Our world has traveled a lot farther with the emerging technologies in terms of our daily activities and especially, the business process and the approach. The way this tech has spread from the mobile app and web app which is can also be accessed easily right from your smartphone are paving the way to basically optimize our tasks and reduce workload. This also helps in being efficient and productive so as to focus on other important business aspects. However, a study suggests that even until today at least 70% of invoice reporting is done the manual way, i.e, via Excel. The simple analysis behind this presents two major reasons, first, it is been going on since a long time and shifting to a new online invoicing solution seems tedious (or they consider themselves not tech-savvy) and second, they are performing manual tasks that Excel makes possible though it is inefficient.

It is time to break this mode as manual invoice reporting construed of many manual hardships processes such as manual data consolidation, manual reporting, manual delivery, manual allocation, etc. For a business start climbing the success ladder, it has to start crunching the numbers and make sure that the numbers are working for the organization. When you consider and analyze productivity throughout the invoicing and payment cycle, it’s the manual reporting that not only slows things down but results in significant costs for both you and your customer. They know there’s more value in the data you’re providing but their time is at the stake with manual validation, data checking, etc leaving little room for proactive analysis.

The quicker you manage your invoices, not only you are optimizing your business to be efficient and productive but also maintaining a high level of customer satisfaction. In order to achieve this, you’ll definitely need to take help of billing & invoicing software more commonly known as, professional ‘ free invoice generator’. For business who are following traditional accounting and billing method, requires lots of resources, such as to pull reports, change numbers & edit data, input new information, etc. If this is the scenario, you should opt for online accounting and invoicing software. Moreover, an amazing go-to handy invoicing app is favored by industry professionals as well as entrepreneurs which allows them to have insights into a financial report on a summary page. In addition to that billing & payment, estimates, invoices, expenses, time tracking and many more in one place. Businesses not adapting to the current online invoicing system is going to find themselves left behind as more and more customers, clients, suppliers or vendors are getting accustomed to digital invoices and related modern payment processing.

Small business billing app allows creating professional invoices, send payment reminders, manage expenses and tax overheads, sales report and much more. One of the key advantages of opting for the best invoice estimate app is that you can send accurate invoice reports without any errors. Keeping a transparent billing process, a professional appearance and positive reinforcement is utmost necessary to keep customers happy. This will result in managing better customer relations.

Wrapping Up:

To run your business effectively and maintain reports, cash flow, etc efficiently, you’ll always be in need of proper tools such as best invoice generator. Cloud-based invoicing solution provider Moon Invoice helps you with your daily business tasks and it also simplifies the process.

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. In addition to this, the Moon Invoice app also helps your business with Import/Export & Print and Mobile & Sync. Let Moon Invoice app take care of all your invoicing worries. Go for “Try Before You Buy” option to avail 7 days of FREE TRIAL!

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.