The process of integrating is simple:

1. Create FREE account to Margn.
2. Copy API token from Your Toggl personal settings to Margn (see the picture below where to paste it; time tracking settings are in the settings menu). 
3. And You are ready to bill Your time entries!

Price for a single entry is taken from Toggl: the hourly rate designated to the project. If this is undefined, the price is taken from system article.

Have fun and let us know (support@margn.com) how could we improve Margn and Margn-Toggl integration!

Margn tries to solve all kind of problems that may occure in international transactions. Here are three main solutions.

Invoice customization
You can create different invoice template for every language by making adjustments to texts and design. If you need to send invoice to your Finnish customer, you can make Finnish invoice template for it. But of course you can make default design for all international invoices. Read news and instructions about invoice customization from here.

Multi-currency
Margn supports multi currency transactions for international trade. You can choose between the most common currencies used all over the World and all transactions related to currency rates are automatic. When inserting payments in different currencies, gains and losses from currency exchange is calculated automatically, although bank charges have to be inserted manually.

Multilingual
Margn has currently two languages to operate in (Estonian and English). But everyone can help us translating Margn to other languages. If you would like to help us, send us a message to support@margn.com. Support to multilinguality gives chance for international partners, customers or others to access Margn.

Integrating with Toggl is logical step for Margn team as the team has used the tool for nearly three years and recommends it to everyone who asks which time tracking tool to use.

Everyone who has Google Account, can log in to Toggl without registering. And we believe that Toggl is so easy that everyone can use it.

To integrate Margn with Toggl you need to insert your Toggl API Token to Margn. You can find it from “My profile” (token is situated on the bottom right of the page). By using Token, Margn can access your time entries when You open the time entry feature. Insert API Token to time tracking settings feature that can be found from the settings menu:

N.B.: API Token is user, not organisation based. You can see your time entries in every organisation accounts, even on the demo organisation. No other user sees it.

Feature has one other important setting: default article for time tracking. This is the article that will be set to every invoice row created from time entries. Before marking which item to use for time tracking, create an article in the Purchase and Sales Articles feature.

To view and manage time entries in Margn go to dashboard or to the insertion menu where you can find time tracking feature. You can sort time entries by projects and workspaces by pressing the table header and search time entries by date.

You can add time entries to older invoices and create a new invoice. For this, check those entries you need and press the button you need (add to existing invoice or create new one). Default values will be set by Margn:

• Item – default article for time tracking, description is time entry description;
• Quantity – time entry duration in hours (3 h 30 min is 3.5);
• Price – project time (change it from Toggl project manager).

Register with Margn here.

We’ve got lots of questions about item rows in Margn:

• I would like to see code column in item rows?
• I don’t want to show discount column, is that possible?
• I have the same tax to every row. I would like to see tax amount only in the summary. Is that possible?
• Can I change the font and text size?
• I don’t like the table headers, I’d like to make some changes, how can I do that?
• etc

All of those questions are answered now. There are lots of things that cannot be done with item rows, but we believe most of the problems are now solved.

Generally when opening item rows designing feature there are two sections:

1. Which columns will be showed in invoice?
2. What is the style of the rows?

You can add up to 10 columns to invoice. By default, Margn uses this solution:

• Item description
• Quantity
• Price
• Subtotal

And there are three fields that you can fill for every column:

• Type – this is the type of information Margn sets to invoice;
• Name – the name value will be set header;
• Width (%)  - this is the column width percent.

For example if you need to add discount column, do as in the following picture:

In addition to column descriptions you can change table style: font style and size and background colors.

Invoice design feature is divided into eight components. Seven of them can be edited directly, the last one – item rows has some editing limits.

Every other feature lets you to edit data as you are used to do this in Google Docs, Libre Office or Microsoft Word. Actually you can import your own design to Margn by pasting it to invoice design feature.

When pasting design to Margn, you have to understand that in order for Margn to understand invoice information, it needs special expressions for it. For example ${invoice.invoice.number} means invoice number.

Different components that Margn uses with invoices, are:

• ${invoice.invoice…} – invoice information;
• ${invoice.date} – invoice date (has to be separated from invoice in order to get correct date format);
• ${invoice.deadlineDate} – invoice deadline date (has to be separated from invoice in order to get correct date format);
• ${invoice.customer…} – customer information;
• ${invoice.articles…} – item rows.

Invoice info is divided as follows:

• Invoice number – ${invoice.invoice.number}
• Currency (EUR, USD, GBP etc – in order to get €, $ or £ type it manually) – ${invoice.invoice.currencyCode}
• Discount % (format is 5 not 0.05) – ${invoice.invoice.discountPercent}
• Tax % (format is 5 not 0.05) – ${invoice.invoice.vatPercent}
• Reference number – ${invoice.invoice.referenceNumber}
• Creator name – ${invoice.invoice.creatorName}
• Sum without tax – ${invoice.invoice.sumNoVat}
• Sum with tax – ${invoice.invoice.sumWithVat}
• Tax sum – ${invoice.invoice.taxSum}
• Penalty percent (format is 5 not 0.05) – ${invoice.invoice.penaltyPercent}
• Rounded sum – ${invoice.invoice.roundedSum}
• Sum paid – ${invoice.invoice.sumPaid}
• Printable extra information – ${invoice.invoice.printedInfo}
• Invoice registration code – ${invoice.invoice.code}

Customer information:

• Customer name – ${invoice.customer.name}
• Code – ${invoice.customer.code}
• Registration code – ${invoice.customer.registrationCode}
• Address – ${invoice.customer.legalAddress}
• Country – ${invoice.customer.legalCountryCode}
• Postcode – ${invoice.customer.legalPostcode}
• VAT number – ${invoice.customer.vatNumber}

Organisation information:

• Organisation info – ${invoice.organisation.name}
• Code – ${invoice.customer.code}
• Registration code – ${invoice.customer.registrationCode}
• Address – ${invoice.customer.legalAddress}
• Country – ${invoice.customer.legalCountryCode}
• Postcode – ${invoice.customer.legalPostcode}
• VAT number – ${invoice.customer.vatNumber}

Item rows:

• Description – ${invoice.articles.articleName}
• Unit – ${invoice.articles.unitCode}
• Item code – ${invoice.articles.code}
• Quantity – ${invoice.articles.quantity}
• Price – ${invoice.articles.price}
• Discount % (format is 5 not 0.05) – ${invoice.articles.discount}
• Tax % (format is 5 not 0.05) – ${invoice.articles.vatPercent}
• Row sum without tax – ${invoice.articles.sumNoVat}
• Row sum with tax – ${invoice.articles.sumWithVat}
• Row tax sum – ${invoice.articles.taxSum}

Some examples

I would like to set reference number to my invoice?

• Insert ${invoice.invoice.referenceNumber} to the place you’d like to see reference number. NB: to keep the correct format it is easier to type it manually (the reason is a bit capricious text editor).

I would like to see penalty percent in my invoice?

• Insert ${invoice.invoice.penaltyPercent} to the place you’d like to see penalty percent.  NB: to keep the correct format it is easier to type it manually (the reason is a bit capricious text editor).

How to insert invoice additional information?

• You can do it wherever by just adding text you like.

You can access the new feature in the settings panel.

We have tried to make invoice templating feature as simple as possible. But still there are some things we must make more simpler in order to make feature user friendly. But for those who know a bit about CSS and HTML it gives all the chances to improve your invoice!

Invoice customization feature is divided into eight parts with following default information:

• header – organisation information;
• main information (left) – customer information;
• main information (right) – invoice information;
• information before items – invoice printable information;
• item rows;
• info after items (left) – empty by default;
• info after items (right) – invoice summary (subtotal, tax and total);
• footer – empty by default.

Current customers, this is for you: all the old invoices are printed with the old look and all new ones with new look. When creating invoices, you can check the invoice language from the list in the extra info section.

Item rows cannot be changed as much as one would expect. But still, we hope everything usually needed, can be edited:  the order of rows (and what rows are needed) and style of header and rows. You can also change the table border color.

Editing columns has now lots of editing opportunities:

• two new columns: tax sum and item code;
• check those columns you need to show to your customer;
• change the title of column header;
• change the width of every column.

Unfortunately there are some problems with text editors – sometimes it doesn’t act as expected when increasing, decreasing the size of text. Therefore we hope you are patient and if needed then contact with specialists to change the source code for more complex problems.

We think the default design is nice and therefore hopefully only payment information is missing (you can insert it to anywhere you need).

New design has everything that previous had:

• Amount.
• Date – default is today.
• Account – payment account, default is bank system account.
• Banking charges – showed only with purchase invoices. Margn creates separate transaction for banking charges. NB: banking charges are in local currency!
• Currency – default is invoice currency.
• Note.
• Local currency – Margn calculates amount to organisation currency when payment currency doesn’t match with organisation currency.

Payments can be added in unpaid sales / purchase invoices module (pressing “add” button or simply ctrl+a) or opening invoice and pressing “Payment”.

In the next picture you can see a payment from Germany to United Kingdom with the amount of 100 GBP. Banking charges are 0.35 EUR:

Seedcamp might be the most popular and prestigious startup accelerator in Europe. It helds many events all over Europe where everyone can apply. 20 best teams are invited to the final event and some few (usually one or two) get seed funding 50 000 EUR. Seedcamp has been the boost for many companies like Erply. It is worth to mention that Estonians are pretty good “Seedcampers” as six companies with Estonian background have got their seed funding from Seedcamp: Facebook campaign tool Campalyst, POS and inventory management software Erply,  engineers Facebook GrabCad, in line waiting remover Qminder, sports manager Sportlyzer and currency exchange tool TransferWise.

Margn participated in Mini Seedcamp Prague, held in 20th of October 2011. To take part in the event, we took car to get to Prague, spending the first night in Warsaw.

The main event started quite early – 9 am. At first there were some presentations and then came the pitches, for which every team had three minutes. As we had practiced for it for quite many times, the timing wasn’t problem for us.

After pitching there were 3*45 minutes sitting with various mentors. Every one of those minutes were really valuable giving a lot of more concrete target for developing and marketing Margn. To sum up, nothing really strategical were introduced. But since those sessions Margn is much more concrete with its activities – focusing much more to Estonia in the beginning.

After mentoring sessions everyone could enjoy the free meeting in Prague old town.

Margn wasn’t invited to investment interview but the feedback and contacts were already worth participating. Of course you can’t underestimate the beauty of Prague.

Here are Taavi and Sigmar after mentoring sessions:

What to we recommend to those, who are thinking of applying to Seedcamp? As there is no point of saying what others are already saying, here are some previous postings:

• Pipedrive experience - http://blog.pipedrive.com/post/5570789779/lessons-learned-from-y-combinator-and-seedcamp-volume-on
• WhoAPI experience: http://whoapi.com/blog/292/whoapi-seedcamp-in-prague/
• Touchqode experience: http://touchqode.com/blog/014_seedcamp_experience.htm

• Apply, apply, apply. If you are not invited to one event, try the another one.
• Practice your pitch. We did it more than 20 times, but still it is sure that it wasn’t enough.
• Show your pitch to those, who are experienced in it. They ask the very right questions that you need to answer before going on a stage.
• If you are invited to main event don’t hesitate participating. If the value of feedback and contacts isn’t enough, all Seedcamp finalists got some discounts from Seedcamp partners that were much more valuable than the costs of trip.

• Make t-shirts with your own message. There are 19 more teams in the main event and you need to be remembered.
• Don’t underestimate the value of older experiences. Getting funded in these events is never the cause of luck.

Cash Flow Statement describes where and how organisation money has gone/gained. It is partitioned into three segments:

• Operating activities – cash flows that are directly connected to organisation main activities – receivables, payables, salaries, taxes etc.
• Investing activities – cash flows to different investments (fixed assets, intangible assets).
• Financing activities – cash flows to firm (loans, owners contribution and also dividends, loan paybacks).

It is widely recognised that the statements summary should look as follows:

1. Cash and cash equivalents in the beginning of the period;
2. Increase in cash and cash equivalents – calculated by the sum of operating, investing and financial activities;
3. Cash and cash equivalents in the end of period.

Cash Flow Statement can be generated in two ways: directly and indirectly. Investing and financing activities are the same in both methods. Operating activities are calculated differently.

What is the difference between direct and indirect methods?

• Direct Cash Flow Statement starts from revenue and uses only those accounts balances, that are connected to money related transactions and adds (incomes) or subtracts (money outflows) respectively.
• Indirect Cash Flow Statement uses organisation net income as a starting point. If every customer has paid their debts, organisation has no liabilities to suppliers, payrolls are paid, no depreciation is calculated etc then net income is equal to cash flows from operating activities. Usually this is not the case so adjustments has to be made.

Cash Flow Statement in Margn

Margn generates Cash Flow Statement using indirect method. It uses cash flow types from the chart of accounts to generate the statement. These types are set by Margn by default, but they can be changed in the chart of accounts module.

You can see Cash Flow Statement from the reports section. Don’t forget to select dates for your desired period.

There are multiple ways to manage costs in Margn. Here we mainly speak about Margn simple project management.

Project management is simple until only sales and purchase invoices are divided into projects. If salaries and other costs need to be divided into projects, the situation is much more complicated.

Dividing costs into projects have to include direct and indirect dividing opportunities. For example if it is known that directly 100 hours of work was done to activities connected to project A it is direct costs. If 1000 hours of work is done and no one knows, how much from it was connected with project A or B, then these payroll costs are divided indirectly – by the amount of projects, by weighted average share of revenue or other way.

Direct dividing is possible only with these costs whose amount is calculable or definable.

Indirectly have to be divided all costs that cannot be divided directly. The thing with indirect cost dividing is the fact that the dividing process is creative. There are multiple possibilities to divide costs indirectly:

• By revenue – project revenue share of all organisation revenues is the coefficient to dividing costs by projects. The idea is that when project A has 5% of all organisation revenues, then 5% of all other costs have a 5% share of all costs.
• By the amount of projects – if organisation has three projects, then if organisation management thinks that projects have quite the same indicators, they all should share 33% of indirect costs.
• By calculated coefficients – sometimes management has a good view over projects and can set very straight coefficients to them without taking some number indicators into account.

Of course there are lot of other dividing chances. For example by machinery working hours.

The more accurate cost management wanted, the more expensive it is. Sometimes cost calculation costs are bigger than the gains from the reports. Thus it is quite often advisable to divide costs as described before.

Dividing costs in Margn is very simple. The most important part is to always set projects, when describing direct costs – every transaction has the project field. Indirect costs are divided by Margn when viewing project reports. Sales and purchase invoices have main project field and projects can also be set to item rows separately.

Currently developed project management report will have following fields:

• Direct revenues and costs
• Revenues – the sum of all sales invoices connected to project.
• Purchase invoices – all purchase invoices sum connected to project.
• Payrolls connected to project – payrolls and payroll taxes costs.
• Other costs – all other costs which are connected to project.
• Project first profit – difference between direct costs and revenues. 
• Indirect costs
• Divided purchase invoice costs.
• Divided payrolls.
• Divided other costs.
• Return of project. 

Indirect costs are divided by the project share of organisation revenue.