Bills vs Receipts vs Invoices: What's The Difference?

author Mike Lata (aka Maciej Duraj), 2019-01-15
Our system at Invoiceocean

If you use our system, you may be familiar that we have various options for you in terms of creating financial records or documents. You can create proforma invoices, which we recently discussed here, as well as credit notes, prepayment invoices, estimates bills, receipts and more. We will focus on bills, receipts and invoices here as many users get confused on their differences and which one to send out.

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When & How To Issue Proforma Invoices

author Mike Lata (aka Maciej Duraj), 2019-01-14
Proforma creation at InvoiceOcean

If you have used our system for a while, you may be familiar with some of our invoicing options. You can issue a wide range of documents using InvoiceOcean SaaS that include a standard invoice, credit note, bill, receipt and pretty much everything needed to run our business in terms of bookkeeping and to a degree accounting. However, one document we also have you should definitely check out or get familiar with is the proforma invoice.

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Freelance Invoicing Tips: Value Your Time & Money

author Mike Lata (aka Maciej Duraj), 2019-01-14
InvoiceOcean Unit Quantity

Some of the ways a client or business may try to do this is by asking you to do small projects, or less time-consuming project, on a pay-by-the-hour basis rather than a fixed rate. This will most likely benefit your client and not you because the client will know ahead of time you can finish the project quickly and pay you a meager amount for it based on the hourly rate they may try imposing on you. Make sure you discuss your options with your clients ahead of time as our system at InvoiceOcean offers various options for unit quantity on invoices.

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How Invoicing & Online Payment Continues to Evolve

author Mike Lata (aka Maciej Duraj), 2019-01-03
eInvoicing is the future

Invoicing has changed over the years from a practice of pen and paper record keeping (if you really go back in time you can even mention inscriptions on clay) of transactions to a robust system of revenue and expense tracking that complies with government regulations and VAT collection. It is a way for a business to keep tracks of goods bought and sold through in itemized list.

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Some Ways Invoicing Differs in the U.S. and Europe

author Mike Lata (aka Maciej Duraj), 2019-01-02
via Flickr (Commercial Use)

Sending and receiving invoices varies around the world with each country having its own system in place that governs invoicing standards. However, general trends are followed among member states in the EU (for the most part), or states in the U.S. It is when we have to send invoices across farther geographical regions that we start running into barriers or real differences in the invoicing process.

An example of this is paying sales tax in the United States vs VAT rates in Europe and the United Kingdom. Another example is whether we pay the invoice based on the tax rate of the supplier vs customer, which can vary in different parts of the world. Finally, there are differences in what needs to be included on an actual invoice for it to be considered legitimate.

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Invoice Mistakes Can Cost Companies Big Losses Over Long Term

author Mike Lata (aka Maciej Duraj), 2019-01-02
via Flickr (Commercial Use)

Digital invoicing has its quirks like every other form of digital transaction. Sometimes we may send an invoice to the wrong recipient through pressing the wrong buttons on our keyboards and thus the wrong e-mail address gets entered. If we click too often without thinking through repetition, we may be making small mistakes along the way that can cost us big in the long term.

What can be quite troubling is if we make mistakes with financial data. We may enter the wrong bank number and our payee will either not be able to send us payments or in the worst case scenario, it will be sent somewhere else. More often it is the small mistakes that can cost us big financially.

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Invoicing Can Drive Business Growth Through Charts & Graphs

author Mike Lata (aka Maciej Duraj), 2018-12-19
Invoice chart generation

You may be asking yourself if you are a small business owner: do I really need robust invoicing software or really even care much about the invoicing process as a whole? Well, you should care and take invoicing seriously. Not just in case of government audits of your taxes and invoices you've been sending out and receiving, but for your own benefit.

When you invoice, you have a transaction record of interacting with other businesses and customers. You can use robust invoice software such as ours at InvoiceOcean to track these sales and look at itemized invoices to see where your growth lies and where your revenue comes from to keep expanding.

 

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Comparison of Top Invoicing Solutions in the UK

author Mike Lata (aka Maciej Duraj), 2018-12-10
InvoiceComparison

There are various market solutions available for businesses to tap into when it comes to invoicing. They all come with their own perks, upsides and downsides. Each also usually comes in the form of various payment plans available and price points per plan. Here is a comparison of InvoiceOcean UK’s pricing structure with that of some of our biggest competitors

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Freight Industry in the US needs Better Invoicing Standards

author Mike Lata (aka Maciej Duraj), 2018-12-07
image source via https://www.tandlnews.com.au/2017/05/10/article/road-freight-industry-upward-hill-growth/

Invoicing is a process that takes some effort and standardization in order for companies to function effectively for the long term. It is good to stick with one standard in terms of what is expected on an invoice, the payment to be delivered by the due date, and for companies to be able to follow their invoices (knowing which were paid and when for instance) for the long term with their clients.

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How Invoicing is becoming more SaaS-based and international in scope

author Mike Lata (aka Maciej Duraj), 2018-12-05
https://www.pexels.com/photo/ball-shaped-blur-close-up-focus-346885/

It has been a real pleasure and a growing experience for us to find out the differences between the way banking, financial systems and accounting or invoicing in general work in different regions of the world. This kind of research and product implementations helps us grow as a company and we realize that as invoicing becomes more international as companies have workers all over the world or work with companies across the world, the more option for bank transfers or payment processing, the better.

 

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Reasons That SaaS Is the Ultimate Platform for Invoicing

author Mike Lata (aka Maciej Duraj), 2018-11-29
SaaS

SaaS is paving the way for eInvoicing to be taking off the way it has over the past decade or so. One can argue that it is the reason governments, such as the European Commission, are starting to implement a strong push for eInvoicing. The European Commission is pushing for it to be adopted within the the public sector by 2020. It doesn't hurt that it helps the environment as well.

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Invoicing Email Scams on the Rise Says Report from Australia

author Mike Lata (aka Maciej Duraj), 2018-11-26
Security

Invoicing security is a touching subject because it often doesn’t get stressed enough and people are taken for a ride with promises. Security also does not necessarily mean an invoice that can be read between just two people. It can also mean security from phishing scams or ways someone with access to an account can convince a company that he should be the one getting payment not the actual client.

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What Sort of Invoicing Service Do You Need?

author Mike Lata (aka Maciej Duraj), 2018-11-23
InvoiceOcean invoice panel

There are a lot of us out there who use invoicing services on a regular basis. We either receive invoices or send them out monthly and it can be a headache tracking down what we owe or who owes us and when the invoices are due. Most free services or templates do not have any sort of tracking available without us issuing alerts, or something similar, on our calendars.

If you are a freelancer who sends out an invoice once in a blue moon expecting to be paid promptly and you usually do it after your work has been completed, a free service or even a template here and there might work for you. However, if you work with professional clients or corporations that require a VAT ID and bookkeeping, even in these cases it would not hurt you to get a service that offers these features and tracking in the long term.

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Why Invoicing Doesn’t Have to Be a Boring Process and Can Be Actually Fun

author Mike Lata (aka Maciej Duraj), 2018-11-21
Invoice

Invoicing is a task that many of us loathe. It is part of every freelancer’s and business owner’s repertoire and not something many look forward to. However, it doesn’t have to be that way and invoicing can be a fun way to interact with clients, friends, business partners and other companies.

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New Press Release Celebrating Our UK Launch & .co.uk Domain

author Mike Lata (aka Maciej Duraj), 2018-11-14
InvoiceOcean UK icon

With our recent foray into the UK market we decided to celebrate our launch with a press release. Here is the longer and more in-depth press release for you to digest about our recent move into the UK and what to expect from our invoicing services in the future. We hope the UK audiences will enjoy what we offer compared to other invoicing solutions out there and are always looking to improve any functionality or features through feedback. Questions and analysis are welcome. We also have a shorter version of the press release available, which i wrote, here with a quick run down of our launch and what we offer:

https://www.openpr.com/news/1366461.html
https://www.openpr.com/news/1366461/Invoice4U-Relaunches-as-co-uk-Domain-with-New-Identity-InvoiceOcean-co-uk.html 

 
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Summary of Our Latest Features

author Mike Lata (aka Maciej Duraj), 2018-10-31
InvoiceOcean Icon

The last time we made a summary of changes in our blog was March of this year. That is quote a while ago. Since then, we have made some additional major changes to our invoicing system that are worthy of note. However, lets focus on the last few months of changes that way you will know our latest additions in case you missed them through your regular invoicing.

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InvoiceOcean Welcomes UK Users with New Redesigned Site & Web App

author Mike Lata (aka Maciej Duraj), 2018-10-31
Great Britain

We are now strongly expanding into the UK with our UK-focused offering for invoices and our main UK site is now located at www.invoiceOcean.co.uk. The UK version of our SaaS or web app and eInvoicing solution has features specifically tailored for the region. An example of this is the PO or purchase number and VAT rates that are in tune with the UK rates that can be accessible with the click of the mouse from an invoice’s drop-down menu.


We have made numerous implementations to our international eInvoicing system -- accessible from www.invoiceocean.com -- into this UK version. We have also gained tools and insight from our 2016 acquisition of Invoice4U, a British-focused company that specialized in digital invoices. Their knowledge and insight into the British market and invoicing needs did not go unnoticed as there are still loyal customers to the former brand we cater to and work with on a regular basis using the older system.

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