What is a Construction Purchase Order(PO)? A construction PO or construction purchase order is a document to commence the procurement process of goods and materials required in completing the construction project. Issued by a project manager or a contractor, a construction PO offers transparency by letting everyone know how many items are being purchased and… Continue reading Construction Purchase Order: What is a PO in Construction?

What is a Purchase Order? A Purchase Order (PO) is a commercial document issued by a buyer to a seller, indicating the products or services they wish to purchase. It outlines the specifics of the order, such as quantities, prices, delivery dates, and payment terms — essentially acting as an official request to buy. The… Continue reading Purchase Order vs Contract: Everything You Need to Know

The Importance of Purchase Orders There is no way to conduct a significant transaction between two parties without first establishing a purchase order as a necessary backend business activity. Having an accurate picture of company costs is crucial for maintaining financial discipline, accurately reporting inventory costs, and preventing mistakes in the supply chain. You will… Continue reading What are the Different Types of Purchase Orders?

What is a Purchase Requisition? A purchase requisition (PR) is an internal document used by employees or departments to request the formal purchase of goods or services. It serves as the initial step in the procurement process, ensuring that purchases are necessary, approved, and within budget before they are processed. Purpose of a Purchase Requisition… Continue reading Purchase Requisition Vs Purchase Order: What’s the Difference?

The Average Bathroom Remodel Cost If you’re thinking about remodeling the bathrooms in your home into something functional or boujee (it’s your call), the expenses for this project are probably your top concern. As bathroom remodels or restoration projects often go over budget. However, with careful planning and accounting for unexpected overages, the project can… Continue reading Bathroom Remodeling Estimate Guide: How Much Does It Cost?

What is an Electronic Purchase Order? An electronic purchase order summarizes the terms and conditions of a sale between a customer and the supplier. An electronic purchase order system efficiently generates and sends the digital POs to the appropriate parties directly from the purchase requisition on the system. An electronic purchase order system makes managing… Continue reading Your Guide to the Benefits of Electronic Purchase Order

Do You Know? 🤷‍♂️ Invoicing difficulties are the major cause of problems affecting about 80% of payments and business collections. Therefore, professionals should always focus on errors and be careful while processing invoices. What Is a Service Invoice? A service invoice is a formal financial document that a service provider sends to a client, requesting… Continue reading How to Make an Invoice for Services Rendered?

What is Purchase Order Tracking? With a well-maintained PO log, the procurement team can track purchase orders more efficiently. Because it is a legally binding document that directs them through the procurement process, the purchase order is a crucial document for modern companies. The procurement process of following a purchase order from the start of… Continue reading Efficient Purchase Order Tracking for your Business

What is an Advance Invoice? An Advance invoice is a formal document, similar to a regular invoice, which is used to request a payment prior to the completion of service or the delivery of a product. With an advance invoice, businesses or freelancers can ask their clients to pay money upfront before delivering the goods… Continue reading An In-depth Guide on What is an Advance Invoice & How to Manage It