Remember the last time you ordered a t-shirt for yourself? It was probably from a homegrown store having a mobile app that could be easily accessed with a one-touch facility from your smartphone.
Wondering about the connection?
Well in the era of digitalization, if your business has an app that people are talking about and have on their phones, you are probably hitting the right buttons when it comes to raking in the hype and the moolah!
You might ask us the need of building a mobile application when you already have a website in place. Well firstly, most of the searches are conducted through a smartphone rather than a desktop, so you gotta have a portal that’s mobile optimized. Secondly, they both cater to different objectives. Let’s have a look at the varied goals of both;
| Parameter | Website | Mobile App |
| Marketing objective | Attracts new customers to an existing customer base | Venture for catering to a loyal consumer base |
| Mode of use | Open browser, enter website URL | Click on a downloadable app on your smartphone screen. One-touch functionality! |
| UI interface | Customer visits, browse through the site, completes his/her intentions, then exits. | Ongoing two-way interaction, push notification enabled offers customer engagement. |
Now that we have done an intensive study of both portals let’s delve into the benefits of small business owners owning a mobile app. With the perfect app, you also need best-in-class free accounting and billing software. You can try the Moon Invoice app as your open source invoice software. This app is available on a plethora of platforms like macOS, iOS, Android, and Windows.
9 Reasons why you should definitely give mobile applications a try for your small business!
Reason 1. Foster Brand Awareness
People remember brands that stand out and have an intriguing story to tell. Sell yours as effectively as you can with an aesthetically built app that comes with a clean UI and UX. Refer to the stats below for further enlightenment.
A well-developed app that is easy to use and access could be the starting point for building better brand awareness.
Reason 2. Curate a direct channel of marketing
Apps provide a plethora of functions. Ranging from information about various products/services, relevant prices, discounts, search bar, newsfeed, blogs, etc, they are truly an ecosystem of data in themselves.
One of the biggest advantages of having an app on iOS or Android is that you can provide sales and promotional news to your customers just with a couple of clicks!
Reason 3. Potential for geo-location-based marketing endeavors
If you have a geolocation technology integrated with your app, it can probably prove to be a game-changer for your small business. If customers are within a particular radius of your business, you can send them a push notification or message regarding the ongoing offers in your physical store. Chances of conversion are much higher this way, logically speaking.
With location-based marketing, spamming can be a thing of the past with your online app offering contextual content to your customers.
Reason 4. Keep a check on business analytics and performance parameters
Integrating mobile application technology with traditional marketing methods has upped the game of analyzing various business parameters. When you build an app, you can easily track the number of downloads, and see real-time customer engagement!
You can showcase your bestsellers and remove the underperforming ones. This plethora of information will only help your small business become more in tune with customer needs and requirements.
Reason 5. Engender value to your customers with in-built loyalty programs
In an era where there is an app for everything, why should your loyalty program be the same-old point card collection themed stuff?!
Incentivize loyal shoppers with an app-based loyalty program that rewards purchases above a certain amount with offers, and discount coupons.
Reason 6. Watch your customer base grow
While some may not concur with this point, however, if you have done your SEO and ASO right, things could just go great for your business, with your app getting featured on multiple social media platforms or SERPs.
Reason 7. Enhanced customer engagement
Customers love interesting content that speaks to them. Build great in-app stories, blogs, and contests that let your customers engage full-on with your brand. A great content team that curates awesome stuff would be a great asset in addition to your app developers!
Reason 8. Boost sales charts like a pro!
You are traveling in the tube, you look at a guy wearing a funky tee, and you want one for yourself. What next do you do? You whip out your phone, open your favorite app, search, select, checkout and bam! Your package is delivered faster than you can say cheese! Ok, that might seem like an exaggeration, but you get the point!
The best app developers know that a smooth checkout experience can cease the abandoned cart plague. Get one for your app and watch the sales soar as you chill with a beer somewhere in the Bahamas! You deserve that fella!
Reason 9. Turns payment processes into a piece of cake
Small business owners often struggle with lump-sum payments in cash. But with an app that prioritizes cashless payments, you don’t need to worry about handling accounts!
Inbuilt payment gateways in apps can smoothen out the process for your mundane tasks. All the payment will get credited into your account with just a few clicks. Even for wholesalers, it is a blessing, as you can do away with maintaining ledgers as every transaction is recorded in the mobile application! Now that’s pretty cool!
In conclusion
With apps taking the market by its horns, no small business will ever run the risk again of being underestimated. Almost everyone with the exception of a few owns a mobile phone which has a repository of apps. Imagine the amount of customer engagement, brand awareness, ease of payment, and a whole host of other performance boosters would come into play, once you build an app for your small business too! Capitalize, accessorize, inventorize, and build the perfect app for a brighter future for your business now!
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. |
Best Online Accounting Software for Small Businesses
The Accounting Software from Freshbooks empowers business owners like you to spend less time on bookkeeping and more time doing what you love.
