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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 

Tips for Choosing the Accounting and invoicing solution

Choosing accounting and invoice software is a big decision for your business. Here are some tips to select accounting and invoicing solution
Find out your needs

Before purchasing accounting and invoicing software, you should understand what your business demands .prepare checklist that include your basic requirements. For example, accounting demands of a freelancer is entirely different from the requirement of the hotel owner. So it is essential t to identify the basic requirements of your business then choose accounting software 

Consider your accounting skills

 Plenty of accounting software is available in the market. Choosing the right software for your need is a difficult task. So before choosing the one go check financial requirements of your business and your accounting skill. If you are a proven accounting professional then there is no question about these skills and software. But most of the business owners might not be familiar with accounting and hence lack skill. For those people it always advisable to go for simple online accounting and invoicing solution.

Features 

Accounting solution online should have followings 

  • Online invoice services 
  • Cloud computing facilities
  • Tracking of time 
  • Auto generic  reminders to customers
  • Sales prediction 
  • Inventory control & management
  • Tax preparation 
  • Track account payable and receivables 
  • Simple user interface 
  • Support multi-currency transactions
  • No hidden charges
  • Access to control by every team member

 

MyExps will always by your side to solve all financial problems associated with your business. The all-new MyExps is accounting software that makes running your small business easy, fast and secure. Spend less time on accounting and more time doing the work you love.

Why your startups should need online accounting & invoicing solution

Purchase, marketing, sales, business development and accounting are just a few of the tasks that need to be handle within a business. There are a lot of works to do in a business than this. Hire a separate professional for each of the tasks is not economical; especially for startups every entrepreneurs or startup should move with technologies to acquire their heights.  There is lots of software available to assist entrepreneurs and startups.

If you have no prior experience in accounting, no matter. Online accounting invoicing solution will help you to sort out your financial transaction issues. This is the first reason to suggest an accounting solution, online for startups. Advanced technologies and all good features are incorporated in accounting software, hence achieve your needs. With some training, entrepreneurs will be on their way and will find the user-interfaces. Cloud accounting allows you to keep track of your expenses and be on top of the game. This is especially important in case of startups, because expenses may be the only transactions you have to track. 

Reasons why startups prefer online accounting & invoicing solution 

  • Easy going Payment Cycle.

Startups decide to go for an online accounting and invoicing solution, because of the main reason behind it, that is the easy-going payment cycle. With accounting solution online, organizations can easily keep a track of their contractors, freelancers, and other consultants. Using an online invoicing system makes the system for everyone.  

  • Integrates with payment gateways

Online accounting & invoicing solution like MyExps is integrated with different payment gateways that help you to receive payments easily from your clients. Such inbuilt features help startups to have hassle-free business handling with clients.

  • Reduces resources consumption 

It provides online invoice free services. All computation, cross-matching, bookkeeping is done by online. 

  • Easy Cash Flow 

The utmost important thing in an organization is a smooth cash flow management. Online accounting and invoicing solution ensure smooth functioning of all the departments. Whether your startup is paying freelancers, their timely payment, dues and everything. Paying and getting paid through a professional means will helps in avoiding payment disputes. Online invoicing can help your startup stay on the top and helps in maintaining your company’s reputation both online and offline.

  • Budget-Friendly 

As a startup, invest a huge budget in the initial stage it might be a task. They always look for budget-friendly options in managing every task.  Accounting software will sort out this. MyExps the all in one accounting and invoicing provides invoices online free services. Also, it provides easy storage and access to financial data. 

Why Enterprises need a Custom Billing solution

Today’s business market is too competitive than ever before. Attract the customer and retain them as regular clients are important to be on the top of the game. It is essential to find a way to save money and time. Improve productivity with minimal cost and time is the only way to achieve business target.  That’s why most of the organization opting online accounting and invoicing solution for their financial tracking. An improved invoicing solution online provides an improved atmosphere for the customer to be paid. Generating invoices on paper and excel sheets aren’t an efficient way of improving the accounting and invoicing process. Our Custom billing solution will change the entire outlook of your online invoice. The countless benefits of online accounting invoicing solution will help you withstand in this competitive market. The billing requirements of business alter depends on the product or services provides. Hence it is necessary to go for a custom billing practice to showcase your brand name and its status on market. MyExps the all in one accounting and the invoicing solution will help you to achieve the benefits of accounting solution online. 

Find the benefits of the online invoicing solution 

Simplicity 

Creating a paper-based or excel sheet invoices consume a lot of time and effort. It Costs a lot. While accounting solution online generates multiple invoices within a few numbers of clicks. Invoice online free services are added advantages of such accounting software like MyExps

Receive payments at any time from anywhere 

The cloud computing services help to access accounts details at any time from anywhere. It also accepts multiple currencies. Accept money from anywhere. Also, most of the accounting solution online platforms are connected with the best payment gateways in the market. It definitely improves the reliability.

Improved productivity 

As it involves very less human interactions, there is zero probability of getting errors. Accounting software, it keeps and cross-match financial data hence improves overall productivity. 

Higher data security 

Losing on paper invoices and information is the most common issue businesses people face. We can say bye to this issue by deploying online accounting and invoicing solution in your business.

Save time & Money 

Accounting software saves you time and money by generating automatic invoices, tracking cash flows, reminding dues etc. paper-based invoices consumes a lot of time and human effort for computations and cross-matching. Then it demands money. Consumption of these resources can be reduced by accounting software.

Whatever your business product or service, the competition is increasing day by day. Businesses of all sizes need to look for ways to save time and money. At the same time showcase brand value to attract customers to permanent clients. The benefits of online accounting and invoicing solution really save your time and cost of an employee.MyExps the accounting and invoicing solution will help you to reach the destination through custom billing.

Benefits of Time Tracking in accounting solution

Time and money are the most precious commodities for a business organization. One of the most challenging tasks for any company is to keep an eye on the financial transaction on time. Integrating time tracking facility in software systems is a unified solution for modern business corporate. As it helps to monitor automatically the time spent on projects, tasks, generate payment reminders, amounts paid and to be paid. Accounting and invoicing solution is a real boon for small to medium to large businesses owners. It helps to stay organized hence there is increased productivity and efficiency. Time tracking in accounting software is an effective way to monitor all activities related to the organization and reduces the manual paperwork involved and administrative burden. Any organization can witness a great difference after deploying an accounting and invoicing solution. 

One of the best advantages of time tracking software is that it helps all your projects stick on timelines, and prevents unexpected delays in the project, keep and track all financial information. It is truly a wonderful add on in accounting solution that makes sure that all the company projects follow the scheduled timelines and boosts up productivity to great heights.

Time management software facilitates the monitoring of essential elements that aid project completion, records tasks, and even give reminders to the project team about upcoming deadlines. One of the toughest tasks for most of the organizations is to ensure a precise, fair, and accurate billing system. Integrating time tracking software is an excellent solution as it makes sure that your customers are not over or under-charged.

Here are some reasons how time tracking could benefit you and your company.

  • Increase profitability. 
  • Accurately track time  of payments
  • Show up  the flow of money 
  • Bill on time and pay accurately. 
  • Set up clear objectives. 
  • Increase the productivity of the firm. 
  • Generate payment reminders
  • Provide transparency in financial transactions
  • Notify the details of paid and unpaid clients.
  • Better Communication process
  • Reduces the paperwork 
  • Generate Online invoice free services on time

Here is my suggestion for  your business

The best time tracking accounting solution.

MyExps the all in one accounting and the invoicing solution will help your organization to be on top on the market through the countless benefits of time tracking in an online accounting solution.

Pros of invoice software than invoice templates

Invoicing software is essential tools you need to run your business. To run a business in a smooth way, it demands professional standards. It also requires creating delightful experiences for their customers. Rather than being on top maintain the same is hard. Online accounting and the invoicing solution will be your best accounting assistant.

Most of the organization prefers invoicing templates in word or excel. Keeping multiple invoices is a tough task and marinating a customized invoice impossible. Invoicing templates can satisfy very small businesses dealing with a very little number of clients. But their growth is gradual or might be very slow.  To showcase the brand value of your business, to get a better reach among the market, it is always preferable to go for an accounting and invoicing solution. 

There are countless benefits for accounting software, which includes sending invoices immediately, better invoice tracking, invoicing online free services get payment faster, it saves your time and money.

It helps your customers glued to your business.

 One way of doing that is by adding necessary services and support services to your accounting solution. Accounting solution is always customer friendly and customizes according to your business requirements. An online invoicing tool that helps effortlessly send professional invoices to your clients, and receive payments easily.  It is absolutely essential when it comes in the case of small business.

Accounting and invoicing software like MyExps has the potential to assist you in your business according to your requirements. Instead of simply going for invoice template just go and grab the benefits of accounting and invoicing solutions.

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