PayTraq Blog

A Cloud-based Business Suite

Online payments options for your invoices. A special offer for PayTraq clients from Swipe Gateway

The benefits of the online payments options for your invoices were described in details earlier, so we would like to just remind you what the key points were.

By enabling the option to accept online payments straight from the online invoice link you give your clients the way to pay instantly and with ease. The more payment options you display on your invoices, the higher the chances your customers will pay you on time.

Statistically, by offering the option to pay online the invoices are paid twice as fast as those without it.

Accepting online payments is great for companies working with international clients. It helps to avoid waiting for international wire transfer.

It's worth mentioning that the number of corporate credit cards has been growing. So the client can pay using the card’s available credit, which comes in handy when there are not enough funds in the current

Read more  
Posted in business, online payments, invoicing

Understanding a Balance Sheet

Why do we need to understand a Balance Sheet?

A Balance Sheet (also known as Statement of Financial Position) is one of the three primary financial statements (along with the income statement and statement of cash flows) showing the company’s financial condition at a specific point in time. Unlike the income statement which shows the performance of a company over a period of time, the Balance Sheet shows the business’s current financial position.

A Balance Sheet enables you to analyze and evaluate the financial health of your business and share this information with others, such as your current or potential investors, lenders, and other persons outside the business who need to stay informed about the business’s financial affairs.

Business managers and anyone thinking of becoming an entrepreneur and starting a business should know how to understand financial statements and the accounting methods used to prepare them. With

Read more  
Posted in business, PayTraq U, Financial statements

Profit and Loss Statement

Financial statements contain substantial information about your company's operating results and financial position. The profit and loss statement (P&L) and the balance sheet are the two basic financial reports that give you this information. Taking the time to better understand these reports will give you more control and a clearer picture of your business and how it’s performing. If you were putting your P&Ls away without reading through them, you are not on your own. However, getting a grasp on your P&L is crucial to knowing how to operate your business efficiently.

Almost all entrepreneurs start businesses because they are excited about the main work of the business - which probably isn’t accounting. Therefore most entrepreneurs aren’t fully at ease interpreting the regular monthly financial statements they receive.

There are countless entrepreneurs who never view their profit and loss statements because

Read more  
Posted in business, PayTraq U, Financial statements

Activity Stream – A Personal Information Channel For An Accountant

Accounting is like put together a puzzle. You need to assemble a bunch of different pieces to get a complete and beautiful picture of your business. The puzzle certainly should be set team up with your colleagues, partners and customers.

Accountant rendering services to several companies, places together the pieces of many patchworks simultaneously.

Certainly, an accountant needs to always be updated on the client’s business processes. The accountant is actively engaged in resolving various issues and is always on time. He always should know when to put the "needed" piece of the puzzle in.

Though how to switch swiftly between the companies without wasting time on looking for initial point of document processing and elaborating the plan of work? This can be done quickly and naturally, using PayTraq, since it offers personal information channel called Activity Stream.

Activity Stream is an information flow that is formed with records

Read more  
Posted in business, accounting, PayTraq features

What you should be expecting from your accountant.

Are you getting the following from your accountant?

  • An understanding of your business results BEFORE the tax year is finished?
  • A proactive level of attention and a sense that you are their priority?
  • A level of service that goes beyond your tax return and financial statement?
  • Education and business mentoring to help you become a business machine?
  • A macro view of your business, not just a micro understanding?

Many people have a misconception about what they can expect from their accountant.

Your accountant shouldn’t be just a bookkeeper.

In fact using PayTraq it is possible to run your own bookkeeping.
PayTraq allows you to quickly enter transactions, send out invoices, record expenses and easily reconcile your bank statements. You can even run your own reports whenever you want them.

As for being your own accountant, it’s probably safer to leave it to the experts. Accountants provide informed analysis

Read more  
Posted in business, accounting