HappyAR Blog

Information, research, tips, and musings about the ever-changing world of accounts receivables. We'll be frequently publishing content that's developed by our own experiences team as well as from external contributors. Have some thing to share related to AR, invoicing, FinTech, ERP integrations, or finance operations? Please write for us and get your ideas out to our community!

How to Use QuickBooks

How to Use QuickBooks

If you’ve recently purchased QuickBooks Intuit Online to perform bookkeeping for your small business, you’re likely wondering how to use it. QuickBooks can be intimidating, especially if you’re not an accountant or you haven’t used accounting software before. That’s okay

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What Is an Aging Report? How To Tell if Your Company Is Healthy

QuickBooks Desktop 2021

As a small business owner, it can be difficult to decide on appropriate accounting software that fits your needs. There are many to choose from — QuickBooks, Xero, and FreshBooks are just a few options. For U.S.-based companies, QuickBooks remains

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Money by Quickbooks

Money by QuickBooks

Money by QuickBooks is a new offering from Intuit designed to help small businesses manage their cash flow. Originally announced in October 2021, it is available as a mobile app through Android and Apple platforms. Its purpose is to give

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Xero Vs Quickbooks - An Overview and Comparison

Xero Vs QuickBooks – An Overview and Comparison

As a small business owner, you need accounting software that can help you manage your revenues and expenses, as well as provide you with the insight you need into your company’s current financial status. Financial management is an integral part

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Accounting Principles

Accounting Principles

Understanding the principles of accounting is important when working with financial data that will be used to prepare a company's financial statements. As a business owner or an accountant, you are expected to have a strong understanding of accounting principles

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QuickBooks Training - Resources to Learn Quickbooks Fast

QuickBooks Training – Resources to Learn QuickBooks Fast

If you are a business owner or accountant who is new to QuickBooks, you may be concerned about learning the program and operating it effectively. Let our QuickBooks training tips help you out. Accounting systems can be confusing, especially to people who haven’t used them before or don’t have an educational background in accounting principles.

Fortunately, QuickBooks is one of the easiest programs to learn for those who are new to the accounting software package!

What Is QuickBooks?

quickbooks tutor

QuickBooks is a financial accounting solution designed for freelancers, sole proprietorships, and small businesses. It provides the ability for companies to invoice their customers and perform regular bookkeeping duties in an easy-to-use format.

All businesses can benefit from its powerful reporting and recordkeeping capabilities. However, to ensure that you are in the best position to take advantage of the system, it is important to engage in learning QuickBooks. This can be done through a variety of methods.

What Functions Are Included in QuickBooks?

There are a number of features available in QuickBooks that benefit small and medium-sized businesses. Features include:

Invoicing and Sales Management

If your business has regular customers, you stand to benefit from the invoicing function of QuickBooks. QuickBooks allows you to send out customized invoices to your clients and provides them with the ability to easily pay the balance due using a debit card, credit card, or ACH transfer.

You can easily view a list of aged accounts receivable and follow up with any customers who are overdue on their payments. It allows you to quickly assess customers who have a tendency to be delinquent on their accounts and determine which ones are the most profitable.

Tracking Expenses

QuickBooks can connect directly with your bank account and migrate expenses related to your business according to specific categories. This allows you to see where you are spending the most money and make strategic adjustments as required.

In addition to the expense tracking provided through your banking accounts, you can also scan receipts for items paid for in cash and store them in the QuickBooks repository. These items may also be categorized.

If you make regular business trips using your vehicle, QuickBooks also has the ability to record your mileage. Mileage and expenses may be categorized in the system, as well.

Since all of your expense transactions are carefully categorized, you will be able to provide your tax preparer with an accurate statement of income and expenses that they can use to maximize your tax deductions for the year.

Inventory Management

QuickBooks has a robust inventory management system that carefully tracks any items that you intend to sell to your customers or use to support the business.

This system is especially helpful for those who sell on online platforms such as Amazon, Etsy, or Shopify. It can notify you when supplies on an item get low so that you can quickly restock if needed. It also provides information on the value of your stock for financial reporting purposes.

So What Is the Fastest Way to Learn QuickBooks?

 quickbooks tutor

Clearly, QuickBooks from Intuit, has a number of great features for small business owners. Thus, it is smart to learn all of the aspects of the system and apply your knowledge as you begin to use it to manage the financial operations of your company.

There are a few options available for those who want to master the best QuickBooks skills.

QuickBooks Training

QuickBooks Certification is conducted directly by licensed QuickBooks teachers and is available via a live class or a self-paced option. The program starts with an introduction to QuickBooks Online or QuickBooks Desktop and provides direction on how to properly set up your company using best practices.

There is an entire module devoted to everyday transactions, including sales, expenses, inventory, and taxes. You’ll learn how to customize your client invoices and categorize expenses, as well as how to pay them using checks or electronic payments.

Inventory management, including purchase orders, receipt of items, and adjustments to inventory are discussed in classes, too.

During the special transactions module, you’ll learn how to use the refund functions and record credit card transactions. You’ll also receive training on customer deposits.

Automation tools are amongst QuickBooks’ most important features in ensuring a robust system setup. These transactions include keyboard shortcuts, the ability to set up recurring transactions, and automation for bank account reconciliations.

Next comes the reporting module, which shows you how to customize your reports to meet your business needs. You’ll learn how to understand your financial statements, set up a proper chart of accounts, master basic accounting concepts, and import any prior accounting details from Excel.

QuickBooks Training is available to anyone who is interested in learning the program. If you opt for the live version, you may attend the courses over a period of two days. Instructors are available during the sessions to answer any questions that you have. Live classes are available for $679.95.

This training may also be offered as a self-paced version. This allows you to complete each training module as you have time. However, you will not have the benefit of a live trainer to answer your questions. The self-paced class is offered for $579.95.

The VIP membership gives you the option to attend training on your time, but also provides a weekly Q&A session you can join to get answers to any questions that you have when implementing and learning the system. It is available for $679.95.

All of the QuickBooks Training courses allow you to take an exam at the end of the class to become a Certified QuickBooks User. This is helpful for individuals who plan to work for companies that use QuickBooks and want to provide evidence of their capabilities.

QuickBooks Tutorials for Training

 quickbooks tutor

The QuickBooks Tutorials are free to anyone who is interested. Each of the tutorials provides a short video clip intended to give instruction on specific topics and transactions related to QuickBooks.

Topics can include:

  • Managing overdue invoices
  • Customizing invoices
  • Tracking sales tax
  • Connecting your bank accounts
  • Recording spending
  • Importing bank transactions

QuickBooks Tutorials are very helpful for those times when you need help on a specific task. You can easily search the site for the topic you need and view a video in just a few minutes.

However, QuickBooks Tutorials are not the best way to learn the entire program. It lacks the cohesiveness and structure of other training programs. It also does not result in any certification.

QuickBooks Learning Center for Training

The QuickBooks Learning Center offers free PDF guides that you can read on specific topics for QuickBooks. A list of the most recent PDF guides relating to QuickBooks topics includes:

  • What Are Tags and Why Should I Use Them?
  • Categorize and Match Online Bank Transactions
  • How to Change the Invoice Number on Sales Forms
  • Switching from QuickBooks Desktop to QuickBooks Online

The Learning Center also gives you access to the QuickBooks community, which allows you to search previously asked questions and read the answers provided by members of the support team.

Similar to QuickBooks Tutorials, the Learning Center is great for addressing one-off questions that you have when navigating the program. However, you will not receive comprehensive training on the whole system. There is also no certification associated with the Learning Center. Instead, this resource should be viewed as a help desk for quick questions when using the software.

Udemy for QuickBooks Training

Udemy is known as an educational powerhouse that allows instructors to provide online courses for a wide range of topics. These courses are typically low in cost, ranging from $15 to $100, and provide hours of training that can be accessed by learners as needed.

Not surprisingly, a number of instructors have created comprehensive tutorials devoted to QuickBooks. Courses include training on QuickBooks Pro and Premier, as well as QuickBooks bookkeeping. There are also courses devoted to specific topics, such as reporting and inventory management.

Thousands of individuals have taken Udemy QuickBooks courses to learn QuickBooks software. The content of each class will vary according to the instructor and the main topic of discussion. Some instructors will be better than others.

If you decide to engage in a Udemy QuickBooks course, make sure to understand which topics your course covers and to read through the reviews given by prior students.

Udemy courses are much more cost-effective than the QuickBooks Training certification program. Oftentimes, you will find very similar content in the Udemy courses for several hundred dollars less. However, you will not have access to QuickBooks trainers, and you will not qualify for the Certified QuickBooks User certification.

Udemy courses are an inexpensive alternative to the QuickBooks Training program and can be especially helpful for business owners who simply want to make sure they know how to use the software.

We hope you found this overview on QuickBooks training helpful!

HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There’s no long-term contract and you can try HappyAR for free.

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Accounting Principles

Accounting Principles

Understanding the principles of accounting is important when working with financial data that will be used to prepare a company's financial statements. As a business owner or an accountant, you are expected to have a strong understanding of accounting principles when working with financial information. Complying with standards allows you to ensure that all reporting is accurate and that you have the information you need when preparing for tax season.

The U.S. complies with its set of generally accepted accounting principles (GAAP) developed by the financial accounting standards board (FASB). Outside of the U.S., the international financial reporting standards (IFRS) are recognized by most companies and countries. IFRS is overseen by the international accounting standards board (IASB).

What Are the Accounting Principles Under GAAP?

Accounting Principles

GAAP must be used for financial reporting purposes by U.S. public companies. The aim of U.S. GAAP is to improve the comparability, consistency, and clarity of accounting information used for financial reporting purposes. There are ultimately 10 key principles that must be followed under GAAP.

Principle of Regularity

The principle of regularity is used to dictate accountants to use the approved accounting standards in the U.S. All standards must be adopted. The bookkeeper or accountant do not have the ability to choose which standards they comply with and which ones they don't.

Principle of Consistency

Under the principle of consistency, accountants must use the same accounting standards in every reporting period. If any changes are made to the accounting standards from one period to another, those changes must be noted clearly in their footnotes.

The principle of consistency ensures that uniform accounting practices from different accounting periods have reasonable comparability.

Accounting Principles

Principle of Sincerity

Under the principle of sincerity, accountants must do their best to present a precise and sincere picture of a business's financial circumstances. Accountants should not be overly partial to a business. This allows them to create accurate statements.

Principle of Permanence of Methods

Under the principle of permanence of methods, accounting standards shouldn't change. Once implemented, accounting methods remain the same unless a new standard or guideline is issued under authority from FASB.

However, some industries require different accounting standards than others. This can cause issues if someone tries to compare financial statements for companies from different industries.

Principle of Non-Compensation

Certified public accountants must show the positive and negative aspects of financial records to present a clear picture of a company's worth. Thus, they can't hide details. They aren't able to receive debt compensation from a company. Debt compensation includes stock or an ownership stake in a business.

Principle of Prudence

The principle of prudence must be based on fact and not conjecture. Thus, there must be a complete picture of a company's worth presented under financial reporting standards. There may be no pro forma accounting processes or reporting put into place.

Accounting Principles

Principle of Continuity

Under the principle of continuity, accountants must value assets based on the assumption that the company will stay in business. Assets should be valued at their historical value (original price), rather than their disposable value (the amount the asset can be used for).

Principle of Periodicity

The principle of periodicity requires that businesses use the accrual method of accounting rather than the cash-basis method of accounting. Cash-basis accounting recognizes revenue when it is received, while under the accrual basis of accounting revenue recognition occurs when it is earned. This is referred to as the matching principle.

Principle of Materiality / Good Faith

The principle of materiality gives accountants the ability to disobey GAAP rules when the amount under consideration is immaterial in nature.

As an example, you may purchase a $50 desk that you expect to use for 5 years. While it should be depreciated each year, you decide to expense it entirely at the time of purchase. Since the value of the desk is immaterial to the financial statements, the GAAP rule for depreciation may be ignored.

Principle of Utmost Good Faith

Under the principle of good faith, all parties involved in a transaction must be straightforward in their business dealings.

Should All U.S. Companies Comply with GAAP?

mind the gap

Only publicly-traded U.S. companies are required to comply with GAAP. Under the rules established by the Securities and Exchange Commission (SEC), companies that are publicly traded must have financial statements that are approved by a certified public accounting (CPA) firm.

While GAAP accounting is not required for non-publicly traded companies, GAAP is viewed favorably by lenders and creditors. Most banks that offer business loans will require client companies to have GAAP-approved financial statements.

If financial statements are not prepared using GAAP, investors should do their homework before making an investment. Comparing financial statements among companies that do not use GAAP may be impossible, even if they are working in similar industries.

What Are the Accounting Principles of IFRS?


Similar to GAAP, IFRS has its own set of accounting principles. IFRS accounting standards have been adopted by over 100 countries, including Canada, Australia, and countries within the European Union. IFRS standards and principles are set by the IASB.

The objectives of IASB are to develop public interest and enforce global accounting standards that require high quality of transparent and comparable information in financial reports.

Similar to GAAP, IFRS has a number of accounting principles. The principles of IFRS are indicated below:

Going Concern

Under the going concern standard, the business that is presenting its financial statements should be run for the foreseeable period of time. There is no intention to close the business.

Accounting Principles


Under the consistency period, once the owner chooses a method to run the business, that method may not be changed. Thus, if a particular method is chosen to record depreciation for an asset, it must remain the same.


Under the accrual concept, all expenses and revenue must be recognized when they are incurred, not when the exchange of cash takes place.

Business Entity

Under the business entity concept, the owner and the business are separate. Thus, if the owner used their own money to start the business as a loan, the business is responsible for paying the owner back.

Money Measurement

The money measurement principle allows only transactions to be recorded in the books that can be measured in monetary terms. Thus, if a vendor makes arrangements to purchase a service from the company, then the revenue from the service must be recorded in the business's books.

However, if there is no arrangement or agreement to purchase a service, then no transaction may be recorded.

Accounting Principles

Accounting Period

Under the accounting period principle, the business is run according to specific time periods. For example, a company may choose to show its accounting from January through December.

Once the accounting period is established, it should remain the same unless there is a specific reason to change it. If a change is made, comparable financials must be presented in accordance with IFRS standards.

Full Disclosure

This principle requires that complete and understandable information must be provided to employees, investors, and the government. This information should include all relevant financial statements, including the income statement, balance sheet, statement of shareholder's equity, and the statement of cash flows.

Materiality Concept

The materiality concept allows that other standards may be ignored if the transaction to be recorded is immaterial to the overall presentation of the financial statements.

Prudence or Conservatism

The prudence principle requires that all prospective losses must be taken into account, but the potential for possible income should be ignored. Thus, you cannot overstate income on general expectations. However, potential losses must be addressed and noted in the financial statements.

Historical Cost

All fixed assets must be recorded at their historical costs. Thus, if you purchase a machine for $1,000,000 and the fair value of the machine decreases to $900,000 by the end of the year, you must still show the original value of the machine less any depreciation.

Any increases or decreases in the fair value of the equipment are not recognized until the machine is sold.

Matching Concept

Under the matching concept, expenses incurred associated with revenue earned should be properly matched in the financial statements.

Dual Aspect

The dual aspect allows for every transaction to have a double entry, meaning there must be a debit to one account and a credit to another.

What Are the Differences Between GAAP and IFRS?


GAAP is focused on the accounting standards for publicly traded U.S. companies, while IFRS identifies the international accounting standards that have been adopted by most of the other countries of the world.

The IASB and FASB have been working on the convergence of IFRS and GAAP since 2002. In 2007, the SEC removed the requirement that non-U.S. companies registered in America reconcile their financial reports with GAAP if their accounts complied with IFRS. This led to a significant reduction in work and compliance requirements for those non-U.S. companies trading on U.S. exchanges.

There are a few key differences between both sets of standards. These include:

LIFO Inventory

GAAP allows companies to use the Last In, First Out (LIFO) standard as an inventory cost method. However, it is not allowed by IFRS.

Research and Development Costs

Research and development costs are to be charged to expense as they are incurred under GAAP. Under IFRS, the costs can be capitalized and amortized over multiple periods if certain conditions are met.

Reversing Write-Downs

GAAP specifies that the amount of write-down of an inventory or fixed asset cannot be reversed if the market value of the asset increases. Under IFRS, the write-down may be reversed.

Reversing write-downs

Balance Sheet Presentation

The way a balance sheet is formatted is different under GAAP than in other countries. Under GAAP, current assets are listed first, while IFRS begins with non-current assets.

GAAP standards also require a balance sheet to list accounts in order of liquidity. Thus, accounts are listed in order from most liquid to least liquid. This includes listing current assets, non-current assets, current liabilities, non-current liabilities, and owners' equity.

Under IFRS, the order is the exact opposite.

Cash Flow Statement

cash flow statement

The company's cash flow statement is prepared differently under GAAP and IFRS. This is most clear in the treatment of interest and dividends.

GAAP advises that interest paid and received should be classified as operating expenses, while IFRS allows for more flexibility. Under IFRS, a firm may choose its own policy for classifying interest based on what it considers to be appropriate. Thus, it may be considered as an operating or financing cost.

Under GAAP, dividends paid must be accounted for in the financing section, while dividends received are included in the operating section.

Under IFRS standards, companies may classify dividends paid in either operating or financing cash flows. Dividends received can be classified as operating or investing.

HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There's no long-term contract and you can try HappyAR for free.

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Pro Forma Invoice

Pro Forma Invoice

As a business owner or accountant, you need to understand the difference between a pro forma invoice and a full invoice.

What Is a Pro Forma Invoice?

Pro Forma Invoice

A pro forma invoice can be viewed as a proposal to a customer for services to be completed or goods to be delivered. It lists the work to be completed or the goods to be delivered and indicates a price to be charged when the work is finished or the goods are delivered.

A pro forma invoice is not a regular invoice and it cannot be used for accounting purposes. It is commonly used as a preliminary invoice or as a quote.

Pro forma invoices apply to services or goods that are not yet completed. This means that the invoices do not need an invoice number. Instead, the pro forma invoice outlines the goods and services that a seller can commit to performing or delivering.

The purpose of a pro forma invoice is to establish an agreement between the buyer and seller. Essentially, as a small business owner, you want to ensure that your customer understands what you are committing to provide them.

A company name, delivery date, list of goods or services, and price are commonly included in a pro forma invoice. There may be other terms and conditions indicated as well.

What Is the Purpose of a Pro Forma Invoice?

The use of a pro forma invoice helps to smooth the sales process. The business owner or sales rep can send one to give the buyer the information needed to make a decision on whether or not to purchase. This should be an invoice issued in good faith that allows the buyer to know what to expect from their purchase. It can act as a preliminary bill of sale.

Pro Forma Invoice

Other uses of a pro forma invoice include:

  • Declaring the value of goods for customs for a smooth delivery process if the goods are crossing international lines
  • As a placeholder, if there isn't enough information to provide a customer with a full commercial invoice
  • For an internal purchase approval process

Pro forma invoices may be used by a variety of businesses.

What Are the Key Differences Between an Invoice and Pro Forma Invoice?

Pro Forma Invoice

While an invoice is a commercial instrument that states the total amount due, the pro forma invoice is a declaration by the seller to provide products and services by a specified date.


A commercial invoice is sent to a buyer after a sale has occurred. It is a request for payment from the buyer.

On the other hand, a pro forma invoice is a written proposal sent prior to billing. It provides the particulars of goods and services yet to be delivered. It is not a binding agreement, and cannot be used for bookkeeping purposes.

Issued Date

Under a commercial invoice, the issue date is done prior to payment being made.

However, a pro forma invoice is issued before order placement.


The objective of a commercial invoice is to inform the buyer about the amount due for goods and services provided. It is legally binding, meaning that if it isn't paid by the buyer, the seller may seek remediation. It can also be used to provide an audit trail for accounts receivable and revenues.

The use of a pro forma invoice provides a buyer with an idea of what to expect. It can provide a description of the goods and a good faith estimate of costs.


The format of a commercial invoice should include the logo of the business, contact information, billing address, information regarding the services provided or goods delivered, amount due, and relevant terms and conditions.

A pro forma invoice will include the logo of the business, contact information, billing address, an estimate of the services to be provided or the goods to be delivered, and the estimated amount of the bill. It should be clearly labeled as a pro forma invoice. Terms and conditions may be included as a precursor for performance on behalf of the vendor.

Pro Forma Invoice


A commercial invoice is used as the basis for paying a bill or earning revenue. It will be recorded in the general ledger as accounts receivable or accounts payable. This invoice should be filed for reference, and can also be used to support an audit. It may be requested by your tax preparer as evidence for revenue during the tax year.

A pro forma invoice gives your business a general idea of the amount of money that will be received by your company for services or goods delivered. If you are in receipt of a pro forma invoice from another business, it allows you to plan for how much is expected to be due if you accept the agreement. Thus, it is a good tool for cash flow planning, but it cannot be used for accounting purposes.

What Are the Benefits of Using a Pro Forma Invoice?


There are a few benefits to using pro forma invoices in your business. These include:

Providing Relevant Details Before Delivery

A pro forma invoice provides customers with the information on what they will be receiving prior to actually committing to purchasing the goods or services. Thus, your customers will have an idea of what to expect when they choose your company as a supplier.

Details included in a pro forma invoice include a list of all items or services to be purchased, the cost of each, the date of the purchase, and the expected delivery of goods.

Commitment from Both Buyer and Seller

A pro forma invoice indicates an informal level of commitment from both the buyer and the seller. The buyer understands what they will be receiving and has an estimate of the price as well as the expected delivery date. The seller understands their commitment and can plan their time or ensure they have the goods available to deliver.

Some companies use this as a purchase order. This can be helpful in establishing what may be necessary for them to get the sale approved and the final invoice paid.

Possible Negotiating Tool

Once a business receives a pro forma invoice, they have the ability to review it and decide whether the services to be provided or the goods to be delivered are appropriate and if they agree with the prices and delivery date. If they don't, the buyer may approach the seller to make potential modifications.

When Can a Pro Forma Invoice Be Required?


A pro forma invoice may be required in certain situations.

Provisional Bill of Sale Needed for Approval

A pro forma invoice provides your customers with a detailed account of the sale before its finalization. This can be necessary for your customers.

Most government agencies will require one to provide them with the details they need to get the final sale approved. Other companies may have a strict process for pro forma sales.

International Shipping Purposes

One of the most beneficial uses of this invoice type is for international shipping. It contains all the details needed to expedite clearing customs. Thus, many businesses use a pro forma invoice for international shipments. They may also provide customers with a standard invoice once the product has cleared.

Selling Items on Consignment

In cases where you are invoicing customers for items that have already been sold under consignment, a pro forma invoice can be helpful. The invoice acts as a device to send a preliminary invoice of sorts to your customer detailing items shipped. Afterward, your company can provide them with a regular invoice when the products or goods have been sold.

HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There's no long-term contract and you can try HappyAR for free

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Understanding the Differences Between FreshBooks vs QuickBooks

Understanding the Differences Between FreshBooks vs QuickBooks

If you are the owner of a small business, you’ve likely realized that you need accounting software to keep on top of your company’s finances. If you already have accounting software but aren’t happy with the functionality, you may be considering implementing a new system. In this article, we discuss two popular accounting platforms and compare them: Freshbooks vs QuickBooks.

What Is FreshBooks?


FreshBooks is an accounting and invoicing software fit for freelancers and small business owners. Its features and ease of use allow you to grow your business alongside the system, adding more functionality as your needs dictate.

What Features Does FreshBooks Offer?

Features included with FreshBooks include the below:


The invoicing capability of FreshBooks allows you to easily create and customize your invoice, add your logo, and personalize a letter for your clients. Global clients are able to easily pay you online, using Visa, Mastercard, American Express, or Apple Pay. U.S. customers are also given the option to pay via ACH.

The system allows you to generate invoices in hundreds of different currencies and sixteen different languages. Automation features allow you to send your clients reminders of payments due at customizable intervals. You can also set late fees based on a specific amount or percentage of the invoice.


If you like to receive an initial deposit prior to beginning work, you can set up your invoicing to require either a percentage of the entire invoice or a flat amount. Milestone billing is also included.

Those who charge their clients by the hour may do so using a combination of time tracking tools. You can also assign specific job-related expenses to your customer’s billing account.

Expense Tracking

FreshBooks offers an expense tracking tool that allows you to connect your bank account or credit card to the system. Once connected, expenses can be easily categorized.

This is particularly helpful for tax and financial reporting purposes. Business tax deductions are classified by type, so you will be able to rely on your FreshBooks records come tax time.

From a financial reporting perspective, having a list of what you spend the most on each month allows you to make strategic adjustments when required and can help you optimize your cash flow.

If you pay for any items in cash or using a card that isn’t attached to FreshBooks, you can easily scan a copy of the receipt and categorize it. The receipt will be saved in FreshBooks should you need to reference it in the future.

Time Tracking

For freelancers or companies who bill their services by the hour, an easy time tracking tool lets you monitor the time you spend working for a given client or on a specific project. You can use the timer on your desktop, laptop, or within the mobile app.

If you have employees, you’ll be able to view the time they spend at work or on specific projects. This makes payroll a breeze—and you’ll be able to easily bill customers for the time they spend at work.


Project Management

As you start working on projects with your team, you can collaborate easily by sharing files with them or your business partners. Reporting tools give you insight into the profitability of each project, including a breakdown of income, costs, and unbilled hours.


With the use of estimates, you can easily send project proposals to potential clients for review and approval. You’ll have a paper trail showing a project’s scope, timeline, and deliverables.

Online Payments

FreshBooks allows for quick and easy online payments through their invoicing system. Payments can be made from anywhere in the world using Visa, Mastercard, American Express, or Apple Pay.

U.S. customers also have the ability to pay via ACH transfer. FreshBooks also links with Stripe and Paypal, and seamlessly applies incoming funds to your bank accounts.

Robust Accounting Options


FreshBooks offers a double-entry accounting system that you or your accountant can use to track the company’s financial health and ensure the accuracy of your financial reporting. The system includes automatic checks to make sure that both debits and credits are equal, so you don’t have to worry about a balance sheet that doesn’t add up.

Reporting features allow you to instantly view reports, including:

  • Balance Sheet
  • Income Statement
  • Sales Tax Summary
  • Accounts Aging
  • Invoice Details
  • Inventory Tracking
  • Expense Report
  • Payments Collected
  • Trial Balance
  • General Ledger

This way, you can easily make strategic business decisions based on current information. You’ll also be able to better forecast upcoming profits and receivables from customers, as well as establish payables guidelines.

If you decide to connect FreshBooks with your bank accounts, you’ll be able to easily import and categorize financial transactions. The system automatically makes suggestions for expenses, including changes or additions.

You’ll also be able to view your aging of accounts, and track overdue invoices from customers. If you need to make an adjustment to an invoice you have already billed, you can do so using the credit invoice feature. This allows you to easily reduce the amount of an open invoice, or refund a customer who overpaid.

Helpful During Tax Season

If you’ve tracked all of your income and expenses throughout the year, the small business accounting reports you generate in FreshBooks will be extremely helpful for your tax preparer. You will also be able to show any taxes already paid, as well as information regarding an employee or independent contractor costs.

Mobile Application


The FreshBooks mobile app allows you to view your accounting system while on the go, track mileage expenses, and create invoices when needed. You can also integrate your email into the FreshBooks application, allowing you to respond to your client’s questions and feedback.

The mobile app also notifies you when a client has viewed, paid, or has become overdue on a payment, allowing you to conduct business even when you’re away from your desk.

Client Management

FreshBooks comes with a built-in client portal, allowing you to easily manage client relationships and view customer data. You can share and collaborate files, communicate via email, and send invoices or collect customer support payments through the portal. The reporting module also allows you to view client reports.

Reports include revenue by client, time entry details, invoice details, and a client account statement. All of these enable you to view the financial information for each customer you have, allowing you to see which ones are the most profitable to your business.

What Are the Pricing Options for FreshBooks?

There are three main FreshBooks pricing options that offer accounting features out of the box. A customized option is available for larger businesses with specific bookkeeping and accounting needs. Pricing structures are driven by the number of customers that you have, as well as the features you need. The three main tiers are Lite, Plus, and Premium.



The Lite option currently costs $72 annually if purchased in full. Monthly billing is available for $9 per month. You can send unlimited invoices to up to five customers. Features are limited to the below:

  • Track unlimited expenses
  • Send unlimited estimates
  • Get paid using credit cards or bank transfers
  • View sales tax and related reports
  • Access to the mobile app

You may add additional team members to your account for $10 per month. Gusto payroll may also be integrated.



Plus is available to small business owners for $10 per month, or $120 per year. You may send unlimited invoices to 50 billable clients. In addition to the functionality offered through the Lite option, you’ll have additional features including:

  • Recurring billing and client retainers
  • Business health reports
  • Double-entry accounting reports
  • Ability to share your account with your accountant
  • Mobile mileage and expense tracking

Similar to the Lite plan, you may add team members to your account for an additional $10 per month. Gusto payroll may also be integrated to the system.


The Premium plan is available for $20 per month, or $240 per year. You may send invoices to an unlimited number of billable clients. You’ll also have the advanced features offered through Lite and Plus. This version includes all of the features that FreshBooks has to offer, and is the most robust option.

In addition to the functions offered by Lite and Plus, you’ll have access to:

  • Accounts payable, including tracking bills and payments
  • Project profitability reports
  • Financial and accounting reports, including balance sheet and income statement
  • Customized email templates and signatures

Team members may be added to your account for $10 per month, and Gusto payroll can be integrated to the system.

What Is QuickBooks?


Another option for small businesses seeking an accounting solution for their company’s business needs is QuickBooks. QuickBooks is well known, and offers a cloud-based solution similar to FreshBooks.

What Features Does QuickBooks Offer?

QuickBooks offers many user-friendly features that small business owners will find attractive.

Track Income and Expenses

QuickBooks allows you the ability to import your financial activity from your bank transactions, credit card accounts, or other applications including Square and Paypal. You can automatically sort transactions into tax and expense categories using custom tags. If you pay for an expense in cash, you can scan the receipt and automatically match it to existing expenses.

Invoicing Capabilities

You can easily generate customizable invoices for customers and allow them to pay via debit or credit card payments. ACH transfers are also enabled. The system gives you the option to track invoice status, send payment reminders to customers, and match payments to invoices.


Maximize Tax Deductions

Since all of your expenses will be categorized according to type, your tax preparer can easily review them to determine what tax deductions your business qualifies for.

Financial Reporting Capabilities

You’ll have access to a broad range of financial reports, including a balance sheet, income statement, statement of cash flows, and custom charts to monitor indicators including gross revenue, net profit, and expenses by class and location.

You can also create custom reports if you prefer to see expenses or income in various categories or to run a full list of your transactions during an accounting period.

Track Mileage

If you regularly conduct business while on the go or using your vehicle, you’ll have the option to track miles with your phone’s GPS. You can keep the system running consistently and later separate business and personal trips. There are also mileage reports that you can use to share with customers or your accountant.

Manage Cash Flow

The powerful features included in QuickBooks allow you to easily forecast money coming in and going out for the next 90 days. You can easily see your business balances on one dashboard, allowing you to make quick strategic decisions when you need to.


Send Business Proposals or Estimates

Before starting on a new project, you can send your customers a clear proposal indicating the work to be performed and the cost. They’ll have the chance to review it before approving the plan. Once accepted, you can start on the work knowing that the terms are transparent and agreed upon.

After the work is completed, you can convert the proposal into a final invoice for payment. Your client will be able to easily pay the invoice online, using their preferred payment option.

Manage 1099 Contractors

If you have contractors who will require a 1099 at the end of the year, you can track the monies that you pay them as well as assign vendor payments to 1099 categories. For an additional fee, you can prepare and file your 1099 forms directly from QuickBooks.

Easily Oversee Payables

QuickBooks allows you to import bills into the system and classify them according to expense type. There is also an option to pay your bills using a debit card, credit card, or bank transfer. Once your vendor is set up in the system, you can define how you prefer to pay them.

Track Time

The time tracking option in QuickBooks allows you to track billable hours by client or employee and automatically add them to invoices. You may enter hours yourself or allow employees to enter their own time. If you prefer to use a timer, QuickBooks Time is available for an additional fee.


Inventory Management

If you run a business that has inventory, such as retail stock, you can easily track products as they are brought in or sold. This is especially helpful for companies that operate online through Amazon, Etsy, or Shopify.

You’ll receive notifications when your inventory is getting low, allowing you to quickly restock or update availability.

Project Profitability

You’ll have a view of all of your projects in one place, and be able to quickly ascertain which ones generate the most profit. This is especially helpful for companies that track labor costs, payroll, and expenses, and need to know which projects generate an ROI.

If you see that a particular project is losing money, you can make a business decision to either increase the amount you charge the customer or reduce expenses.

Business Analytics and Insights

QuickBooks offers a set of key performance indicator reports through Fathom. These reports can be quite useful to companies that need a clearer insight into their business performance. You can easily compare customers, analyze revenue streams, and take a deep dive into your company expenses.

Manage Employee Expenses

Rather than relying on a third-party app or paper copies, you can have your employees submit their expenses directly to QuickBooks. Once submitted, you can approve them for payment. QuickBooks saves the documentation, allowing you to access it in the future if needed for audit or tax purposes.


Customized Access and Controls

As your business scales, you may have other people who need access to the QuickBooks platform to perform their roles. QuickBooks offers the ability to customize access and permissions so that users only see and do what they need to.

You can set access rights to particular types of transactions, such as accounts receivable, expenses, or inventory. You can also boost productivity to support growth when you delegate work to sales reps so that they can easily create proposals for potential clients and view their customer’s performance.

Integrate Third-Party Apps

You’ll have access to numerous third-party apps that easily integrate with QuickBooks, including Docusign, Bill.com, Salesforce, and HubSpot. As your business scales, the number of third-party apps you need may increase, and QuickBooks easily supports them.

money quickbooks

Automation of Key Accounting Tasks

QuickBooks allows you to easily set reminders for transactions with a due date, such as invoices, payments or deposits. You’ll also have the ability to set specific workflows through pre-set approvals. You can notify customers when their payment has been received.

How Much Does QuickBooks Online Cost?

There are five separate pricing plans for QuickBooks that allow self-employed or small businesses to set up their accounting books according to their needs. The most basic plan for freelancers costs $25 per month, while the full functionality of the advanced plan costs $180 per month. Features available in each are listed below.



The freelancer option is designed for someone who just needs the basic accounting tools to run their business. Pricing is $15 per month, but you can add additional features if needed for a small fee. The freelancer option gives you the ability to:

  • Track income and expenses
  • Scan and migrate receipts
  • Estimate quarterly taxes
  • Track mileage
  • Run basic reports, including summaries of work activity, profit and loss reporting, and tax deductions

If you continue to scale your business, you can upgrade your plan for more features. It’s important to note that the freelancer option only grants you one user license.

Simple Start Plan

The Simple Start option is for small businesses that may hire independent contractors and need increased reporting capabilities. Starting at $25 per month, it includes all of the functionality of Freelancer, along with additional features, including:

  • Track sales and sales tax
  • Manage 1099 contractors
  • Invoice and accept payments
  • Maximize tax deductions
  • Manage cash flow
simple start

The Simple Start is especially helpful for companies that need the ability to invoice their clients and offer their customers the ability to easily pay for products or services online.


Companies that have grown to include employees may prefer the Essentials option. It provides all of the features of Freelancer and Simple Start, plus the option to grant access to three users. Your business will also be able to easily manage payables, as well as track time. The Essentials plan starts at $50 per month.


The Plus plan includes all of the features of Freelancer, Simple Start, and Essentials. The main difference is that it incorporates access for five users. You’ll also be able to access the project management module. Plus is the most popular QuickBooks plan, and starts at $80 per month.

quickbooks plus


The Advanced version of QuickBooks includes all of the functionality of the other options. However, it is the most robust offering that QuickBooks has available and operates similarly to a full-scale ERP solution. It also includes phone support.

Users of the Advanced program can access a full demo of the product before purchasing. This system runs $180 per month.

Does QuickBooks Offer a Payroll Solution?

QuickBooks offers a full payroll solution as an add-on for each of its plans. Payroll does add some significant costs to the plans. However, if you have employees, you need to ensure that they are paid correctly and all benefits and taxes are properly withheld. Thus, having a solution that accurately handles payroll is well worth the expense.


Which Is Better? FreshBooks vs QuickBooks:

Each solution has its own benefits and drawbacks. FreshBooks is cheaper and provides the basic functionality needed for freelancers and those with small companies. It also has a well-designed invoicing module that enables business owners to easily create specialized billing. However, payroll must be outsourced to a third-party app and it does not provide 1099 tax forms.

QuickBooks is more expensive but provides a greater level of functionality and breadth of reporting tools that larger small businesses may need. In addition, it includes a full range of payroll tools that allow businesses to pay their employees with confidence.

freshbooks vs quickbooks

HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There’s no long-term contract and you can try HappyAR for free.

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What Is Corporate Finance?

What Is Corporate Finance?

The corporate finance department of a company oversees the capital structure of the business, including its funding and the actions that it takes to build overall value. Individuals who work in corporate finance perform analytical procedures and make recommendations to allocate resources and ensure that the company is maximizing its profitability.

While corporate finance is similar to accounting and overlaps that field in many areas, there are some key differences. Accounting is primarily concerned with historical data for financial reporting purposes, while corporate finance seeks to understand future needs and make strategic decisions designed to increase a company's value.

Analysis performed is intended to assist executives in making appropriate business decisions related to the company's current and future financial needs. These decisions are made with the intention of balancing risk and profitability.

For example, if a firm is seeking to invest in another company or asset, corporate financial analysts will perform analysis designed to determine whether the investment is a smart move for the company. If the company has stock, corporate finance will determine whether to release dividends.

Corporate Finance

What Tasks Does Corporate Finance Perform?

There are a wide variety of tasks that can be performed by the corporate finance department. Common business activities that corporate finance oversees include managing current assets, such as cash, receivables, and payables. Financial analysts may recommend policies designed to keep a certain level of cash flow available.

Capital Investments

A company uses its capital investments to earn cash flows over time and to increase the value of the business. Capital investments are long-term in nature.

The corporate finance department utilizes a capital budgeting process to identify capital expenditures, estimate future cash flows from proposed capital projects, compare planned investments with potential proceeds, and decide which cash flows to include in its capital budget.

Bad investment decisions can lead to poor company performance. Poor company performance can result in fewer funds available for further investment or a negative impact on firm cash flow. Thus, it is important for companies to make sound choices based on appropriate capital budgeting methods.

What Is a Capital Budget?

Corporate Finance

A capital budget is used to evaluate potential major projects or investments. Common projects may include purchasing a new building or a big investment in an outside venture.

When such major investments are considered, corporate finance will perform an analysis to determine whether future cash flows from the investment would cover the initial financial outlay and result in any additional income.

Of course, analysis performed on potential investments is only as good as the information provided. Thus, corporate finance analysts must ensure that they consider all factors involved in the investment, as well as any underlying information such as the impact of taxes or how competitors are performing.

What Valuation Models May Be Used in a Capital Budgeting Decision?

There are a few valuation models that are commonly used when making corporate finance decisions. These include:

Net Present Value / Discounted Cash Flow

The net present value model is used to find the future value of all cash flows (positive and negative) over the life of the investment, discounted to the present value. A positive net present value indicates a good investment decision, while a negative one would be indicative of a bad decision.

Corporate Finance

Payback Period

The payback period is one of the more simplistic valuation tools. It involves comparing the initial outlay of an investment with the returns expected over a number of years. A decision is made to purchase the investment if the payback period aligns with company goals.

Internal Rate of Return

The internal rate of return is similar to the net present value in that it compares the future cash flows with the initial outlay. However, the actual return as a percentage is compared with the company's hurdle rate. If the actual return percentage exceeds the company's hurdle rate, it is considered to be a good investment.

Other potential methods of evaluating capital budgeting decisions include a modified internal rate of return and benefit-cost ratio.

Capital Financing

The process of capital financing involves finding sources for funding in the form of debt or equity. There are many avenues for obtaining financing, whether it is required to source a company's day-to-day operations or provide significant monies for expansion. Common methods for obtaining financing include:

  • Working with a commercial bank for regular financing needs, such as credit cards or lines of credit
  • Issue of debt securities in the capital markets through investment banks
  • Sale of stocks to equity investors

Capital financing is a bit of an art. There must be a balance that allows the company to grow while not taking on too much debt that hinders it from functioning. Similarly, excessive equity can dilute the value of the company for its shareholders.

How Are Capital Financing Decisions Made?

Corporate Finance

There are several factors that can impact whether a capital financing decision is made. These include:


Obtaining funds come at a cost. Monies borrowed from a bank must be repaid with interest, while equity financing may lead to a loss of control if the investor wants to be involved in business decisions.


The larger the amount of funding secured, the more risky it becomes to the company.

Cash Flow

Debt can have an impact on cash flow, especially if there is interest associated with the borrowing.

Market Conditions

Financing is generally more available when the market is performing well.

Corporate finance will review all of these factors and then apply a valuation model before making a decision.

Short-Term Liquidity

Corporate finance is used to understand the short-term financial position of a company. This understanding includes managing the company's working capital, such as accounts payable, accounts receivable, cash, and inventory.

There can be extensive analysis put in place to determine how often customers are paying, whether enough cash exists to cover upcoming expenses and if inventory is held appropriately.

Corporate Finance

Commonly, individuals determining the short-term liquidity of a company will analyze the company's cash accounts and keep rigorous track of vendor and customer invoices. The aim is to strike a balance between cash, payables, receivables, and inventory to ensure the company operates smoothly and without any major dips in its cash position.

Investment Banking and Corporate Finance?

Corporate Finance

Often, investment banking is mentioned when discussing corporate finance. However, corporate finance is different from investment banking in many respects. Corporate finance typically focuses on short-and long-term financial decisions related to a company's business goals.

On the other hand, investment bankers work to raise capital in the public markets. They may also organize private placements of equity and debt capital and conduct merger and acquisition deals.

Investment bankers try to grow a company from a capital perspective, while corporate finance manages a company's capital and strategic finance-related decisions. They also help coordinate and execute mergers and acquisitions. Investment bankers often provide advisory services to big clients and perform complex financial analyses.

Investment bankers often work very long hours. It is not uncommon to hear of investment analysts and associates who work 80 to 100 hour weeks.

However, they may earn very large salaries. Investment banking is considered to be the premier area of finance, and those in it have often graduated from top-tier Ivy League universities. Others are able to break in after obtaining an MBA.

How Is Financial Modeling Used in Corporate Finance?

financial model

Financial modeling involves forecasting a company's performance in the future. It is normally based on the historical performance of the business and its assumptions regarding the future. When financial modeling is implemented, a set of financial statements is created, including a balance sheet, income statement, and statement of cash flows.

This approach is known as the 3-statement model. Further, more advanced types of financial models may be used on top of the 3-statement model for additional analysis. These models include discounted cash flow analysis, leveraged buyout, mergers and acquisitions, and sensitivity analysis.

What Is a Financial Model Used for?

Typically, financial models are used for executive decision-making and performing financial analysis. Common decisions that are made based on financial models include:

  • Determining whether to raise capital
  • Deciding if an acquisition should be made
  • Calculating how to grow the business organically
  • Deciding whether to sell or divest poor-performing assets and business units
  • Budgeting and forecasting
  • Appropriate capital allocation
  • Valuing the business
  • Financial statement analysis/ratio analysis
  • Management accounting

However, before a decision is made that can affect the performance of the business, the accuracy of the financial model must be determined. A forecast is only as good as the factors and information that go into it. If there are inaccurate or missing details, the forecast may vary significantly from actual financial performance.

What Are the Differences Between Corporate Finance and Personal Finance?

Corporate Finance

There are a number of similarities between corporate finance and personal finance.

Individuals who work in both areas are expected to have developed an understanding of core financial topics such as investments, financial analysis, and financial modeling. However, while corporate finance caters to businesses, personal finance professionals work to meet the needs of individuals.

Personal finance typically encompasses financial planning for retirement, setting up personal investments, and mitigating tax exposure through estate planning. Often, finance professionals who have chosen personal finance careers work as financial advisors or Certified Financial Planners.

They may work for an employer or operate as a small business. Typically they serve local clients rather than national ones. They may hold regular phone calls or face-to-face meetings with their clients.

Corporate Finance Career Paths

Individuals who work in corporate finance may choose a wide variety of career paths.

career paths


Institutions such as universities, private equity firms, and portfolio management entities have a significant need for finance-minded individuals. Common positions include:

Private Equity Analyst

A private equity analyst is responsible for managing the streams of income from various investments, as well as seeking new potential opportunities. Usually, they support deal sourcing and deal execution in the process of buying new companies or selling portfolios.

They may assist in raising funds from corporations, constructing financial models and analyses for different ventures, and creating presentations for stakeholders. Salaries for a private equity analyst vary from $100,000 to $150,000 per year.

Portfolio Manager

A portfolio manager is responsible for deciding the best investment plan for an individual or entity, designing customized investment solutions, and analyzing the performance of investments.

The focus of a portfolio manager is to meet the investment goals of their clients. Clients may be individuals or large entities. Salaries for a portfolio manager differ based on location, experience, and industry but average $94,000 per year.

Research Analyst

A research analyst collects data on potential investments, analyzes data, and builds earnings models designed to assist portfolio managers or clients with making investment decisions.

They typically spend a lot of time assessing investment performance or management performance. Their focus can include a number of different financial products, including hedge funds, quantitative investing, real estate, and multi-asset investing. Salaries average $94,000 per year.

Finance Professor

A finance professor is responsible for teaching finance fundamentals to university or college students. They prepare and present course materials, develop syllabi, assign homework, supervise testing, and provide career guidance.

They may perform research outside of their regular duties. Average salaries for finance professors vary by experience and employer but typically average $95,000.

financial corporations


Roles within corporations are set to ensure that the business maximizes shareholder value. Common roles include:

Corporate Development

Individuals in corporate development roles are responsible for executing mergers, acquisitions, divestitures, and in-house capital raising for a corporation.

They work alongside investment bankers to identify acquisition targets and negotiate their purchases, as well as prepare to raise equity or debt as required. The average salary for a Corporate Development Manager is $107,000.

Investor Relations

Finance professionals working in investor relations positions are typically responsible for fielding shareholder questions, preparing documents and presentations for earnings reports, writing press releases, and speaking with current and prospective investors. The average salary for investor relations professional is $85,405.

Treasury Analyst

A treasury analyst is responsible for reviewing an organization's financial activity. They review financial transactions, examine cash flow, assess assets and liabilities, prepare treasury reports, and create financial forecasts and management strategies.

Treasury analysts provide financial planning and analysis in the conduct of daily treasury activities. They oversee corporate cash management, credit administration, administration of business insurance programs, and potentially, stock programs. Earnings for a treasury analyst average $74,000 per year.

Financial Analyst

A financial analyst is responsible for gathering data, organizing information, analyzing historical results, making forecasts and projections, suggesting recommendations to improve business performance, and generating reports. Their duties vary significantly. The average salary of a financial analyst is approximately $67,000.

Chief Financial Officer

The chief financial officer (CFO) is accountable for multiple financial and administrative areas within a company. They are responsible for developing financial and tax strategies, as well as implementing strategic business plans. Operations-wise, they are responsible for the accounting, human resources, investor relations, legal, tax, and treasury departments.

They run the company's transaction processing systems and oversee the issuance of financial information to the board of directors. The CFO is also responsible for constructing and monitoring reliable control systems.

Public Accounting

public accounting

There are several different types of finance roles available in public accounting firms. Common areas that finance professionals work in include:

Valuation Associate

A valuation associate performs a range of support services to assist with auditing, assessments, and appraisals to determine the value of a business or assets. They perform comparative research to establish market value.

Valuation associates may be responsible for creating appraisals, valuation reports, and other documents. Salaries for valuation associates vary according to experience, location, and employer but average around $73,000 per year.

Transaction Advisory Analyst

A transaction advisory analyst is responsible for thoroughly reviewing financial, operational, and strategic assumptions in any potential deal, helping stakeholders gain a clear perspective on the opportunities or risks a transaction may present.

Transaction advisors may ensure the maximization of transaction success by preparing financial projections and analyzing possible results using multiple scenarios. Transaction advisory analysts typically earn an average of $88,000.

Due Diligence Analyst

A due diligence analyst is responsible for participating in meetings with external parties to perform background checks and other due diligence measures. They are responsible for assessing the risks of potential investments.

Over time, all operational due diligence professionals are expected to forge their own relationships throughout the industry. The average salary of a due diligence analyst is $68,000 per year.



Companies and individuals require the services of banks to carry out their financial activities. As a result, there are a variety of positions available in the banking sector for those in finance.

Commercial Banker

A commercial banker, also known as a business or institutional banker, helps clients with their financial needs.

They may organize loan contracts, estimate the creditworthiness of potential borrowers, handle the creation of custom financial plans for clients, or oversee the daily operations of a bank branch. The average salary for a commercial banker is $94,000 per year.

Sales and Trading

Professionals in sales and trading are responsible for pitching buy and sell recommendations to clients and then executing those trades. They may act as wholesale buyers of securities on behalf of institutional investors.

There is a lot of research that goes into deciding on appropriate sales and trades for stocks, bonds, hedge funds, and other financial instruments. Average earnings for sales and trading professionals are $85,000, but they may receive significant commissions on the trades they execute, which can boost their salaries.

Equity Research Analyst

The primary role of an equity research analyst is to advise on whether to buy, hold, or sell securities or other financial instruments.

They spend a significant amount of time analyzing the performance of companies as well as tracking various activities in a company, such as investment seminars or investor meetings. The average equity research analyst salary is $87,000.

Investment Banking Analyst

An investment banking analyst is responsible for helping their clients develop and maintain effective investments that will meet their goals. They work directly with clients to develop an understanding of their needs and then research potential investment opportunities.

If the client already has investments, they assess them to determine which ones are performing well and which ones they should consider replacing. An investment banking analyst typically earns between $63,000 and $84,000 per year.

Education Requirements for Corporate Finance Positions

Education Requirements for Corporate Finance Positions

Individuals who work in corporate finance positions have typically received an undergraduate degree in Finance, Accounting, or Economics. They are data-driven and thrive in environments that require lots of analysis and research. Frequently, individuals embarking on a corporate finance career path will take the role of financial analyst or something similar.

Additional education, such as obtaining an MBA or Master's of Science of Economics or Accounting, will give them upward mobility as they gain experience. There are also a variety of certifications that can assist someone in a corporate finance career. These include:

Chartered Financial Analyst

One of the top financial certifications, this certification focuses on portfolio management and investment analysis. Exam topics include ethical and professional standards, quantitative methods, financial reporting and analysis, and alternative investments.

Certified Financial Planner

A certified financial planner certification is intended for those who are interested in an investment or wealth management career. Frequently these individuals will own their own businesses that assist individuals and other small businesses with meeting short and long-term financial goals.

Certified Public Accountant

Many individuals who are focused on finance seek to obtain a certified public accountant certification. While not expressly geared towards corporate finance, this certification can be very helpful for those who want a better understanding of the financial reporting and financial accounting processes.

About HappyAR


HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There's no long-term contract and you can try HappyAR for free.

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SAP Accounting- An Overview

SAP Accounting- An Overview

When deciding on a new enterprise resource planning (ERP) system, it can be difficult to know which one to choose. There are a number of them available, and the features they offer are different. In this article, we cover SAP and specifically the SAP Financial Accounting Module.

SAP is one of the most well-known ERP systems available — and also one of the oldest. Founded in 1972, SAP was originally used for inventory management. However, it has evolved to become one of the most robust systems available for companies that need a strong data management structure.

What Is SAP Accounting?

SAP Accounting

SAP Financial Accounting is a module of the SAP ERP system. SAP was designed to incorporate all areas of business data management. It includes a variety of different modules that companies can pick and choose from according to the services or products they offer. Current SAP modules include:

  • Financial Accounting (FI)
  • Financial Supply Chain Management (FSCM)
  • Controlling (CO)
  • Materials Management (MM)
  • Sales and Distribution (SD)
  • Logistics Execution (LE)
  • Production Planning (PP)
  • Quality Management (QM)
  • Plant Maintenance (PM)
  • Project System (PS)
  • Human Resources (HR)

The Financial Accounting and Controlling modules may be combined (SAP FICO) for a powerful accounting system that allows for both external and internal financial reporting based on pre-defined business rules.

The SAP Financial Accounting module, while typically used by larger enterprises, may also be adopted by smaller companies. It offers a wide range of solutions available for every type of industry.

If at first glance, solutions appear complex, an SAP consultant can work directly with you to find the best options for your business. Some of the best features that SAP Financial Accounting offers include:

  • A record of all financial transactions with an unbroken audit trail from financial statements to individual documents
  • Data that is available in real-time and may be accessed throughout the organization
  • The capacity to automate the handling of key business processes, including accounts receivable and accounts payable
  • Strong banking and treasury reporting options, allowing for a quick analysis of cash flow

Clearly, SAP Financial Accounting has a lot to offer to businesses that want to ensure they have a robust system that provides them with accurate external reporting and the functionality to make quick business decisions.

What Does SAP Stand for?

SAP stands for System Analysis Program Development (Systemanalyse Programmentwicklung). The company was founded in 1972 by five people. It is based in Walldorf, Germany, and now has over 105,000 employees worldwide.

How Do Accountants Use SAP?

SAP Accounting

Accountants use SAP as their fully-integrated financial solution. Some of the accounting tasks they can perform include:

  • Recording financial transactions for general ledger accounting
  • Consolidating financial entities
  • Providing financial reports, including balance sheets and income statements
  • Reconciling financial data
  • Managing fixed assets

While most financial accounting systems provide these capabilities, SAP does so in a way that is especially helpful for auditing purposes. It provides a clear audit trail, beginning from the initial document entry through the journal approval stage, all of the way to the financial statements.

Companies that use SAP are also able to define business rules that allow certain transactions to be recorded and reconciled automatically. This automation reduces the need for manual input and results in a more efficient monthly accounting close.

What Are the Benefits of SAP?

There are many benefits to the SAP financial accounting system. Not only is it a well-developed system with an unlimited number of capabilities, but it is also easily integrated with other applications and software. A number of different programs have been designed to assist SAP users with specific needs. Some of the main benefits of SAP include:

Excellent Audit Trail

For companies that undergo regular audits or reviews by public accounting firms, SAP is widely recognized for its extensive underlying audit trails. There are easily customizable, defined business rules that enable journal entries to be posted only upon approval by designated managers or controllers.

The system also allows for personalized business rules that can be set up at the time of implementation or when it is found they are needed. These rules may automate certain processes, such as the collection of cash in a bank account or the reconciliation of specific accounts.

Unified Transactional and Analytical Platform

The system is highly unified, and modules are connected with one another, allowing for real-time data that can be accessed by anyone with approval to do so. Each transaction entered is systematically incorporated across the required business modules. This automation allows for an effective and accelerated month-end close process.

SAP Accounting

Ease Tax Management

If your company operates in a variety of states, jurisdictions, or countries, you know how difficult it can be to ensure that tax needs are met. The SAP system allows for optimization of tax rules across jurisdictions for better compliance and automated processes.

Options for Integration

There are a number of various third-party and SAP-designed software tools available to customize your system. An SAP technician can work with you to explain different options that may work well for your business, or you may explore them in the SAP store.

Commonly used integrations include SAP Concur (designed for business travel expenses), Blackline (an account reconciliation tool), and SAP Business Planning and Consolidation software (BPC). BPC is used to consolidate the entities of a company for financial reporting purposes and also acts as a tool for the Financial Planning and Analysis department.

Utilizing SAP can greatly assist your company with its integrated model designed to work across different business segments.

What Are the Drawbacks of SAP?

While there are a lot of benefits to using SAP, there are also some shortcomings.

Not User-Friendly

If you don't consider yourself to be technically savvy, SAP may be a difficult system to learn. It can be counter-intuitive to many people, as it uses a system of codes to pull up various features of the program. It can be hard to navigate from one part of the system to another if you are unfamiliar with the codes.

In addition, you'll likely need to rely on an SAP Technical expert to have your system set up properly. Your accounting team will need to be educated on how to use the system, as it is quite different from what they may be used to from other ERP solutions such as QuickBooks or NetSuite.

There are various training modules that your team can sign up for to gain a better understanding of the system's functionality and fully unlock the capabilities that SAP has to offer. However, accountants who are less technically inclined may struggle with understanding how to use it.

May Be Expensive

SAP operates on a quote-based system, which means that each company is given a price for the system based on their needs. If your company decides to purchase SAP, a technician will work with you to understand your current financial system reporting processes and select the SAP modules and applications that will be most suitable for your company.

Thus, the idea of paying a flat monthly fee for an accounting software program may not be feasible. You may need to pay for the system upfront, depending on the pricing structure that is provided to you.

SAP Accounting

Not Suited for Smaller Enterprises

SAP is more commonly used by very large companies with significant business activity and revenues. These businesses may have a number of different entities, products, revenue streams, and types of inventory. Their clients may number in the tens of thousands.

While SAP has expanded in recent years to offer solutions for smaller clients, its main focus is still industry giants. If your company is small or mid-size, there may be other ERP solutions that would be more suitable for your needs.

HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There's no long-term contract and you can try HappyAR for free.

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Sage 50 Accounting Software- An Overview

Sage 50 Accounting Software- An Overview

Sage 50 Accounting Software (formerly known as Peachtree Accounting Software) is an accounting system designed with small and medium-sized businesses in mind. It is one of the few accounting systems available that is not based entirely on the cloud.

If you prefer a hybrid cloud/desktop accounting solution, then Sage 50 is an option worth considering.

What Functions Does Sage 50 offer?

Sage 50

Sage 50 is fundamentally a desktop accounting solution that also has some cloud features. To use the product, you must download it and install it on a computer. The majority of the functions must be used on this machine, unlike cloud-based accounting software that may be used anywhere you have internet access.

The cloud component of Sage 50 acts as a data backup system. When transactions are recorded on the main desktop application, data is transferred to the cloud for safekeeping. With cloud backup, you can undo data entry errors by restoring the data to any particular date that you choose.

Functions of Sage 50 depend on the version of the software that you decide to purchase. The various versions include Sage50cloud Pro Accounting Software, Sage 50cloud Premium Accounting Software, and Sage 50cloud Quantum Accounting Software.

Sage50cloud Pro Accounting Software

Sage 50

Sage50cloud Pro is the most basic version. You'll have access to customer support, essential accounting tools, and various integrations. The key features include:

  • Tracking income and managing expenses
  • Invoice and bill tracking
  • Purchase order tracking and approval
  • Preparation of financial statements
  • Cash flow management
  • Expense management
  • Automated bank reconciliation
  • Accounts receivable and accounts payable monitoring
  • Customizable reports
  • General ledger reporting
  • Inventory management
  • Job management
  • Payroll oversight and entry
  • Fraud protection with Sage Security Shield, a solution designed to protect users from cybersecurity attacks

While Sage50cloud Pro Accounting Software has the necessary features to handle your business accounting, it is limited to only one user. If you operate a small business with a single accountant or perform the accounting yourself, it may be a good solution for you. If your business is larger, you may want to consider Premium or Quantum solutions.

Sage50cloud Premium Accounting Software

Sage50cloud Premium Accounting software offers all of the features that the Pro Accounting version does. However, you may order the software for up to 5 users, and there are a few additional features. These include:

  • Purchase orders and change orders
  • Multiple companies
  • Advanced budgeting
  • Advanced reporting
  • Serialized inventory tracking
  • Job costing
  • Audit trails

Sage50cloud Premium Accounting Software is especially useful for companies that are growing. The advanced reporting and budgeting features can provide better information when making business decisions, and serialized inventory tracking can assist with better management of your products.

If you are required to undergo a financial review or audit, the audit trail feature can be especially helpful when proving internal controls.

Sage 50

Sage50cloud Quantum Accounting Software

Sage50cloud Quantum Accounting Software is the most advanced product in the Sage 50 line. It can be used by up to 40 individuals, making it a beneficial option for companies of a larger size. In addition to the features offered by both Pro Accounting Software and Premium Accounting Software, there are a few others that come with the Quantum package.

  • Role-based user permissions
  • Faster processing
  • Order process workflow
  • Workflow management

These features can come in handy when you have a larger accounting department and need to segregate duties among employees. It also allows for stricter internal controls, which is important if your company regularly undergoes financial compliance reporting measures.

What Are the Advantages of Sage 50?

There are a number of advantages to using Sage 50.

Desktop and Cloud-Enabled

For those who prefer an accounting solution that is desktop-friendly, Sage 50 may be a good option.

Most accounting solutions for small businesses have moved to the cloud, so finding an option that is primarily desktop-based is difficult. However, Sage 50's cloud hybrid model enables users to access their data when needed from another connection and also allows for data backup that can be used when there are data processing errors.


Advanced Features

The advanced features of Sage50 allow for greater reporting options, budgeting tools, workflow management, and audit trails.

These tools are typical for more advanced accounting software solutions, so having them in Sage50 can be quite useful. If you choose the Quantum option, you'll have access to a number of enterprise features that are generally found in top-of-the-line ERP systems such as NetSuite.

Pricing Discounts

If you choose to pay for the system for the whole year in advance, you'll be able to save approximately 20% off the pay-by-month plan. This discount can provide significant savings to those who have the funds to pay in advance and know they will continue using the system.


Industry-Specific Customizations

Another key feature of Sage 50 is the industry-specific customizations it offers. If your business operates in the accounting, construction, professional services, or retail industries, there are specific programs just for you.

For example, the accounting solution offers a client management feature that allows you to easily track your clients. Construction companies are able to track project costs using a special dashboard that includes job records, phases, and cost codes.

What Are the Disadvantages of Sage 50?

While Sage50 offers a number of benefits, there are some disadvantages as well.

More Expensive than Other Solutions


If you operate a small or mid-sized business, there are other accounting solutions available that offer similar functionality for a lower price. The main difference will lie in the desktop functionality that Sage50 provides. The only other product that offers a desktop solution geared towards small businesses is QuickBooks Desktop.

If you choose the pay-by-month option for Sage50 Pro Accounting Software, prices are currently $56.08 per month. There is a 40% discount available for the first year, but prices will return to their normal amounts after the initial installation.

If you are inclined to take advantage of the discount and move to a cheaper system the following year, realize that implementation of new accounting software can be quite arduous.

Few Integrations

While some accounting software solutions offer lots of integration with third-party products, Sage 50 is limited in the available choices.

Integration of other software will involve additional costs, which is a significant drawback for those who use a number of third-party applications. Even integrating Microsoft Office with Sage 50 can be expensive — and difficult to manage.

If you use Microsoft Excel spreadsheets for managing specific accounting tasks, integrating Sage 50 may be necessary but will come at a price.

sage integrations

Not Suited for Small Businesses

While it may be user-friendly, Sage50 is not a great option for small businesses on a limited budget. There are other, less-expensive options available that offer similar functionality.

Sage 50 Pricing

Pricing for Sage50 products is listed below. Note that the prices listed are for one user only. Additional users will result in higher fees.

Sage50cloud Pro Accounting Software

New users are entitled to the first-year 40% discount of $340 annually or $33 per month.

For returning users, costs will be $567 annually or $56.08 per month.


Sage50cloud Premium Accounting Software

For new users, who are entitled to the first-year 40% discount, costs are $528 annually or $52 per month (one user).

For returning users, costs are $880 annually or $87.58 per month (one user).

Sage50cloud Quantum Accounting Software

For new users who are entitled to the first-year 40% discount, costs are $876 annually or $87 per month (one user).

For returning users, costs are $1,460 annually or $145.17 per month (one user).

About Happy AR

HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There's no long-term contract and you can try HappyAR for free.

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Stripe Invoicing - An Overview

Stripe Invoicing – An Overview

Stripe is a payments processing software used by small businesses and contractors to process payments easily. Commonly used in an eCommerce setting, it is one of the largest payment service providers and payment gateway providers. It allows payment in over 135 different currencies and is a popular solution for international customers. In addition to its payment processing capabilities, it also allows for the generation of invoices using its invoicing API, which is helpful for freelancers and independent contractors alike. This article will focus on Stripe’s Invoicing capabilities.

What Is Stripe Invoice?


If you use a Stripe account for processing payments, you'll be happy to know that you can also generate and send invoices to your customers. This work is easy to do through the Stripe Dashboard.

Log in to your account, create the invoice for the customer you are servicing, and add additional details required. Once the invoice is sent, the customer may pay you using a credit card, debit card, or ACH transfer through a bank account.

Is Stripe Invoicing Safe?


Payment security is highly important for those who own small businesses that use payment processing software. Stripe invoicing allows customers to immediately pay their bills through Stripe payment processing. The Stripe payment system is very safe and has implemented the following security measures:

  • PCI Service Provider Level 1 Certification: This is the highest level of certification in the payments industry
  • Encrypted Data and Communication: The software uses PGP keys for safe communication
  • Money Transmitter Licenses: Stripe complies with legal regulations for payment platforms

Thus, if you are issuing an invoice through Stripe, you can know that it is safe and that the payment you receive will be, too.

Is Stripe Invoicing Free?

Stripe invoicing is free for the first 25 invoices you issue during a month. If you use all of your available invoices, each subsequent invoice is charged a fee of 0.4%. For power users who want additional tools, such as automating and reconciling payments, each invoice is charged a 0.5% fee based on the invoice total.

Does Stripe Send Out Invoices?

Stripe generates invoices based on the seller's initial inputs. These invoices are one-time in nature. If the seller has a subscription-based service, Stripe offers a service that automates the invoice process.

This automation results in recurring invoices that are sent to customers for payment. Automatic invoice generation is done for a small fee of 0.5% of the invoice total under the Stripe Plus plan.


How Do You Use Stripe Invoicing?

Stripe invoicing is simple to use. First, generate an invoice and configure it from the dashboard. You may add a company logo and color scheme, line items, details page, credit notes, and tax rates.

Once the created invoice is complete, you may send the invoice via a hosted invoice page or PDF. Customers may submit their invoice payment via credit card, debit card, or ACH transfer.

There are additional features that allow for automatic invoicing and payment reconciliation with the Stripe Plus plan.

What Is the Difference Between Stripe Invoicing and Stripe Subscriptions?


Stripe invoicing is done on a one-time basis. If another order comes in from the same customer, you may send them a new invoice using their saved customer details.

Stripe subscriptions are issued according to their specific term: weekly, monthly, quarterly, or custom. These invoices are automated using the Stripe Plus plan.

What Does Stripe Invoicing Provide?


Stripe invoicing provides sellers with customizable options and functionality to send clients invoices and collect payments. There are two levels of service for Stripe invoicing.

Starter Plan

One-off invoices are generated through the Stripe dashboard. Up to 25 may be sent each month before a 0.4% fee on the invoice's amount is charged. Invoices must be created manually by the seller. There are no options for recurring billing.

Plus Plan

Invoices may be automatically generated through the platform. Payments received from customers are regularly reconciled as they are received. There is a 0.5% fee for all invoices applied.

Stripe invoicing is easy to use and may be integrated with various ERP and software solutions such as Xero, QuickBooks, NetSuite, and Zoho.

In addition to accepting over 135 currencies, including USD, there are various payment methods accepted depending on where the customer is based. Some international options include SEPA direct debit, Bacs, BECS, and Przelewy24.

What Is the Difference Between Stripe Invoicing and Invoicing Through an Accounting Software?

Stripe invoices are designed to be easily sent via a website link or PDF attachment to a customer's email address. They include a button that allows the customer to pay immediately via online payments through a payment page. A survey of Stripe business owners shows that 70% of Stripe invoices are paid within 24 hours of issuance.

Invoicing through accounting software allows the seller to email their customer quickly, but accounting software does not include a payment processing solution. Thus, payments must be made separately via check, ACH wire transfer, or another payment processing method.

Thus, invoicing through accounting software is more likely to result in delayed collections than invoicing handled directly through Stripe.

What Are the Benefits of Using Stripe Invoicing?

The benefits of using Stripe invoicing include:

  • Easy-to-use dashboard platform that allows for easy invoice creation
  • Ability to directly email a copy of the invoice with a payment link
  • Quick payment in over 135 different currencies
  • Invoices may be issued in over 25 different languages
  • Accept payments immediately through the Stripe payment processing module
  • Manage invoice status and view detailed payment reports through the Stripe dashboard
  • Easily integrate with a variety of ERP's, including QuickBooks, NetSuite, and Xero
  • Automatically email receipts

Since the initial plan is free, you can try it out to see if it works for your company.

Interested in a Better AR Solution for Collections?


HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There's no long-term contract and you can try HappyAR for free.

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Zoho - Free Invoice Platform

Zoho – Free Invoice Platform

As a freelancer or small business owner, it can be challenging to decide on an appropriate means to bill clients. Obviously, you want to ensure that you invoice for the work you perform and receive proper payment. A common complaint of small and medium-sized businesses is that they don't know how to account for their services or products accurately or don't have the time to do so. Using good accounting software is a great way to get rid of the kinks and ensure that your business runs smoothly. Enter Zoho Invoice, a free invoicing platform.

What Is Zoho Free Invoice Platform?


Zoho Invoice is a cloud-based invoicing software that allows users to issue invoices, track expenses, and accept online payments. It is 100% free and integrates with many other cloud-based accounting software programs to maximize efficiency.

Companies that use Zoho Invoice can track estimates and project completion and convert them to invoices when a milestone or job is completed.

Once you submit a Zoho invoice to a client, users can follow up with customers whose invoices remain outstanding. You may also review your customer invoice history and collect advance payments when required.

Zoho Invoice provides a large assortment of premade invoice templates you can use for your business. Companies may also customize their invoice features to add a personal touch to billing.

The software supports multiple languages, currencies, and tax groups. This makes it fully functional for small businesses around the world.

Individuals who are not technical wizards can quickly adapt to using the Zoho interface, as it’s highly intuitive and straightforward.

What Are the Features Available in Zoho Invoice?


There are a variety of features and functionality available for users of Zoho Invoice.

Dashboard of Reporting Tools

The invoicing process available in Zoho allows customers to review various reporting items. When you first log in, a dashboard consisting of charts and graphs gives you insight into your company's activity. Graphs show Total Receivables, Sales and Expenses, Projects, Top Expenses and Sales, Receipts, and Dues.

Ability to Bill Multiple Customers

There is no limit to the number of customers you can invoice using the invoicing system. All details of prior, collected invoices and outstanding invoices are stored within the system.

The customer contact settings are particularly well developed. You can save your client’s basic contact information as well as tax preferences and payment preferences and you can also add custom fields and notes if needed.

In addition, you can set or attribute a default currency and language to each client. Each contact is given a dashboard where you can view their information, including any outstanding invoices. Zoho Invoice also allows companies to request customer reviews and testimonials directly from their clients.


Multilingual and Multi-Currency Invoice

Zoho free Invoice allows users to create invoices in a variety of different languages and currencies. This makes billing a breeze for companies that operate across borders and ensures clients are correctly billed each time.

Automated Payment Reminders

As payments become due, the software proactively sends payment reminders to customers. These reminders are especially helpful for clients with a regular history of paying late.

Automated payment reminders can also result in increased collection time.

Better Control Over Employee Expenses

Zoho Invoice has a built-in expense tracking API devoted to scanning receipts. Receipts can be promptly attributed to employees within the company. This is much quicker than the traditional paper trail of receipts that would need to be submitted to Accounts Payable for review before finally being reimbursed to employees.

Transactions may be entered manually (individually or in bulk), imported, connected through your bank account, or added using receipt photos. Zoho Invoice has the ability to create custom expense categories to organize your finances easily, and you can set recurring expenses.

Means to Produce Invoices


Zoho's free invoicing solution allows companies to quickly create invoices based on time tracking, milestones, and project completion. The system immediately notifies users when a billable event has occurred, eliminating the possibility of missing receivables due.

There are 16 invoice templates that are fully customizable. You can add discounts, shipping charges, attachments, and sales tax. You can also opt to add a salesperson to each invoice as well as custom fields.

Zoho Invoice supports invoice reminders, late fees, packing slips, and retainer invoices. The software also supports recurring invoices and the ability to auto-schedule invoices.

Online & Offline Payment Collection

Customers may pay their invoices quickly online or offline—no more waiting for paper checks sent through the mail or long wire transfer times. Zoho can collect payments via cash, credit card, checks and ACH.

online and offline payment

Time-Tracking and Workflow Management

The software includes a built-in timer to track hours spent on a project accurately. You can use the timer via your mobile app or desktop.

Any logged time can be quickly attributed to a project and used to invoice a client. There is also an option to establish a budget for each project.

You can record time and log it toward a specific job or assignment. You and your customer receive notifications when the project is close to its established budget. This eliminates the possibility of running over the set budget.

Availability of Client Portal


The customer service portal allows customers to view current invoices due, previously paid invoices, and current project details. Clients can view their home dashboard, estimates, invoices, and projects and make partial or full payments directly through the portal. They can easily request estimate changes, as well.

The portal eliminates the need for lots of back-and-forth emails, as customers can easily check their account status. When a customer logs into the portal, you will get real-time notifications about when your invoices and estimates have been viewed and paid.

Billing Process Management Using Online Apps

The Zoho free Invoice platform is available for mobile devices through both iOS and Android apps.

online apps

What Are the Benefits of Using Zoho?

There are a number of benefits to using Zoho Invoice. Many freelancers and small business owners find that they are able to fully integrate the software with other apps and significantly improve their collection processing time.

Ability to Issue Invoices in Multiple Currencies

One of the most significant advantages of Zoho Invoice is its ability to issue professional invoices in multiple currencies. Currently, invoices may be issued in over 170 different currencies and 14 different languages. This is very helpful for companies with clients across the globe.

Online Payment Gateway

Zoho Invoice allows users to utilize a payment process directly through the software. Clients may log in online and quickly make payments via ACH or credit card. There is no need for multiple platforms when setting up a payment.

Data Retention and Security Is Taken Seriously


Users are able to recover data anytime they need it due to local servers and external data centers. Automatic backups are completed frequently alongside data replication so no information is lost. Data is kept safe and protected by 256bit SSL encryption.

Software Is 100% Free

Not only is the program fully functional and stocked with lots of features, it is also free. There are no paid pricing options for Zoho Invoice.

Anyone may sign up for the program and begin issuing invoices, tracking time and utilizing the numerous reporting tools available. Freelancers or small business owners may issue up to 1,000 invoices per year.

Specific features comprising a Zoho Invoice include:

  • Ability to create estimates
  • Secure data storage
  • Customer service portal for clients
  • Expense tracking
  • Project management
  • Time tracking
  • Reports
  • Multi-currency support
  • Multiple invoice languages

Zoho also accepts a variety of payment methods.

Customer Support

customer support

Zoho Invoice offers excellent customer support and tons of support resources for its users. You can access almost all of the support sources right within the software.

Customer support is available Monday through Friday. There are a variety of support options available:

  • Phone: You can contact Zoho Invoice support via phone. Wait times are generally short, and representatives are helpful. Phone numbers for support are listed in the software itself, based on where your company is located.
  • Email: A support engineer from Zoho Invoice can be reached through email. Turnaround time is generally within 24 hours.
  • Support Form: There is an option to submit a request for support.
  • Live Chat: A chat feature within Zoho Invoice allows you to talk directly with Zoho Invoice representatives.
  • Knowledgebase: Zoho Invoice has an extensive knowledge base, complete with guides, how-to articles, FAQs, video demos, blog posts, and a community forum. Even better, you can access these resources directly from within Zoho Invoice.

The customer support available for Zoho Invoice is impressive, especially considering that it is a free product.

Are There Other Zoho Products Available?

zoho products

There are a variety of other Zoho products available, though most must be paid for. The company offers software to assist in CRM, Finance, Marketing, Sales, HR, IT, and Business Analytics.

Zoho Books is the full-service cloud-based ERP solution for businesses that need end-to-end accounting tools. Companies that elect this solution will receive access to sales and purchase order management, a fully functional treasury option, and the ability to record expenses in real-time.

Purchasing Zoho Books gives access to a variety of reports designed to provide operational insight to the business. In addition, there is an option to develop fully-customized reports tailored specifically for the company.

The cost of Zoho Books is relatively expensive. It begins with a free plan for those companies with revenue of less than $50K per year.

Other plans start at $10 per month to $30 per month. Pricing varies according to the functionality provided and the number of users.

HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work. We have simple monthly pricing that includes unlimited users and unlimited invoice escalations. There's no long-term contract and you can try HappyAR for free."

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Cash Basis Accounting - An Overview

Cash Basis Accounting – An Overview

It can be difficult for a small business to decide how to set up its accounting system. There are a lot of factors to consider, including what method of accounting to use. The two main methods include the cash basis method and the accrual basis method.

In addition to deciding how to record transactions, business owners must determine whether they will handle their accounting themselves or outsource the work. They must also select an accounting software program.

What Is Cash Basis Accounting?


Cash basis accounting is an accounting system that recognizes revenue and expenses only when payment is exchanged. Thus, revenue only grows when a customer pays for services, and expenses increase when the company pays a vendor. There is no accrual process in place to record anticipated revenues, receivables, or liabilities.

Small businesses typically use this system when they deal solely in cash transactions. It is not recognized as an acceptable accounting system under Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).

How Do You Record Transactions Using Cash Basis Accounting?


Under cash basis accounting, you recognize revenues only when cash is received and expenses only when paid. Your bank statement is the main source of your transactions, but you may also have receipts or other documentation that may be used to support recorded transactions, especially when they are made using cash and not a credit card or check.

Cash basis accounting is very easy to understand, even for individuals with no training in accounting or finance. Essentially, you begin with a daily balance and record any sales to the revenue account and expenses paid to the expenses account. Sample entries are below:

To record the sale of products for $50,000.

Cash Account $50,000

Revenues $50,000

To record monthly rental of office for $1,500.

Expense $1,500

Cash Account $1,500

Under the cash basis of accounting, accounting departments can create an income statement, balance sheet, and statement of cash flows. However, balance sheet accounts will be limited to cash accounts, common stock, and retained earnings.

What Is the Difference Between the Accrual Basis and Cash Basis Accounting?

The main difference between accrual basis and cash basis accounting is that cash basis follows a single-entry bookkeeping model, while accrual basis incorporates double-entry bookkeeping.

Under the accrual basis, entries are recorded based on expected cash receivable and payable. This system also allows for depreciation, loans, and prepaid expenses. Cash basis accounting doesn't include any of these.


Other significant differences between cash basis and accrual basis accounting are indicated below:

  • Cash basis is much simpler than accrual basis accounting
  • Under the accrual basis, revenues and expenses are recorded at the time of sale
  • Accrual basis gives a more accurate picture of company health since it includes accounts payable and accounts receivable
  • Net income can be over or understated under cash basis accounting since it only includes transactions that involve the exchange of cash
  • The balance sheet does not include a number of asset and liability classifications in cash accounting
  • Accrual basis is recognized under GAAP and IFRS, but cash basis is not
  • Cash basis is most appropriate for individuals and very small businesses
  • Accrual basis must be used by companies that undergo an audit or review of their financial statements

There are advantages and disadvantages to both systems of accounting.

What Are the Advantages of Cash Basis Accounting?


The advantages of cash basis accounting include the following:

1. Easy to Use

The cash basis of accounting is very simple and easy to understand. The bank statement forms the base of the cash basis, while receipts or other documents related to accounting transactions may also be necessary. No training in accounting or finance is required.

2. No Need for a Bookkeeper or Accountant

Implementing a cash basis of accounting does not require the assistance of a bookkeeper or accountant. It is simple for someone without basic accounting knowledge to pick up and involves only a few general ledger accounts.

3. Accounting Software Isn't Needed

When using the cash basis method of accounting, accounters can use a spreadsheet or notebook to record transactions. There is no need for fancy accounting software.

While the cash basis method of accounting is very easy to use, it is important to understand that it may not be appropriate for all businesses.

What Are the Disadvantages of Cash Basis Accounting?


There are a number of disadvantages to cash basis accounting.

1. Cannot Be Used by Companies That Must Keep Audited Financial Statements

Public companies are not allowed to use the cash basis of accounting. They must follow GAAP, which requires the accrual basis method of accounting.

Private companies that accept sales on credit, hold significant assets, or currently need funding should not use the cash method of accounting. Companies with a substantial number of transactions should also not seek funding.

2. May Be Difficult for a Company to Obtain Bank Funding

Companies that operate under the cash method may find it difficult to obtain bank funding. Banks typically require an audited set of financial statements before they will consider lending to a private or public company.

3. Doesn't Provide a Full, Accurate Picture of Financial Health Since No Accruals for Incurred Expenses or Revenues Are Made

The full picture of a business's operations may not be apparent to the business owner. Expenses that have already been incurred are not booked until they are paid. This can lead to an overstatement of income.

Loans are also difficult to account for under cash basis accounting. In general, the loan balance is not recorded. Only the expense of payments and income received from the loan is recognized under the cash method.


4. Can Be Difficult to Transition from Cash Basis to Accrual Basis of Accounting in Future If Required

Once the cash basis accounting system is established, it can be difficult to transition to an accrual method in the future. This is especially true if the company becomes more complicated over time.

5. May Lead to Accounting Mistakes and Errors If Transactions Are Not Recorded Properly

The cash basis of accounting can be appropriate for very small businesses, but if the owner expects the business to scale and grow, a move to the accrual method may be required.

When Can Cash Basis Accounting Be Used?

cash revenue

Cash basis accounting should be used in very limited circumstances.

  • When there are only a few financial transactions per day
  • Only if the company does not sell on credit
  • Payment for services is received at time of sale via credit/debit card, cash, bank transfer, or check
  • The company has very few employees and assets
  • Business does not own high-value assets such as real estate, vehicles, machinery, or high-value inventory
  • Most appropriate for companies privately held as sole proprietorships, partnerships, or LLCs
  • The company is not required to file audited or reviewed financial statements

If a cash system is used, the business owner must ensure all transactions are recorded properly. This system may be used to meet legal reporting requirements. Such reporting requirements include preparing and filing income tax returns, sales and employee taxes, and wage withholdings.

Can You Use Cash Basis if Your Business Has Inventory?


Typically, the IRS requires accrual-basis accounting if a business has inventory. However, exceptions are allowed. If the only reason for not using the cash method of accounting is the holding of inventory, the IRS may allow the company to continue using the cash method.

There are revenue limits when using the cash basis of accounting. An individual cannot have more than $1 million in revenues to continue using the cash basis. Businesses may not generate more than $10 million in revenues.

HappyAR is a seamless SaaS that quickly and easily boosts your accounts receivables work.

We save companies of all sizes thousands of dollars each year by optimizing the speed and efficiency of their collections methods. No more guessing if someone has received an invoice or trusting that it will be paid on time. This is a fully integrated solution that pays for itself over and over each month by preventing defaults and preserving client relationships.

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