider setting up a website exclusively for suppliers to learn the processes and coordinate with your internal teams for supplies. It doesn’t cost a lot to set up such a platform with the help of website builder tools. 

 

The Need To Nurture

A healthy relation only nurtures when the two sides stay together for long.

Abandoning the suppliers at the time of success may create stress in a relationship. To avert this, one should include the supplier at every milestone and success celebration of a company.

 

Disharmony Amongst Buyer-Supplier Chain

 

supplier relationship management

 

In a time without recognition and encouragement, the supplier becomes disloyal to an organization. Changing the supplier is not the solution here as it will consume more time and money. One can gain the loyalty of a supplier by encouraging him, or perhaps, offering incentives if possible.

 

Conflicts Over Contract

Signing a biased contract can be very unpleasant for the supplier. One should make sure that the contract has benefits for both the sides. A contract must be reviewed very carefully before it gets finalized.

Many organizations are now realizing the importance of Buyer-Supplier Relationship Management. Efforts have to made on a continuous basis to build harmonious Buyer-supplier relationships. SRM is a long-term approach to sustained success.

 

Invoicera is an Online Invoicing Tool that Provides a Host of Features to Effectively Manage Buyer-Supplier Relationship :

Invoicera offers an array of features to ensure the convenience of management and precision with data. Now, no more hustling around and wasting your precious time with little executions that can be automated easily.

  • Send and Schedule Invoices to the buyers on time.
  • Buyers can send purchase orders in a timely manner.
  • Suppliers can send in estimates for buyer approval.
  • In the case of a price settlement, the buyer can send inappropriate credit not.
  • The buyer can get a free log-in to access all invoices and account statements online.

 

Opt for Invoicera to manage your account payable and receivable effectively. Keep a record of all your finances and invoices together in cloud-based accounting software.  FREE SIGN UP.

 

 

custom billing software

 

 

The Difference Between Accounts Payable and Notes Payable

accounts-payable-vs-notes-payable

Liabilities often considered dreadful are the company’s legal obligations that occur for a business during its course of operations. Liabilities, a.k.a accounts are the money that a business needs to pay to its vendors and investors for the services and supplies. They are an important factor for business and reflect on the left side of a balance sheet. Such liabilities are classified as current or short term liabilities. Under the common liabilities that exist in any business, there exist two payables: accounts payable and notes payable.

 

What are Accounts Payable?

Accounts payable are the money that your company owes to the suppliers in against of the goods/services purchased on credit basis. These are the short term liabilities that the company needs to pay to its suppliers in a smaller span of time.

Most companies follow a trend of paying or getting paid in 30 days and do not opt for generating interest payments. To analyze how well a company pays its accounts payable, some companies calculate and find their accounts payable turnover ratio. The formula to calculate the ratio is as follows: divide total supplier purchases by the average accounts payable for the period. This information is very important to managers and investors as they calculate in a given time period how many times a company pays its account payables.

 

What are Notes Payable?

Notes payable are the written promissory notes that a company receives when it borrows money. For example, a company borrows $10,000 from a bank. The company posts a credit to its notes payable account for $10,000 and a debit to its cash account for $10,000. If a company plans to repay its notes payable within one year, it includes it in the balance sheet as a current liability. If the note is due after one year, the company lists the notes payable as a long-term liability.

 

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Also Read: Difference Between Accounts Receivable & Accounts Payable Management

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Interest Amount on Notes Payable

The promissory note issued to the borrower states a specific amount of interest to be paid on the money borrowed. In Most cases, software consulting companies pay interest on the amount of money borrowed from the lender. Some of the common interest terms ask companies to pay interests every six months. A company is required to keep an account of all the interests paid to the lender and the outstanding amount that is yet to be paid. When a company accrues interest, it debits interest expense and credits interest payable. When a company makes a payment on the principal balance and interest, it debits notes payable, interest expense and interest payable and credits cash.

 

accounts-payable

 

The Balance Sheet

Both, accounts payable and notes payable are listed on a company’s balance sheet as a part of its liabilities. The balance sheet is a reflection of a company’s financial position at a given point. It is very important to managers and investors as they use the balance sheet to make important financial decisions regarding a company. Accounts payable and notes payable are used in coordination with other accounts on financial statements to calculate important financial ratios.

 

 

About Invoicera

Invoicera, the online invoicing software is specifically designed to cater to individual needs of each all types of enterprise, small business, and freelancers. With 14+ years of experience into the industry of online invoicing, we understand the needs and cater to different business aspects with different pricing plans.

From invoicing to tracking business expenses or managing staff tasks, you can easily manage every single business activity. The custom invoice software for your business for Accounts receivable and accounts payable management lets you keep a track of every penny that is either owed to you or that your business owes. It makes calculating and analyzing important financial ratios super easy. 30+ online payment gateways help to receive payments from the global clientele without much hassle and cash flow super smooth. The additional features of grouping taxes or sending invoices in any language that your client prefers help retaining an interest in the business and road to success a little less of a hassle.

 

Accounts payable

 

 

Multi-Business: Boon to CEOs Managing Many Businesses at Once

multiple-business-invoicing

Managing more than one business at the same time can be nerve wrenching. Businesses dread the horror of managing them. We have often seen accountants and manager juggling between invoicing and cash flow management for multiple businesses the company handles. It is a lot more confusing and struggling.

While we claim to make your invoicing experience smooth, it is our another milestone to ensure your invoicing experience is away from all the hassles. We’re introducing an all-new Multi-business feature to let you handle all your different business verticals in the same account under different dashboards.

Most companies handling many business verticals at once are facing challenges you will relate to. Let us look at the common challenges businesses are prone to:

 

  • Struggled invoice management

Managing multiple invoices are tedious, and when you are asked to handle invoices for different verticals it becomes even more cumbersome.

 

  • Scattered Client Communications

Handling entire clients communication in one place for different verticals can be hazardous when one mistake can take a toll on your entire business. Miscommunication of documents and invoices can leave a very negative impact on your business.

 

  • Confused teams with lapsed communications

Signing in differently for each business can leave employees confused. It can also lead to higher chances of committing mistakes and errors while the entire course of activities.

 

  • Indisciplined expense management

Separately managing multiple businesses with different accounts is frustrating. Juggling between separate accounts for invoices of different verticals can leave your employees frustrated and processes delayed.

You related to most of the business problems. Didn’t you? We empathize you. Therefore, here is a solution you were waiting for.

A whole new Multi-business feature in Invoicera. Now, add all your different business verticals in the same account with different dashboards. And, you can simply switch dashboards to manage different accounts.

 

You’re just one step away from setting up the revolutionary multi-business account for your business.

 

  • Add Multiple Business

Add different businesses in the same account and easily switch dashboards to create invoices and track cash flow.

 

  • Globally Manage Multiple Clients

Manage all your different clients from all around the globe in the same accounts under different dashboards. It is quick, simple and convenient.

 

CONCLUSION

How exciting it is to handle all your business activities in one place. We promised on making invoicing convenient for you and here we are crossing steps each day to ensure your business conveniently and upgrade intelligently.

Multi-Business plans to start with your current pricing plans.

Avail the benefits! Sign Up Now!

 

 

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How Custom Workflow Makes Your Invoices Smartly Outstanding?

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Earlier in the past, creating correct invoices was not less than a cumbersome task! The reason lies behind the manual creation of invoices which was quite error prone and time taking. Not only this, in that case, it was too tiring to complete the invoice review process.

 

Sending incorrect invoices can put bad impact on the brand image. Moreover, It can result in a payment delay. Not only this, but it can also hamper your relationship with the client. Suppose, invoices have the incorrect address, then it will lead to the product delivery at the wrong address. And this instance will obviously make the client angry and frustrated.

 

Sometimes, companies forget to mention due date in their invoices. When there is no due date, clients pay according to their convenience. Moreover, mentioning a single payment option can also result in payment delay.

 

Also, Incorrect invoices can result in increased cost of rework as more people within the organization will be utilized for reviewing the invoice.

 

So, Invoice review is a crucial part of the Invoice approval process as it adds more accuracy to your invoice. When the same invoice is reviewed by other authorized members, it reduces the chances of mistakes in the invoice.

 

The invoice approval software should be quite fast, accurate and simple. Only then, we can have correct invoices that lead to quick payment and enhanced client satisfaction.

 

With the passage of time, various invoicing software came into existence. These software claims to offer better invoice management. There are several invoicing software available in the market. These are used for creating and managing invoices for Small to Large Enterprises.

 

Invoicing software creates invoices and customer records. Moreover, it allows you to send quotes to your customers. Not only this, a good invoicing software allows you to perform tax reporting within it.

 

Furthermore, it becomes almost impossible and quite complicated to create invoices for hundreds of clients manually. However, Invoicing software provides a better and easy to use alternative for bulk invoicing.

 

Plenty of invoicing software provides several features. But still, it is found that few people using these invoicing software send incorrect invoices. A better option can be an invoicing software having a customized workflow.

 

Invoicera is the only invoicing software having the feature of the Invoice approval workflow. Custom workflow feature allows you to add team members or authorized people from your organization which can review the invoice.

 

This feature reduces the time consumed in the back and forth movement of invoices from one person to another for rechecking. With the help of custom workflow feature, people can add one or more members for reviewing their part in the invoices.

 

Each member looks at invoice and checks about the record he/she is accountable for. And as Invoicera is a software based on cloud technology, each added member can look at records they are responsible for at the same time.

 

Once all the members review it and approve from their side, the invoice is automatically sent to the client. Hence, online invoice approval system facilitates the invoice transfer with enhanced accuracy and leads to increased client satisfaction.

 

Here you can take a quick look at Steps of an invoice approval process:

  1. Vendor submits Invoice through an online portal to accounting or accounts payable.
  2. Invoice review for compliance.
  3. Invoice is put in the payment queue and sent to the submitter.

 

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However, companies are shifting towards usage of automated Invoice approval software as a manual invoice approval system is comparatively slow. For more clarity, you can look at the benefits of an automated invoice approval system:

  • Saves time
  • Maximizes efficiency
  • Standardizes time
  • Improves transparency
  • Improves compliance
  • Improve decision making

 

Furthermore, Invoicera is the only software with invoice approval system that allows you to avoid all the invoicing mistakes and helps you to create invoices that are correct and highly professional.

 

Invoicera is available as a web app as well as the mobile app. Moreover, Invoicera mobile apps are made for iOS and Android platforms. One can download these apps in their smartphones and can access, create, alter, review or send invoices from any location and at any instant of time.

 

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Related Post: Why there is a need for the online invoice approval process

Must Read: Steps to A Faster Invoice Approval Process

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Summing Up:

Since creating correct invoices can help you to save time used in correcting mistaken invoices, It is a good decision to use Invoicera- only invoicing software that has a special feature of the custom workflow. Make correct invoices every time and get paid early!

 

 

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The 7 Essential Elements of a Small Business Invoice

 

Today is the day to discuss one of the most essential components of running your small business: The Invoice

You already know that an invoice is one of your most crucial communications which ensures the inflow of cash into the company. But, how does the document should exactly look like?

Too Formal? How much is enough? How to reflect your brand efficiently in it?

Let us now get into the blog and see the important components you must include in an invoice:

 

The Basic Connectors of a Small Business Invoice:

 

Designing an invoice is always considered as self-explanatory. Entrepreneurs who know already do not focus much on explaining the details of an invoice, rather expect you to have the same level of expertise. Do not worry more! Here we will explain completely the components of a fully professional invoice and their importance of placement too.

 

1. Company’s Name And Contact Details

At the very top of your invoice mention your company’s name and just beneath that your complete contact details. Fill all of your information easily with a pre-designed template available in your small business invoice software. It is easy, reliable and smooth.

 

2. Fill in Your Client’s Name and Contact Information

How will you send an invoice, if you’ll not fill in the client information? It is crucial to fill the information, moreover the right information of your client and their billing address. Include all the relevant information including mail id, physical address and contact details in the pre-designed invoice template available in your invoicing software for small business.

 

3. Number your Invoice

Make sure each invoice that you’re creating has a unique number associated to it. It will be easy for you to recognize it and payments related to it.

Generally, an invoice is numbered as: ‘Invoice #0001’ or you can even use a more unique code such as #CLIENTA0023.

 

4. The Important Dates- Sent and Due

 

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Not just mention due date on the invoice, but the issue date of the invoice too. As missing any one of it will make the other date vague and client clueless about how to take further actions.

You can specifically mention the invoice due date upon receipt, upon completion of a project or delivery of a product, on a specific date in the future, and so on.

 

5. Provide a breakdown of products/services offered

It is important to provide an itemized list of all the product and services offered. It gives your client a clearer view of everything that you have offered your clients. It reduces the chances of consequences and fallouts later in the course of time.

For example, if you sell a product, include in your invoice should list each item purchased, the purchased quantity, the cost per sold item, and then the final price. If you’re providing a service, your invoice should list the flat fee you charge for that service, or the hourly fee you charge and the total hours worked. Also clearly note the date when that service was provided (or will be provided in the future).

 

6. Specify Payment Terms

In your invoice, clearly specify payment terms. Apart from the due date, tell your clients about various payment gateways and other instructions about payments. Include late payment fees details and other instructions to make your payment process transparent and clear. 

Each type of business has different industry standards for payments and terms. look closely for the standards your industry is following and adopt them.

Also, earning some extra income is not even a bad idea. check out the top 30 Small Business Ideas to make money in 2019 and add them to your same Invoicera account. It will help you manage multiple businesses in the same account without any hassle.

 

7. Add Personal Notes

It is nice to leave a brief personal message for your customer, even if it is just a thank you note for doing the business with you.

A personal note will give your entire personal communication a bit more personal touch and avoid your client getting the feelings of a money vending machine. You will then be building relations and such relations will work for you in the future.

 

| Must Read: Top 5 tips to managing Small business Finances

 

Conclusion

Finally, pay high attention to how your small business invoice looks. Critically design it on templates available with Invoicera’s billing software for small business. It’s an extension of your brand, after all! You cannot simply play around vaguely. Add business logo, colors and fonts to clearly state it as your extension. Let your invoice stand out amongst others with the help of billing software for small business.  

It is where Invoicera’s small business invoice software can help you simplify the invoicing process. At Invoicera, we have everything you need to create and manage to invoice for small business. Send professional invoices via email or even save them as PDF for future.

 

 

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