Have you ever billed a customer for a product and realized you overcharged them? Or has one of your customers ever opened a package to find damaged or defective goods? In either case, you should know about a credit memo. A credit memo can help fix these problems. Read on to learn how.
Read More Need to Correct an Invoice? The Credit Memo Can Help
Do some of your customers pay on credit? If so, do you know how long it takes your business to collect payments from said credit sales? If not, it’s time to get to know day sales outstanding (DOS). Learn all about day sales outstanding and how to calculate DSO like a pro below.
Read More Days Sales Outstanding (DSO): What Is It?
It’s always great when a customer buys from your company. But what happens if the customer receives the shipment and realizes there’s something wrong with the order? Maybe the shipping costs are too high or the products aren’t exactly what they want. Whatever the issue may be, you’ve got to put in extra work to […]
Read More Making the Sale With a Good Faith Agreement: What Is a Pro Forma Invoice?
Invoices and statements are regularly used in business. You send invoices and statements to bill customers. And, vendors send you invoices and statements so you know how much you owe. But, what is the difference between an invoice and a statement?
Read More What Is the Difference Between an Invoice and a Statement?
When customers make purchases on credit, you expect them to pay you. If they don’t, it can be frustrating and hurt your business. You need to know how to write off bad debt when this happens.
Read More How to Write Off Bad Debt
Do you struggle to collect customer bill payments? If you do not charge your customers the total bill at the point of sale, you need a payment policy to guide your customers through the payment process.
Read More Create a Customer Bill Payment Policy for Your Small Business
Like many small business owners, you send customers bills after providing a product or service. An effective invoicing system gives customers more flexible payment options. You need to know which types of invoices to send customers for different situations.
Read More Types of Invoices for Small Business
When you sell goods or services, you need to create a record of the transaction. Depending on the situation, you will either give customers an invoice or receipt. What is the difference between an invoice and a receipt? Understand invoice vs. receipt distinctions to avoid confusion.
Read More Invoice vs. Receipt: What’s the Difference?
As a small business owner, setting up your accounting books and maintaining accurate records is essential. To make that happen, you need to be familiar with accounts payable and accounts receivable. Both accounting entries are part of double-entry bookkeeping, but what is the difference between accounts payable vs. accounts receivable?
Read More Accounts Payable vs. Accounts Receivable
When you make a sale on store credit, there is never a guarantee that the customer will pay you on time. In fact, one in three Americans is late paying their debts. Instead of banking on timely customer payments, plan for the worst. And, consider charging tardy customers a late payment fee to reclaim your […]
Read More How to Charge Customers a Late Payment Fee and Get Your Cash Flow Back on Track