Category: Uncategorized

What Does a Bookkeeper Do? Before we dive into starting a bookkeeping business, it’s important to understand exactly what bookkeepers do and what they don’t. At its core, bookkeeping involves organizing and recording a business’s financial transactions. Think of a bookkeeper as the individual who keeps the financial engine running smoothly behind the scenes. Your… Continue reading How to Start a Bookkeeping Business? A Complete Guide

What Is Account Payable Reconciliation? Account payable reconciliation is a financial strategy in which the outstanding amount in the vendor’s account statements is matched against the company’s records at the end of the financial year. When both are identical, it is referred to as a successful accounts payable reconciliation. An unsuccessful reconciliation is a clear… Continue reading What Is Accounts Payable Reconciliation? How to Reconcile Accounts Payable?

What Are Mobile Payments? Mobile payments are contactless transactions made using NFC technology on a smartphone or tablet. Accepting mobile payments means allowing someone to pay money in a cashless way that does not require in-hand cash or checks. Yes, you can say it’s an alternative to the traditional payment method that relies solely on… Continue reading How to Accept Mobile Payments Using Your Smartphone

What are Net 15 Payment Terms? Net 15 is a short payment term, highlighting the urgency to complete the payment within 15 days. This means the recipient has only 15 days to pay an invoice starting from the date an invoice is issued. Failing to complete the payment on time may incur additional fees in… Continue reading A Guide to Net 15 Payment Terms: Meaning, Pros, Cons & Example

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