A common predicament faced by many businesses is the non-fulfillment of invoice payments despite the completion of work and issuance of the invoice. This situation, unfortunately, pushes the prospect of receiving hard-earned money further into the distance. In an era where businesses strive to maintain a steady cash flow, late payments pose a significant challenge. … Read more
Cash on Delivery (COD) was initially limited to mail-order transactions that required the buyer to hand over physical cash upon receiving the goods from the courier or postal service. However, with time, its scope has broadened to include the exchange of goods and payment at the same point in time, both for delivered orders and … Read more
As an independent professional or freelancer, you possess the freedom to choose your projects and clients and manage your workload. However, along with these benefits comes the responsibility of managing your financial affairs, primarily your cash flow. Managing cash flow is a critical aspect of running a successful freelance business, and studies reveal that approximately … Read more
Are you still adhering to the practices of the past? A time when the only method of communication was paper-based, and online correspondence seemed like an unrealistic expectation. Indeed, the past was full of aspirations, but it is the present that presents us with an array of opportunities. Freelancing in the bygone era came with … Read more
An Accounts Receivable Aging Report, or simply an Aging Report, is a critical financial tool that outlines the due amounts that a business needs to receive from its customers. It categorizes these outstanding debts based on their age; hence the term ‘aging’. This classification is typically in 30-day increments. The main aim of this report … Read more
Maintaining a firm grip on business finances is a continuous process that is paramount to the prosperity of any business. Regularly scrutinizing invoice reports, whether weekly or monthly, plays a key role in tracking both current and prospective revenue. Leveraging suitable online invoicing software can conveniently facilitate access to these reports. The following are crucial … Read more
If you run a company that accepts payments by credit, debit, or stored value cards or via third-party settlement companies such as PayPal, it is critical that you understand your IRS requirements. Since 2011, the IRS has required this form of company revenue to be reported. Each service provider that processes these transactions is potentially … Read more
Accrued expenses, also known as accrued liabilities, play a critical role in the realm of financial reporting. These are expenses that a company incurs over a period but has not yet paid or expenses for which the firm has not yet received an invoice from the supplier. Accrued expenses impact both the income statement and … Read more
