How Does It Work?


Real-Life Business Cases

How PayTraq can help businesses to work more efficiently and save time

Small Wholesaler
A company specializing in wholesale supplies of foods and drinks

Staff – 2 people
Accounting – a bookkeeping service provider, 1 person
Monthly average supplies (issued invoices) – 69
Monthly average purchases – 4
Other business expenses documents (average) – 25
Primary documents processing – carry out by accountant, every Monday
Sales invoices are issued with each sale
All tax reports are submitted (VAT and payroll reports) on a monthly basis


Monthly scope of work and workflow

Performed by employees
Issuing of sales invoices – 2 to 5 minutes per invoice
Purchasing data entry – 5 to 7 minutes per invoice
Performed by outside accountant
Business expenses and checks entry – 1 to 2 minutes per document
Bank statement import and reconcilliation – 10 to 15 minutes a week
Payroll accounting and reporting – 5 to 10 minutes
Drawing up, checking and submitting VAT return – 10 to 15 minutes

Total working hours

Staff - 4 hours and 25 minutes a month on the average for issuing sales documents, incoming bills registration and inventory management
Outside accountant - 2 hours a month on the average for maintaining accounting records and preparing tax reports

Commercial Property Lease
A company managing business rentals and offering warehouse and office spaces for lease

Staff – 1 person
Accounting – a bookkeeping service provider, 1 person
Monthly average bills – 10
Other business expenses documents (average) – 8
Primary documents processing – carry out by accountant, every Monday
Bills to clients – the 1st day of each month (generated automatically)
All tax reports are submitted (VAT return and payroll reports) on a monthly basis


Monthly scope of work and workflow

Performed by employees
With PayTraq, drawing up and issuing new invoices are automated (periodic invoices) and does not require any personnel or accountant input – 0 minutes per document
Performed by outside accountant
Business expenses entry – 1 to 2 minutes per incoming bill
Bank statement import and reconciliation – 2 to 5 minutes a week
Payroll accounting and reporting – 2 to 5 minutes
Drawing up, checking and submitting VAT return – 5 to 10 minutes

Total working hours

Staff - 0 minutes a month on the average for issuing accounts of sales
Outside accountant - 1 hour a month on the average for preparing and maintaining accounting records

Retail
A retailer specializing in children’s goods

Staff – 9 people
Accounting – a bookkeeping service provider, 1 person
Monthly average sales – 860 products
Average sales receipts – 400
Monthly goods purchases – 1
The average number of business expenses documents – 18
Primary documents processing – carry out by accountant, daily basis
All tax reports are submitted (VAT return and payroll reports) on a monthly basis


Monthly scope of work and workflow

Performed by employees
Sales and payments registration – up to 1 minute per receipt
Registration of online placed orders – 0 minutes with PayTraq integration with the online store
Performed by outside accountant
Business expenses entry – 1 to 2 minutes per document
Goods purchasing data entry – 5 to 10 minutes per invoice
Bank statement import and reconciliation – 10 to 15 minutes a week
Maintaining cash transactions and cash book – 10 to 15 minutes a week
Payroll accounting and reporting – 15 to 25 minutes
Preparing, checking and submitting of VAT returns – 10 to 15 minutes

Total working hours

Staff - 3 hours and 20 minutes a month on the average for issuing sales receipts and payment registration
Outside accountant - 2 hours a month on the average for preparing and maintaining accounting records

Design & Development
A small company specializing in website design and development (not registered for VAT)

Staff – 2 people
Accounting – a bookkeeping service provider, 1 person
Monthly average sales documents – 10
Monthly average business expenses documents – 2
Primary documents processing – carry out by accountant, monthly basis
Payroll reports are submitted on a monthly basis


Monthly scope of work and workflow

Performed by employees
Drawing up invoices to customers – 1 to 2 minutes per invoice
Business expenses entry – 1 to 2 minutes per document
Performed by outside accountant
Import and bank processing – 5 to 10 minutes a month
Payroll accounting – 5 to 7 minutes a month
Preparing, checking and submitting payroll reports – up to 5 minutes monthly

Total working hours

Staff - 15 minutes a month on the average for issuing sales invoices and incoming bills registration
Outside accountant - 15 minutes a month on the average for preparing and maintaining accounting records

Marketing & Advertising
A company specializing in online promotion and advertising

Staff – 12 people
Accounting – a bookkeeping service provider, 2 people
Monthly average sales invoices – 95
Monthly average received bills – 65
Primary documents processing and bank reconciliation – carry out by accountant, daily basis
VAT returns preparing and filing on a monthly basis


Monthly scope of work and workflow

Performed by employees
All invoices generated in online CRM system automatically are forwarded to PayTraq with the use of API – so 0 minutes per invoice.
Performed by outside accountant
Business expenses entry – 1 to 2 minutes per document
Bank statement import and reconciliation – 2 to 5 minutes a day
Payroll accounting and reporting – 10 to 15 minutes a month
Preparing, checking and submitting of VAT returns – 10 to 15 minutes

Total working hours

Staff - 0 minutes a month on the average for registering sales documents
Outside accountant - 3 hours a month on the average for maintaining accounting records and preparing reports

Still not sure will PayTraq be suitable for your business?
Just contact us in case of any questions.