Invoice vs receipt: What's the difference?

An invoice is a request for payment. Whereas a receipt is the proof of payment. Examples: Buy a coffee in a cafe, you will get a receipt Get a tradie to do some plumbing and they will send you an invoice.

What's an invoice number?

An invoice number is just a unique identifier that many businesses add to their invoices when sending them to clients. Used as a way to track payments and keeping the business organised.

Regular invoice: If you run a business that is not registered for goods and services tax (GST), your invoices won’t include a tax component. They should not include the words ‘tax invoice’. Tax invoices: If you’re registered for GST, you must provide tax invoices. Tax invoices include the GST amount for each item along with some extra details.

What is an invoice used for?

An invoice is a document used for recording an agreement between a business and a customer. Invoices outline the product or service provided, the amount owed and the date due. Invoices include payment terms, bank details etc to help ensure the business is paid on time.

Accountant & Bookkeeper Hub › Business Management Guide For Accountants & Bookkeepers

ACCOUNTANT & BOOKKEEPER GUIDES

Your comprehensive business management guide on offering services to your clients

Everything you need to know about offering a suite of helpful services to your clients.

Providing virtual CFO services to your clients

Financial advisors, accountants, and bookkeeping industry professionals are increasingly acting as virtual Chief Financial Officers (CFOs). This is not surprising—as game-changing software has opened opportunities for bookkeepers to expand upon traditional...

Providing virtual CFO services to your clients

Virtual CFO (Chief Financial Officer) services have emerged as a game-changing solution for businesses seeking financial expertise without the need for a full-time, in-house CFO. In today’s dynamic business landscape, having a skilled financial strategist by your side is crucial, and virtual CFOs fill this role adeptly.

Hiring remote workers for your accounting firm

Remote employment has become a transformative approach for accounting firms looking to access top talent, enhance operational flexibility, and expand their geographic reach. This shift allows firms to tap into a global pool of skilled professionals while reducing overhead costs associated with traditional office spaces.

Business forecasting for bookkeepers

Business forecasting is a vital skill for bookkeepers that empowers them to glimpse into a company’s financial future with data-driven precision. By analysing historical financial data, market trends, and other critical factors, bookkeepers can make educated predictions about a business’s performance.

Why should my accounting firm consider hiring remote workers?

Hiring remote workers can provide your accounting firm with access to a broader talent pool, reduce overhead costs, and offer flexibility to both your employees and clients.

Many roles, including bookkeepers, tax preparers, auditors, data analysts, and administrative staff, can be performed remotely.

What is the importance of business forecasting for Bookkeepers?

Forecasting is crucial for your bookkeeping business as it enables financial planning, budgeting, and cash flow management. It helps you mitigate risks, acquire and retain clients, analyze profitability, make strategic decisions, and plan for taxes.

Additionally, accurate forecasting can boost investor and lender confidence and support continuous improvement in your business operations. In essence, forecasting empowers you to navigate the financial aspects of your bookkeeping business with clarity and confidence, ensuring its long-term success and growth.

What are the benefits of a virtual CFO

A virtual Chief Financial Officer (CFO) offers several benefits to businesses, including cost savings, access to expertise, strategic financial planning, financial analysis, risk management, and cost control.

They help manage cash flow, ensure compliance, and provide scalability. Virtual CFOs offer flexibility, objective perspectives, and can be engaged for specific projects or temporary needs.

Their services enhance financial management, strategy, and overall business growth while being cost-effective and adaptable.