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What Is FIFO? Defining FIFO Definition FIFO stands for First In and First Out. In this inventory management process, the oldest inventory items are sold first, and the newest items remain in stock. It leads to higher net income, lower COGS, and higher ending inventory value during inflation. The inventory method is often useful in… Continue reading FIFO vs LIFO: What’s the Difference Between FIFO and LIFO?

What Is EFT? EFT stands for Electronic Funds Transfer, which encompasses a wide range of methods for transferring funds digitally from one bank account to another. The bank could be the same or a different one. It is an umbrella term that covers Wire transfers, ACH transfers, debit, electronic bank transfers, and credit card payments.… Continue reading EFT vs ACH: Which Payment Method Is Most Suitable?

What is the Accounting Cycle? The accounting cycle definition is the systematic process a business uses to maintain records, analyze entries, and summarize its financial transactions during one specific period (monthly, quarterly, or annually). This cycle confirms that every financial activity, starting from sales to payments, is properly documented and organized in clear financial statements.… Continue reading The Accounting Cycle: Steps, Benefits, and Limitations

Why Side Gigs are Important? Since the cost of essential goods is increasing day by day, having a single revenue stream isn’t enough for people in the US. On top of that, most job professionals are facing tough times amid layoffs and recessions. Plus, 72% of Americans are struggling with money-related stress every month. Considering… Continue reading 20 Best Side Hustles Ideas to Earn $1,000+ in Your Free Time

What is Electrical Invoicing? Electrical invoicing refers to generating and sending invoices to clients after completing the electrical repair or wiring work. It’s a formal way to demand payment for services provided. Basically, electrician billing is to invoice your clients who hired you for repairing faulty circuits or any other electrical work. So, you need… Continue reading Electrical Invoicing Guide for Contractors: Tips, Examples & Software

What Is An Invoicing Software? Invoicing software refers to an automation tool that lets you generate paper-free invoices or bills without manual calculations. Unlike traditional invoicing, it no longer requires lengthy paperwork or extra time designing and formatting invoices. You can quickly choose from readymade invoice templates, fill in the required details, and get your… Continue reading How to Choose Right Invoicing Software: Features & Comparison

What Is a Statement of Work? A statement of work in a business is a formal document that carries all the details related to the project execution. It outlines the project’s scope, schedule, estimate, payment terms, and other relevant criteria. SOW serves as a legal agreement between the parties (the service provider/vendor and the client)… Continue reading What Is a Statement of Work? Definition, Example & Benefits

What is a Late Payment? The term “late payment” refers to the failure to settle an invoice within the agreed-upon payment terms. In business and accounting, every invoice includes an invoice due date and payment terms (generally 15, 30, or 60 days) after goods or services are delivered. If the payment is not complete within… Continue reading Impact of Late Payment on Business: Key Considerations

How to Reduce Manual Invoice Processing? Now, let us explain to you how to reduce manual invoice processing and get rid of extra administrative workload. 1. Prioritize Automation When you are bidding to lessen manual invoice processing, there’s no better way than embracing automation. Without it, 52% of AP teams take over 10 hours per… Continue reading How to Reduce Manual Invoice Processing With Smart Automation