Growing sales. This is what every single business strives for to take things to the next level. But the only way to grow your business, aside from selling items or providing services, is by reducing the time you spend with various activities like creating estimates, creating a new (recurring) invoice based on the estimate and adding an item to your invoice over and over again. What if we say that you can automate these processes, or make them faster? That way you can focus on what matters: running your business.
With the help of handy online accounting software you can do that. You can easily add items to your inventory and see their profitability, create estimates based on those items and the approximate work hours, and turn the estimates into invoices that could even be paid immediately thanks to fast online payment options. Remember: no matter which accounting software you use, you will never have to spend your precious time with tedious, repetitive activities again; you just have to provide the necessary data, sit back and enjoy the benefits of the cloud.
Estimates
Estimates or quotes are essential in business relationships; clients want to know how much a product or service will cost them if they purchase said items from you. This is where estimates can help you: by sending this document to your future client he/she will see the price of the product or service that is not available at the moment because they have to be made and/or delivered. Be sure to include every important information in your estimate like approximate work hours, the exact price of the item(s) etc. which can be easily done with the help of an online accounting software. Once the estimate is sent, the client can compare your offer with that of other businesses, and if yours is the best one, he/she just has to accept it. When this happens the estimate can easily be transformed into an official invoice with a few clicks, so creating a new invoice is not needed.
Invoices
Creating nice looking invoices is the main strength of many online accounting solutions, in fact it is usually the easiest thing to create with the software. If you are sending an invoice to a customer who is already in your contact list and you are selling an item that’s in your inventory, then invoicing should only take a few seconds. Most software is capable of sending out recurring invoices, meaning that the same invoice will be sent automatically according to the period of time you have determined. If you subscribe to a pay-as-you-go service, you can allow your clients to pay instantly using other payment options like credit/debit cards and electronic wallet services like PayPal. Before you send an invoice you can also set up a reminder for your client that alerts him/her if the invoice is overdue, thus you will always know which invoice was paid and which wasn’t. When you are paid, which you can see in your bank statements, you can easily record the income and move onto the next invoice.
Inventory
Unfortunately not all online accounting solutions have this feature, but if you purchased one that has an inventory, consider yourself lucky. You can add as many items to your inventory as possible; just don’t forget to provide the quantity of the item and a short description thereof. When you have something in your inventory, invoicing becomes even easier than before: you just select the item from the list and it will be added to the new invoice.
Best Online Accounting Software of 2024
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