We are living in an era wherein we get auto pizza delivered at the doorstep and soon one can expect the drone delivery from their favorite e-commerce website. Technology has been drastically adapted in our day to day life and almost all of our tasks are now tech-dependent on or the other way. One can also instruct the AI in his/her phone to play their favorite music or any random one way back from your teenage time. In this age, one might wonder for what reasons a company is depended upon manual expense and reports on printed spreadsheets?

Following are a few of the top factors why you need to move to the modern-day with a mobile-first & best invoice estimate app to do away with your expense automation solution.

1) Non-productive for travelers

Saving receipts and then filling spreadsheets, attaching them to your internal mail system. Starting from purchase to reimbursement is a complex process and online invoicing takes away the hassle out of it.

2) Tedious for the finance team

If your finance team is not aware and not in the loop with travel policy, in such instances, they’ll have to verify reports to be compliant. Manually feeding the data into the finance system takes time as well as makes it more error-prone.

3) Data under one roof

Companies find it difficult to analyze spend data when it is mentioned in the spreadsheet with all the necessary information scattered which directly affects the efficiency.

4) Hard to put it into practice

With expense automation solution it is easier to collaborate your travel expense even if out-of-policy or not in pre-approval format with the help of booking tool integration. This is not possible with the manual process.

5) Time-consuming

If your staff isn’t able to perform expense on-the-go with their smart devices, then they’ll have to stay back in the office to feed the entries manually. This will clock-in additional time in the office due to not optimizing the process with small business billing app.

6) Keep a tab on everything

The online invoicing application offers you a wide range of benefits. You can keep a tab on inventory, track time, mobile sync, reports & insights, import/export & print, etc.

7) Prevent fraud and error

As such the account department have lots on their table with expense reports to review & approve, it becomes challenging to identify if the expense has been submitted before or by mistake someone mixed up personal or business expense. An offline invoice software can take away all these woes.

8) Keeping in check with tax regulations

Again, calculating and filing tax as per the manual operation may incur errors. However, a centralized expense management solution can help you keep in line with tax regulations and avoid any penalty. Moreover, it also helps you if your business is tied up with performing global operations.

9) On-time reporting

Quarter-end and other important financial reports have to be submitted on-time with accurate data and information. A professional invoice generator can take away the headache of long-pending expense reports stuck in the system.

10) A tiring task

It is obvious that no one like to do invoicing, expense reports, track insights, etc and especially it becomes mundane task if it has to be done manually.

Summary:

Moon Invoice has come up with the comprehensive online accounting & billing solution that connects small businesses to their accountants, Bookkeepers, banks and other online business software. Over the years, Moon Invoice is successfully able to pave the way for our customers to directly connect with their customers and suppliers or vendors so as to carry all the invoicing related business operations seamlessly.

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.