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

10 Tips to Collect Payments from Customer Avoid miscommunication and disputes by following the steps below in collecting payments from clients. You can collect money from clients through credit and debit card payments, modern payment methods, contact-free payment, and an upfront payment process. Here’s how you can collect payments from clients: 1. Set Clear Payment… Continue reading How to Collect Payments from Customers Effectively

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?

What is Electronic Payment? E-payments or Electronic payments are digital or electronic means of transferring money from one party to another. This is done without the need for cheques or cash. There are many different types of e-payment, including credit and debit cards, mobile wallets, UPI, internet and mobile banking, and many others. Cryptocurrency and… Continue reading How do Businesses Benefit from Electronic Payment Systems?

What is a POS Terminal? A point of sale POS terminal is the hardware that allows businesses to receive payments to finalise a customer’s transaction. One such instance is cash registers. However, a POS terminal may be anything from a mobile with a plugged-in card machine to a tabletop terminal that prints receipts, scans bar… Continue reading Point of Sales Terminals: Types, Benefits, & Differences