Too often at times, we have to deal with late payments and sometimes no payment at all for the products and/or services offered. Hence, it is a good practice to give utmost attention to payment methods and to make it a key priority while accepting jobs with clients. Some also mark it as a point to opt for a retainer upfront if the payment seems to be a concern.

What many people fail to realize and understand that for few SMBs, startups and entrepreneurs…cash flow is the king as it plays the most important role in their business operation, growth and success.

In addition to the work and services that are rendered, independent contractors and freelancers also manage the back office work of their business such as invoices, accounts receivables, etc. Thus, to contemplate all these tasks and streamline together will provide the one thing that these independent consultants are eagerly able to manage is — time. Time and to bring in productivity is the most valuable asset for them.

This has been an issue which is going on for a long time and needs new ways to tackle. Where some agencies have conducted surveys and presented their finding related to the said issue has revealed that independent consultants prefer digital payment methods more rather than relying on other time-consuming ways but still more often than not are getting left out from availing the benefits.

Using digital payment services, such as from Moon Invoice, definitely helps these freelancers, independent consultants or entrepreneurs to solve these issues and prevent future payment related mishaps. It also helps to start from solopreneurs to small and medium business owners to intelligently keep track of invoices and payments, rather than going through the tedious paperwork or organizing paper checks or segregating the cluster of email communications. More importantly, online invoicing solutions are more cost efficient for companies as it involves digital payments since sending a paper check to a vendor, seller or client is more expensive and time-consuming.

Of course, if one were to see from the business point of view, then, why wouldn’t you opt for something that is less expensive, faster, helps eliminates high paper usage and allows you more control a the end?

The best part is that even if your client isn’t offering digital payment methods or direct deposit options, you can instead approach and present them with online invoicing solutions.

Conclusion:

Just download Moon Invoice app for the respective platform i.e, iOS, Android, Mac OS X or Windows. Enter details of customers, vendors, stock, etc. Define buy/sell price, etc as per your requirements and start sending quick and easy online invoices.

Manage multiple businesses
Quickly import, export, print and sync
Create and manage your own custom settings
Manage multiple payment options
Precise insights & reporting capabilities

Online invoicing makes good business sense and with Moon Invoice it sounds even more intelligent.

Clients expectation never ends. Hence, at such short notice, Moon Invoice app can come handy with its multi-purpose features and functionality to efficiently eliminate any delays or barriers in sending online invoice. Moreover, it’s seamless payment ope rationality builds trust amongst clients to use the services again and again.

With online invoicing from Moon Invoice, you are guaranteed to subtract payment related issues and enhance invoicing solution.

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.