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Has the Pandemic Permanently Transformed Invoice Submission Processes?

Has the Pandemic Permanently Transformed Invoice Submission Processes?

The enforced lockdown and shelter-in-place orders during the COVID-19 pandemic have brought about both obstacles and chances for many sectors. The convenience of home food delivery is countered by the challenge of keeping fit as gyms and parks remain closed. However, the most profound impact is felt in organizations that depend on the physical patronage …

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Guidelines for Unpaid Invoices: Is it Possible to Claim a Deduction?

Guidelines for Unpaid Invoices: Is it Possible to Claim a Deduction?

A common predicament faced by many businesses is the non-fulfillment of invoice payments despite the completion of work and issuance of the invoice. This situation, unfortunately, pushes the prospect of receiving hard-earned money further into the distance. In an era where businesses strive to maintain a steady cash flow, late payments pose a significant challenge. …

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An Introductory Manual to Cash Flow Management for Freelancers

An Introductory Manual to Cash Flow Management for Freelancers

As an independent professional or freelancer, you possess the freedom to choose your projects and clients and manage your workload. However, along with these benefits comes the responsibility of managing your financial affairs, primarily your cash flow. Managing cash flow is a critical aspect of running a successful freelance business, and studies reveal that approximately …

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The Unmissable Advantages of Online Invoicing for Freelancers

The Unmissable Advantages of Online Invoicing for Freelancers

Are you still adhering to the practices of the past? A time when the only method of communication was paper-based, and online correspondence seemed like an unrealistic expectation. Indeed, the past was full of aspirations, but it is the present that presents us with an array of opportunities. Freelancing in the bygone era came with …

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The Quintessential Elements of an Accounts Receivable Aging Report

The Quintessential Elements of an Accounts Receivable Aging Report

An Accounts Receivable Aging Report, or simply an Aging Report, is a critical financial tool that outlines the due amounts that a business needs to receive from its customers. It categorizes these outstanding debts based on their age; hence the term ‘aging’. This classification is typically in 30-day increments. The main aim of this report …

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Emphasizing Key Invoice Reports: Ignoring Them Could Be Risky

Emphasizing Key Invoice Reports: Ignoring Them Could Be Risky

Maintaining a firm grip on business finances is a continuous process that is paramount to the prosperity of any business. Regularly scrutinizing invoice reports, whether weekly or monthly, plays a key role in tracking both current and prospective revenue. Leveraging suitable online invoicing software can conveniently facilitate access to these reports. The following are crucial …

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Understanding Your Obligations: Reporting Credit Card and App Payments to the IRS

Understanding Your Obligations: Reporting Credit Card and App Payments to the IRS

If you run a company that accepts payments by credit, debit, or stored value cards or via third-party settlement companies such as PayPal, it is critical that you understand your IRS requirements. Since 2011, the IRS has required this form of company revenue to be reported. Each service provider that processes these transactions is potentially …

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