What is Debit Note? A debit note, sometimes known as a voucher, is a document one party sends to another indicating that the recipient’s account has been debited in the issuer’s books. The Buyer will compile and send the Seller with a debit note and a debit note reflects the sum debited from the company… Continue reading Debit Note Vs Credit Note: Detailed Comparison Explained

Key Takeaways Purchase orders are legally binding upon approval. POs help manage orders and track progress. Business professionals can forecast future costs through purchase orders (POs). Invoices request payment and are necessary for maintaining a smooth cash flow. Both invoices and purchase orders serve as important records in accounting. Purchase orders are always sent before… Continue reading Difference Between Purchase Order and Invoice – Find Out Now

Understand the Purchase Process The purchase process for small businesses usually involves the following steps: The purchase process begins when a client in need searches for a service or good required. You can provide a preliminary estimate of the cost, supply time, and other resources from your business once requested. The products or services are… Continue reading Invoice Vs Estimate: Know The Difference

Key Takeaways: Invoices and receipts aren’t the same. An invoice is sent before payment to request money. A receipt is given after payment to confirm it’s done. You need to save every invoice and receipt for smooth bookkeeping, tax filing, and tracking your business’s cash flow. Sending invoices right after delivering a product or service… Continue reading Invoice vs Receipt: Meaning & Importance Explained with Examples

Key Takeaways Payment terms are a necessary part of the invoice. Due dates, preferred payment methods, and late payment fees are the common details of payment terms. Payment terms on invoices are always in line with industry norms.  Net 15, Net 30, and Net 60 are some payment terms. Professionals should always keep the language… Continue reading Invoice Payment Terms: An A-Z Guide to Boost Payments

What is a Credit Note? A credit note (also known as a credit memo) is a document issued by a seller to a buyer, letting them know that they’ve been credited a certain amount on their account. Think of it as the reverse of an invoice — it reduces the amount the buyer owes. Let’s… Continue reading What is a Credit Note? How to Create One?

What is GAAP in Accounting? Generally Accepted Accounting Principles is an abbreviation for GAAP. GAAP Accounting Principles (GAAP) are a set of long-evolved accounting principles and are widespread practice within the industry. Organizations use it to track their money systematically by keeping accounting records, summarising those data in financial statements, and making certain supporting information… Continue reading Understanding Generally Accepted Accounting Principles (GAAP)

Top 14 Accounting Trends to Consider for Every Business 1. Adoption of AI and a Hike in Automation By 2026, about 90% of financial functions will utilize at least one AI-enabled technology solution. As a young professional, you need to understand that manual processes are no longer necessary. AI and machine learning are key replacements… Continue reading Accounting Trends in 2025: Future of the Accounting Industry

📌 Key Takeaways An invoice approval process helps catch errors and make sure a company only pays for what it actually ordered and received—it’s a critical step before payments go out. Manual invoice approvals are slow and risky, especially as the number of invoices grows. They can lead to mistakes, delays, and even fraud. Automation… Continue reading The Complete Guide to Invoice Approval Process