What is an Invoice Scanner? An invoice scanner is a software that reads invoices and extracts the relevant information, presenting it in a format that computers can read. When used with automated procedures, it allows for information to be sent without any hitches. According to the study of Data Semantics, the use of Intelligent Document… Continue reading What is Invoice Scanning? Benefits & Limitations

What is Three-Way Matching? A three-way match is verifying the purchase order, invoices, and delivery notes to ensure that they are identical before authorizing payment on the invoice. Assuming they agree, the invoice from the supplier will be paid. A 3-way match is used to determine whether or not to pay an invoice in part.… Continue reading What is a 3 way Invoice Matching?

What are Business Expense Categories? While there is no one source to compile all possible business costs your organization may be entitled to deduct, the following are some of the most universally applicable expense types. Vehicle Expenses Employee benefits Employee salaries Food & Meal Expenses Marketing & Advertising Expenses Office Supplies Dues and Subscription Legal… Continue reading How to Categorize Expenses for Your Small Business?

What Is a Profit and Loss Statement? A profit and loss statement (income statement) is a financial document that represents the company’s net profit, revenue, expenses, and resulting profit or loss. This report presents the company’s financial performance for the specified period. This period could be monthly, quarterly, or annually. A clear & simple profit… Continue reading How to Create a Profit and Loss Statement? A Complete Guide

How to Collect Payments from Customers? Here are some choices for company owners attempting to recover money from their clients in the payment process. 1. Demand Advance Payment from Clients It may seem simple when dealing with commodities, but when it comes to services, it may appear odd to want payments upfront. However, if there… Continue reading Top 10 Tips to Collect Payments from Clients Professionally

What is a Voucher? A voucher is a written record that confirms the precision of the transaction’s accounting and the passing accounting entries made in the account books. It falls under the category of redeemable transaction bonds that have specific uses. Businesses create a voucher once they have a supplier’s invoice in hand. A cheque… Continue reading Voucher vs. Invoice: Comparison Explained for Small Businesses

What is a Deposit Invoice? A deposit invoice includes the basic details from an invoice such as the breakdown of the services provided, names and addresses of the company and the client, and the total amount of the deposit. Once the job is finished, a final invoice with the full amount will be generated. The… Continue reading Understanding Deposit Invoice for Businesses

What is a Factoring Fee? Invoices are purchased by factoring companies before they are due, and the discount they obtain is called a “factoring fee.” The cost of factoring is determined by multiplying the factoring rate by either the amount advanced or the total invoice amount, according to the agreed-upon rate structure by the parties.… Continue reading Complete Guide On Invoice Factoring Rate

What is a Payment Processor? Payment processors are used by retailers to manage customer transactions through various channels, including credit cards, debit cards, and bank accounts. Payment processors are a type of technology that makes financial transactions easier. As a type of intermediary between the bank account and the store, it is a company that… Continue reading Payment Processing Vs. Payment Gateway: Which is Best for your Business?