Category: Uncategorized

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

What Does Non Deductible Mean? Non-deductible refers to the expenses that businesses can not deduct from their income while filing taxes. With non-deductible expenses, you can’t lower your taxable income and will have to pay full taxes. Some business expenses might be unavoidable in your routine life, but that doesn’t mean they have to qualify… Continue reading 20+ Non-Deductible Expenses That You Should Know

What is Invoice Reconciliation? Invoice reconciliation is the process of ensuring numerical accuracy and consistency between two data sets. It means confirming that the general ledger’s accounts are accurate, precise, and complete. Notably, reconciliation isn’t just limited to professional life; it can also be applied to legal matters and other areas of life. Invoice reconciliation… Continue reading What is Invoice Reconciliation? Types, Importance, and Tips

What Are Recurring Expenses? Recurring expenses are foreseeable costs that help you run your business smoothly. They come due on a monthly or yearly basis. Identifying such expenses is necessary to create a budget plan and ensure you have sufficient funds to perform your financial obligations. Suppose you own a marketing agency in downtown Chicago,… Continue reading Recurring Expenses Defined: How They Differ from Non-Recurring Expenses

What is a Disputed Invoice? The term “disputed invoice” refers to an invoice with which the client has taken issue. For example, a consumer can complain about the service or product’s description, price, invoice total, payment conditions, etc. This disagreement of invoice dispute must be settled as soon as possible, and much will rely on… Continue reading What is a Dispute Invoice? Causes, Types, and Examples

What is Expense Control? Expenses can grow out of hand easily creating havoc if budgeting is not done properly. Expense control can save your business from such situations. It is the process of making changes to the spending of your business. For the best outcomes, many businesses follow a comprehensive financial planning strategy. By putting… Continue reading Everything you Need to Know to Control Expenses of your Business

What is a Construction Profit Margin? Many factors affect your average profit margin and other benefits when working in the building industry. Your profits are what is left over after deducting the amount you were paid, your overhead, and the “hard expenditures” of the project. The “hard costs” include direct costs like labor, materials, and… Continue reading Top Strategies for Boosting Construction Profit Margin

What Is a Quote? A quote is a written document outlining the project cost, which cannot be changed once the customer has agreed. Therefore, quotes are only generated if you are confident there will be no amendments later. Quotes are prepared following detailed inspections and determining the exact cost of work required. Neither the business… Continue reading Quote vs Estimate: How They Differ & When to Use Them