Asset vs. expense: what’s the difference?

Written by KateKate, 28 August 2019 in Accounting

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.

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Business expense categories: why they matter and how to use them

Written by KateKate, 20 August 2019

From utility bills to marketing costs, travel expenses to employees’ wages, businesses incur a number of different expenses, and it’s important that you sort these costs into different business expense categories.

In this blog post, we look at why it’s important to categorise your business expenses, and how Debitoor can help you keep your expenses organised.

Debitoor invoicing software has automatic expense categories, making it easier to manage your business expenses. Try it free for 7 days

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Invoicing software for social enterprises

Written by KateKate, 8 August 2019

More and more businesses are choosing to use their commercial skills to benefit others. The British Government estimates that, as of 2017, there were 471,000 social enterprises in the UK – and this number is likely to have risen significantly in the last few years.

Although their missions and purposes might be quite different, social enterprises are just like regular businesses in many other ways. Not only do they aim to make a profit, but trade is their main source of income. This means that just like other types of businesses, social enterprises will regularly need to send invoices.

Whatever type of organisation you work for, the easiest way to send invoices is to use online invoicing software like Debitoor. Here’s what social enterprises should look for when choosing software to help with their invoicing.

Debitoor invoicing software makes it easy to send invoices, whether you run a social enterprise or a regular commercial business. Try it free for 7 days

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The $10,000 cash payment limit: what small businesses need to know

Written by KateKate, 2 August 2019 in Australia

In the 2018-2019 budget, the Australian Government announced an economy-wide cap on payments made with cash, meaning that business cannot make or accept cash payments of more than $10,000.

So how might this new legislation affect small business owners, and what steps should you take to make sure that you don’t break the rules?

Find out what the cash payment limit means for Australian business and how Debitoor invoicing software can help your business stay compliant

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4 reasons to keep your email address up to date

Written by KateKate, 25 July 2019

When you first create an account with Debitoor, you choose a password and sign up with an email address, but at a later date, you might want to change the email registered in your account.

There are many reasons for changing your email address. Perhaps you signed up with a personal address and only check your company emails, or maybe you moved to a new email provider and no longer use the address you signed up with.

Updating the email address in your invoicing software isn’t at the top of everyone’s to-do list, and it’s an easy thing to overlook. But not having a current email address registered in your Debitoor account can cause of a number of different problems. Here are 4 important reasons why it’s important to keep your email address up to date.

It's important that you keep your email address up to date. Here's why.

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Making Tax Digital: don’t miss the August 7th deadline

Written by KateKate, 23 July 2019 in Making Tax Digital

A major date in the MTD calendar is fast approaching: August 7th is the first compulsory deadline for submitting quarterly VAT Returns since the roll-out of HMRC's Making Tax Digital initiative.

Although Making Tax Digital came into effect on April 1st, until now, you might not have noticed any changes in the way you report your taxes, and you might not have made any steps towards preparing your business for online VAT Returns. But with the first major MTD deadline fast approaching, all of this is about to change.

In this blog post, we look at what August 7th means for businesses using HMRC’s Making Tax Digital scheme and what you should do to make sure you don’t miss this deadline.

Don't miss the August 7th deadline for online VAT Returns under Making Tax Digital. Sign up to Debitoor Making Tax Digital software today.

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7 important features of invoicing software (that you won’t find in Word or Excel!)

Written by KateKate, 15 July 2019

Many small businesses and freelancers start issuing invoices with Word or Excel. Initially, this makes quite a lot of sense – you already know how to use them and they’re already installed on your computer. But as your business grows, you’ll soon realise that Word and Excel aren’t the best options for invoicing, simply because that isn’t what they’re designed for.

On the other hand, while it might seem like an unnecessary expense to pay for an additional program just for invoicing, investing in invoicing software is the smarter option in the long run, not least because specialist software has many options and functions that simply aren’t available in Word or Excel – including these 7 important features.

Invoicing software has several important features that you won't find in Word or Excel. Here's 7 of them.

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Taxes for sole traders and small businesses in Australia

Written by KateKate, 10 July 2019 in Australia Taxes

When you run a small business or work as a sole trader, you become responsible for managing your company taxes, which involves charging sales tax, lodging tax returns, and claiming tax credits. It’s therefore important to understand which taxes you might be accountable for if you run your own business in Australia.

In this blog post, we take a look at some of the main business taxes in Australia and explain how they might affect sole traders and small business owners.

Debitoor invoicing and accounting software helps small businesses and sole traders stay on top of company taxes

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Invoice templates for sole traders

Written by KateKate, 3 July 2019

Most business owners issue invoices on a regular basis. This can become repetitive and time-consuming if you manually create each and every invoice, but using a pre-made invoice template can save you time and make sure that your invoices contain all of the necessary details. Here’s what sole traders should look for in an invoice template.

An invoice template for sole traders, created with Debitoor invoicing software

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Business name or trading name: which should I use?

Written by KateKate, 1 July 2019

The name of your business is a key part of your brand and identity – it’s displayed on signs and paperwork, it’s promoted through your advertising and marketing, and it’s stated on all of your financial reports and tax returns.

When limited companies incorporate, they’re required to register an official name with Companies House; however, they also have the option of trading under another name. But why would your business use two different names, and what are the pros and cons of doing this? Here’s what you need to consider when using a trading name.

Find out whether you should use your business name or a trading name with Debitoor invoicing software

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