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What Does Business Expense Mean? Business expenses are the everyday costs your company incurs to operate and generate revenue. These can range from rent, salaries, and office supplies to marketing, software, and travel. Essentially, if you spend money to run or grow your business, it likely qualifies as a business expense. Tracking these business expenses… Continue reading 35 Essential Categories for Business Expenses You Must Consider

📌 Key Takeaways Accounts payable metrics offer clear visibility into your business’s financial health as they uncover the areas of concern. Processing cost per invoice, time for payment processing, and invoices processed per FTE are key accounts payable metrics among the 11 important ones. Setting benchmarks, assessing improvement areas, and embracing automation tools are ways… Continue reading Accounts Payable Metrics 101: What are the Top AP Metrics You Should Track?

📌 Key Takeaways Freelancers and sole proprietors can generate invoices even if they don’t have a business structure or registered company. An invoice should cover business details, client details, line items, total amount, payment terms, and signature. Freelancers or sole proprietors can streamline their administrative tasks using invoicing software. Professional invoices help leave an impressive… Continue reading How to Make an Invoice Without a Company? Your Complete Guide

What Is a T&E Expense? T&E stands for Travel & Expenses or Travel & Entertainment. It refers to all the expenses incurred by the company while traveling on business or entertaining clients. The major expenditures are related to meals, hotel stays, flight or train tickets, and cab rides. Is T&E an Operating Expense? T&E is… Continue reading What Is T&E Expense & What Is Its Importance?

What Is a Retainer? A retainer is an advance payment made by your clients before the start of the new project. Clients dispatch the payment to reserve the service provider’s availability for their project work. As the name suggests, the client retains the provider for a future project by paying an upfront amount before they… Continue reading What is a Retainer Invoice? – Key Things to Know Before You Issue One

What are Duplicate Payments? Duplicate payments refer to multiple payments that have been processed accidentally two or more times by the business’s accounts payable department. They are considered overpayments that were unintentionally made for the same invoice or bill. Duplicate payments can result from transferring the same amount mistakenly to another bank account via electronic… Continue reading What are Duplicate Payments & How to Prevent Them

What Is a Non-profit? A non-profit organization, also known as a not-for-profit organization, works for the welfare of society instead of making money and making a profit. These organizations never offer their profits to their shareholders. They begin the journey with a specific mission and goal relevant to the upliftment of society. The core actions… Continue reading How to Start a Nonprofit? Launch Your Successful Business

What is a Goods Received Note (GRN)? A Goods Received Note (GRN) is an essential document in inventory and procurement management that confirms the receipt of goods from a supplier. It serves as proof that the ordered goods have been delivered, inspected, and accepted by the buyer. A GRN plays a crucial role in ensuring… Continue reading A Complete Guide to Goods Received Note (GRN)

What Is Double Invoicing? Double invoicing occurs when a business issues or receives an invoice twice for the same goods or services. In such cases, the invoices are non-identical in their attributes, with slight differences. This situation can occur either by mistake or by intention (fraudulent activity) and is called invoice fraud. The vendor or… Continue reading What Is a Duplicate Invoice? A Guide to Double Invoicing