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What Is An Invoicing Software? Invoicing software refers to an automation tool that lets you generate paper-free invoices or bills without manual calculations. Unlike traditional invoicing, it no longer requires lengthy paperwork or extra time designing and formatting invoices. You can quickly choose from readymade invoice templates, fill in the required details, and get your… Continue reading How to Choose Right Invoicing Software: Features & Comparison

What Is a Statement of Work? A statement of work in a business is a formal document that carries all the details related to the project execution. It outlines the project’s scope, schedule, estimate, payment terms, and other relevant criteria. SOW serves as a legal agreement between the parties (the service provider/vendor and the client)… Continue reading What Is a Statement of Work? Definition, Example & Benefits

What is a Late Payment? The term “late payment” refers to the failure to settle an invoice within the agreed-upon payment terms. In business and accounting, every invoice includes an invoice due date and payment terms (generally 15, 30, or 60 days) after goods or services are delivered. If the payment is not complete within… Continue reading Impact of Late Payment on Business: Key Considerations

How to Reduce Manual Invoice Processing? Now, let us explain to you how to reduce manual invoice processing and get rid of extra administrative workload. 1. Prioritize Automation When you are bidding to lessen manual invoice processing, there’s no better way than embracing automation. Without it, 52% of AP teams take over 10 hours per… Continue reading How to Reduce Manual Invoice Processing With Smart Automation

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