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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?

What Is a Bulk Payment? A bulk payment refers to a financial transaction in which multiple payments are made simultaneously to different recipients at the same time. It is also useful to pay multiple vendor invoices simultaneously. Thus, it eliminates the individual transaction approach, leading to a smoother transaction/payment process. Other names for bulk payments… Continue reading What Is a Bulk Payment? Meaning, Advantages & Challenges

What is Marginal Cost? Marginal cost refers to the ups and downs in the extra cost incurred due to the production of one more unit. It is also known as incremental cost because of the additional unit produced, which further impacts the total production cost. Suppose your business is manufacturing 50 units of your product… Continue reading What is Marginal Cost? – Example, Calculations & Formula

Types of Clothing Business As you plan to launch your clothing brand, you must understand the difference between business models in the clothing industry. Each type of clothing business has its own workflow, customer base, and investment needs. There are mainly 5 types of clothing businesses. Let’s understand it one by one: 1. Retail Clothing… Continue reading How to Start a Clothing Brand? Steps and Common Mistakes

What is Invoice OCR? OCR invoice processing refers to a technology, Optical Character Recognition, which automatically extracts data from photocopies or digital invoices. Here, you don’t need to fill in the details of each invoice, such as invoice number, date, vendor name, vendor email, items, or total amount. With the use of optical character recognition… Continue reading OCR Invoice Processing: Everything You Need to Know!

What Is a Time Sheet? A timesheet or time sheet is a modern tool to evaluate how much time your employees spend completing the given assignment. You would know how paper sheets were used back in the 19th century to manage everyday tasks and employee hours. Fast forward to the present day, and you will… Continue reading What Is a Timesheet – Explained with Benefits & Use Cases