For small and medium business owners, it is very imperative to maintain cash flow and look into the finances from time to time. The problem arises when your current accounting system isn’t that efficient to let you know every detail instantly. Moreover, when this manual process becomes too lengthy and tedious, it is a sign to these entrepreneurs and business personnel to leave their current accounting and billing system behind and move towards adopting an online billing and invoicing solution.

Salient Feature Of Using Good Accounting System

As a part of practices that is been going on for a while, a majority of the businesses were well suited with the manual accounting system and spreadsheet but that didn’t generate the purpose as with the growing time and businesses demanded a more apt and solid accounting structure to be placed in the accounting world.

Few businesses could get away with simple Excel tricks, however, that remained a major setback for time, mental energy and even posted security threats.

Whereas, a cloud-based accounting & billing solution works hand in hand or an invoice maker especially with small and medium business in terms of perfectly blending with the workforce, client relationship and security needs. A professional accounting solution can help you with a few of the following listed features:

send instant & automated invoices
payment on the go
set up recurring invoices
easily calculate income, inventory, tax and more
create reports, budget and track expense

Your clients will definitely be impressed when you present in detail and summary of charge for several projects via multiple billable charge. Moreover, when you opt for a professional invoice generator you can maintain and record accountability for every minute. You can maximize business productivity by capturing time log for every task.

The operational efficiency increases when you can create invoices with timesheet and calculate the time spent on critical work tasks. For any organization, it is utmost important to maintain & process the payroll in a timely and precise manner. Not to mention it is a tough task though. In such a scenario, time tracking software and its advantages can prove to be boon for the company.

With the rise in online vendors, it has become difficult to keep track of the point of sale systems for small business. However, there is a good amount of trade still depends upon in-store purchase, warehouse inventory and managing on-site staff. Such businesses are in dire need of a free invoice maker that can easily do the following things:

Manage vendors and inventory
Integrate banking with register
Automate back office tasks
Easy payment processing

Account payables, invoicing, receivables and other basic features have become part of such a billing system. It is quite obvious that manually feeding details into invoices may lead up to errors with a busy business schedule. Cloud-based invoicing allows you to automatically input information saving you administrative time and costs. An invoicing platform that goes beyond the invoicing functions & features is what your business needs to outperform your competitors.

Cloud-based invoicing from Moon Invoice presents amazing solution as you can send and receive invoices anywhere, anytime as long as your smartphone is connected to the internet.

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.