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Advantages of Comprehensive Business Processes Automation

As technology and web apps become more advanced, business process automation, previously used only by large enterprises, is now available for small businesses as well. Unfortunately, a lot of people are unaware of many of the advantages of a complex approach to business process automation and never get a chance to benefit from them.

Automated billing is among users’ favorites. Undoubtedly, replacing Word or Excel with web-based services is a better and smarter solution which saves a lot of time. Professional design of generated documents, organized lists of issued bills with instant search option, clear information of who owes what, periodic billing, automatic invoice e-mailing, notifications about past due payments, as well as the possibilities for receiving online payments are what automated billing is all about, and that's why it increases performance compared to manual billing in text editors or spreadsheets. But this is just one business process.

By automating

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Posted in business, accounting, cloud, invoicing, automation

PayTraq Multi-Language Support

Do you know that PayTraq can be used in many languages? Users can view the accounting software interface in the chosen language in just one click.

With PayTraq, you can send invoices (orders, proformas, packing lists, etc.) in national language to your local customers and in English to your international customers.

Every country has its own localized version of the service. Chart of accounts, financial statements and tax reports are provided in the local language by default.

Currently we are adding a new feature specifically designed for businesses from non-english speaking countries - support for financial statements in English.

While most accounting programs support only one language, imagine you get a foreign partner who wants to see a standard set of financial statements of your company, such as balance sheet, profit and loss statement, and cash flow statement. This is when your accountant has to become a translator for a

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Posted in accounting, Financial statements, business, financial analysis, updates

Counterparty in bookkeeping. Who are debtors and creditors? How to work with them?

Most of the business operations recorded in books require the indication of the other party of the transaction – counterparty.

Counterparty is a third party entering into any contractual relationships with your company. These relationships are somehow related to the company’s business activity, for example, services received or provided, goods purchased or sold, incurrence of financial commitments, payroll accounting, cash inflow or outflow, etc.

Based on the operation, a counterparty can be your customer, vendor, employee, bank, or tax agency.
Records are kept individually for each counterparty, for this reason, the counterparty shall be indicated in the accounting entries.

Separate counterparty accounting allows to find out at any time who owes you and how much they owe you, as well as whom and how much you owe, to reconcile payments with a counterparty at any date to confirm the amount due, and to get a counterparty’s account statement over

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Posted in PayTraq U, 101, accounting

General Journal and General Ledger

When someone unfamiliar with modern accounting faces such terms as "general ledger" or "general journal", they imagine giant dusty books, complicated and totally confusing. Of course, such vision of modern accounting is absolutely wrong. Meanwhile, the general ledger is essential for any company’s accounting system.

Historically, journals and ledgers were constantly bound notebooks in which a clerk hand wrote entries right after a sale was closed, a cost become incurred, revenues were received, or any other event took placed that affected the company's records.

Nowadays, of course, journals and ledgers are completely implemented in accounting software. As a result, transaction data are entered manually through onscreen forms or even more often automatically (through bank feeds, point of sales systems). Moreover, software automatically register journal entries to ledger so the don’t need to be transferred manually.

The general journal is a list of all business transactions of a company

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Posted in PayTraq U, 101, accounting

Debit and Credit in Accounting Entries: Is It So Complicated?

Most people know debit and credit outside the context of bookkeeping.

Bank cards, for instance, are commonly used almost by everyone. There are debit and credit payment cards. The former allows us to spend money directly from our current account; credit cards, on the other hand, offer an opportunity to use a bank credit line, thus giving a free hand to spend borrowed money. Debit in this context is the money received from the bank account, and credit is the money available on a bank loan.

Debit and credit are also commonly known through the bank statement where the write-off amounts are specified in the debit column, and the charged amounts are indicated in the credit one.

Nevertheless, bookkeeping double entry implies a different role and idea of debit and credit.

For you to use debit and credit to trace economic operations under various types of business accounting records, you

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Posted in accounting, PayTraq U, 101