Tracking business expenses always involves transactions with various purposes and nominal. Sometimes there are transactions with a large nominal and some with a small nominal. If it’s done manually, it’s likely to be time-consuming, or it can be inefficient because there’s a lot to keep track of. Therefore, using an expense tracking app is a solution to record and monitor your business expenses.
Currently, financial applications or software that you can use to monitor business expenses are available on an online or cloud basis to be integrated and synchronized with other applications. One example of an application that is highly recommended is the Invoice Quickly accounting software.
This article will cover:
- What things do you need to do to succeed in business?
- How Important Are Financial Statements in Business?
- Invoice Quickly
- What are Automatic Expense Trackers?
- How are the Automatic Expense Trackers used?
What Things do You Need To Do To Succeed In Business?
In order for a managed business to run smoothly and continue to grow, you can do the following things:
The first thing that must be done in order to be successful in business is to save expenses. In business, there are many costs that must be incurred, and so that the costs incurred are not wasted, you must prioritize which ones must be purchased and which are not required to buy. If it doesn’t matter, you don’t need to buy the item, especially if the item purchased doesn’t provide a profit. This affects not only businesses but also to managing personal finances.
Set aside profits to increase capital
You must be very happy when you get business profits, but don’t rush to spend it on fun. You must set aside profits to increase capital. By using the profits to increase your capital, you can make your financial condition better and you will find it easier to manage business finances. Do not let you waste business profits on things that are not important and are not needed.
To grow your business to be bigger, you don’t rely solely on business profits. You have to get a sizable fund from investors. You will get financial assistance, human resources, or guidance from these investors until your business grows. But to find investors, you have to fight to make your business worthy and attract investors.
Create a Fixed Term Financial Plan
Making financial planning in a certain period is also something you must do in order for your business to be successful. You also have to make a business plan for a certain period of time. From this plan, you can make a budget so that your business finances can be more organized. In order for your business to grow, make a budget, and don’t use business funds for things that are not needed.
Manage Business Finances Well
Lastly, you must manage business finances well. With good business financial management, it will be easier for you to develop your business. Managing these finances can be done in various ways, such as making notes for every business transaction. You can easily carry out this in two ways, namely manually, namely by recording directly in a book or Microsoft Excel, and an easier way by using accounting software. Using the manual method means that you only input data and calculate it manually, including making financial reports. Whereas with accounting software, you only need to input data, and with the features of this software, you don’t need to calculate it manually. For more details about this accounting software, you can read it below.
How Important Are Financial Statements in Business?
For a business, financial statements are mandatory. Bookkeeping or financial statements are used to find out business monthly cash flow. With books and business reports, you, as an entrepreneur, can find out the amount of expenses, income, and other financial reports. In addition, with bookkeeping, you can also find out the comparison of activity plans with their implementation. That way, being accountable for cash flow will be much easier.
There are various ways that you can record financial reports. In ancient times, a businessman recorded his financial statements in books. After there was a computer, entrepreneurs switched from books to Microsoft Excel. But in this technological era, you don’t need to use books or Microsoft Excel and calculate them manually. You can use budgeting tools or accounting software to make business expense reports easier.
Accounting software is equipped with various features that will make it easier for users. The accounting software features include recording financial transactions, profit and loss accounts, monitoring expenses and income, and others that will make your financial reports easier. Here are seven accounting software that you can use for your business:
Invoice Quickly is accounting software that is perfect for those of you who have small and medium businesses. It is equipped with accounting features needed by your business, such as recording expenses, recording income, and also for creating financial reports. Before discussing the features that Invoice Quickly has, there are several advantages of Invoice Quickly that will not make you regret choosing Invoice Quickly accounting software.
Full Cycle Business Process, which contains all business needs such as recording company expenses and income, accounts payable, purchasing, sales quotes, invoice creation, sales offers, product management to invoices, and reconciliation with bank mutation data.
Access Everywhere, with this feature; you can access Invoice Quickly Accounting Software anywhere and anytime. While you are connected to the internet, Invoice Quickly Accounting Software will always be accessible. Including when you are on vacation out of town, you can still use Invoice Quickly accounting software.
Zero Setup is a feature that doesn’t require you to install anything. Just go to the Invoice Quickly website, you can use it immediately. Of course, this method will be much simpler because you don’t need to download or install an application to use the Invoice Quickly accounting software.
After knowing the advantages possessed by Invoice Quickly, now is the time for you to know the features that Invoice Quickly has that will facilitate the management of your business finances. In order not to be curious, just go ahead and have Invoice Quickly’s features that are really worth trying:
Invoice More Practical
Together with Invoice Quickly, making invoices that are more practical is no longer a dream. You only need to enter data and Invoice Quickly will process invoices for your customers. Besides that, Invoice Quickly also has the ability where you can create invoices with just one click.
Faster Purchasing Orders
Besides being able to make invoices more practically, Invoice Quickly also allows you to make purchasing orders faster. Purchasing orders are documents that buyers use to show the items they want to buy to sellers. Making it faster, of course, will make the purchase transaction more effective and less time-consuming.
More Detailed Cost Recording
You can also take more detailed notes using the Invoice Quickly accounting software. The recording is meant to cover expenses, track expense items, and make detailed financial reports.
Can Track Stock and Inventory
Want to check goods but don’t want the hassle of having to go to the warehouse directly? That means you have to use Invoice Quickly because, with it, you don’t have to bother checking stock and inventory in the warehouse. This excellent accounting software is equipped with features to track stock and inventory; not only that but with it, you can also check multi warehouses and multi branches.
Can Track Fixed Assets in Real Time
Invoice Quickly is very easy accounting software for its users. It will help users track fixed assets, depreciate assets automatically, and get real-time asset reports.
Has 50+ Financial Reports
Invoice Quickly is equipped with more than 50+ financial reports. Of course, it will be easier for you to make reports every time you need them with this feature. So, creating financial reports that are usually complicated will be simpler and easier with Invoice Quickly.
QuickBooks is the highest-rated accounting application on the Playstore. Besides being accessible via a smartphone, it is also available in a desktop version, making it easier for you to review company finances as a whole.
The features offered by this application include:
- Make more than 50 pieces of financial reports that are easy and simple and can be sent directly to shareholders.
- Send invoices with the attached receipt via message, e-mail, or messaging application that comes with additional security and an encrypted link.
- Track expenses automatically.
- Uses GPS to track mileage automatically.
- Create, accept, and sign contracts for customers when you are not in the office.
- Receive payment with the desired payment gateway.
- Start reconciliation instantly with all the accounting tools available at the Accountant Center
- It’s easy to reclassify a lot of transaction data and fix erroneous tax payments
- Remove unpaid funds via one screen
- Instantly send journal entries to customers with necessary changes
- Get access to in-depth reports via easy-to-read consumer tools
- Efficiently combine multiple invoices into one email so customers can easily make payments
- Inefficient customer service.
- It is slightly more expensive than other billing options.
Your annual subscription costs start at $1,091 and go up to $1,746.
FreshBooks is one of the most popular billing tools on this list. It is capable of many automated tasks, including invoice reminders and payment collection. It also helps you track your business finances through in-depth reports that help you make smarter decisions.
Best for small businesses that don’t want to spend all their time on accounting.
- Cost tracking: Track expenses efficiently based on customer requirements. You can also add an expense component to any invoice as part of a refund.
- Simple user interface: It comes with a modern user interface that promotes easy collaboration with team members. The redesigned dashboard offers excellent customization capabilities.
- Mobile app: It comes with a very functional mobile app to stay connected with remote clients and teams at all times. Plus, you can grab receipts to create invoices on the go.
- Financial reports: This helps you get easy access to all important financial reports generated by Freshbooks on your dashboard. It also provides intuitive color-coded reporting saving you the number of headaches.
- Allows you to easily add spending tools to your credit card or bank account to track expenses
- Equipped with automatic late payment tracking feature
- Chat with your clients and team members on the go via the mobile app
- Allows you to charge late payments on invoices
- Send automated and personalized reminders
- Allows you to create custom proposals and estimates easily and allows customers to agree with one click
- Track your team’s time dedicated to specific projects via a timer
- It allows you to create invoices in multiple languages.
- Ensures seamless collaboration by providing selective file access to various parties
- Not suitable for large or complex companies.
- Doesn’t let you access reports on the go
Their payment plans range from $15 to $50per month.
Brightpearl is an omnichannel accounting software designed to manage invoices from a business owner’s perspective. Automatically post accounting entries for invoices, orders, and payments.
- Centralized inventory management:
Easily ensures centralized inventory management through all data being stored, updated, and modified in real-time in the database.
- Automatic accounting:
Automatically posts accounting entries for invoices, payments, and orders to reduce manual accounting efforts.
- Market connection:
Easily scale and manage your omnichannel business from one location with strong integration with Shopify or Amazon.
- Single source of information:
It becomes the main center of all information through which you can easily manage your business.
- Generate automatic reports to track financial health efficiently.
- Allows you to automate your bills and bills on an e-commerce platform
- Get real-time financial data on your business, including sales, purchases, and inventory
- Offers capable mobile apps on Android and iOS
- Offers a free trial with all relevant features
- This allows you to create recurring invoices and send automatic reminders to customers.
- It provides feature-rich reports so you can get practical information about your business.
- Only for retail businesses
- Several reviews mentioned problems with charging time
It offers a $60 monthly subscription. You can save 20% on an annual subscription that will cost you $576.
What are Automatic Expense Trackers?
Sending invoices to customers on time may be one of your most important business tasks.
The invoice specifies the item purchased, the payment due, and the terms and conditions of payment.
Automatic Expense Trackers helps companies create invoices, along with a list of services/products requested. It also enables you to organize expenses accordingly, track bills, provide reminders, and more.
Here are some of the advantages of using Automatic Expense Trackers:
- Reduce late payments –
You can streamline your billing process and keep an eye on all clients. This helps control and collect late payments, increasing your available cash.
- Reduce late payments –
Billing tools can help monitor you and schedule you, helping eliminate late payments.
- Eliminate human error.
This helps reduce the human error factor as the software takes care of the entire process.
- Protect against fraud
Billing tools generally come with very high-security measures, which protect you from unreasonable hackers and attention.
How are the Automatic Expense Trackers used?
The above-mentioned automatic Expense Trackers are powerful and packed with lots of features. However, Invoice Quickly is the easiest to use.
Using it right means taking advantage of the many powerful built-in modules. So how do you use it?
- Use wherever you want –
You no longer need to follow traditional billing methods. You can also customize and create your templates, fonts, colors, and logos by using these cloud-based tools.
- Integrate with third-party payment gateways:
You no longer have to supervise clients to make payments, as most of these tools are equipped with modern payment gateway interfaces that help your clients to make payments quickly.
- Generate financial reports:
Generate error-free financial statements to track your payments. You can also convert them to PDF files and share them via email.
- Take advantage of the built-in data analysis tools:
You can also take advantage of the built-in data analysis modules of most of these tools. These tools help you access and learn things like how many payments were made on time, average payment cycle times, and more. You can build actionable insights and incorporate them into your business for long-term gain.