Cash flow is essential for any successful business, but managing it effectively, especially as your business grows, can be challenging. And if you’ve ever wondered why your business looks profitable on paper but struggles with cash flow, it could be time to take a closer look at your accounts receivable process and metrics. A thorough […]
Inventory management is crucial for any business that sells physical products. While traditional inventory tracking can help, monitoring inventory metrics is also key. That’s where days inventory outstanding (DIO) comes in. This key performance metric reveals how long it takes, on average, for your business to turn inventory into sales. DIO is more than just […]
Invoices are a fundamental part of doing business, but what happens when you spot a mistake after sending one out? Whether it’s a typo, missing information, or a billing error, knowing how to fix an error on an invoice you’ve already sent is a crucial skill for maintaining your credibility and keeping your records accurate. […]
No matter how organized your billing system is, most businesses will encounter a disputed invoice at some point. One VersaPay report showed that 98% of businesses deal with invoice and payment disputes. Knowing how to handle invoice disputes professionally is crucial, not only to maintain positive client relationships but also to protect your business’s financial […]
Managing a company’s funds requires more than simply having money in the bank. You need to take a longer-term view of your business’s finances, including how efficiently it collects on accounts receivable (AR). Late payments and overdue invoices can disrupt operations, but you can avoid potential cash flow issues with the right tools and strategies. […]
Most business owners may quickly recognize the importance of having general performance metrics and key performance indicators (KPIs) in place as a tool to measure success. However, it’s easy to overlook the importance of tracking the efficiency of your accounts receivable (AR) processes specifically. By having accounts receivable metrics to track, you’ll unlock a wide […]
Understanding how to separate business and personal expenses is an important accounting responsibility for small business owners. All too often, business and personal expenses are mixed, creating detrimental and time-consuming complications. This typically leads to headaches come tax reporting season and opens the owners up to potential liability issues. It goes beyond opening a business […]
Accounting in small business is one of the most important elements of making your company a success. After all, your ability to effectively track and manage your financial activities is what will enable you to keep your business running for years to come, regardless of what types of products or services you sell. According to […]
Advance payments in accounting are relatively common, but they can be confusing if you don’t understand how to process and record them properly as part of your accounts receivable process. When utilized properly, advanced payments can improve your cash flow and mitigate risk while also helping your business improve its internal planning and budgeting practices. […]
While necessary, business accounting is often anything but simple. Whether you’re trying to DIY your small business finances or just want to better understand what your accountant is saying, navigating the complex world of finance requires familiarizing yourself with key terms and shorthand. It might sound like jargon at first, but understanding accounting acronyms can […]
Cash flow is the lifeblood of any business. Business accounting is no picnic, but carefully managing your cash is the key to long-term success and profitability. Tracking various metrics will keep you on track, but days sales outstanding (DSO) is a particularly helpful performance indicator. This financial metric calculates how long it takes to collect […]
DSO, also known as days sales outstanding, is one of the most important financial metrics for managing your cash flow. As a measurement of how quickly you’re able to collect payment from clients after making a sale, DSO can provide helpful insight into the effectiveness of your accounts receivable process. By implementing some key practices […]
Effective business accounting involves more than just ensuring all invoices are paid and processed properly. It also means verifying that bills sent your way are legitimate and not an act of invoice fraud. Unfortunately, if your team receives a fake invoice and doesn’t spot it in time, it can create serious problems for your bottom […]
As nice as it would be to never need to make invoice adjustments, it’s a relatively common practice in business accounting. Understanding the difference between a debit memorandum vs. credit memorandum (also known as a credit note vs. debit note) is key to ensuring that you adjust client account balances properly. Not only will this […]
A credit memo, also known as a credit note or credit invoice, is an important document in business accounting. Credit memos are issued by the seller to the customer when there is a reduction in the amount of money they owe on an invoice. By understanding when to use credit memos, how to apply them […]
The accounts receivable process (AR process) is one of the most important elements of running a profitable business. It is the system a company uses to manage the payments their clients owe them. Having a streamlined accounts receivable workflow that enables you to collect timely payments from clients is essential to maintaining a healthy cash […]
Calculating business expenses is no easy task. Sure, simple addition is the only math involved, but the hard part is keeping all of these expenses organized and easily accessible—along with knowing what costs specifically constitute as a business expense. Whether you’re a business owner or a business accountant, our free and easy-to-use business expense calculator […]
Knowing how to analyze performance to gauge overall success is one of the most critical practices for business owners. However, a thorough business financial analysis involves more than crunching numbers over past periods and reviewing the data you’ve found. Equally important is specifically a pro forma analysis, where you project future financial data in order […]
Planning for future growth is an obvious critical component of running a business, but how to do this effectively is not quite as obvious. This is where a projected balance sheet comes into play. This document is a great tool for forecasting future financial position, anticipating financial needs, managing cash flow, and making more informed, […]
When it comes to your business balance sheet, one of the most important numbers you’ll find is your retained earnings, but to benefit from this information, you need to start by understanding how to calculate retained earnings and what they mean for your business. Here’s a closer look at what retained earnings are and what […]
It’s a problem no business owner wants to face, but likely an inevitable one—a debtor invoice going unpaid. When one of your customers is delinquent on their invoice payment, it can create serious cash flow problems that disrupt your operations. This begs the important question of what to do next, and often, the answer involves […]
As one of the three main financial statements that are used to evaluate a business’s overall health, the balance sheet plays an important role in revealing a company’s overall health and where improvements might need to be made. But what is a balance sheet, how do you make one, what are the different types of […]
The business balance sheet is one of the three major financial statements that help business leaders understand their company’s financial health and guide decision-making. The business balance sheet is essentially designed to provide a snapshot of the company’s current financial picture at a specific moment. However, there are actually multiple types of balance sheets businesses […]
Think about a bustling office where numerous transactions occur daily—from ordering office supplies to contracting consultancy services. Businesses have seemingly endless documents being swapped back and forth, so tracking expenses and accounting accurately can be challenging. A simple way to reduce accounting-related errors and mix-ups is by implementing unique identifiers to each document. One such […]
A business balance sheet is one of the most essential financial documents your business can rely on to understand its financial health. By providing a snapshot of your current assets, liabilities, and owner equity, you can identify the line items that play a critical role in your bottom line. One of the most important elements […]
A common error made in logistics is confusing the bill of lading with an invoice. These documents serve distinct purposes in the transportation and sale of goods. Here, we outline the details of these essential documents, so you can ensure accurate business transactions. What Is a Bill of Lading? A bill of lading (BOL) is […]
To comply with tax regulations and ensure proper tax handling, the majority of businesses based outside of the U.S. will need to get used to issuing VAT invoices. Even companies based in the U.S. that do business internationally will also need to become familiar with VAT invoices to comply with tax regulations. But since these […]
When it comes to working capital management, it’s important to understand the various working capital metrics that can help you better understand the overall health of your business. While knowing figures like your operating working capital and net working capital is important, it’s not enough. Successful business owners dig deeper into additional working capital performance […]
When trying to determine how much working capital you need, one of the most important areas you need to consider is what’s called “days working capital.” The ability to track your days of working capital is an important part of working capital management and ensuring that your business is able to generate revenue in a […]
Pitching to investors. Business loans. Annual tax filing. Financial forecasting. Running a business means you must wear many different hats. A key document to navigating each element is the profit and loss statement. But what is the purpose of a profit and loss statement? A holistic understanding of your P&L statement means you can easily […]
At the end of the day, even the most well-run businesses need to make a profit. If not profitable, a business won’t be able to sustain operations. Proactive business owners and decision-makers understand this reality and spend time regularly reviewing profit & loss statements. This essential financial statement guides managing your cash flow and understanding […]
As a business owner, you’re constantly looking for opportunities to increase profit. One avenue to drive revenue is to expand—maybe a second location, improved production capabilities, or something else. Regardless of the situation, these decisions require a detailed analysis to accurately forecast the financial implications of the expansion. A pro forma balance sheet is a […]
The importance of a cash flow statement is something every business owner needs to recognize as they manage the financial aspects of their company. By creating an accurate cash flow statement, you can gain a clear understanding of your business’s current financial position and take steps to improve your cash flow. With that being said, […]
When it comes to your business’s financial health, few documents can be more helpful than a cash flow statement. These statements can help guide your cash flow management, giving you greater insight into how your business is earning and spending money. With this information, you can take steps to improve your cash flow and the […]
Knowing the difference between a balance sheet and an income statement is a practical necessity for running a business. For business owners, clear knowledge of these financial statements can be the difference between securing a loan or investment and missing out on growth opportunities. But beyond raising capital, it’s also how business, large or small, […]
Every business owner needs to know the three major financial statements to gain a comprehensive and holistic overview of your company’s financial condition. Together, these documents provide valuable information for business accounting and strategic decision-making regarding investments, expansions, and cost-cutting. If you’re looking for investors, they’re going to want to see and review these statements […]
Say you’re a business owner looking to expand. You’re preparing for a loan application or seeking investment from outside sources. In this scenario, you must demonstrate your company’s financial health and stability to lenders or investors. Understanding the link between the three major financial statements—the balance sheet, cash flow statement, and profit and loss statement—means […]
All businesses rely on a variety of vendors. From rent and utilities to credit lenders and service providers specific to your industry, these vendors are an important part of your day-to-day operations and can even have a major impact on your business’s cash flow. And equally important for your small business’s finances is understanding the […]
Figuring out how to respond to an outstanding payment email is a common stressor for business owners when an invoice has not yet been paid to vendors. Whether due to cash flow issues or simply because you forgot to pay, getting a payment request email can fill you with a sudden sense of dread. But […]
Picture a situation in which you, a small business owner, are seeking a loan for expansion. To do this, you must be adept at differentiating between the current ratio and working capital. The current ratio will inform you of your company’s ability to pay off short-term obligations. Meanwhile, working capital offers you insight into operational […]
There are a lot of perks as a business owner: you can set your own schedule, be your own boss, and make every decision. But one of the few downsides of running your own business is relying on clients to pay on-time in order to keep your day-to-day operations on track. Even if just one […]
Inventory, accounts receivable (AR), and accounts payable (AP) should be familiar terms for business owners. Where it gets tricky is figuring out how to tie these three components together. Fortunately, there’s a concept that encompasses all three: the working capital cycle. Evaluating your working capital cycle is a must if you’re aiming to manage your […]
Usually, “working capital” is referenced as a general, standalone term. However, there are actually many different classifications of working capital. Having a thorough understanding of these types of working capital will allow you to better manage your finances, providing a clearer picture of where your business stands and what adjustments you need to make going […]
Owner-operators have a lot of expenses on their plate, so when it comes to running your own trucking company, it’s important to explore different avenues to save a few dollars. One way to do so is by taking advantage of tax deductions. While filing taxes can be a major headache for owner-operators, understanding which tax […]
When business owners need to assess the financial health of their organizations or firms, two essential variables come into play: cash flow and profit. It’s important to understand cash flow and profit because, while they each influence the other, they have vastly different meanings, causes, and impacts. In this article, we’ll break down the differences […]
When it comes to having a complete understanding of the financial health of your business, few metrics are more important to stay on top of than working capital. Small business owners in particular should regularly track working capital changes and monitor if they begin to experience consistent negative working capital. But what is negative working […]
As a business owner, it’s vital to understand the intricacies of your company’s finances, and it all starts with intelligent working capital management. One of the first steps to take when analyzing your financial outlook is learning about your working capital turnover. Working capital turnover, sometimes referred to as “sales to working capital ratio,” is […]
As a business owner, it’s vital for you to understand the nuances between various documents in order to keep operations running smoothly. Two documents that often get mixed up are statements and invoices. While you may see the terms “invoice” and “statement” and think they are repetitive, they actually serve different purposes and are used […]
Given the average business processes more than 1,000 invoices each month, there needs to be a way to easily track and manage one invoice to the next. Thankfully, there’s an easy solution: implementing invoice numbers. Even if you haven’t created an invoice numbering system before, you’ve likely seen that string of seemingly random numbers at the […]
An important measurement of your business’s financial health and liquidity, working capital shows whether you are able to cover all of your expenses in the near future. Because of this, any decrease or increase in working capital is worth paying close attention to. What’s even more important is understanding the root cause of these working […]
You’re all set, finally gearing up to sell your products or services after successfully launching your own business. But wait! The lingo’s tripping you up. Pro forma invoices, commercial invoices — it’s like deciphering a foreign language. The confusion is real and not isolated to you; every business owner has a learning curve with accounting-related […]
When it comes to keeping your business financially healthy, two of the most important terms to understand are working capital and cash flow. However, new business owners might not understand the differences between them. While working capital does influence cash flow and vice versa, they are each their own distinct measurement, so it’s pivotal to […]
Few invoice payment terms have more significant ramifications than net 90. Reason being, net 90 are some of the longest payment terms you will come across as a business owner, meaning working on these terms can greatly affect business cash flow for both the buyer and seller. Because of this, it’s important to analyze net […]
Payment terms are the foundation that allows for seamless transactions between buyers and sellers. Common payment terms include “net D” terms, which specify the amount of time a business or consumer has to complete a payment, in which “D” stands for “days”. One of the most common net D terms that you’ll likely come across […]
Navigating the complexities of business finances can be daunting, especially for small business owners who wear multiple hats. Understanding cash flow and how it differs from revenue is critical for the financial health of your company. While the two terms may sound similar, they have different meanings, and to ensure the financial success of your […]
In the world of business transactions, payment terms are the linchpins upon which the entire system is constructed. They play a crucial role in managing cash flow and maintaining healthy financial relationships, and for any business owner, understanding payment terms is vital prior to creating an invoice. A relatively common payment term is net 60. […]
So you’ve struck a lucrative deal overseas. The contract is signed; now comes the stressful part. Will you get paid? Will the products arrive? Dive into the world of Cash Against Documents (CAD), the international payment method that can be beneficial for both buyers and sellers. Not only does Cash Against Documents help bridge the […]
Paying invoices is a facet of running a company that first-time business owners might be unfamiliar with. Sure, you probably have a good general understanding of what an invoice is, but it’s important to understand that making an invoice payment is more than just signing your name at the bottom of the document. So, what […]
For business owners, efficiency is everything, particularly in today’s economy. But how is the efficiency of a business’s financial processes accurately measured? One of the best ways to do so is by calculating your cash turnover ratio. The cash turnover ratio highlights a company’s efficiency and can even provide a glimpse into overall profitability. To […]
Invoice verification is an essential, hugely consequential process in the often-complex world of B2B transactions. Incorrect invoices contribute to 61% of late payments—a compelling testament to the significance of efficient invoice verification. The dangers of invoice fraud loom large, as even savvy business moguls are not immune, including ‘Shark Tank’ investor Barbara Corcoran, who fell […]
By offering early payment discounts, one of the biggest challenges for small and medium-sized business owners can potentially be alleviated: late invoice payments. One Quickbooks study showed that the average medium-sized business is owed more than $300,000 annually due to customers not paying on-time. These delayed payments are especially impactful for smaller businesses operating on […]
While you may already have a good understanding of standard invoice payment terms, this doesn’t necessarily mean your cash flow problems will go away. Even when clients and customers agree on payment terms, many clients still don’t pay on time. Delayed payments can create a serious cash flow crunch for your business. Fortunately, by getting […]
Rewarding customers who pay invoices on time is worthy of your time and effort, especially given the fact that a staggering 49% of B2B invoices become overdue. A common method sellers use to reward and encourage on-time payments is offering early payment discounts, such as 1/10 net 30. Both parties in a transaction can benefit […]
When it comes to managing your business’s cash flow, few things are more important to understand than the difference between revenue vs. income. By understanding how to correctly identify revenue vs. income in accounting, you can streamline your business accounting and have the confidence needed to take on essential tasks like auditing your cash flow […]
There are few, if any, more important business metrics than cash flow. While profit and revenue are good indicators of success, cash flow is perhaps the best indicator of overall business sustainability. Businesses with strong cash flow have cash inflows that outweigh outflows, setting them up for operational success and long-term growth. If you’re looking […]
For business owners, investors, and really any business stakeholder, staying on top of assets is pivotal in order to obtain a holistic understanding of a company’s finances. A business’s assets are considered anything that can be converted into cash (or cash equivalents). Assets are, however, a bit more complex than this definition might sound, as […]
Whether you’re a new entrepreneur getting your first business off the ground or an experienced business owner, navigating company finances can be tough. Without proper organization and insights pertaining to accounting-related tasks, your business’ finances are in jeopardy of being mismanaged. This comprehensive business accounting guide will explore the basics of accounting in business and […]
All too often, businesses struggle with slow-paying customers. When a client doesn’t submit payment by their invoice due date, it can create serious cash flow problems for your business. If you find your business in this situation, you don’t want to waste too much time chasing down clients for payment. To prevent having to do […]
It’s well documented that the No. 1 mistake small-to-medium-sized businesses make when invoicing is relying too heavily on manual systems. Whether the invoice is received by mail, email, or e-invoicing software, if the average business isn’t utilizing invoice automation, it’s going to require a lot of labor to manually process those invoices. Processing invoices is […]
For customers, knowing the cost of a service before committing to buying and paying for the service can be extremely helpful when budgeting and balancing opportunity costs. Thankfully, there’s a document that helps both the buyer and seller get a better idea of price estimation: a business quote. What Is A Quote In Business? A […]
Before arranging a transaction with a buyer, your prospective customers will likely want to negotiate the critical terms of the arrangement, such as any potential discounts, delivery timelines, and price. When this stage of the negotiation is complete, it’s typically considered good practice for your business to send an initial draft of the invoice to […]
Studies have shown that 61% of late invoice payments are due to incorrect invoicing. These incorrect invoices can significantly stunt cash flow for small businesses, which is why understanding the different types of invoices is so important. By knowing which types of transactions or situations call for which types of invoices, you can prevent your […]
For many businesses, net 15 is a go-to payment term. Though it’s important to have a full understanding of what comes with net 15 payment terms before moving forward, especially if you’re new to business accounting. Both buyer and seller can benefit from utilizing net 15, so let’s take a closer look at the meaning […]
Small business owners handling accounting processes for the first time might be overwhelmed at the amount of unfamiliar lingo that comes with the new territory. One particular term that can cause confusion is, “paid in arrears,” as it takes on multiple meanings that differ based on context. Some might have a negative connotation of arrears […]
Verifying financial records is critical for businesses of all sizes. On average, about 1 in 10 invoices contain an error, whether that be an accounting error, failing to include all necessary product details, or listing inaccurate payment terms. Regardless, just that one inaccurate invoice could prove costly. An important process to help maintain the integrity […]
Mastering the art of accounting is one of the most frequent challenges small business owners struggle with tackling. One of the keys of overcoming the accounting hurdle is being able to define as many standard accounting terms as possible, two of which are “payor” and “payee.” Often mentioned side-by-side, it’s not uncommon for first time […]
Often, you’ll hear the terms “invoice” and “bill” used interchangeably, and you won’t think twice. But depending on who you ask, you may get slightly different definitions of an invoice vs. a bill, potentially leading to even the most experienced accountants dealing with confusion when balancing the books. On their own, terms such as invoice, […]
As a first-time business owner or someone new to accounting, you’re going to come across a plethora of new terminology, such as “net 30.” Since effectively managing your accounts payable (AP) and accounts receivable (AR) processes goes a long way toward achieving long-term success, you should prioritize learning how net 30 works since it’s one […]
Though invoices are relatively straightforward, they can look complex at first glance, compiling plenty of information. Many tasked with writing an invoice for the first time might wonder where to start. If you’re preparing to create an invoice for the first time, keep reading to gain a better understanding of invoices, including how to write […]
When it comes to getting paid for the work you do for your clients, few things are more important than having a solid invoicing system in place. An itemized invoice serves as a valuable record of money owed, while also helping set a deadline for payments. Businesses historically sent their invoices through the mail; however, […]
Managing your paperwork is one of the less exciting aspects of running a small business — but it is also one of the most important. An efficient invoicing process can make all the difference for your cash flow and can help you achieve your growth goals. However, many small business owners find themselves confused about […]
It’s not uncommon for people outside of the procurement realm to confuse purchase orders with invoices. Even seasoned business teams mix up the terms from time to time. However, purchase orders (or POs) and invoices are two distinct and essential financial documents, so failing to understand their differences can negatively impact company expenses, documentation, and […]
Invoices are one of the earliest expressions of written records, being traced back to 2900 BCE when merchants would carve details of transactions on stone tablets. Thousands of years later, they remain an essential component of any transaction between parties. And while the layout of a modern-day invoice looks quite different from 5000 years ago, […]
Learning how to send an invoice may not be the most glamorous aspect of running a business. However, the efficiency of a business’ invoicing process can significantly alter cash flow and be a determining factor into whether important growth goals are met. One survey showed that 49% of B2B invoices become overdue, while a separate […]
As a business owner, knowing your finances like the back of your hand is crucial during important decision-making processes. Among the most important financial metrics that help business owners analyze their trajectory are gross profit and gross margin. Often, these two terms are used interchangeably and sometimes get confused with terms such as net profit […]
Working capital is the money that a company has available to manage its day-to-day operations. Used to pay a business’s short-term expenses, working capital is an important metric in determining the financial health and operational efficiency of a company. To help you better understand what your net working capital and working capital ratio are, we […]
Business owners who are considering invoice factoring to improve A/R cash flow may wonder what the payment process looks like between their customer and the factor. For most factoring companies, lockboxes play a vital role in this process. They provide a source for both parties – the debtor and the factor – to transfer and […]
Every business owner should work to ensure customers are paying invoices in a timely manner. Slow-paying customers can cause serious cash flow problems for any business, so it’s crucial to analyze how customer payment habits are affecting your company’s growth. To do this, you can calculate your average collection period ratio. A company’s average collection […]
There are many calculations and metrics that can provide valuable insight into your business operations and financials. One metric, the Accounts Receivable Turnover ratio, it’s useful to track how efficiently you collect debts from customers to whom you have extended credit. Too many late or delinquent payments negatively impact cash flow. Here’s what business owners […]
A company’s financial health is calculated using several different metrics. One is the Times Interest Earned (TIE) ratio, also called the Interest Coverage Ratio. Most companies need to borrow money occasionally to maintain or expand their business. However, if a company can’t meet its debt obligations, it could go bankrupt. The TIE ratio is a […]
Running a business requires a solid understanding of basic financial terms and equations. You can use this financial knowledge to better understand how your company operates and ensure you track your finances correctly. This short article defines and details the formula for the weighted average cost of capital (WACC). This formula may seem confusing at […]
Net profit margin is one of many ways to measure the success and growth of your business over time. Your business’s net profit margin can inform decisions related to the profitability of your business, but it can’t tell you everything. Read on to learn more about net profit margin, calculating it, and how it can […]
A return on equity (ROE) ratio measures the profitability of a business. To calculate the return on equity, business owners must divide the net income by the shareholder’s equity. Shareholder’s equity is a business’ gross assets minus liabilities. ROE is an essential metric for business owners because it allows you to gauge your profit levels. […]
Opportunity cost is a popular term not only in the business and financial realm, but in everyday conversation as well. These costs refer to what you sacrifice when you choose one option over other alternatives, however since this term is used so often and generally, it’s important to understand how you calculate opportunity cost, including […]
You want to grow your business, but you’re finding it difficult to get the cash flow that you need. You’ve tried asking for a loan or getting an additional credit card, but the banks say you don’t have enough collateral or enough credit history. What do you do? Invoice factoring can be a solution to […]
When you’re running a business, there are many things to keep records of. There are expenses, taxes, and payroll, to name a few. One essential thing to track is your free cash flow, or FCF. It may seem daunting, but this article will detail what free cash flow is and how to calculate it. What […]
Making a profit and loss statement (P&L) is one of the most important things you can do for your business—in fact, it’s one of the three essential financial statements. This document tells you how much money your company has made and lost over a specific time. It can also provide insights into your business’s financial […]
Business owners and project managers use tools like discounted cash flows in the payback period to make fiscally responsible investment decisions. You can determine whether a proposed project is viable with this formula since this formula compares the initial costs involved with the financial returns you can expect to receive. In this article, you will […]
If you’re a first-time small business owner, you’re probably getting hit with financial terms like “net cash flow” that would make the average person want to run for the hills. However, it is important to stay informed to help your business remain afloat. Understanding bankruptcy, profit and loss and everything in between – financial literacy […]
There’s a reason a balance sheet is considered one of the three essential financial statements. By making a balance sheet, business owners get an inside look into how your business is performing, thus providing a guide to make more informed decisions moving forward. Every business owner needs to know how to make a balance sheet. […]
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