Month: January 2021

How reports from an accounting solution help your small business

Roy is an Entrepreneur. Who fed up with manual tracking daily business documentation, tax returns, employee payroll. etc

 Alas!!!  

He made a lot of trials to track all financial transactions in his company. But everything failed. 

As an attempt, he would decide to go for online accounting and invoicing solution. 

When it comes to accounting solution online most people are not aware of its benefits.

Accounting software is capable of generating invoice online free, auditing expenses, tax calculations, employee payroll, benefits, performance reports, payment due to reminders etc. However, there are many more benefits to accounting and invoicing solution that helps you to grow, improve, and expand your business. 

Here are some of the most important accounting reports for your business that you should know about.

 

Profit and loss statement

The most important for any business required is the profit and loss statement. This report tells you about how much money a business consumes. A well-run bookkeeping operation is enough for you to understand how much money spend and where your money comes from. But it is difficult to keep a proper bookkeeping system in an established business firm. Hence it is preferable to go for online accounting and invoicing solution. 

Balance sheet

A balance sheet gives you about a snapshot of what a business has and owes at a point of time. Assets include bank accounts, accounts receivables, and investment account. Liabilities generally include credit cards, business loans, and anything else owes. This balance sheet generated by accounting solution will showcase the exact financial position of your business. 

Revenue by customer

Your revenue by customer report tells you about how much you made from each customer over a while. Building good relationships with quality clients can turn in to a reliable and healthy income. Revenue received by the customer is exactly listed in accounting software. Which help you to track the unpaid customers; hence you can go for payment reminders

Accounts receivable 

You can keep count on the number of invoices you were sent ad how many invoices are earned its fruits. Online accounting and the invoicing solution will help you to measures about accounts received. It helps you to keep on tracking your business. 

I’ve been very lucky when it comes to a matter collection of payments; it is well done by MyExps the all in one accounting and invoicing services. It is your part to choose the right clients to work with your business. 

 

There are countless benefits for online accounting and invoicing solutions, I would suggest just go get to understand the benefits of MyExps – by yourself.

5 Things You Shouldn’t Know About An Online Accounting Software

Accounting software is the basic fundamental application that allows you to track the internal as well as external cash flow of your organization.

It asses the financial health of an organization through tools like general ledgers account payables and receivables, purchase orders, stock management, and billing etc.

Accounting Software is vital for a business to fully understand their situation, determine the success of their business performance, and run a successful venture. Good accounting software is a path to success for your business.

It is a surprising factor that most of the companies still practices the manual method of accounting, and it consumes a large number of resources such as time and money.

Tasks involved in manual accounting depend upon the size of the firm and goods or services they provided.

If you are a person looking for steering up your business destination, it is advisable to go for online accounting and invoicing solution.

This reduces the effort on generating invoices and cross-matching them for verification. The benefits you might not know about online accounting solution are:

  • Customized design

Invoices can generate according to the requirements of the brand, i.e. invoices can be customized. You can add your logo, colour preferences, details required as per your organization demands.

  • Zero error

The software helps you avoid human errors and suggests a corrective course of action. It is far better than manual method accounting.

  • Cloud computing

You can securely access your business data anytime, anywhere using a web browser. The entire information about the organization is secured in the cloud can be accessed by your team whenever it demands. Hence no separate bookkeeping is required.

  • Timely reminders

 it would allow timely notification to your clients and reminds them about their dues.

  • Security

Financial data is a company’s most valuable information and must be prevented from falling into the wrong hands or getting lost by mistake. That’s exactly what online accounting and invoicing solution and does for their users.

MyExps the all in one accounting and the invoicing solution will help you to resolve all your financial transaction issue through an online invoice, free services. We provide all features mentioned above for your business growth. 

Best Invoicing Practices For Your Business

Running a business works only when you get paid. Proper invoice processing is key to the success of your business. Invoicing is a fundamental component of every business. Ensuring that your invoices are professional and complete is critical to your success. Manual preparation of invoice is a daunting task it is always advisable to go for online accounting and invoicing solution. 

When creating invoices for your business, be sure that it includes the following 

  • Date of issue 
  • Date of invoice
  • Invoice number
  • Business address
  • Address of customers
  • Due date of payments
  • Contact information
  • Purchase order details
Here are some tips to be a pro in online invoicing 
  • Always add the date on your invoice

Manually created invoices using Microsoft Word forget to date on their invoices. Instead, if you use an online accounting and invoicing solution the date should be generated automatically.

  • Always use the invoice number.

An invoice number is beneficial for tracking invoices, as well as tracking the progress of your business. Invoice numbers will make it easier to reference which invoices are being paid by a client who has received more than one bill and more details.

  • Always include the due date and terms by the invoice 

It is better to provide an easy-to-follow invoice pattern to your client that clearly shows them the amount they need to pay and the day it is due. Keeping those details close together clearly defines a quick reference to the client when it comes a time to pay the bill.

  • Always include payment options 

Under the invoice total, there should be explained well about the various payment methods that are accepted by your organization. It will help your client to know about various payment receiving options and they can pay from anywhere. It always strengthens your customer relationships.

  • Accept Early Payments

Never send your invoices late. Doing the same might affect cash flow to your business. Make sure that your invoices are sent out as possible as soon after one project is over.

  • Always follow-up reminder notice 

It is always desirable to and nothing wrong with sending a professional and friendly reminder that an invoice is about to dues. It will help them to pay before it dues and you can receive it on time.

Conclusion

MyExps will help you to achieve more efficiency on your business accounting practices through invoicing online free services, accounting solution, online and much other assistance in terms of financial transactions. MyExps –the all in one accounting and invoicing solutions will assure you that above-mentioned factors suites for small businesses looking to do invoicing the right way.

 

Difference Between Invoices & Receipts

Documentation of every transaction is a vital part of the business. As a business owner, you need to determine what the best account monitoring method is for your own organization. Most of the companies use a combination of receipts and invoices to record their transactions. Even though these two documents have similar functions, but they are a remarkable difference to each other. 

An invoice is a document that is sent by the seller to their customer. Which is a request to the payment for products or services. Similar to a bill, it lists what goods or services were provided, how much they cost, and which forms of payment the seller accepts.

 Invoices are typically issued to a customer after they have received their goods or services, but before payment has been received. Usually, invoices are printed and sent to a customer through the mail but they can also be sent electronically, which known as electronic invoices or e-invoices, Which is definitely the best option for businesses. An effective online accounting and invoicing solution can simplify the entire invoicing process. 

Generating an invoice through a digital platform is a simple task, but there are a few important points that you should include. These points make huge differences between an invoice and a receipt. Where invoices typically contain more information about the transactions than receipts.

An Invoice includes:

  • Brand, logo, and contact information
  • The customer’s name and address 
  • The unique invoice number
  • Date of the  invoice 
  • Due date of payments and other payment terms;
  • acceptable forms of payment
  • A detailed description of goods and services purchased
  • The total amount owed, including any taxes and fees.

While an invoice is a request for payment, a receipt is the proof of payment. It is a document confirming that a customer received the goods or services they paid. Though business firms are not legally required to provide a receipt for all transactions, receipts are virtually always given to a customer after they make a purchase. Receipts can either be physically or electronically given to a customer.

No matter how you choose to give them out, receipts are an important proof of purchase document for both customers and businesses. Customers need receipts in case if they have any issues with the product or want to return it, and you need to be able to verify that a customer’s claims are correct. Keeping track of customer orders and receipts can be difficult, especially if the customer does want to return or exchange something; a digital solution can make it much easier to track orders, send accurate receipts, and help the customers who demand assistance.

MyExps the all in accounting and the invoicing solution will help you in your accountings as online invoice, free services, cloud computing, customized services and many more. Online accounting solution is definitely beneficial for your business growth and financial monitoring. 

Criteria for an ideal accounting solution

Business accounting software greatly reduces the human error that comes with accounting on paper, and it can allow you to access critical information in just a few clicks.

If you have a business to run, you should need accounting software to record your income and expenses. Software is the one you should purchase when you are about to start the business. Sooner, the next question will be how to choose the right accounting software for your business.

Sometimes this might be a big task and confusing as there is plenty of accounting and invoicing solutions are available in the market today. By listing down some ideal criteria for an accounting solution that you should consider before you invest in an online accounting solution.

 Below are five magical points which turns your accounting software into ideal accounting software.

  • Cloud applications

Nowadays, Cloud computing got wide acceptance and more prominent influence in modern business, it is important to have cloud service for accounting and invoicing solutions. Which help us to store financial information, retrieve any information whenever it needed, access information from anywhere. Your records are kept secure at a data centre far from the physical location. Cloud computing helps you to manage accounts even you are away from your office. And, cloud applications can be accessed using a tablet, laptop or Smartphone.

  • User friendly 

Most of the business owners might not have any accounting background. If you are professional in accounting or if not, an accounting solution online should be easy enough for your employees as well as the clients to learn the software. Investment in software which is adaptable for everyone. Go for a software which has an easy user interface and one which is not stuffed with unnecessary features. The clean interface makes it easy to focus on the essential tasks and can reduce time.

  • Hidden Costs

Some software providers might charge for the upgrades or additional support. Sometimes, they provide basic software at a lower price. Later you are forced to buy add-ons and pay for it. They also charge for maintenance fee. So, check if there are any hidden costs associated with the software before you are planning to buy. Best way to know this is to go and check pricing package on the website. If they are selling additional services, those will be mentioned in their respective websites 

  • Features

The software you are planning to buy should have all the features that your business demands. It includes 

  • Online invoice free services
  • Time tracking 
  • Automatic reminders
  • Sales prediction 
  • Inventory management
  • Create and manage taxes 
  • Track account payable and receivables 
  • Support multi-currency transactions
  • Access to control by every team member 
  • Data security 

This is not at all point if you’re going for manual accounting policies. But if you are not ready to stay in the box, going for an online accounting solution for your business. Then data security is the most vital aspect to check. Ask the company how they are storing the financial data. In most cases, this information will be available on their website.

To grab all above features to your accounting solution check out MyExps

HIGHER THE SPEED, LOWER THE RISK –ADD QR CODE IN YOUR E- INVOICES

Small businesses need professional invoice templates to bill clients and receive payments. The right invoice template is a crucial business tool because it can simplify your small business accounting process and help you get paid faster. While free invoice templates are available to download online, most business people find they get what they pay for with free invoicing tools. 

An e-invoice is a commercial document that itemizes and records a transaction between a buyer and a seller. Hence it acts as an online accounting solution for all business people. It typically has a unique identifier called the invoice number that is useful for internal and external reference. An invoice contains contact information for the seller or service provider in case there is an error relating to the billing.  Also, QR codes are also included in invoices for fast and easy transactions. 

QR codes are machine-readable, two-dimensional barcodes that can encode up to 4,000 letters and be read by virtually any Smartphone. A reader then scans and translates the code into something readable, like a web page. QR codes are increasingly being included on print, PDF or digital invoices to speed up the payment process. This speeds the payment process and helps to reduce issues like forgotten passwords, human error and another risk. It works on the virtue of a simple one-click procedure and, thus, improving the customer’s experience 

Reducing documents tampering and improving automation

In the e-invoicing system, the QR Code will be used to provide all information about a particular invoice in a quick manner. There is no fraud, no theft of cash, no one scheming off the top. And there is no exchange of credit card information. In fact, can’t even see the credit card number-it’s secured in the back end of the platform. Quick Response Code or QR Code helps users verify the details in the digitally signed e-invoice. It is completely an accounting and invoicing solution for business people. 

Invoice generation – significant benefits

  • It works for both printed and electronic bills and invoices
  • It can only be generated by the issuing organization and cannot be faked or tampered by anyone else
  • The generation of the QR code can be easily integrated with existing bill production systems
  • The entire relevant information of the bill is captured inside the secure QR code hence it is good for security and privacy. Also, the contents can be verified with a dedicated app or a server-side validation 
  • The output of the validation can be made available in a structured format for onward processing by any system 

Small businesses need simple, effective invoice templates to bill their clients and get paid faster for their work. Hence MyExps, the new accounting and invoice solution can help you to generate and capture the data on such documents in the form of a secure QR code before it gets printed either physically or electronically. In addition, the QR code will also have the digital signature of the issuing organization so that unauthorized modifications can be identified and well stopped. 

5 Poor Accounting Practices That Kills Your Business

Proper accounting practices matter in business progress. Bad practice will lead to the complete collapse of your business. Here are some practices that critically affect your business.

  • Failure to Track Expenses

For every business smooth running it is essential to have a proper accounting system. Most of the business owners will try to track all the expenses but the problem is lack of proper account tracking system. Tracking expenses include keeping an eye on everything means that you can deduct more and lower your tax bill. If you aren’t sure what to track, get advice from an accountant or go for any other online accounting and invoicing solution, it is always worth buying.  
  • NON-SEPARATION OF YOUR PERSONAL AND BUSINESS FINANCES

A big mistake made by a new small-business owner might make is not separating their business and personal finances. It causes a huge loss in your business in the long run. A business owner might think that the funds are all going to the one place anyway, hence there is no need for separating personal business. This thinking can set small business owners up for disaster if they are ever audited by the IRS. It is harder to track your expenses when you don’t separate personal and business expenses and income. Make sure to keep a separate business account for all your business transactions.

  • Not Filing Taxes on Time

Delayed payment of tax and paperwork can cause some fines and it may also signal to the government agency to keep an eye on your paperwork. Entrepreneurs are prone to fail to pay taxes because of running the operations of their businesses. But by this practice cause big issues in your organization the aid of online accounting and invoicing solution, you can avoid such mistakes. Accounting solution online reminds you about your taxes and always keeps an eye on tax calculation 

  • IMPROPER BOOKKEEPING  

Providing accurate data with your bookkeeping allows you to have a reliable view of the financial health of your business. Performance of your business at a certain time can be assessed by proper bookkeeping. Categorizing everything from a small transaction to a large payment will help you to determine performance. Improper bookkeeping lack or lack of data causes your business adversely. Online accounting invoicing solution is the best choice to avoid this type of issue. Cloud service will make sure of the security of your data.

  • ASSUMING PROFIT MEANS CASH FLOW

The assumption is the biggest enemy for your business. The vivid idea about business deals and transaction is the basic requirement for your business. It Might be tempting to write down each deal as income when before it is completed. This could be a big fault when it comes to a road of big projects which takes longer to complete. Writing down income as profit can give a distorted view of your business and make it seem healthier even in the worst conditions. 

Apart from these mistakes, improper generation of invoices causes a delay in the development of your business. Online accounting and invoking solution is the best choice to avoid accounting buds. MyExps –the accounting solution online can help you to solve all your accounting problems through generating invoice online free, cloud computing, auto reminders, payment tracking and many more services for you.

MyExps –The All In One Accounting & Invoicing Solution For Your Business

Every business owner wants to be on the top in the game, but with the increasing technology, the competition in the market is growing at a brisk pace. The advanced digital solution is the aid to reach your destination.

Managing financial transactions is crucial for a business to succeed. Often, Small business entrepreneurs are self-reliant and have to manage everything themselves. Accounting might be the tough task they usually dealt with every day.  Using accounting software in such a case is one of the greatest ways to save extra time and money.

Accounting software is an application that records and processes financial transactions. This includes account receivable, account payable, ledger, journal, payroll, etc. It helps business owners to manage accounts and perform well.

MyExps is a business accounting website. We can provide assistance on invoicing online, free services, and accounting solutions, online, for the betterment of your business.

Why you need to choose MyExps 

We believe every business deserves simple software, that is ready to go, easy to set up and use, and requires minimal customization and maintenance. The best part is, we give you a trial that free and thereafter its minimal cost to manage your bills slowly progressing to finance. MyExps is one of the easiest ways to create, send an invoice and get paid for an invoice by your customers.

Our Services

  • Online Invoicing

Your clients will receive professional looking invoices that take only seconds to create. What the best part is?  You’ll get paid faster, too.

  • Expenses

Say goodbye to boxes of receipts. Tracking your expenses in MyExps.com is ridiculously easy, which means you’ll be able to effortlessly keep an eye on your financial transactions.

  • Payment Reminders 

MyExps will remind your customers about their dues. The only thing you have to do is set up the frequency of reminders.

  • Customized services

You can customize your invoices according to the size of your organization, brand and other requirements.

  • Reporting

Reports in MyExps are simple enough for you to understand but powerful enough for your accountant to love.

  • Mobile

With the MyExps mobile app, you will easily stay connected with your clients and be able to take care of your accounting anywhere.  

  • 24*7 Support

MyExps Team is working around the clock to provide our customers with a superior experience and support during their activities.

  • Easy To Use

MyExps is simple and intuitive, so you’ll spend less time on paperwork and wow your clients with how professional your invoices look.

  • Powerful Features

MyExps allows customers to automate their tasks like invoicing, organizing expenses and manage your accounts in just a few clicks.

  • Organized in the Cloud

MyExps lives in the cloud so you can securely access it from wherever you are and we promise your data is 100% secure with us. Keep all your conversations, files and feedback in one place. You can keep your team in sync and your projects on schedule.

MANUAL ACCOUNTING CHALLENGES FACED BY SMALL BUSINESS OWNERS

Running your own business is often challenging, as it involves wearing hats multiple responsibilities. You have to find out solutions to problems that you may not be familiar with. Ending up with a proper solution to consume hours. Small business owners face a number of challenges, in which accounting is the big one.

Typically, accounting is a big task for small business owners who lack the expert knowledge and experience in professional accounting. There are a number of manual tasks involved in a business accounting process like the recording of financial data, summarizing, and analyzing that consume a huge amount of time to process. 

Most of the business owners around us still prefer manual accounting practices.

The bad part of it is, manual accounting demands a lot of time and money. As the size and services of business increases, resources consumption is also increased.

Disadvantages of manual accounting 

  • Need to hire a professional for accounting  
  • Error-prone
  • Lack of security
  • Huge consumption of time and money 
  • Separate bookkeeping is required 
  • Timely action might not be possible
  • No backup records in case of loss or damage.

 

There can be many disadvantages to using a manual accounting system. Accounting, for any business, can be a complex undertaking. Sometimes a manual accounting system cannot satisfy your organizational needs. In such a situation, it is always better to go for online accounting and invoicing solution 

In order to solve all the disabilities of manual accounting technology come up with online accounting and invoicing solution. MyExps the all one accounting and invoicing solution helps solve all the corns of manual accounting. Hence accounting solution online is the best solution for your business.

  Advantages of online accounting and invoicing solution  

  • Online invoice free services
  • Customized solutions
  • Higher security with zero error
  • Cloud computing services 
  • Multiple payment options 
  • Improved cash flow 
  • Automation needs lesser manual entry 

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