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What is Credit Card Reconciliation? Credit card reconciliation is the process of comparing your company’s internal financial records, such as expense reports, receipts, accounting entries, etc, with the transactions listed on your credit card statement. Here, the primary goal is to get clarity that every price, payment, and refund on the credit card matches your… Continue reading What is Credit Card Reconciliation? A Complete Guide

What Is a Purchase Requisition? A purchase requisition is a formal document that employees submit to request the purchase of goods or services. Instead of being directly sent to the supplier, the document is first approved by the managers. After approval, it is converted into a purchase order and then issued to the supplier. Key… Continue reading Purchase Requisition: Meaning, Example and Value

What is an ACH Withdrawal? An ACH withdrawal or ACH debit is a process of transferring funds from one bank account to another electronically. Here, the ACH stands for Automated Clearing House, which works as a mediator to send or receive money from a bank account without any paperwork. So, basically, it’s an electronic withdrawal… Continue reading ACH Withdrawal: What Does It Mean & How Does It Work

What is PayPal Credit? PayPal Credit refers to a reusable line of credit, which is akin to a credit card but without the physical piece of plastic. PayPal Credit is linked to your PayPal account in such a way that you can make online purchases even if you don’t currently have the money. Basically, it’s… Continue reading What Is PayPal Credit? – Understanding PayPal’s Buy Now Pay Later

What Is Freelancing, and Who are Freelancers? Freelancing is a profession under which freelancers work remotely or work independently in a fully flexible working environment. They charge an hourly rate, a fixed project fee, or a milestone-based payment. Freelancers need to source potential clients and set up their own working strategy. Freelance professionals belong to… Continue reading Essential Freelancing Tips to Get Paid Faster

What Is a Purchase Order? A purchase order is a financial and legally binding document that the buyer sends to the vendor. It carries the details of goods or services to be purchased along with the pricing, items, and delivery conditions. PO is generated by the buyer after approval of the purchase request. The primary… Continue reading How to Make a Purchase Order? Power up Your Procurement

What is a Vending Machine Business? A vending machine business means placing a machine that is capable of selling products and receiving money from customers without the need for a seller or attendant. It is an automated machine placed at key locations to sell products like beverages (soft drinks, water bottles, fruit drinks), snacks (wafers,… Continue reading How to Start Vending Machine Business

W2 vs W9: What is Form W2? The IRS Form W-2 is a tax document that reports how much is the annual income of an employee and the amount of taxes withheld from their paycheck by the employer. Besides wages, Form W2 also consists of a Social Security Number (SSN) or a Taxpayer Identification Number… Continue reading W2 Vs W9: Meaning, Differences & Purposes

What Are 1099 Workers? 1099 workers work independently and offer their services to clients or businesses. They are also known as 1099 contractors or freelancers. These workers are not classified as full-time employees who earn a salary. Let’s understand the meaning of a 1099 employee with an example. For instance, a company that hires a… Continue reading 1099 vs. W-2: Which Is Better for the Employee?