How much has your business made this month? When you’ve launched a business, it is often a regular question - along with: are you covering your costs? Is your profit increasing each month?
While it can be easy to become preoccupied with the numbers, it is in fact important to have an idea of your current revenue. Thankfully, it’s easier than ever today with the help of online, cloud-based accounting & invoicing software like Debitoor.
An overview of accounts with dashboard graphs
Good software will make it easy for you to quickly view and grasp up-to-date numbers based on the records you’ve kept for your business. A clear way to do so is with the use of graphs that give you options for various timelines.
The dashboard graphs give you a fast, visual representation of your business income and expenses, making it easy to maintain an idea of your business finances from anywhere (it’s even available on the Android and iOS mobile app making it possible to keep an eye on things from anywhere!).
Easily record your income & expenses
Part of making it easy to calculate and understand your company’s profits is keeping thorough records. Where this used to be a tedious process that involved spreadsheets, piles of paper receipts, a calculator, and a few (or more) free hours to focus, this process is now fast, portable, and even a little bit fun.
For example, if you’re out at a business lunch or on-site with a client and need to purchase some supplies, you can add the expense to your accounts instantly by snapping a photo with the mobile app and watch as the OCR technology automatically fills in the important details - preventing it from being forgotten or being added to an ever-growing pile down the line.
On the income side, you can connect an online payment option, making it easy for your customers to pay your invoices instantly online as soon as they receive your invoice by email. Once the payment is made through SumUp or PayPal for example, the payment will sync automatically with your account and mark the corresponding invoice as ‘Paid’.
These outgoing and incoming payments are all added to your data for the given period and automatically included to the necessary financial reports.
Create a profit & loss report with a click
A profit & loss statement will give you a more detailed account of your business finances. The right accounting & invoicing software will make it easy to create a profit & loss report whenever it’s needed.
If you keep thorough records of your incoming & outgoing cash flow, as well as tax (if applicable) within your accounting software, it should be easy and fast to generate a profit & loss report in a click.
In Debitoor, you can generate your profit & loss report instantly, even adjust the time periods you wish to view and comparing them to previous periods, as well as to the calendar year, giving you a more in-depth look at the development of your profits as well as losses over time.