In this digital era, at some level, we all are living a lifestyle of a free traveller at least through the medium of mobiles and networking and social media, etc. On the other hand, the life of a digital nomad (an independent person who balances work and life while travelling around) is a perfect match for someone who wants to enjoy freedom combined with an online career.

Obviously, not being stationary requires you to be well adept with your backpack, tools and all the other assorted gears. More importantly, you should also be gearing up on your online working tools as well. The last thing you need is an imbalanced work life because of unorganized digital preparation of equipment and accounts.

Here, we have listed down few essential online tools and features that can come handy in any situation and for you to get on with the task at hand.

1) Project Management

Moving from places to places can be distracting. Managing a productive work schedule could prove to be a challenging task especially when you already a list full of it. Hence, as a digital nomad, you’ll need a good project management tool. This will keep you updated about what needs to be done and when ofcourse with the deadlines looming over such tools and the feature can be a boon.

2) Cloud Storage Account

It is best for anyone whose location is not fixed to store as much data as possible on outside laptop such as in external drives, etc. But even better a hassle-free option is to go for a leading cloud storage tool as not only you can access files & documents anytime, anywhere but also avoid the risk of losing data in a situation like a laptop being lost or damaged. Some of the most popular ones are Google Drive, Dropbox, OneDrive and iCloud.

3) Merge & Sync Tools

You may be working as a freelancer or for your own business, but at the end of you’ll need a tool to merge and/or sync your data and files. To accomplish a task such as reports, inventory management, merging documents, import/export files, etc can be achieved without any hassle with these kinds of tools. Data integration can be done easily with these tools.

4) Time Tracking

The immense part taking in increasing productivity is time tracking. It helps you and business a lot when you know exactly how much time you are spending on each project and tasks, this time tracking feature can help you to manage your work time and also increase efficiency.

5) Collaboration Tools

This carries the utmost importance for most of the freelancers and solopreneurs. When you are on-the-go, it might be difficult to stay connected with colleagues, delegates or conduct online video meeting, and in such scenarios staying connected with latest updates and communications, these collaboration tools could prove to be handy.

6) Scheduling tools

Stay ahead a little bit in your work can take off your last minute rush in completing the task. Moreover, social media has become an integral part of marketing campaigns. Social media tools will allow you to automate and schedule your posts and updates well in advance. Your followers can easily get updates on Twitter, Facebook, LinkedIn, etc via social media scheduling tools such as Hootsuite, Buffer, etc.

7) Accounting & Billing Software

Getting paid on time is very important for any business to run successfully. It is also equally important for you also as a solopreneurs to get paid on time. Cash flow is the key here especially when you are sending multiple invoices every week. There are many such online invoice software and solutions provider. But the best & #1 online invoice generator is Moon Invoice.

There are many other handy advantages of Moon Invoice mentioned below:

– Bill in any currency

– Multiple payment methods

– Taxes and discounts

– Manage credits easily

– On-time payment, every time

Additionally, Moon Invoice lets your business be on top of the competition with Instant Invoicing & Billing, an Easy track of Payment & Notifications, Accurate Insights & Reporting Data. Few amazing add-ons with Moon Invoice are that you can add & “Manage Multiple Businesses”, “22+ Professional PDF Templates”, “Import/Export & Print Utility” and data backup “iCloud sync & MoonSync support”.

Recurring Payments Vs Recurring Invoices

Recurring Payments	Recurring Invoices
Recurring payments charge the customer’s credit card account or debit card account on a predetermined schedule for the same amount as preapproved.	Send an invoice to your customer on a regular basis. The client receives the invoice but, money is not paid unless the customer approves.
A business that takes prepayment of money and sells a monthly subscription service and product. Subscription services are excellent examples of this.	A company that provides fixed services with billable hours is an excellent choice for recurring billing. For example law firms and consulting agencies.

Pros and Cons of Recurring Invoices

Pros	Cons
You eliminate the possibility of human error by automating the billing process. If you use a recurring invoice, you will not be concerned about forgetting to charge your customers for the things they ordered.	You must exercise caution while recurring billing to prevent issuing inaccurate pricing. This also holds for price changes that could take place right once an invoice is created.
If you provide your customers with the option for recurring billing, they are more likely to buy products regularly.	It could be difficult to cope with recurring invoices if a transaction fails for any reason.

Net 45	Invoice is due in full within 45 days with no early payment discount offered
2/10 net 45 terms	2% discount if you pay within 10 days; otherwise full payment of the invoice is due in 45 days
1/15 net 45 terms	1% discount if you pay within 15 days; otherwise full payment of the invoice is due in 45 days
1/10 net 45 terms	1% discount if you pay within 10 days; otherwise full payment of the invoice is due in 45 days
1/7 net 45 terms	1% discount if you pay within 7 days; otherwise full payment of the invoice is due in 45 days

Category	Net Method vs. Gross Method	Explanation
Calculation Approach	- Applies tax credits first; reduces taxable income before computing tax liability.	- Doesn't apply tax credits; computes taxable income without considering tax credits.
Tax Credit Eligibility	- Allows for greater likelihood of tax credit eligibility due to reduced taxable income.	- Limits tax credit eligibility because taxable income hasn't been reduced yet.
Itemized Deduction Requirement	- Lowers threshold requirement for itemizing deductions due to decreased taxable income.	- Raises threshold requirement for itemizing deductions due to higher taxable income.
Advantages	- Leads to lower taxable income and increases chances of meeting qualifications for other tax benefits.	- Results in higher taxable income compared to net method.
Disadvantages	- May miss opportunity to reduce tax burden if taxpayer doesn't itemize deductions or take advantage of tax credits.	- Increases taxable income and may result in higher overall tax bill.