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Before delving into the topic of credit notes vs. debit notes, we first need to understand the meaning of both documents with an example. 💡Do You Know? The U.S. goods and services trade deficit increased in July of this year, according to the U.S. Bureau of Economic Analysis. The goods deficit increased $18.2 billion in… Continue reading Debit Note vs Credit Note: Definition, Comparison & Purpose

What Is a Purchase Order? A Purchase Order is a formal business document that a buyer creates and shares with the vendor or supplier to purchase products or services at an agreed-upon price and specific quantity. Creating a purchase order properly helps ensure that all necessary details are included and the process runs smoothly. However,… Continue reading Purchase Order vs Invoice: Know the Difference & Similarities

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

Do You Know? 64.4% of owners of small to mid-size businesses simplify their bookkeeping through software. 👨‍💻 What are Invoice Payment Terms? Invoice payment terms refer to specifications for when and how the client should make the payment. The terms also clarify acceptable payment methods, the due date, and any applicable late fees that may… 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 2026: 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