I have a question, will there be an invoice sending facility in Parpera? If no I would like that to be one of the features. If yes, will it be multicurrency?
Yeah definitely would be a premium having invoice and quoting and be able to balance everything and payments in the one system. If you can make it to the point of not needing separate invoicing and quoting software and possibly have a basic BAS calc this would peak people’s interest from the perspective of saving money in software and everything being in the one system
@Vikram - thanks for your suggestion!
We’re working on building an invoicing feature within the app
The ability to issue an invoice to a foreign entity should be possible.
To better understand your suggestion on multi-currency invoices, would you be seeking for the invoice to be issued in a foreign currency and the payment to be received in that foreign currency? (e.g. send a US-based customer an invoice in USD and receive payment in USD)
OR, would you be seeking to send the invoice in USD and received the payment in AUD?
Hey @Thomas - great to have you here!
Good idea on the quoting part of the process. I’ll chat to the team to explore how that might fit into the overall invoicing process. I appreciate it would be a big pain point, in terms of issuing quotes and then invoicing based on them, once your work is complete. We’ll have a think about this one
How often are your invoices different to the quote you’ve issued for the job? Would you often need to edit the original quote before you send the final invoice?
A lot of time you wk get something approved and either add variety of extras or remove or change prices for the final. Currently I can approve a quote and turn it into an invoice and then you can make the changes to the invoice which can be edited. Or other times need to change and resend an approved quote. Would be good to have an approved function of a quote to move from say a sent quote to approved then can be converted to invoice.
Also key things would be tracking when an invoice or email from that is opened and when as people try to say they never received it! I’m assuming the rest will be based on the banking side eg reconciliation of payments coming in and out / expenses.
Having a basic BAS calculate function would also be great for people who do it themselves. In this regard they may need the option to ad expenses and pay enter in cash etc of you go down that track.
Other then that to be able to get a full breakdown of expenses per business or category would be needed and most importantly would be having the function to set expenses as personal drawing or owner funds introduced. These two are absolutely key to be able to have the system correct with the option for these to added to expenses but not be expenses for tax perspective and owner funds introduced as a means of not income payment.
Let me know if you have anything else you want to ask.
As a former Monzo customer in the UK, I think this would be a good product feature benchmark for Parpera here in Australia
I think that if I send out an invoice in AUD, I should get paid in AUD with automatic conversion rate applied. It doesn’t matter in what currency the client pays.
@Vikram - agree with you here!
I like the idea of seamless currency conversion… the receiver of the invoice should see it in their currency (with the AUD equivalent highlighted below) and the when you get paid, you should see it in AUD, with reference to the original currency paid and what conversion rate is applied (this can potentially be listed in a more detailed subview) - thoughts?
I’ll note it as part of features to consider for invoicing
Btw, how often do you find yourself sending invoices to international recipients?
I like the idea of being able to add a quote, amend it, and change it to an invoice once agreed. It will require some effort to think through the complexity to get it right. I’ll chat to the team to see where it can potentially fit in the product roadmap
Which tools do you currently use to perform this task?
Definitely seeking to have invoice tracking and reconciliation
Auto- and manual categorisation of expenses and owner payments also on the roadmap
Tax identification and reporting capabilities are on the roadmap but will take some time to develop
I’ll let you know when we’re working on some of these capabilities and test your thoughts on our designs
Signup and have a look at another Aussie company I use they will give you a 14 day trial. They do invoicing etc and have been going about 2 plus years now. They fit in with your target markets too. Might give you an idea how they laid it out. Has taken them about two years to get features that work for Aussie small business etc but easy to use and enough features to not need a bigger platform like Xero which overcharge. Or maybe you can talk to them. They add more and more features all the time but they started with the absolute basics
Their platform is basic but good and easy to use on mobile. Rounded.com.au
All Aussie and awesome support. Which is what kept me there when they didn’t have all features I need. You don’t need full tax just the ability to use the data from the invoices and payments reconciled to give the BAS numbers I think it’s only three amounts now. Roy tax isn’t overly important as most businesses will use an accountant and as long as the numbers are available the accountant can sort rest.
Most important is bank fees import but I guess as you will do both this isn’t a problem.
Invoices and quotes and their layout is key. Also note people will want to call it quote, estimate or proposal. You need to keep that open as quote might not fit all business to call. That’s a big one to think about.
Other then that the rest can be handled later but the big three are ability to reconcile, ability to do invoices and quotes and track expenses from the bank feed two businesses showing totals on how much are spent at each one.
Maybe rounded can work with you on your platform even as they are Aussie focused bookkeeping cloud software. I wouldn’t be opposed to a monthly fee personally if it included the sortware and banking. Ideally free but it wouldn’t turn me off since nearly all banks change business account monthly fees except Bankwest. However that’s entirely up to your team if you want that aspect in house or whatnot. I just know they only do accounting and it’s taken them years to get to a level where they have sufficient features to stand on their own feet.
One other thing. How would banking cheques that someone might get. Would there be an option for post office deposit or some partnership of would this require another bank.
Not that they are that common anymore but you do get some business and some older people that prefer cheque payment.
Thanks for all this info @Thomas. Rounded looked good, indeed very simple and intuitive and very similar to our roadmap interms invoiving and expense tracking.
When you say invoice/quote layout is key, are they very flexible with their invoice design? Or have they just got a default layout thats very nice and suites most businesses? We’re looking at the variations of invoices between different business.
Have you had any specific invicing layout requirements?
I believe it’s just the one predefined layout.
You can change logo etc but I think the layout is pretty standard and simple/clear
Ah awesome, a template that works for everyone is to easier build, maintain and use! That format is very similar to our invoice design, you can change logos and some text and obviously edit line items.
Also, check out the following comparison between Tide and Coconut in the UK. Keen to hear your thoughts
Xero I know allows for uploading an invoice layout and theme to it but generally speaking there would be very limited business that need that amount of flexibility in the invoice layout.
It’s really there to get them paid and for the customer to keep records of or for tax. Usually I would imagine if someone has that high requirements to have invoice laid out in a particular format they will likely be a larger company or need a specific software anyhow.
I don’t know anyone that cares what the invoices look like after its been set up.
Honestly banking and invoicing software in one system will definitely peak interest of lots of people especially those starting out in business themselves and I’ve constantly heard the complaint that they thinks it’s utter BS they are paying $50 a month for Xero for example. Big selling point. These are guys who finished their apprenticeship and just doing their own stuff and that’s a fixed fee each month to invoice their clients.
They both seem easy to use. I wonder if you have the flexibility to edit it if you are doing it on a desktop or will i be just app based?
I haven’t investigated their website, but I imagine the level of invoice customisation would be the same regardless of whether you’re using the app or the website.
My business banking is with NAB, and I’ve just gone ‘Premium’ with Xero to see how amazing it’s going to make my life with respect to automating my payroll/super/banking reconciliation and STP (Single-Touch Payroll) reporting to the ATO - I’m a freelance IT professional with my own Ltd Co and right now, the use case is me paying myself a Directors salary. Thought I’d share my high/low’s of this experience as I feel like there’s an opportunity for Parpera to streamline the journey.
The TL;DR - Payroll payment is NOT automated and still manual via your Business Bank. Despite Automated nightly feeds from your Business Bank - reconciliation of Payroll payments from your Business Bank back to your Accounting suite isn’t as straight forward as it should be.
The journey… (so far)
Adding an employee (me) - very detailed, simple and slick. Covered all the key aspects that I’d expect and more.
Running payroll - nicely automated. Payslips, appropriate entries into your chart of accounts, Super Guarantee approval/payment workflow and STP reporting to the ATO - tick, tick, tick (looking real slick so far!)
So … my books and ATO reporting are all in order … but where’s my money?! (this is where the slickness turns sticky, and not in a good way!)
Spoke with Xero support and they advised I have to pay myself manually via my Business Bank account - or download the ABA file that’s generated via the payroll run and upload it into your Business Bank. Geez, bit of overkill for just 1 employee … so I just setup a recurring payment in my NAB Mobile Banking App to pay myself the set gross amount each month so I wouldn’t have to log-in each month as I’m running payroll to actually pay myself. Pain Point 1
Few days later, I’m paid (yay). Log back into Xero and notice I have 2 transactions from my NAB bank feed to reconcile. 1. the debit amount for my Super, 2. my after-tax pay into my personal account. Thought this would be an easy ‘Find & Match’ as it usually is with the Invoice/Sales workflow… Nope - turns out I need to create the entries? But when I do, they end up duplicating the ones automatically created via the Payroll run. Still waiting on Xero Support to help me figure this one out, but it’s definitely not as frictionless as I’d expected Paint Point 2
Appreciate this is a massive post - happy for anyone in the team to reach out if they have any questions