How long should the quotation time be valid forConsider a godsend opportunity if a client asks for a quotation, and with a quick and right response, a business deal comes your way. A business owner needs to know the art of pricing the right quote at the right time.

Quotation usually formulates based on certain requirements, and the client generally conditions it. It is a formal document that withholds the information which offers to sell goods or services at a specific price and under specified conditions.

It allows a potential customer to understand the cost of goods or services before purchasing them. When the seller sends the quote, it engages them to the correct price. That is why quotations are mostly valid when costs are relatively stable and provide an accurate estimate for the services/goods (labour, cost of raw materials, etc.).

Sometimes due to inaccurate estimations, the pricing can go high or low, which can create severe damage to the business. With the help of a quotation, you can decide pricing for a job or order, and the customer gets a precise cost for the work.

Importance of right quotation

If a customer approaches you for a quote, it means they’re interested or considering to do business with you.

The client’s approach shows that your service has value. And you look forward to closing the deal, but no need to celebrate just yet.

For many, quotation processes seem like a mere formality, but it isn’t. Many business owners can win or lose the game at this stage. So it’s very important to handle this situation correctly.

With the right approach, quote price works in your favour, and you can get a better response. Above all, you can pitch your services at the best price as per your condition.

Why is the quotation needed?

Price quotes are an integral and essential part of any business, especially if we talk about service businesses.

What does all a quotation include?

The quotation details should be relevant to the job or service you’re planning to offer to your customer.

Standard business information: It includes information about your company name, address, the client’s details, a customer ID number, and a quote number.

Price: The pricing includes overall total and itemized entries explaining each component. The information contained is open and detailed, but not too much detailing as it becomes more confusing.

Any applicable taxes: It includes sales tax or GST of your registered business.

Due dates: The specified time indicates for delivery of the products or services.

Payment terms: Go through all the invoice payment terms options at Imprezz for useful tips on getting paid faster.

A validity date: A regular quotation date lasts for 30 days, starting from the quote date.

Terms and conditions (T&Cs): The terms and conditions should be written in plain language to avoid confusion.

E- signatures: Your and customer’s E-signature should be present, along with the date. It helps potential clients to approve quotes and provide instant receipts.

Note:- A good quote is brief yet accurate and comprehensive. Reliable accounting software helps to prepare price quotes that look professional, with all the necessary information.

 Imprezz software quickly converts your quotations to invoices. You can generate unlimited customized quotes with the help of few clicks.

Quotation time

The requirement of validity date

A useful quotation tool allows you to calculate the cost and the profit margin efficiently. One should know how long a quotation time is valid for? The quotation template clearly states the price and terms of your offer with a valid period, such as 30 days.

It’s advisable to use the date of the proposal as the beginning of the validity period. The fluctuations in the market don’t affect the accepted quote for that particular time. The validity period allows the customer to make a final decision within a fixed time frame.

Otherwise, in many cases, the customers negotiate and only accept the date as valid, the day they receive the document.

At Imprezz software solutions, users can customize the quotation template or use a standard quotation template. The personalized quotations are valid for 30 days from the date of issue and process your work faster.

The quotation tool includes time with a specific validity. Once the quotation period is expired, a new quotation will be needed.

When can a quote change?

A price quote doesn’t change once accepted by the customer. But sometimes, due to unforeseen conditions, the customer may change their requirements.

For example, you run a small company dealing with computers for a specific client. If a client requires machines with more GB in the new PCs, you may change the specified quotation due to upgrading.

In such situations, it’s acceptable to negotiate a price increase. In other words, it would be best if you discuss everything in detail with your client first. Hence you can provide a new or updated quote covering the changes.

Note:- If a customer rejects your quote, ask them politely for the reasons. It helps to improve your sales and to quote processes.

Conclusion

In the end, a quotation is the first formal document any customer receives from you. If you manage to project it right, that first impression will count and lasts forever.

However, a secure and transparent procedure is useful in the long term. Do opt for an excellent software tool that can help you streamline your quote and sales cycles, cut down on approval time, boost client engagement, and increase conversion rates.

Our accounting software allows you to learn and improve your quote process. At Imprezz, we help you guide through all the steps.

Do small business owners need a GST Id number, to run the business in India? As per the GST Act, if your financial turnover is above Rs 40 lakhs, then you need to register under GST. For northeastern states and hill states, the limit is ₨ 10 lakhs.

A GST or The Goods and Service Tax is a single or indirect tax applied by the Government of India. If you are running any online business or providing service like the hotel, restaurant, shopping, factories, etc., the Government charges GST.

Under the GST regime, every business holder gets Goods and Services Tax Identification Number (GSTIN) or a GST Number. Every registered person receives a unique identification number. The Tax identification number help income tax authorities to maintain records of GST dues and payments.

Note:- No organization or business can carry on business without registering under GST guidelines.

No organization and business can carry on business without registering under GST guidelines. Incorrect GST Returns entries, results in rejection of the input tax credit, in addition with penalties.

Who is eligible for the GST number?

Before applying for registration process for GST, one needs to meet the following criteria:-

Other requirements

A small business owner is eligible for GSTIN under these guidelines:-

  1. You are located in one state but selling goods or services in another state.
  2. If you are using e-commerce platforms like Flipkart or Amazon to sell your products.
  3. Your business involves the export and import of things.
  4. If you are generating tax invoices for your customers.
  5. For the reverse charge mechanism, you are eligible for tax.
  6. In case you work on behalf of the registered taxpayer.
  7. Working as an Input service provider (ISD).
  8. If your company involves as a Casual Taxable Payer in any event outside your residing state.
  9. Operating an e-commerce site or have an aggregator business ( one who supplies service under his brand name).
  10. You are providing overseas OIDAR (Online Information Database Access and Retrieval) service to India.

Benefits of registering under GST

As a small business owner, you can find many advantages of GST registration. The benefits are easy to reap in the long run.

  1. The sales tax paid to the Government can come down. You only need to pay for the added value done by your business.
  2. The GSTIN is basically a symbol of validity. It helps to give you identity for your clients, e-commerce platforms, government tenders, banks and financial institutions, MNCs, and more.
  3. As per GST council guidelines, only one return to be filed under GST. Hence there is fewer compliance you need to follow to claim services tax GST.
  4. GST has explicit provisions on the inter-state movement of goods for e-commerce brands.
  5. Composition Scheme, a simple and easy scheme for small taxpayers. The scheme comes under GST for taxpayers. It reduces tedious GST formalities and pays GST at a fixed rate of turnover. It is ideal for any taxpayer whose turnover exceeds is less than a crore.

What are the consequences in case your business evades GST laws?

If your business comes under recommended guidelines of Goods and Services Tax, then applying for GST registration is essential. If you don’t follow the prescribed rules and regulations, then your business is liable to pay fine.

In some cases, you might lose your business. The reason behind it is, that various vendors, suppliers, and customers with whom you are working have to register under GST. Hence, if you are not paying taxes, then others who are working with you, will pay additional charges on your behalf. This type of work management doesn’t last for a long time.

Therefore if you are a self-employed person or have a startup business owner GST registration is a must. Even though if your annual income is less than Rs 20 lakh, it’s better to get yourself registered.

Note:- Through GST, the Government of India rates your business. The buyers and sellers of your business are well informed about the rankings.

Under Compliance Rating Score (CRS) in GST rules, the Government ranks your business as per your GST tax-paying habits. Depending on the ratings, your business can suffer badly.

How to register your small business with GST?

Registration for GST is a straightforward and easy process. With the GST portal, you can easily apply for GST registration. Several firms provide professional services for online registering your business with GST.

Imprezz solutions offer a wide range of services compliant with GST. We have multiple features that create a secure work environment for your business. From GST invoices or filing the returns, we offer assistance at every step.

Essential documents required for GST registration

To register for GST, the following documents are required:

How to file GST returns?

In India, for every business, there are a total of 37 returns to be filed every year. It includes three returns per month and one annual return.

Note:- It is only applicable if your business is covered only in one state.

But if your business is operating in multiple states, then the total number of returns filed is more. Nowadays, online and digital format is accessible to finish all the work. Nowadays firms no longer entertain paper ledger books and account books.

Imprezz software offers an easy and quick solution for its clients. Our GST Export tool assists you in exporting a GST income file, which saves a lot of time. It helps to file your GST returns effectively and on time without any delays.

How do we help?

In India, as a small business owner, it is essential to be GST compliant. At Imprezz we offer a wide of accounting software which is simple to understand and helpful to claim GST. Our company tools are highly advanced to create GST compliant invoices, customized quotations, record expenses, track inventory.

For GST tax returns, you can access income and expenses through an easy export of file for your GST returns filling.

Conclusion

Lastly, with GST registration, you can do business functions legally. It is useful to establish your brand as a trustworthy, authentic one in the marketplace. With the simplified processes at the GST portal, it has become easy to obtain GSTIN. Applying for registration to filing returns through a few clicks, the task gets completed easily.

GST registration is the first step to manage your company taxes efficiently while maintaining a clean record. Imprezz assists all its customers in a convenient, transparent, and hassle-free procedures.

Get all and more features through Imprezz, register here for a free 14 days trials.

Good payment terms - How you get your money fasterNowadays, making a business successful needs innovation and quick money. Your business climbs the success ladder if you get your payment money faster. In present times everyone wants to master the tricks of good payment terms to get money faster. In other words, the cash flow remains intact, and you efficiently manage the money cycle for set number of days.

The good payment terms are important for getting paid on time. There is no hidden science behind this approach. With the use of simple and secure financial tools, you can get your money faster.

Regular cash flow is the most important factor in managing a business. It provides a promising picture to the investors regarding the company’s growth. But to create such an image, one needs to have a steady cash flow.

The biggest concern faced by many businesses is the timely payment of invoices by clients within 30 days. Even though after issuing invoices, most companies don’t get timely payment for their services. And to keep up with a positive business cash flow, it is essential to get money faster.

5 Effective payment terms to use

1. The art of writing payment terms in invoices

It is necessary to learn how to write proper payment terms in invoices. Otherwise, if such things are left unattended, it may cause major damage to your business.

Firstly, the payment terms should be short and precise. It should keep the customer’s attention to stay alert. And also conveys a clear signal to the customer to pay up on time.

Secondly, the late fee terms/rules mentioned in the invoices helps the client to understands them correctly. Similarly, offering an incentive to the customers is one of the best options.

It is helpful to secure a better payment term for your small business. For example, you can offer free shipping or new discounts for future business.

Thirdly, offer a variety of payment methods to the clients. For example, PayPal, credit card and even bitcoin etc. Allow the clients to opt for comfortable payment options. A trusting payment method ensures the payment of invoices is on-time.

Imprezz financial tool has created a perfect blend of useful technology for generating effective invoices. The trusted invoice tool allows the customer to develop secure and customized invoices for easy payment. It also helps to keep a tab on accounts receivable of payment.

2. Effective payment terms reminders

Sometimes a client cannot make timely payment of invoices due to various reasons. If you give a certain amount of time extension for the payment, then it may cause further delay. The client might forget about the invoice at times.

Sending friendly reminders to clients is a simple way of getting paid on time. One should email or send SMS to the client before the deadline of the invoice.

Such reminders about the pending invoice do help in up-to-date processing of the payment. Besides, sending out reminders also allows the owner to up-sell his products and services.

Imprezz software tools offer innovative reminder options to their customers. Our service ensures to optimize digital communication processes for the customers by using the Dunning process.

The practical option allows companies to control the reminder messages for payment defaulters. The emails sent to your customers inform them about the payment failure. It suggests them to make the payment or update the payment method.

3. Easy way to understand Dunning Process

With the use of this feature, you can send email reminders to your customers. It helps them to update payment details and schedule payment retries at intervals. Hence it ensures money is easy to recover. Dunning applies for various payment options.

4. A good customer relationship

A good customer relationship helps to prioritize the payment and quick release of the money. To create a valuable customer relationship, proper etiquette and minding manners help release fast payments. While generating timely invoices, this emphasis of words looks quite influential.

Using simple words like ‘please’ and ‘thank you’ for customers looks professional. It further helps to reduce payment delays and conveys the customer that the company keeps its interest as its priority.

A specific discount on early payment of invoice helps to improve and strengthen the customer’s relationship with the company.

Our company Imprezz creates payment reminders for their clients as per the requirements. Any payment delays are quickly informed to the customers by the efficient tool. You can send invoice reminders manually, through call or the software system sends automatically for the clients.

5. Personalized text payment terms reminders

Regular payment delays by clients further delay the set financial goals for your company. Hence it affects the delay in salaries of employees. So pushing clients to release payment on time becomes challenging at times.

Defaulters, payment reminders, late payment notices, and other traditional money collection approaches result in huge expenses and reduced profits. Therefore digital messages for payment reminders are an efficient, effective, and quick way to reach out to the clients.

With the use of compelling text messaging platforms, you can automatically send payment reminders to late payers. Personalized messages, along with account details, follow up confirmations, are a few of the helpful methods. Imprezz solutions allow customized invoices payment terms to their clients.

Similarly, customized text reminders create a sense of urgency. It reinforces the value of timely payments to customers. Due dates and other useful information included moving customers to submit their payments on time.

Nowadays latest automated messaging software templates allow you to create a message with full instructions. The concise text message includes the crucial details which are easy to follow up by their customers.

Payment terms

Various payment reminder/ message

Invoicing software tools are helpful

With the use of invoicing software tools, payment management saves a lot of time. It reduces manual work, saves time, and is automated on days to pay.

Checkout www.imprezz.in to create personalized invoices securely for small business owners.

Note:- With the help of invoicing software tools, cash flow is regular and hassle-free.

Conclusion

Lastly, many companies face payment delays due to various reasons. But advancement in technology has made this an easy task, now you get paid faster. With effective and innovative ways, you can offer your client with good payment terms. It helps to create a satisfying customer relationship for future business.

A streamlined invoice process is necessary to stay in the competitive world.

Timely payments largely depend on the ability to make customers happy. To achieve this, excellent services and quality relationships is the key. Keep things short and straightforward when dealing with clients. A wide variety of features regarding software tools offered by us ensures that you get paid on time.

Imprezz is the place to explore to understand the accounting software.