Debitoor blog

Whitney

New: Starting numbers in the Profit & Loss statement

Our developers have been busy. After gathering feedback from you, our users, we wanted to give you what you’ve asked for and make it easier to get started with Debitoor to manage your business accounting.

So the developers have worked their magic and made it possible for users to enter starting balances from their business bookkeeping directly in the P&L.

Now possible in Debitoor invoicing & accounting software: enter opening balances in your p&l statement

New users who switch to Debitoor from another software, or if you’re already using Debitoor invoicing and want to start using the accounting side, can start at any time from any point in their accounting and pick up where their previous record-keeping left off.

Kate

Voluntary VAT registration: is it right for your business?

In the UK, VAT registration isn’t compulsory for everyone; while some companies are required to register for VAT, it’s optional for many freelancers, entrepreneurs, and small businesses.

In this blog post, we take a look at the advantages and disadvantages of voluntary VAT registration, the duties and responsibilities that come with registering for VAT, and how you should handle HMRC’s Making Tax Digital initiative if you’ve registered for VAT voluntarily.

Find out more about what voluntary VAT registration could mean for your business

Kate

What’s the difference between an invoice and a bill?

‘Invoice’ and ‘bill’ are two terms that are often thrown around by businesses, customers, and accountants alike, and it’s pretty common for the terms to be used interchangeably. However, while invoices and bills do have a few things in common, they aren’t entirely identical.

In this blog post, we take a closer look at the terms ‘invoice’ and ‘bill’, and we explain the difference between invoicing and billing.

Wondering about the difference between an invoice and a bill? Find out more with Debitoor invoicing software

Whitney

Your business numbers: why they matter

You already know that the numbers matter. They give you the opportunity to accurately see how well your business is doing or whether some changes need to be made to help things along. Instead of relying on a gut feeling, they provide concrete, clear indications of how things are going.

However, many small business owners tend to focus only on the main numbers: income and expenses. They let their accountant (if they’re working with an accountant) take care of the more complex, detailed numbers.

Don't let this computer screen full of numbers panic you. Manage them easily with accounting software like Debitoor.

Yet when running a business, better knowledge of just what those numbers mean can help you understand the financial health of your business, what the road ahead looks like, how you compare to competitors, and more.

Whitney

From invoice template to shipment - the tools you need

When it comes to sales and fulfilling orders, there are a series of steps that need to be followed - both to ensure that you’re meeting all the local regulations and to provide a smooth and clear process for your customers.

Online invoicing software makes it that much easier to follow these steps each and every time and feel confident in knowing that your invoices look professional and are legally-compliant.

Parcel with delivery address blank. Send a delivery note with your shipment with Debitoor invoicing software

In this article we’ll take a closer look at each of the steps to keep in mind from the beginning of the invoicing process to sending your shipment on its way to your customer.

Whitney

The pros and cons of being self-employed

In the age of Instagram celebrities and digital nomads, being self-employed seems like the latest trend and the secret to living a lavish life of working only when you feel like it and always from some exotic locale.

But what many seem to forget is that self-employment has been around for a very long time. Small companies all begin somewhere - even sprouting as an idea of a freelancer. Being self-employed can also take many forms and is common in many different industries.

Social media has contributed a plethora of new buzzwords and titles to self-employment: ‘remote work’, ‘solopreneur’, ‘side hustle’...but essentially it all comes down to one main thing. Being self-employed means: running your business, your way.

Being self-employed can mean working from anywhere like this guy on his laptop with a great view

Whitney

10 reasons to use software for your bookkeeping & invoicing

The life of a small business owner is busy. It’s as demanding as it is rewarding, and not always in equal measure. You likely often find yourself pulled in many different directions simultaneously.

From keeping documents organised to ensuring your payments are all on track to finding out about the latest regulation changes and following up on late payments from customers...and those are just the tedious administrative tasks.

You need time to actually run your business and do the work. But if you’ve been depending on folders or boxes full of papers, or even in antiquated CD-rom-installed accounting software, it might be time to take back control of your schedule. Accounting & invoicing software can help make that happen.

Easy to use invoicing & bookkeeping software like Debitoor shown on this laptop and smartphone make it easy to run your business from anywhere

Kate

Asset vs. expense: what’s the difference?

As a freelancer or entrepreneur, you’ll regularly spend money on your business, and if you manage your business’s bookkeeping and accounting, it’s important to know how to account for the purchases you make – which involves distinguishing between assets and expenses.

Debitoor invoicing software makes it easy to manage your assets and expense. Find out more or try it free for 7 days.

In this blog post, we explain how an asset differs from an expense, how to account for assets and expenses, and how to record both in your accounting and invoicing software.

Whitney

Accounting software: your all-in-one solution for business finances

If you run a business, there are many things that are simply unavoidable. But there’s one in particular that inspires many to want to turn tail and run: accounting. Maybe accountants enjoy the tedious number crunching, but for most freelancers and small business owners, it’s not something on which you’d choose to spend your time.

This is when it pays off to find and invest in accounting software. While that may sound intimidating, the accounting programs today are a far cry from the CD download install versions of even a decade ago.

Accounting all in one place - like on this computer, tablet, smartphone laid out on a table

Today the focus is on automation, ease-of-use, and portability - even for those without any experience managing business finances. Online accounting software makes it easy.