10 reasons to use software for your bookkeeping & invoicing

Written by WhitneyWhitney, 29 August 2019

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

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

Written by WhitneyWhitney, 23 August 2019

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.

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Personal trainers - easily manage the business side

Written by WhitneyWhitney, 14 August 2019

If you work in fitness, it’s likely that you’re not particularly inclined towards sitting in the office. Just an assumption, but when it comes to personal training, the work and passion that you put not only into your own fitness but also into that of your clients means that you are more likely to be found in the gym or outdoors.

Trainer with a client doing TRX workout. With Debitoor invoicing software, the trainer can invoice from anywhere.

Unless you’re employed directly by a gym, you’re self-employed. You’re setting your own hours and rates, and it’s a fantastic feeling to be able to do what you love, when you want, and help people pursue health and see results.

And yet there are some things that come with the territory of being self-employed that will take time away from the parts you love about being a personal trainer. Accounting. Invoicing. Following up on late payments.

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Easy bookkeeping for your small business

Written by WhitneyWhitney, 8 August 2019

Balancing the books. Does the thought of it make you cringe? Or do you suddenly realise that you really should clean the kitchen today? It’s also been ages since you organised your desk...

There are many options for bookkeeping today. Including those you can manage from a computer like this one on a desk in a home.

While these things are important, managing the bookkeeping for your business is also incredibly important. We know you know that. But it doesn’t make it any easier to sit down and get it done.

If you’ve ever let those expenses pile up day after day, or even week after week, you’re certainly not alone. From our experience, self-employed who record each transaction as it occurs are truly the exception, not the rule. But what if it were easy to become one of them? And to avoid the tedious task of sitting down to spend hours catching up on bookkeeping.

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My invoice is ‘Paid’, where is my money?

Written by WhitneyWhitney, 31 July 2019

It’s a question we hear from time to time in Debitoor support. However, Debitoor does not actually handle any money that is paid between your customers and your business. Debitoor acts as an easy tool for creating and sending invoices in less than a minute as well as for adding expenses from anywhere, but it also allows you to give your customers the option of online payment.

Debitoor offers several options for making it easy for your customers to pay your invoices, but this money will not pass through your Debitoor account at any time.

Debitoor makes it easy for your customers to pay you online like this woman at her computer. Connect an online payment option to get started

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Do you need an exit strategy?

Written by WhitneyWhitney, 24 July 2019

While some ambitious entrepreneurs start a business solely with the aim of building it up to a point where it’s profitable and attractive to potential buyers, many small business owners have different motivations for setting out on their own.

Hearing the stories from many Debitoor users, it’s fair to say that the main impulse to start a business stems from one of several reasons: a passion for that type of work, a potential opportunity for becoming more independent, quitting the day job.

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How to include commission on your invoices

Written by WhitneyWhitney, 18 July 2019

Many professions have fairly up-front billing, making it fast and easy to create invoices with the right invoicing software. However, many self-employed also work on sales commission and are looking for the right solution for including this on their invoices.

If you’re not sure, commission refers to any compensation (additional or base) that is earned based on the amount of sales an individual makes. In other words, the more sales made, the higher the commission received.

Commission is generally used as an incentive - employers offer the commission on top of a salary to encourage employees to sell more. This can also apply to a self-employed individual with a contract to work with larger companies.

If you need to add commission to your invoices, it's easy with invoicing software like Debitoor

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Issuing a refund - what to keep in mind

Written by WhitneyWhitney, 11 July 2019

It’s one of those inevitabilities when it comes to running a business. At some point, it’s more than likely that you’ll need to reimburse a customer. There are a few main situations that can lead to this, but the result is ultimately the same.

However, there are a number of things to consider and some steps to take depending on the particular situation and how you will be processing the refund.

One of the more important things to have in place even before you start making sales is a clear return policy. This will provide guidance not only to the customer but also to you in the event that a return is the cause for a refund request. More on this to come.

Dealing with refunds for returns like in this parcel are never fun, but can be easy with the right invoicing & accounting software

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Zero-rated and VAT-exempt products or services & your invoices

Written by WhitneyWhitney, 2 July 2019

Beyond the standard UK 20% VAT on products/services, there are two additional tax rates: 5% and 0%. These apply only to specific items or types of services.

Does your business work only with products or services that fall under the zero-rated VAT in the UK? Or do you sell a selection of items that are zero-rated? In either case, there are important things to keep in mind when it comes to your invoicing.

In addition to these three VAT rates, there is another option: VAT-exempt. Some products and services are considered VAT-exempt. A business can also be considered VAT-exempt if it sells only VAT-exempt goods/services. In this case, they would not be eligible to register for VAT and would not submit VAT returns.

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Working with the UK Flat Rate VAT Scheme

Written by WhitneyWhitney, 13 June 2019

Now available in Debitoor: the flat rate scheme! Find out more about the flat rate VAT scheme and how it works in Debitoor:

Running a small business in the UK, there are many things to consider, to calculate, to evaluate. Once your business is over the VAT threshold, tax is one thing that is unavoidable. While it can cause headaches, there are easier ways to stay on top of tax and make your quarterly reporting (even under HMRC’s Making Tax Digital), just a little bit easier.

A flat line, just like the flat-rate VAT scheme.

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