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Invoicing app for small businesses

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Why Do Businesses Need To Send Quotation Or Invoice? ​​

Businesses have compelling reasons to meticulously log their expenses. Let’s delve into why this practice is crucial:

  1. Cash Flow ManagementCash flow—the net movement of money in and out of a business—is vital. By tracking expenses daily, businesses gain better control over their cash flow. This proactive approach helps prevent situations where expenses exceed income at the end of the month. By identifying shortfalls early, adjustments can be made to spending patterns, and additional income sources can be explored.

  2. Budget Adherence: Regular expense tracking ensures that businesses stay within their budget. Daily figures act as markers, revealing whether spending aligns with the allocated budget. Adjustments can be made promptly if necessary. Responsible spending leads to cost savings, which ultimately improves the bottom line.

  3. Tax Preparedness: Tax season need not be a frantic scramble. Maintaining an accurate expense log throughout the year simplifies tax preparation. No more digging through laptops or wastebaskets for misplaced invoices and receipts. Businesses can claim legitimate deductions, potentially resulting in tax refunds.

  4. Financial Awareness: Tracking expenses fosters financial awareness. Business owners become more conscious of where their money goes. Armed with this knowledge, they can improve spending habits, optimize resource allocation, and invest wisely.

  5. Organized Records: Detailed expense logs serve as a dollar-for-dollar paper trail. They showcase precisely when and for what purposes money was spent. Organized records enhance budget preparation and provide clarity on overhead costs.

Sending Estimates And Invoices Is Like The Heartbeat Of Managing A Business Effectively.

Businesses have compelling reasons to meticulously log their expenses. Let’s delve into why this practice is crucial:

  1. Cash Flow ManagementCash flow—the net movement of money in and out of a business—is vital. By tracking expenses daily, businesses gain better control over their cash flow. This proactive approach helps prevent situations where expenses exceed income at the end of the month. By identifying shortfalls early, adjustments can be made to spending patterns, and additional income sources can be explored.
  2. Budget Adherence: Regular expense tracking ensures that businesses stay within their budget. Daily figures act as markers, revealing whether spending aligns with the allocated budget. Adjustments can be made promptly if necessary. Responsible spending leads to cost savings, which ultimately improves the bottom line.

  3. Tax Preparedness: Tax season need not be a frantic scramble. Maintaining an accurate expense log throughout the year simplifies tax preparation. No more digging through laptops or wastebaskets for misplaced invoices and receipts. Businesses can claim legitimate deductions, potentially resulting in tax refunds.

  4. Financial Awareness: Tracking expenses fosters financial awareness. Business owners become more conscious of where their money goes. Armed with this knowledge, they can improve spending habits, optimize resource allocation, and invest wisely.

  5. Organized Records: Detailed expense logs serve as a dollar-for-dollar paper trail. They showcase precisely when and for what purposes money was spent. Organized records enhance budget preparation and provide clarity on overhead costs.

Let’s Explore Why They’re So Vital:

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Estimates:

  • First Impressions: When you’re looking to give a potential client a quote, bid, or proposal for a job, an estimate is your first handshake. It sketches out the project’s scope, the services you’re offering, and the likely costs.
  • Open Book: By giving an estimate, you’re laying all your cards on the table for your customer. It’s all about being open and honest, which helps build trust.

Decision Time: Clients use estimates to weigh up whether the proposed work fits their budget and needs. It helps them make decisions with all the facts in hand. From Estimate to Invoice: Once the client gives the thumbs up to the estimate, you can flip it into an invoice in no time. This not only saves time but also ensures you’re consistent with your data entry.

Invoices:

  • Billing Officially: An invoice is your formal request for payment once the work is done and dusted. It packs in detailed info about the services provided, quantities, rates, and the total amount due.
  • Legal Paper Trail: Invoices double up as legal records of transactions. They safeguard both you and your client by documenting the terms you both agreed upon.
  • Cash Flow Control: Prompt invoicing ensures a steady cash flow. It lets you track payments, manage accounts receivable, and plan your finances like a pro.
  • Professional Touch: Sending out well-structured invoices shows you mean business. It underlines your commitment to delivering top-notch services.

In a nutshell, estimates get the ball rolling, while invoices make it official and kickstart the payment process. Both are key players in successful business dealings with clients.

How to prepare a quotation or an invoice?

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To prepare a quotation or an invoice, you will need the following. 

  •  Item or Product: This could be a tangible good or a service that you offer.
  • Client: The individual or entity to whom the quotation or invoice is being dispatched.
  • Tax Details: Your tax-related information.
  • Company Details: Information pertaining to your company (optional).
  • Banking Details: Your banking information for receiving payments (optional).

Procedure

Establish a catalog of items or services that you typically bill your clients for. For instance, if you are a yoga or fitness instructor offering three distinct sessions:

  • Session 1: A one-hour session billed at $45 per session.
  • Session 2: A 1.5-hour session billed at $60 per session.
  • Session 3: A one-hour couples’ session billed at $70 per session.

Each time you issue an estimate, quotation, or invoice, you can select these items or services from your catalog, eliminating the need to retype them.

Process Outline

Part 1

    1. Download the application.
    2. Register for an account.
    3. Navigate to settings.
    4. Enter your Company Details.
    5. Provide your Tax & VAT details.
    6. Input your Banking details (this is your payment destination).

Part 2

    1. Add an item and create a new item.
    2. Click on ‘New Quotation’ or ‘Invoice’.
    3. Add a client.
    4. Add an item.
    5. Select items from the list.
    6. Save your changes.
    7. Preview the quotation or invoice.
    8. Send the document.

Users can find detailed video tutorials on how to create a quotation, invoice, log expense, create a new item, create a new client, and how to fill in the tax/VAT details within the application. Additional settings can be found in the app settings.

Video tutorials

How to send a Quotation

Quotation:

Here’s a step-by-step guide on how to send a quotation:

  1. Meet the Client: Have a meeting with the client to understand their needs and requirements.

  2. Prepare the Quotation: Create a quotation detailing the products or services you’re offering, the cost, your business details, and the client’s details. Include any other relevant information such as the date and terms of payment.

  3. Attach a Reference Picture: Attach a picture of your previous work or the product you want to supply as a reference. This can be a unique feature of your app that helps the client visualize what they’re getting.

  4. Save the Quotation: Save the quotation in your app for later viewing or editing.

  5. Convert to PDF or JPG: Convert the quotation (with the picture attached) into a PDF or JPG. This ensures that the format remains consistent across different devices and operating systems.

  6. Send the Quotation: Email the quotation to the client. Make sure to include a clear subject line (like “Quotation for Product/Service”) and a brief message in the body of the email.

Remember, it’s important to keep a copy of all quotations for your records. Smoothbalance App can streamline this process and help you keep track of sent quotations.

How to send an invoice

Invoice:

Here’s a step-by-step guide on how to send an invoice:

  1. Complete the Task: Finish the task at hand. For example, if you’re a builder, you might complete a roofing job.

  2. Take a Picture: Capture a picture of the completed task. This serves as proof of work done.

  3. Prepare the Invoice: Create an invoice detailing the services provided, the cost, your business details, and the client’s details. Include any other relevant information such as the date, invoice number, and terms of payment.

  4. Include Payment Details: Add your banking details or a link to a payment gateway like PayPal or Stripe. This will provide the client with the information they need to make a payment.

  5. Convert to PDF: Convert the invoice (with the picture attached) into a PDF. This ensures that the format remains consistent across different devices and operating systems.

  6. Send the Invoice: Email the PDF invoice to the client. Make sure to include a clear subject line (like “Invoice for Roofing Services”) and a brief message in the body of the email.

Remember, it’s important to keep a copy of all invoices for your records. Smoothbalance can streamline this process and help you keep track of payments.

How to log and track business expenses

Expenses:

Here’s a step-by-step guide on how to log and track business expenses using your app:

  1. Make a Purchase: Make a business-related purchase. For example, a PC technician might buy a router from PC World to supply to a client.

  2. Take a Picture of the Receipt: After making the purchase, take a picture of the receipt using your app.

  3. Log the Expense: The app automatically logs the receipt as a business expense. This means the expense is recorded and can be tracked later.

  4. Use Receipt for Verification: If needed, the receipt can be used later as verification of purchase. For instance, if the PC technician needs to exchange the router at Currys/PC World, they can use the logged receipt as proof of purchase.

Remember, it’s important to keep a record of all business expenses for accounting and tax purposes. Your app makes this process easy by automatically logging expenses when a picture of a receipt is taken. This not only helps in tracking expenses but also in organizing receipts for future reference.

How to add an item to the item list

Item list:

Here’s a step-by-step guide on how to add an item to the item list in your Smothbalance app:

  1. Open the App: Launch the Smothbalance app on your device.

  2. Navigate to the Item List: Look for the ‘item list’ option in the app’s menu and select it.

  3. Create a New Item: Select the option to create a new item or product template.

  4. Enter Item Details: Fill in the details of the item, including its name, description, rate, and quantity. For example, if you’re a yoga instructor, you might create two items: one for a single hour session priced at $35, and another for a two-hour session priced at $50.

  5. Save the Item: Once you’ve entered all the necessary details, save the item. It will now appear in your item list.

  6. Use the Item: When you need to send a quotation or invoice, simply select the appropriate item from your list. The app will automatically fill in the details, saving you time and effort.

Remember, you can edit the items in your list at any time to keep them up-to-date with your current offerings and prices. This feature is designed to make managing your business expenses easier and more efficient.

How to add new clients to the client list

Client list:

Here’s a step-by-step guide on how to add new clients to the client list in your Smothbalance app:

  1. Open the App: Launch the Smothbalance app on your device.

  2. Navigate to the Client List: Look for the ‘client list’ option in the app’s menu and select it.

  3. Add a New Client: Select the option to add a new client.

  4. Enter Client Details: Fill in the client’s contact details, including their name, address, contact number, and email address.

  5. Save the Client: Once you’ve entered all the necessary details, save the client. They will now appear in your client list.

  6. Use the Client Details: When you need to send a quotation or invoice, simply select the appropriate client from your list. The app will automatically fill in the details, making the process smooth and seamless.

Remember, you can edit the clients in your list at any time to keep them up-to-date with your current client base. This feature is designed to make managing your business relationships easier and more efficient.

How to amend tax/vat info

Tax/VAT:

To include VAT/Tax details in your outgoing invoices and quotations, you can follow these general steps:

  1. Open the Settings: Navigate to the settings section of Smoothbalance
  2. Enter VAT/Tax Percentage: Enter the VAT/Tax percentage applicable to your business. This will be used to calculate the tax amount on your invoices and quotations.
  3. Enter VAT/Tax Number: Look for a field where you can enter your VAT/Tax number (follow the tutorial) This is related to company or tax information.
  4. Enter Business Registration Number: This can be Companies House registration number, TIN/PAN/GST/ITN/EIN/SSN/EIN and ITIN number
  5. Save Changes: Ensure to save any changes made.

How to add bank and payment gateway details

Here’s how you can use Smoothbalance to enter your banking details:

  1. Open the Settings: Start by opening the settings in your Smoothbalance account.

  2. Add Banking Information: Look for an option to add or update your banking information. This could include your bank account number, sort code, or other relevant details.

  3. Enter IBAN or Swift Code: If you’re receiving international payments, you may need to enter your International Bank Account Number (IBAN) or Swift code. These codes help international banks identify your account for transfers.

  4. Add Payment Gateway Details: If you’re using a payment gateway (like PayPal, Stripe, etc.), you can add those details as well. This could include your gateway username, merchant ID, or other necessary information.

Once you’ve entered these details, they will be included with any invoices you send out using Smoothbalance. This means your clients will have all the information they need to pay you promptly.

Please note, before entering these details, make sure you understand and agree to the banking and payment costs of the bank and payment gateway. It’s important to be aware of any transaction fees or other costs associated with receiving payments.

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