Chart of Accounts Definition: What is COA? A Chart of Accounts (COA) refers to an organized list of your business’s finances, indicating both incoming and outgoing funds, so that you can keep track of every dollar. In other words, it is a summary of financial transactions in a general ledger, allowing you to see a… Continue reading Chart of Accounts 101 for Small Businesses [Definition & Chart of Accounts Example]

What is Invoice Matching? Invoice matching refers to the process of cross-verifying the invoice received from the supplier against related procurement documents, such as the purchase order (PO) and the goods received note (GRN), before making payment. It ensures the invoice is correct, as it checks everything, starting from item quantity and price, to terms,… Continue reading What is Invoice Matching? Types, Process, Comparison, and Benefits

Do You Know? Apple’s net income was $93.7 billion in 2024, 3% less than the previous year. What Is Net Income? Net income is the amount left after subtracting all the costs, taxes, and allowances from the total revenue. Thus, it indicates the company’s profitability and revenue. Other terms, such as net earnings, net profit,… Continue reading How to Calculate Net Income? Step-by-Step Guide

💡Knowledge Hub 🎓 G&A expenses of top-performing companies are between 4% and 8% of revenue. Conversely, companies in the bottom quartile can have significantly higher G&A costs. What Are General and Administrative (G&A) Expenses? General and administrative expenses are indirect costs and expenditures that a business incurs to run its operations. Often, these expenses are… Continue reading What Are General and Administrative Expenses? How to Manage Them Effectively?

What is an Invoice Discrepancy? An invoice discrepancy refers to any inconsistency between the details on an invoice and the corresponding purchase order, delivery receipt, or contract. These differences can involve quantities, prices, tax rates, dates, or other billing elements. Invoice discrepancies often arise from manual errors, miscommunication, or system mismatches, and they can delay… Continue reading 8 Types of Invoice Discrepancy You Must Know

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