PayTraq Blog

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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

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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

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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

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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

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Posted in business, accounting

Get paid faster by starting to use online payments options.

Sometimes billing can be a cumbersome process especially for companies with small staffs who would rather focus on growing their company than sending out invoices to customers. Even after these invoices have landed in client inboxes, there’s no guarantee that you will be paid in a timely manner.

According to statistical data, invoices with an option to pay via PayPal or credit card receive payments much faster (actually twice as fast) than invoices without an online payment option. Letting your clients pay online means that they can pay you faster – no more waiting for a wire transfer.

We’re excited to announce the next PayTraq update to help you get paid faster: PayPal and payment gateway integrations. With this new feature, you can accept PayPal or credit cards payments straight from the online invoice link.

You can easily enable PayPal online payment option for your invoices. All you need

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Posted in business, online payments, invoicing