business loans

Everything You Need to Know About Getting Business Loans

Small business always require business loans and to generate profits from your ideas, it is necessary to give a practical shape to your ideas. For giving it a practical shape, you will require capital and the capital can come from various sources. One of the main sources of generating business capital is the business loans. If you are using banks for business loans, then you will have to go through a complete process so you can apply for a business loan. Same goes for the other parties who provide business loans.

There are multiple factors that play an important role when you are applying for a business loan to run your business efficiently. Moreover, there are multiple types of business financing out there including business loans, loan for equipment purchases, cash advance, equipment lease and mortgage loans. When you are thinking of getting a business loan, you must focus on few basic factors that will help you create an amazing loan application.

We are here to share few important factors that will help you get a business loan for your small business. Let’s have a look at how you can apply for a business loan and how you can get your application approved.

Understand the types of business loans

The first thing that you need to focus on while applying for the business loan is to check out different types of business loans available. If you have not done your research, then you will be missing out on plenty of things. It is always better to understand different types of business loans that you can avail. Most common type of business loans includes a small business line of credit, working capital loans, small business term loans, account receivable financing, equipment loans and small business credit cards. If you are preparing a business loan application, then you must keep these types of business loans in your mind.

Focus on your credit and risk profile

Whenever you are applying for a business loan, you must focus on few basic things that will help you in the right way. You need to focus on your credit score. Make sure that you have an excellent credit score so you can find the right lender. Lenders will view your credit and risk profile before approving your business loans. Lenders will review your credit reports and credit scores all over. Moreover, they will also check out the outstanding loans and debts. Moreover, they will also check out the time you have spent in the business. If your business has been operating for several years, then you will have more chances of getting the business loan.

Get your financial statements in order

Make sure that you are focusing on all of your financial statements and getting them in order. Your accounting records will be reviewed before approving the loan application. You should have all the statements if you are planning to apply for a business loan. Lenders will always prefer the statements that are audited by the certified public accountant. If you have audited documents, then it will become easier for you to get a business loan.

Search for the lenders

Just like different types of business loans, there are different types of lenders as well. However, when you are looking for a perfect lender, then you will have to start your research and check out your options. There are direct online lenders who are willing to invest in the small businesses through the easy online process. Then, you can check out the large commercial banks and local community banks. By checking out these options, you will be able to find the right one for your needs. Once you have done your research and find the perfect option, then you can proceed to the next step.

Focusing on your loan application business loans

When you are focusing on your business loan application, then there are few basic things that you will have to consider. First of all, you need to put all the information that the lender requires from you. Make sure that you are providing exact information without any tempering. Moreover, you should decide on the money you want to borrow from the lender. If you have some specific requirements, then you must prepare your proposal accordingly. After that, you will have to determine what guarantee you can provide to the lenders. They will require a guarantee before approving the loan.

Analyzing your business loan proposal

At the end, you will have to analyze the business loan proposal that you have created. Make sure that you are focusing on the key terms of the proposal and double checking the details. After detailed analysis, you will have to submit your proposal to the lender. Make sure that you are exploring all of your options when you are about to get a business loan for your small business. There are multiple lenders who are willing to invest in the small businesses.

How to Run Your Business Smoothly?

Running a business is not at all an easier thing. Of course, you will have to deal with unlimited problems and you will have to manage things properly. Finding the best way to run your business smoothly requires a lot of work, and the overall business management plays a major role. You will have to manage account receivable/payables, expense, cash flow and multiple other things.

Whether you are running a small business or a medium-size business, you will have to focus on every single detail that will help you run your business smoothly. If you have no idea how you can manage your business operations properly, then you are at the right place. There are multiple factors that will play an important role in the business management. When you are looking to run all of your business operations smoothly, you should start by managing your cash flow and productivity of your business.

One of the major concerns of the management team is to manage account receivable/payables. If you are in debt, then it is necessary for you to clear yourself out of the situation. Let’s have a better look at how you can run your business operations smoothly.

Build an excellent team

If you want to run your business smoothly and if you are looking to increase the productivity of your business, then you must focus on building the right team. You must focus on the skills of the employees when you are hiring them. If you are not focusing on the skills of the employees, then you won’t be able to hire the right people for the job. Your team will eventually provide you multiple benefits and if you are not bringing competent people on board, then you won’t be able to get the desired results. It is one of the most important things that you should focus on when trying to run your business smoothly.

Communicate with your team to improve productivity

If you are a business owner, then you should also become an excellent leader and team player. Your attention is the only thing that your employees need. If you are not attentive to the core issues of business operations, then you will never be able to improve your productivity. If you are well aware of the market scenario, then you must work as a team player with your team and communicate with them on a regular basis. Your team will help you increase the productivity of your business and your communication with your team will play an important role.

Manage your business operations wisely

If you are excellent at working with your team and your revenue stream is excellent, then there are other areas in which your attention will be required. If you want to run your business smoothly, then you should focus on day to day business operations. You should keep an eye on every single thing that will help you improve things for yourself and your business. Make sure that you are invoicing all of your clients on time and maintaining a good business relation with your clients.

Manage your debts

No one likes to have huge differences in the account receivables/payables. If you are not managing your debts, then you will end up facing a lot of issues in the future. Moreover, if most of your debts are from banks, then you should always consider the interest rates as well. Whether they are credit card bills or business loan payments, you must focus on reducing your debts quickly. Make sure that you have managed account receivables/payables properly so you can avoid all the problems while running your business smoothly.

Cash flow is the key to run a business smoothly

For every single business, the cash flow holds a great value. Managing your cash flow is the most important things that you need to focus on. If your business cash flow is disturbed, then you will start facing multiple other problems. You will have to pay the salaries to all of your employees, and then you will have to pay the bills as well. Make sure that you are recording and tracking your expenses to avoid unnecessary and unwanted situation while managing your business operations. You should always focus on improving your cash flow to avoid multiple problems.

Keep reducing your expenses

One of the main concerns of every management team is to reduce the expenses of the business. If you are reducing the expenses of a business, then you will be able to improve things as well. Make sure that you are trying to convert your fixed expenses into variable expenses. Moreover, you should track your expenses. Every business can save thousands of dollars every year by controlling expenses. If you want to control and reduce your expenses, then you should train your team and make the right purchases by getting good discounts.


Reasons why you need to keep records to run smooth business

If you are running a business, then you must be aware of the importance of all the transactions that you are making under the name of the business. It is highly recommended to keep a record of all the business transactions. For running your business smoothly, you must always pay close attention to the details of business records. If you have been running a business for a while, then you must know that the business records will play a major role in different situations.

You will have to keep good business records for multiple purposes and keeping all the records will save you time and will help you in the productivity of your business. Whether you are paying taxes or comparing your yearly expense sheet, your business records will come handy.

Maintaining accounts of your business is the most important thing that you need to focus on. We will be discussing few important reasons why you should focus on keeping a good record of your business. Let’s have a better look at few reasons to understand the importance of keeping the business records.

Preparation of the financial statements

While preparing the financial statements of your business, you will require a complete transaction record of your business. Whether you are preparing a balance sheet or income statement of your business, you will have to check all the records to list down every single transaction. If you don’t have a record of the transactions, then it will become almost impossible for you to prepare a balance sheet and income statement of your business. You will have to create a profit loss statement of your business, and you can only do so while keeping all the records of your business for the past business year.

Getting a business loan

When you are trying to get a business loan from a lender, you will have to show some financial statement. When you are applying for a loan, the lender will take a close look at your business financial statements before issuing the business loan. If you don’t have a good record in shape of business financial statements, then no one will give you a business loan. Not keeping a record is never a good practice of running a business smoothly. When you are applying for a business loan, you will require all the proof that will help lenders understand the authority of business.

Preparation of tax returns

There is another thing that you will have to take care of when you are trying to run your business smoothly and it is filing tax returns. Every business is obligated to file tax returns and you can only do so if you have a complete record of business transactions. It will help you prepare tax returns and you will be able to show the gains and expenses of your business in your business tax profile. If you are keeping good records of your business, then you will be able to prepare the tax returns easily.

For supporting items on your tax returns

If the government wants to see your records and you are unable to provide all the records, then you will face multiple issues. This is exactly why you should always keep good records. If you are not careful about keeping your business financial statements updated, then you should know that it can hurt you really bad. You will have to show the statements and records to support the items that you have listed on your tax returns. If your financial statements do not support the tax returns during the audit, then you can face penalties.

Helps you managing expenses

Another important reason why you should always keep your records updated is to manage your expenses. If you are not recording your expenses, then you will never be able to know how much you are spending on multiple items. To support the arguments, you must have proof, and in order to get a proof, you must keep good records of your business. It is the only way to cut the cost and improve the productivity of your business. Make sure that you are keeping your expense sheet updated so you can avoid all the problems.

Track your spending on purchases

Most of the businesses don’t track the money that they have spent on their regular purchases. Well, if you are practicing the same, then you will never be able to know about the money you have spent on the business purchases. To keep the record of the money you have been spending on necessary purchases, you must keep a good record so you can tally the sheets later on. You must always focus on cutting the cost, and you can only do so if you are well aware of the money you are spending in the first place. Keeping your financial statements helps you in various ways and it helps you run your business smoothly.

swift payments

How can You Replace SWIFT Codes in Your International Inward Remittances

There are many ways to process the inward remittances, i.e. the money transferred from a foreign bank account to an Indian bank account. However, SWIFT payments are old and still preferred options by many individuals and businesses in India.

What are SWIFT Payments? How do They Work?

SWIFT payments are wire transfers made between two international bank accounts through the SWIFT international payment network, which is one of the largest financial messaging systems in the world.

For your international customer/client to send you payments via the SWIFT mechanism, they need to follow the same steps they follow when making wire transfers locally, which are:

  1. Log into their online banking service.
  2. Initiate an international wire transfer by entering your details, which are:
  • Your name and your bank’s name
  • Your account number or IBAN (International Bank Account Number)
  • Your SWIFT code (can be obtained from your bank’s website)
  1. Enter the currency and the amount of the transfer
  2. Verify and approve the transfer

Now, even though SWIFT payments are the classic way to send or receive payments to/from your international businesses, it’s certainly not the best. This is because we live in the era of Fintech where better options are available. This is the period when the finance industry is teeming with technology to offer businesses and individuals faster, reliable and cheaper services. So, you no longer have to make do with whatever options you get from your traditional bank.

Drawbacks of SWIFT Payments:

  1. High Charges

For every payment that you receive from your international client, there are multiple deductions- a flat fee for each transaction, currency conversion charges, and even handling fee or miscellaneous charges by third party service providers.

  1. Slow Transfers

Payments made via the SWIFT network can take as many as 4 days to reflect in your bank account.

  1. Inefficient Process

The very process of SWIFT payments is inefficient and more of a hassle. Imagine what your customers have to go through when making a SWIFT payment for the first time- entering your bank account details in their online banking service, enabling international payments (if disabled), increasing the wire transfer limit (if necessary), entering the payment amount and currency, and then finally authenticating the payment.

Today, we like to make most of the payments with just a few taps on a smartphone or a few clicks on a computer, which is why the SWIFT payments clearly appear outdated and slow.   

Alternatives to SWIFT

Foreign Exchange Companies and eWallet Companies are two good alternatives to SWIFT if you are looking for a reliable service and lower costs. However, from a business’s perspective, you can benefit from a lot more from a dedicated payments platform. The reason behind this is that you are going to send and receive a great number of payments, and for that, your selection of payments option is extremely important.

A dedicated payments platform which you can actually combine with your invoices is the right way to manage your inward remittances. The following are some of the top reasons why:

  • Making payments is easier for your clients when they don’t have to enter your banking details on a portal for every new invoice.
  • Your clients can enjoy multiple payment options, especially the credit cards.
  • You can receive payments much faster than other methods.
  • The transaction fees are much lower.
  • It gives your business a professional touch and increases credibility.

By integrating a dedicated payments service into your invoices, not only you can make it easier for your clients to make the payments, you can also make it easier for yourself to track the payments and review the cash flow. Imagine the kind of time you can save when checking the payment status of dozens of invoices every month, and identifying your best clients with this.

expense management

Top 6 Expense Management Tips for Small Businesses

For every small and medium-size business, expense management is one of the most important things. If a company is unable to manage the finances, then it can certainly have huge impacts on its employees and reputation. No one wants to work in a company with huge expenses and little to spend on the employees. There are various ways to improve the finances of your company. As a decision maker and board of director, you will have to focus on your expense management skills.

There are multiple ways to cut costs and improve the revenue stream of every small business. If you have just started your business and your expenses are going out of hand, then you should start working on the expense management and try to find the root cause of the problem.

However, when you are trying to improve the business revenue and trying to manage cash flow by cutting the costs, you will have to be very specific about your options. Most of the expenses involve comfort of the employees. If you are doing expense management, then you need a person who is good at it. Let’s have a better look at some tips that will help you manage your business expenses properly.

Don’t ever merge business and personal funds

First of all, when you are trying to manage your business expense, then you must separate all accounts. If you are merging the business and personal funds, then you will end up facing some huge issues. Most of the entrepreneurs make this specific mistake when they are trying to manage their business expenses. If you are doing the same thing, then you won’t be able to manage your expenses properly. Your business funds will always remain short if you are also using business funds as personal funds. Always keep in mind that the business is a separate entity and you must follow the rules when you are doing business.

Control and negotiation of business purchases

Of course, every single business has multiple expenses. Moreover, the businesses have to make purchases and use external services. These are the necessary expenses and you cannot get rid of them if you want to run your business. However, there are ways to reduce the cost of your purchases. If you are doing your research and spending your time to find the right vendors, then it can save you thousands of dollars by the end of the business year. Always take control and try to negotiate when you are making business purchases.

Look for discounts on the purchases

Just like taking control of your business purchases, you must focus on getting discounts on the purchases. If you have employees who are purchasing different products on a monthly basis, then you must train your employees to find discounts on every single purchase. Every company usually purchase items in bulk. If you are making purchases in bulk, then it will become easier for you to get discounts on your purchases. All you have to do is to train your employees to negotiate the prices when they are making purchases.

Try to make your expenses variable

There is a basic difference in a variable and fixed expenses. If you are trying to make most of your expenses variable, then it will become easier for you to manage your cash flow accordingly. If you have less cash flow to make business purchases, then you must consider making your expenses variable. If you are making your purchases variable, then you will be able to have a control over your expenses. The good thing is that you can always change your variable expense when you want to.

Always keep an eye on cash

One of the main concerns of every business is to have some cash in the petty cash. If you are not tracking your expenditures, then your expenses will go out of your control. Make sure that you are keeping a strong eye on the petty cash and watching the expenses of the business. Most of the time, the small expenses of the business are managed through petty cash. If you need groceries or something else for the office, then you would normally use petty cash. Make sure that you are always keeping an eye on the cash and managing things properly. It is one of the best ways to do expense management for every single business.

Start using best expense management software

Even if you are a small business, you should take help of technology and minimize the errors. By using the perfect expense management software, you will be able to record every single expense and then tally your accounts accordingly. You can always start your research and find the perfect expense management software available out there. However, you must use the software properly and get maximum benefits provided by the technology so you can avoid every single problem.

SMBs Need to go Paperless Now More than Ever

For a long time, before e-commerce and digital media snowballed into indispensable entities for the trading industry, every small and big business war primarily influenced by one-to-one interactions with its customers. paperless

Most of the business was done through brick and mortar stores, which is why paper played a big role in the process- the invoices were submitted in paper, receipts were in the paper, and even the brochures and other forms of marketing material etc. were in the paper. However, those days are long gone.

Today, your business will only struggle to survive unless you embrace the digital tools and services that have become the norm.

In fact, as we are making progress in powerful technologies like artificial intelligence, deep learning, natural language process, etc. by leaps and bounds, it won’t be an exaggeration to say that paper will be scaled down to play just a small role in our lives in the near future.

Image Source

Today, a large number of business processes, including lead identification, lead conversion, marketing, payments, talent acquisition, etc. are executed on the Internet with digital tools and technologies.

Thus, the Small and Medium Businesses (SMBs) need to adopt paperless methods now more than ever because of the following reasons:

  1. Time Saving

Why would you want to waste hours in reconciliation using paper invoices and receipts when even a decent software program can do that for you in less than an hour?

When the startup industry is becoming so competitive, then there are only a few things left that can give you an edge over others, and time is easily one of them.

With enterprise-level software programs for bookkeeping and invoicing, you save more time for identifying and nurturing more leads, or expanding your business in new areas while your rivals stay busy with their paperwork, collecting and organizing files and documents.

  1. Easy Access

One of the key characteristics of every competitive business is that they know how to make bold decisions without delay. But how is this possible?

To make decisions for your company, you need to consider a variety of factors, your revenue collection, the performance of individual products offered by your company and that of your staff, market penetration, etc.

Now, if this were the 80s or 90s, you would have limited options to pursue that task. However, today there is no death of powerful software that are capable of offering detailed insights into your business and accurate reports.

With these, you can get on top of every small process of your business, manage cashflow with a high level of accuracy, and identify areas that need the most improvement easily.

  1. Increased Productivity

With digital technologies, your employees can be the most productive. They can share files with each other without leaving their desks and collaborate on the fly with cloud-based office suits.

They can also communicate with each other conveniently through a secure in-house IT network, and even mark their attendance automatically by using mobile-based GPS technology.

In fact, there are all kinds of ways your employees can excel their duties when equipped with the right tools and technologies.

  1. Limited Human Errors

There are some things that a human can do better, such as writing a poem or painting a picture. However, when it comes to calculations or analytical tasks, then clearly a computer takes the lead.

Since accounting and bookkeeping is a tedious yet critical operation of any business, by making it automated, you can minimize instances of discrepancies and plug cashflow leaks that result from poor management.

The Inevitable Change

We are already living in a world where businesses are largely paperless. Even the small mom-and-pop stores, local service providers, etc. are adopting the “paperless” ways to enhance their business through mobile wallets, digital marketing (online classified portals, for instance), and digital invoices, etc.

In other words- the change is inevitable. However, the best time to completely revamp your business infrastructure towards automation and technological adoption was 5 years ago. The second-best time is today.

Top Mistakes Business Owners Make

Business owners make mistakes all the time. If you are running a business, then you must be aware of the problems that you have to face in day to day operations including cash flow management. However, if you are not focusing on resolving those problems and mistakes, then it can raise a lot of problems for you in the future. To avoid the unwanted and unpleasant situation in your business, you must keep track of every single thing.

Even if you have forgotten to do something important, you can always set reminders to get the work done later. For every business owner, it is necessary to make mistakes and then learn from them. However, you should never repeat the same mistake over and over again. One of the hardest part is cash flow management for the startups. Starting a business can be a hectic task and maintaining it is even tougher.

If you are just starting your business, then you should dig up few common mistakes that most of the business owners make. We will be sharing few common mistakes that most of the business owners make. Let’s have a look at some of the mistakes.

Not focusing on customer needs

Of course, you are running your business to provide top-notch services to your customers. It is necessary to complete all the requirements of your customers. If you are trying to improve your business income, then you must listen to the suggestions provided by your loyal customers. It will help you improve your business income and will help you capture potential clients. Make sure that you are taking care of your customer’s needs and requirements. If there is something that you can do to improve the products or services, then you must take immediate action and plan new strategies to improve things for your customers.

Not caring about the business database

There is no doubt that every business database is worth a lot. If you are not caring about the business database, then you will end up facing a lot of problems. If you have a lot of customer’s data, you must create a database and then also keep the backup to avoid future problems. If you end up losing all the information, then it can have a drastic effect on your business. Make sure that you are backing up all the business information to avoid problems. You can ask your employees to back up the information on a regular basis.

Forgetting about your online appearance

Even if you are doing a local business, you will have to focus on your online appearance. It helps you capture potential clients. Moreover, it also helps you improve the reputation of your business. Having an online appearance can help you raise your income. If you are running a local business, you must have a business website where your potential clients can have all the information that they need about your business. You can create few landing pages that will help you capture the clients quickly and will help you improve your services.

Not managing the finances properly

Cash flow management is the most important part of managing your business. If your finances are not managed properly, then you will end up facing huge problems. One of the most crucial thing for every business owner is to pay the salaries of the employees. If you are not managing your finances and if you don’t have money to pay the salaries on time, then it can create huge problems for you. You must always focus on cash flow management and keep track of your transactions. Make sure that you are focusing on all the expenses and creating a budget of every month. It helps you keep track of your finances.

Not reinvesting in your business

It is always better to have multiple business ideas. However, investing your money in new ventures can also create problem and shortfall. If your current business demands the investment, then it is better for you to reinvest your money in your current business. If you are efficient in cash flow management, then it will become easy for you to reinvest the money in your existing business. Most of the business owners don’t pay attention to reinvesting in their businesses. You must keep some portion of your profits for the reinvesting purposes. It will help you improve your business strategies and you will be able to grow your business as well.

No analyses

Whenever you are making important business decisions, you must focus on complete analyses. If you are not analyzing your business decisions, then you won’t be able to get the benefits that you are looking for. You need to check out the risks involved in your strategies and the potential growth of the business. As a business owner, you must never let go your business decisions without deep analyses. For every business owner, time and money hold almost the same value. If you are investing your time in making a new strategy, then you should focus analyzing it so you can get the results you are looking for.

Expense and Invoice Management Tips for Your International Clients

Expense and Invoice Management Tips for Your International Clients

Managing a global business is challenging, and sometimes tedious as well. While it’s true that dealing with clients from different countries can make it difficult to organize the invoices and expenses because of different currencies and taxes, there are many things you can do to streamline the process:

  1. Support for Multiple Currencies

If you want to make your business successful, you can’t just stick to your preferred currency and send the invoices converted to that currency. You need to charge your customers in their local currencies to make it easier for them. So, you need a software that can support multiple currencies with ease. Ideally, it should have the following:

  • Invoice templates with multi-currency support
  • Currency converter that works as per latest exchange rates
  1. Mind the Taxes

Taxes are an essential part of every business which cannot be overlooked when you are doing business globally.

It’s important to learn about the tax regulations and standards, as even a small mistake can invite a lawsuit or a direct legal action from the government.

Here are a few things you can do to ensure the safety of your business from potential violations and regulatory breaches:

  • Get an invoice-expense management software that’s GST ready. The new regime is still in a nascent stage in the country. So, you need a cutting-edge software that is frequently updated and makes sure that you are paying the right amount of taxes in the right manner.
  • Your invoice-expense software should also have support for multiple products and services as according to the GST rates. So, when you are creating the invoices you can easily add the applicable taxes by selecting the product/service category.
  1. Multiple and Easier Payment options

You wouldn’t want your international customers to face any problem when making the payments. In that regard, these are your two options:

  • You can email the invoices along with your banking details, which leaves your customers to enter the same in their banking portal for every payment.
  • You can use an integrated payment gateway for your invoices. This way your clients need to enter the banking details just for once and for all the future payments they just have to authenticate the transactions.

It’s not hard to see which is a better option- the second one, of course.

  1. Picking the Right Software

Thanks to the high demand, there are a variety of expenses and invoice management software available today. However, it’s important the select the best one for your business that can help dealing with the foreign clients by keeping the following things in mind:

  • Operation costs can have a huge impact on the cash-flow. So, it’s important that you choose a program whose integrated payment gateway has the lowest transaction fees.
  • You want an invoice program that offers a variety of professional templates that are easily customizable for branding purposes.
  • Support for invoice clearance reminders can be incredibly helpful when dealing with clients that tend to put off payments. Thus, automating the reminder process will not only keep off the unnecessary hassle of reminding the clients individually but also help to deal with the problem in a professional manner.

It takes grit and ambition to make your business a success overseas. However, making the right expense and invoice management decisions is also important when your customers are scattered in the various corners of the world. So, be sure to apply the techniques given above. You will surely benefit.

GSTN Impact on the Businesses in India

It’s no secret that the old taxation system is out, and the new Goods and Services Tax (GST) regime is in. Although it was met with a mixed response at the time of launch, businesses are slowly becoming accustomed to it which is a good sign.

One of the most highlighted features of GST is the GST Network, popularly known as GSTN. But what’s it exactly, and how has it affected the businesses? Let’s find out.

Goods and Services Network (GSTN)

Simply put, the GSTN is a centralized network set up for the businesses so that they can upload invoices, collect and pay taxes, and claim Input Tax Credits.

One of the many reasons GSTN was developed was to improve transparency by encouraging the businesses to maintain and share their records such as tax receipts, invoices, etc. in a digital format. It also aimed at tackling the problem of tax evasion and for the implementation of governmental policies and regulations in an organized manner.

GSTN is regulated by a non-government and not-for-profit company called GST Network Limited. While the government is involved at the administrative front of the system, the company is responsible for the technological front.

GSTN and Businesses

GSTN has had a huge impact on old and new businesses alike. The following points address some of the changes observed in the industry because of GSTN:

Seamless Flow of Taxes

In the past, it would take a long time for the funds to flow from the Central Government to a State Government. Naturally, the latter struggled with the finances, especially during the weakest moments of the economy. Thus, GSTN was designed to solve that problem and it’s going great so far.

Since GSTN is managed by a private limited company that’s solely dedicated to managing and running the network, the control is greatly enhanced and funds can now flow smoothly through various administrations- thanks to its paperless approach.

Easy Tax Management

Another major change that GSTN has brought is, in the area of tax collection and tax regulation. Previously, payment of taxes was complicated as the laws varied on the basis of the states and the size of the businesses. However, GSTN has been able to bring organization and uniformity in the system for the taxpayers and tax authorities alike. Not only it’s become easier to detect tax leaks and tax evasion, administrative costs have also come down greatly as now the same policies will be administered in the center and the states.

Easy Business Registration

Setting up a business was riddled with all kinds of problems in the pre-GST era. For instance, if a company was selling goods or offering services in different states, then it had to register for VAT with every state’s sales tax department, each having varying rules and regulations. Moreover, the owners had to pay procedural fees for each registration and even deal with the Tax- “Babus” who demanded bribes.

Today, a businessperson can register their company easily with the GSTN portal according to rules and regulations that are the same all across the India. Moreover, there are no middlemen to create unfair interferences.


In a nutshell- GSTN has brought a big reform in the business industry. Having no other option, more and more businesses are adopting ethical practices and contributing to the tax revenue. Corruption in the system is also gradually losing its intensity. Thus, it won’t be an exaggeration to say that in the next few years Indian Economy will grow tremendously with GSTN’s impetus.

payment gateway solutions

Advantages of Using an Integrated Invoicing and Payment Gateway Solution

Today, the majority of business is done online as digital payments continue to observe an exponential growth. In fact, without such services, doing business in global markets would be nothing less than a nightmare. payment gateway solutions

Truth is, apart from using invoice software there is still a lot more you can do to improve your finance management today. Embracing an integrated invoicing and payment gateway solution, for instance, can give your business a leverage over others in today’s competitive market.

Think about it- why send the invoices to your customers through emails which they have to first cross-check and then clear by approaching their bank or a third-party payment service provider?

It’s not hard to understand that it’s not the best way to do the job. So, what if you could send invoices along with the payment option right next to it?

The following are some of the biggest advantages of deploying a combined invoicing and payment gateway product:

  1. Lower Transactions Fees

While there is no dearth of banks and other third parties that offer payment gateway services for you to send and receive the payments, you do have to pay a fee for the service which includes third-party processing fees, additional transaction fees, etc.

Since you could be doing multiple transactions every month, even small fees when multiplied several times can amount to a lot. When it comes to business, cutting recurring costs by even a small percentage can often be a game changer. You should consider a payment solution that offers lower transaction fees, maintains security levels and gives you access to a wide range of currencies which can be accepted.

  1. Faster Funds Transfers

To reduce the time in the funds transfer, you should consider two things:

  1. Process of sharing invoices and payment details
  2. Time taken by the payment platform to transfer funds to your bank

With an integrated invoicing and payment platform, instead of waiting for up to a week, you can receive your funds in just 48hrs. As it helps you share invoices through email with integrated payment option which helps your customers pay immediately and also the payment platform transfers the funds to your bank in as low as 48hrs.

  1. Multi-Currency Invoicing and Invoice Management

Multi-currency invoicing allows you to create invoices in a variety of currencies quickly and easily.

Combined with quality invoice management tools such as payment status tracking and reminders you can keep an eye on the cash inflow and outflow with just a few clicks on your device. Similarly, with an easy collaboration feature anyone can check the invoices and make changes as required without having to deal with a lot of “to and from”.

  1. Simplicity in Business and Tax Management

Why make your accounts, transactions, invoices a mess by using a variety of software programs for different purposes when you can combine them all into one cohesive unit that’s not only much more efficient but also simple to manage?

With a payment-invoice program you can:

  • Create and send invoices easily and quickly
  • Save time in reconciliation with bank statements
  • Ensure all invoices are in the same place (no invoice misplacements)
  • Simplify taxes/bookkeeping
  1. A Professional Touch Payment Gateway

Freelancers and SMEs often face neck to neck competition in their space. This is the reason why even small things can give you an edge and help take your business to the next level fast. A payment-invoice program is a great example of this.

Using a new-age invoice-payment solution you can show your customers that you like to keep pace with the changing times and care for their convenience with a service that offers:

With an invoicing platform, you can also do branding easily by printing your company name and logo on the invoices.

  1. Easy Reconciliation

Invoice management can often be a herculean task unless you have the right tools. For instance, you can’t take any risk when it comes to reconciliation as even a single discrepancy in one account can make the numbers on the other accounts go all haywire. However, integrating your payment gateway and the invoicing module can help to keep the transactions and accounts organized.

  1. Easy Access, Better Control 

With cloud-based services, you can keep an eye on the payables and receivables when you are at the office, at home, or even when traveling. Going through payment reports you can also easily identify your biggest clients and other potential clients that just need to be nudged in the right direction.

Bottom Line

With a program that can combine invoice management and payment gateway services you have all to gain and nothing to lose. So, it’s not a question of “why” but “when”.