Written by Whitney, 6 February 2018
Invoicing software like Debitoor is used, as its name suggests, to create invoices. However, in Debitoor this does not mean that it is limited to only the creation and management of invoices.
Instead, all activities surrounding the invoicing process, including payments, as well as the other side of running a business: expenses.
But even when it comes to revenue, there are sometimes circumstances that do not require an invoice or perhaps uses a different type of documentation.
... continue reading: How to record income without an invoice
Written by Kate , 30 January 2018 in Accounting
As a freelancer or small business owner, one of your main responsibilities will be planning (and sticking to!) a budget. But how do you budget for an upcoming expense if you aren’t entirely sure when it will occur, or how much it will cost? The answer: you would create a provision.
A provision in accounting is a liability without a fixed timing or amount. When you create a provision, you are setting aside a certain amount to cover anticipated future expenses, before knowing exactly how much it will cost, or exactly when it would occur.
According to the matching principle, revenue generated in a specific accounting period must be matched against the expenses occurred within the same period. By creating a provision, you are ensuring that the cost will be expensed and recognised in the correct accounting period.
... continue reading: Provisions for small businesses and freelancers
Written by Whitney, 29 January 2018
It’s not a word that is popular amongst sole traders and small business owners. In fact, the word and all that it represents often bring feelings of irritation, fatigue, and maybe even nervousness for those running their own business. Well we already gave it away but it’s not hard to guess: bookkeeping.
In previous articles we’ve discussed why it’s so important for all businesses - from the first sale of a freelancer to the wrapping up of a large corporation, bookkeeping is essential and, unfortunately, unavoidable when it comes to business.
But can this often tedious and seemingly complex part of running a business be fast, simple, and (dare we say it?) fun?
... continue reading: Bookkeeping made simple
Written by Whitney, 26 January 2018
In the process of invoicing, there are additional steps that are sometimes included. Depending on your business or industry, you might regularly use quotes, delivery notes, and accept deposits or down payments on orders.
While quotes and delivery notes might be fairly straightforward, as they’re separate from the invoice, a deposit can be a bit more complex.
... continue reading: How to invoice for a down payment or deposit
Written by Whitney, 18 January 2018
At the end of 2017, we introduced a great new integration with SumUp - a leader in the card reader and online payment market. With SumUp, you can easily accept credit card, debit card, contactless, and online payments on the spot, and all will be automatically imported to your Debitoor invoicing software account.
Originally created during our Team Days hackathon, the integration has been improved and developed to become a seamless function between SumUp and Debitoor.
Now you can use SumUp and Debitoor on your iPhone, easily establishing the connection from your Debitoor mobile app in seconds and allowing customers to pay instantly, directly via SumUp.
... continue reading: Mobile payments with the SumUp x Debitoor integration
Written by Whitney, 17 January 2018
For our first interview of 2018, we spoke with Chris, Jessie, and Rachel from illusiv Design, an independent design studio in Australia, working with an impressive variety of projects. Chris shares what they've learned along the way and what illusiv Design is looking forward to in the new year.
... continue reading: Interview with the team at illusiv Design
Written by Whitney, 16 January 2018
In running a business, whether you’re a freelancer, sole trader, or small business owner, the primary focus is often getting new business, making the sale, sending the invoice, and getting paid. In other words, incoming cash flow.
And then there’s the other side of transactions, the ones that involve outgoing cash flow. Arguably not the highlight of running a business, but important nonetheless. Expenses and costs can range anywhere from loan payments to supplier payments to customer refunds.
No matter where money from your business is being spent, it’s important to thoroughly record any expenses encountered. Thankfully, with online accounting & invoicing software like Debitoor, this can be done easily, through various quick methods.
... continue reading: Adding expenses in your accounting & invoicing software
Written by Whitney, 9 January 2018
If you’re a sole trader or a small business owner looking for an invoicing and accounting solution, you’ve probably realised that choosing the right one can be a bit overwhelming. So you might be wondering what kinds of features you should be looking for. This article aims to give you an outline of the important things to look for in your accounting & invoicing software.
... continue reading: 6 things to look for in invoicing software
Written by Steve Bicknell, 5 January 2018
In mid December last year (2017), HMRC made a number of announcements that will affect the way that many businesses pay tax. Occurring just before the annual tax return date, the changes can have implications for freelancers, sole traders, and small business owners looking to manage costs.
... continue reading: Tax in the UK in 2018
Written by Whitney, 4 January 2018
Despite the recent trend to buck the tradition of setting new year’s resolutions, let’s be honest: most of us still see the start of a new year as an opportunity for new beginnings, improvements, and positive change. And why shouldn’t we?
In business, the new year can present the right time to reevaluate everything from daily operations, to how you communicate with your customers, to income and expense management. In this article we take a look at one thing that we can comfortably say concerns most small business owners, freelancers, and sole traders: getting paid.
... continue reading: Getting paid in the new year