What is a Statement? A customer’s or client’s statement is a snapshot in time that reflects the financial status of their account at that moment. It is published at regular intervals, often once a month. In most cases, the purpose of a statement is to explain some aspect of a transaction or to bring attention… Continue reading Statement Vs Invoice: Differences and Similarities

What is e-Invoicing? Electronic Invoicing, or E-invoicing, is the automated process of suppliers creating and transmitting electronic invoices to customers in a standard format to guarantee system compatibility. E-invoicing offers accounts payable workflow automation connected with ERP or accounting software processing instead of laborious data input of paper invoices. EDI (electronic data interchange), XML (extensible… Continue reading What is Electronic Invoicing (E-Invoicing)? How Does it Work?

Key Takeaways Use invoicing software for consultants to simplify billing. Choose the right invoice type—hourly, milestone, or retainer. Automate to reduce errors and save time. Ensure legal & tax compliance with every invoice. Invoice promptly and offer flexible payment options. Types of Consulting Invoices As a consultant, the way you bill your clients can vary… Continue reading How to Invoice as a Consultant? A Step-by-Step Guide

What are Integrated Payment Systems? Even if you don’t know the term “integrated payment solution”, it’s likely that you have seen or used them somewhere. Integrated payment systems accept payments with more than just debit and credit card payments. They can help you accomplish significant business objectives effortlessly, from managing customer expectations to analyzing your… Continue reading How can Integrated Payment Solution Boost your Business: Top 7 Benefits

What Is an Expense Report? An expense report is a document, either hard copy or digital, that provides a list of all business expenses during a specific period. These expenditures could be related to business travel, meals, office supplies, or any necessary costs required to run your core activities. A monthly expense reports offer a… Continue reading Expense Report: How to Create It in Less Time

What is a Flat Rate? Flat rate pricing involves deciding on a price for a job up front and sticking to it. It factors in the cost of labor, supplies, and any additional fees. Payment in this manner is the norm for short-term endeavors. Suppose you and the client agree, for instance, that you will… Continue reading Flat Rate Pay V/s Hourly Rate Pay: Definition and Calculation

What is a Supplier Invoice? Bills and invoices for goods and services are known as “supplier invoices” and are sent by the providing vendor to the purchasing client. Vendor invoices are another term for supplier invoices used by buyers. A supplier invoice breaks out the costs associated with a purchase. Invoices often include payment conditions… Continue reading What is a Supplier Invoice? Examples and Reasons to Automate It

Key Takeaways A proper understanding of nondeductible business expenses is helpful for proper tax filing. All the legal or government penalties (like OSHA fines) are nondeductible. Donations to political campaigns and parties are not eligible for tax deductions.  Buying luxury items for the business is not deductible. What Does Non Deductible Mean? Non-deductible refers to… Continue reading 20+ Non-Deductible Expenses That You Should Know

Key Takeaways Invoice reconciliation is the process of comparing financial records—such as invoices, bank statements, and purchase orders—to ensure consistency, detect errors, and maintain accurate accounting. Invoice reconciliation ensures paid invoices match received goods/services and helps avoid overpayments and fraud. Automated invoice reconciliation reduces paperwork, saves time, improves accuracy, and scales well with growing business… Continue reading What is Invoice Reconciliation? Types, Importance, and Tips