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

Invoice Vs Receipt: What Is an Invoice? An invoice is a formal document requesting payment against the goods or services delivered to the customer. It’s like a business saying, “Hey, please make the payment” to the customer. An invoice can be in a physical or digital form, highlighting the outstanding amount, due date, invoice number,… Continue reading Invoice Vs Receipt: Meaning, Differences & When to Use

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

How Does the Invoice Verification Process Work? Accounts payable managers are often responsible for vetting invoices and handling invoice approval. The primary objective of verifying an invoice is to prevent financial losses due to errors or fraudulent payments. Understanding how to verify an invoice properly helps ensure that your business only pays for valid, accurate,… Continue reading How to Verify an Invoice? An Invoice Verification Process Guide

Accounts Payable Vs Accounts Receivable Accounts payable and accounts receivable are two separate financial ledgers for invoicing recording, and knowing the difference between accounts payable and accounts receivable is essential to comprehending the invoicing process. Therefore, let’s separate the two and understand how journal entry for an invoice happens. Accounts Payable Accounts Receivable Simply put,… Continue reading How to Record Invoices in Accounting and Journal Entry?