PayTraq Blog

PayTraq.com - Online Accounting Software

Direct Integration with Swedbank Gateway


Starting today, all Swedbank customers can take advantage of using an e-banking channel for automatic uploading of bank statements to PayTraq and receiving notifications about both incoming and outgoing payments.

Electronic banking channels, also known as bank feeds, are becoming increasingly popular offering the benefits of fully automated banking operations for accounting. With bank feeds, you can say goodbye to time-consuming manual operations and out-of-date method of exporting bank statements from Online Banking with their subsequent importation into the accounting system.

By integrating with Swedbank, we are opening a new direction in extending the functionality of PayTraq which is aimed, as always, at automation of your business processes and improving efficiency due to time savings and improved accuracy of the data entered.

With Swedbank Gateway, you no longer need to enter your Online Banking to export your bank statement and check your balance. Your current bank balance is now available

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Tags: accounting, updates, bank feeds, integrations

Invoice Design

Dear friends, we are very excited to share some great news with you!

We’ve recently added a customization option for your sales documents so now you can choose themes for your invoices, estimates, sales orders and pro forma invoices. From now on, your invoices will be the reflection of your mood!

We offer as many as five new themes. You can check them out in your My Company –> Sales/Purchases –> Document Templates settings using a specific document template (PDF Theme drop-down menu). Try them all and pick the one you like the most!

Let’s begin our journey through the themes.

Business

BUSINESS is a default theme. Conservative and austere, it says, "We’re a serious company". This theme can be used for any business activity.

Live

LIVE is all about colors and emotions. You don’t like boring bills and invoices? Add some color

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Tags: accounting, updates, e-invoicing

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

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Tags: business, accounting, PayTraq features

What is an account in accounting?


If we are referring to an account with regard to accounting, then it carries a completely different meaning compared to what the majority of people are accustomed to. The use of the word account generally sparks ideas of an account with a bank. In the world of business, account could relate to a customer. Under this meaning, an account is another entity or person for whom a business acts as a supplier, and with whom there may be an outstanding accounts receivable balance.

These two concepts are correct, however in accounting the word account represents an entirely different meaning.

The word account in everyday language is also used as a substitute for an explanation or a report of certain actions or events. In order to explain or to report, you will, of course, have to remember what you were doing or what happened. As it is not always easy to

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Tags: accounting, PayTraq U, 101

What is a Chart of Accounts?


Any time you are establishing an accounting structure for your business, a chart of accounts is among the first things you will need to put in place to get your bookkeeping up and running.

Fortunately, with an outstanding web-based accounting system, establishing your chart of accounts is simple to perform, and in no time, you will be on the road to setting up your company’s financial records!

Before we discuss just what you’ll find in a chart of accounts, we have to answer these questions - what, exactly, a chart of accounts is and why it’s so important.

A chart of accounts is an ordered listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. Each financial transaction is assigned to a specific account. For example, a business needs and should want to know where

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Tags: accounting, PayTraq U, 101

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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Tags: business, accounting

Periodic vs. Perpetual Inventory


Before getting ready to sell goods, every entrepreneur should decide for himself what system of inventory his business will be using. Companies may use either the perpetual system or the periodic system to account for inventory.
The choice of the system should be fixed in the company’s accounting policy. Workflow organization, content and frequency of various internal reports, selection of accounting and inventory management software - it all depends on this significant choice.

Periodic inventory system keeps the inventory balance at the same value that it was at the beginning of the accounting period. At the end of period, the inventory balance is adjusted to a physical count.

Under the periodic system, merchandise purchases are recorded in the purchases account, and the inventory account balance is updated only at the end of each accounting period. Thus cost of goods sold account does not exist during the accounting period. The

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Tags: business, accounting, warehousing, inventory

Practical guide to select an accounting software

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Tags: accounting, software, practical guide

Green Light

In this article, we will focus on the main PayTraq dashboard, financial indicators and methods of their calculation and evaluation.

The main documents used in accounting are the balance sheet and profit and loss statement. These two documents are the basis for analysis and business planning.

First of all, let us explain what a balance sheet and profit and loss calculation are:

A balance sheet is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. An asset is something that is owned by a company, such as property, equipment, inventories, cash balance and accounts receivable. A liability is a source of funds for a company, includes chartered capital, retained profit and debts.

Profit or loss statement is a summary of income and expenditure items of an enterprise during the accounting period. The profit or loss for the accounting period is a

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Tags: business, financial analysis, accounting