Being a solopreneur lands plenty of responsibilities on your shoulder and from time to time what keeps you on the edge is the time constraint. You have always got more task in hands than the respective time to finish them. At the same instance, adding financial woes such as business cash flow is not going to help at all in your day to day business tasks. In such a scenario, it is always advisable to opt for an online invoicing software that will manage your cash flow, invoicing, time management, etc.

As a freelancer, time is your most precious resource. To become a productive freelancer, you’ll need to align and manage your tasks in line with your time. Tracking time with respect to the task will enhance business operation pace and will improve the delivery ratio. The easy way out is to opt for a time tracking and invoicing software for freelancers.

Time Allocation In The Day:

Creating a freelancer invoicing, an online invoicing software would be able to tell you about how much time you have spent on each task and also a list of time-tracking of each task can shed some light to give you an insight of the day’s time management. A report would help you to analyze your daily time usage pattern to optimize so as to get the more work done.

Client Costing:

Tracking time spent on each task and understandably managing it helps you to accurately calculate the cost and budget of the project for the client. Accurately presenting the cost and hours ratio via time tracking helps in avoiding any confusion and necessary for a long lasting business relationship.

Time Billing:

Time billing is the most important benefit of tracking time using a time tracking log and invoicing software for freelancers. Hourly billing is easy to manage with the help of time tracking and a well-established invoice generator in the market.

Productivity:

Tracking time boosts productivity and accelerates in delivering tasks on time. This could also mean that instead of being on the edge, you’ll be motivated and become ready for the upcoming task in the line.

Undiverted Focus:

If through a system you are able to get handy information about the time spent and time left to finish a task, you will be able to stay more focused with undivided attention.

Manage Project Work Time:

You can maximize the productivity of the project by capturing time log for every task of the project. Also, simply by creating and managing projects you can also upgrade and organize the respective project work time.

Log Hours:

You can use easily create a project and can log project work hours to add time according to the tasks in the following manner:

Add project name
Add task name
Add hours required for the task
Add additional notes

Timesheet:

You can regularly include hours by yourself to the timesheet which can be managed weekly or monthly as per your need.

Monthly timesheet
Monthly and weekly time logged
Date-wise time logged
Time logged for the month for the given task

Conclusion:

Moon Invoice is simple, easy and handy invoicing app that lets you generate, manage and track the invoices on the go. Some of the cutting-edge features that will not only save time but also boost productivity and will result in accelerating the growth as a freelancer.

Invoicing
Payments
Estimates
Track Time
Expense Tracking
Import/Export & Print
Reports & Insights
Mobile & Sync

Moon Invoice offers you multiple payment options along with multi-currency support. With Moon Invoice you can work from anywhere by downloading apps available for all platforms, i.e, iOS, Mac OS X, Android, and Windows.

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.