Frequent Questions
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Invoicing software and accounting software are two distinct categories of software applications commonly used in businesses for different purposes, although there is often some overlap in their functionalities. Here are the main differences between them:
Invoicing Software
- Primary Function: Invoicing software is mainly used for creating, sending, and managing invoices.
- Invoice Issuance: Allows users to create professional invoices with details such as products/services, quantities, prices, taxes, and payment terms.
- Payment Management: Often includes features for tracking payments, sending reminders for unpaid invoices, and integrations with payment systems.
- Reports and Analytics: Typically offers basic reports and analytics related to invoicing and revenue.
Accounting Software
- Primary Function: Accounting software is used for a broader range of financial operations, including bookkeeping, expense management, income and expense accounts, balances, and financial reporting.
- Bookkeeping: Supports core accounting principles and standards, helping automate double-entry bookkeeping.
- Reports and Analytics: Provides detailed financial reports and analyses, such as balance sheets, income statements, cash flow statements, and more.
- Taxes and Regulatory Compliance: Usually includes features for managing taxes and ensuring compliance with local and international regulations.
Overlap and Integrations
Many modern software solutions combine the functionalities of invoicing software and accounting software into a single platform or offer integrations between separate applications. This facilitates business financial operations by providing a centralized system for all financial needs.
Conclusion
While invoicing software focuses mainly on the process of issuing and managing invoices, accounting software covers a broader spectrum of financial activities necessary for comprehensive financial management in a business. The choice between the two (or using a combination of both) depends on the specific needs of the business.
PINOMM is an online invoicing software that includes modules such as inventory management and reporting. In addition to these modules, the software also features a VAT calculation module, a module for social security contributions, and a module for recording banking operations like withdrawals, exchanges, and deposits. This comprehensive functionality enables your small business to track every financial transaction and obtain more accurate financial results.
The "Insurance Contributions" module is designed to automate and simplify the processes related to the insurance contributions of employees and employers. It allows you to create templates where you can specify the percentage paid by the employer and the percentage paid by the employee. The module also enables the creation of transactions marked with the operation "Insurance Contributions," indicating the payment method and the insurance period to which the contributions pertain. This ensures accurate calculation of expenses for both the company and the employee. Consult your accountant to understand the percentage distribution of costs between the employer and the employee.
Note: This module is a simplified version and should not be compared to the "Insurance Contributions" module of any accounting software available on the market.
The "VAT Module" is designed for accurate reporting of VAT accrued on your purchases and sales. This module allows you to track the generated VAT for the current and previous tax periods. It also provides the capability to create transactions marked as "VAT Payment" and "VAT Return," specifying both the payment method and the tax period to which the payment pertains.
PINOMM enables you to issue bilingual invoices as well as invoices in foreign currencies. The supported languages include Bulgarian, English, Russian, French, German, Spanish, and Italian.
We offer a 30-day free trial period during which you can use the software with all its features without any restrictions. After the free trial period ends, you have the option to choose the plan that best suits your needs, available on the homepage of our website.
If needed, PINOMM allows you to create accounts with different access levels and provide the login credentials to your employees or accountant.
Yes, after your paid subscription expires, you will still have full access to your information and files. However, your account will be limited in issuing invoices and creating new transactions. If you wish to continue using our services, you will need to purchase one of our offered monthly or annual subscriptions.
Proforma Invoice
A proforma invoice is NOT a tax document and is not accounted for in the books. It is used to inform your client that a payment needs to be made. Upon receiving the payment for the proforma invoice, a tax invoice must be issued.
Tax Invoice
A tax invoice is a primary accounting document that the seller uses to document the sale of goods or services to the buyer. It must be issued within 5 days from the date of the taxable event or receipt of an advance payment. Issuing an invoice results in the seller having a taxable income. Invoices created through PINOMM contain all mandatory elements in accordance with Article 114 and Article 115 of the Value Added Tax Act and Article 7 of the Accounting Act.
Debit Note
A debit note is a primary accounting document used to increase the tax base of a supply for which an invoice has already been issued. The debit note contains all the elements of an invoice, as well as the number and date of the invoice to which it relates.
Credit Note
A credit note is a primary accounting document used to decrease the tax base of a supply for which an invoice has already been issued. The credit note contains all the elements of an invoice, as well as the number and date of the invoice to which it relates.
