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Top Benefits of Using a Free Invoice Tool

Who is creating invoices anymore? Pretty much every business…

Invoices (or ‘bills’) are the currency notes that precede actual money. It is an official paper that states the service you provided, and the amount that you are charging for it. Additionally, it is supposed to mention any discounts you offered your client. Or any tax additions that have been incurred on the amount, depending on the nature of the service.

To be fair, there is a lot that goes into invoice generation. And these days, even a free invoice software can keep your invoices good looking and compliant. Such a tool automates invoice generation, and at the very least, makes invoices professional and structured.

However, there is a lot more that an invoice tool has to offer. Here are a few benefits of invoice tool that you can leverage for your business:

Organized Invoicing and Payments
Most businesses generate paper trails left and right, creating a major negative impact on the global environment. So, you can cut down your paper costs, and improve sustainability by using a free invoice tool.
Not only does an invoicing tool reduce your paper costs, but it also lubricates the process of creating invoices. You no longer have to refer to a huge cabinet of files to find out templates for specific services. Instead, using free invoice software, you can set up and use templates for specific services and clients.

It creates a virtual library of sorts that contains all the invoices that you have ever generated, which can be accessed for auditing and compliance checks later on. This also alleviates the pressure on the accounting team during the tax season.

Also Read: List of The Best Free Invoice Software for Creatives

Share Multiple Payment Channels
How many times have you had to pass on a client because they were overseas and you couldn’t navigate their payment channels? You don’t need to do that anymore now.
Most online free invoice tools offer payment channels as an additional paid service. You’ll be surprised at how much your clients prefer different methods of payments instead of just a wiring method.
This will actually allow your clients to pay on time, and pay directly using the invoice you provide. You can set up redirect links on virtual invoices that take your client to the payment channel for instant payments.

Policy and Legally Compliant Invoices
An absolutely remarkable thing about using a free invoice tool is that not only do these create professional looking invoices, but they are also policy compliant.
So, for example, if a service you provided requires some amount of additional tax or a formal template, it is beneficial to use invoicing options that cater to that.
As you might know, you can be fined for creating illegal invoices. Every transaction you make is represented by an invoice that should comply with a set of standards as laid out by that industry.

Cloud Based Invoicing
One of the greatest benefits of using an online invoicing tool is that everything is securely stored on a server on the cloud. This means, you can access and create invoices whenever you want, wherever you are. So, you are never tied to your desk, or even dependent on your office to recheck invoices or revisit an old invoice. Of course, invoice tools are access control friendly and not everyone can view your private information.

Setup Reminders and Alerts
By using free invoice software, you can set up payment reminders for your clients and follow these up with overdue reminders. This is extremely helpful for both you and your client, given that businesses incur a lot of losses on missed out payments that they deserved.

Also Read: Free Invoice Templates

Recurring Invoices
If you have a client with a long running contract, why waste time every week on excel sheets? By using a free invoice tool, you can set up monthly, weekly, even daily recurring invoices.
All in all, invoicing tools are making their presence felt in accounting operations and are here to stay. Even absolutely free tools can make your life at work much easier, especially if you are a small business or freelancer.

Benefits of Monitoring Business Expenses on a Daily Basis

Monitoring business expenses is one of the crucial aspects of running and managing a business. However, just as important as it is to do it, it is complex too. But, what if I told you about a way to automatically track business expenses, and that too, for free?

Business expense tracking software makes it very easy for small businesses to manage their costs and ensure profitability. Such software solutions turn the mundane and tedious task of expense tracking into a force to be reckoned with. Monitoring your business expenses on a daily basis can be empowering beyond expectations. Here’s how:

Keep a check on your profitability
If you think about your business’s profitability day and night, then daily business expense tracking is for you.
You can calculate your profitability on a day-to-day basis by using the business expense tracking software. Generally, these are multi-platform software that can be accessed through mobile devices. So, if you are stressing out in bed, stress no more.

There are many more benefits of tracking profitability through business expense tracking.
Staying updated about the day’s expense records helps in making better decisions the next day. It is easier to identify projects that helped in growth (financially) and the ones that did not work.

Also Read: Software for Tracking Income & Expenses for a Personal Business – The top 7

Manage expenditure consciously
When you are constantly checking the monetary effect of daily activities, you tend to manage expenses more cautiously. Your capital is important and for your financial growth it is important that you know where your money is going.

Daily business expense tracking gives you a multi-dimensional view of your expenses. A bird’s eye view helps you understand the hotspots of transactions, and a closer look will give you further insights into each of these. By using the figures as your daily markers, you can identify the exact problem areas or departments.
You can further use your readings to map every transaction and get to the root of the expenses that you deem unnecessary or that causes your budgets to dwindle.

Navigate tight budgets successfully
Are you in constant struggle to keep your budget tight? If you find expenses always slipping out of hands, you might want to invest in a business expense tracking software.

Business expense tracking makes sticking to budgets a cakewalk. Once you have an exact figurative measure of expenses for every project on the daily basis, you can determine allotments easily.

After allocating budgets for every department, task or employee, you can begin to contain the spending by tracking expenses daily. This will help you to be in control on a molecular level instead of asking yourself at the end of every month, “What went wrong?”

Tight budgets managed through expense tracking daily will also give you insights for better management. Such as maybe you had a large budget for food and a small one for travel which skewed your profitability equation.

Also Read: 3 Steps for Tracking Your Business Monthly Expenses

Stress-free tax season
No tax-season is stress free for any business unless they are aware of every transaction they made in that quarter. And that’s what daily business expense tracking does.

It meticulously keeps a track of all your expenses and if you are using a business expense tracking software you receive automatically-generated reports. You can leverage these reports while filing for tax.

Business expense reports contain all the necessary information along with tax savers such as personal expenses, office expenses, travel expenses and business lunches etc. So, not only are you better prepared to handle taxes, but you are also prepared to get all the well-deserved tax rebates.

The easiest and best way to track business expenses for free is with the right kind of software. Using it will also give you valuable reports and insights about your spending habits. You can take control of your business on a daily basis by using the expense tracking software.