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What Are Allowable Expenses? Allowable expenses are the everyday expenses you incur to keep your business running. It can be anything, such as office supplies, professional fees, travel, software, or equipment. All these costs can be deducted from total revenue, which allows you to report lower taxable income. Tax authorities allow certain expenses if they… Continue reading Allowable Expenses: Decoding Legitimate Tax Deductions

What Is a QR Code Menu? In plain English, a QR code menu is a small black-and-white square your guests scan with their phone camera to view the full menu instantly. It can be placed anywhere on the table, wall, or check presenter to let guests check available items in a contactless manner. This QR-code… Continue reading QR Code Menu: How to Create a Contactless Menu [A Complete Blueprint]

What is Vendor Contract Management? Vendor contract management is the process of creating, negotiating, executing, tracking, and renewing contracts you sign with your vendors. Within this contract, everything, from raw materials to logistics, maintenance, or even software subscriptions, is clearly defined with pricing and expectations. The goal of vendor contract management is simple: protect the… Continue reading What is Vendor Contract Management and Why is it Important?

What Is Expense Recognition Principle? The expense recognition principle is an accounting rule that requires businesses to record expenses in the same period as the revenue they help generate. It is regardless of whether the cash is paid or received. This principle is also known as the matching principle because businesses need to match expenses… Continue reading What Is Expense Recognition Principle? Why It Matters for You?

What is Discounted Cash Flow? The discounted cash flow meaning is simply the method to estimate what the present value of money a business, project, or asset is expected to make in the future. It is basically like turning tomorrow’s dollars into what could be today’s price tag. Every invoice you dispatch, or every subscription… Continue reading Discounted Cash Flow (DCF): Understanding Meaning, Calculations & DCF Formula

What Is Procurement? Procurement is the process by which organizations acquire goods, services, or raw materials on a large scale for their operations. Suppliers, external sources, or manufacturers are major sources through which companies purchase goods and services. Following this process, the organization fulfills its operational needs. Procurement is the first step when a business… Continue reading Procurement vs. Purchasing: What’s the Difference?

Why is Accurate Concrete Pricing Necessary? You must use accurate pricing to keep your business profitable. It is more than just quoting a number. When you calculate estimates in detail, you will have complete control of your budget. Accurate pricing helps you protect your margins in case of unexpected expenses or disputes. When your pricing… Continue reading How to Price Concrete Jobs? Explained in 9 Easy Steps

Why Small Businesses Need Invoicing Software? Nowadays, every SMB as well as startup needs sophisticated invoicing software to handle the increasing demand for invoices. Because nobody can spend more time just making invoices and receipts, isn’t it? A modern invoicing software can help them prepare multiple invoices with ready-made invoice templates, reducing the manual intervention… Continue reading 11 Key Features of Invoicing Software for Startups & SMBs

What is Accrued Revenue? Accrued revenue refers to the earnings or income for which the company has not received payment, even after successfully delivering the product or service. This kind of revenue also refers to unrealized payments under which the company has not received any cash. Such revenues are recorded as an asset or accounts… Continue reading Accrued vs. Deferred Revenue: What’s the Difference?