Definition A transferable letter of credit can be described as a financial guarantee that one of the parties will transfer all or a part of the credit they have to the other party. Letters of credit are seen as protecting covenants that ensure that payment is made to the supplier of those particular goods and …
Transferable Letter of Credit – Definition, Key Feature, and More Read More »
Accounting processes are essential for making informed business decisions, complying with regulations, and staying on top of your cash flow. Therefore, you want them to be accurate and timely. If you’re tired of sifting through paper records or using outdated software, it might be time to move your accounting processes to the cloud. Cloud-based accounting …
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Accounting and finance is a field that is very crucial in every business industry. Accounting is the science of measuring, processing, and communicating any entity’s financial information of any entity. Besides, accounting is a separate industry where professionals offer their services to different businesses for preparing financial statements and maintaining records. Payroll management, corporate finance, …
Can I Become An Accountant Without Degree In Accounting? Read More »
When it comes to banking products, there are so many document formalities and processes that it becomes hard for a normal person to understand them fully. Pay slips, deposit slips, withdrawal slips, L/Cs, notes, cheques, etc., are all banking products and documents that you might need to present for one or another purpose when visiting …
What image appears in your mind when someone says, accountant? Most people would imagine an old gentleman with a well-ironed shirt, spectacles with thick glass, and a green visor. He would probably be accompanied by heavy registers, ledgers, and an intense light above his head. Surely, it would be an image of an accountant if …
Why Do Accountants Stereotypically Wear Green Eyeshades? Read More »
One can’t deny the impact of technology on society and how businesses, no matter the niche, are nudged to adapt due to the industry’s growing needs and demands. For instance, in recent years, the processing of data and information simultaneously has become a critical task in most organizations. As such, this has led to the …
5 Biggest Technology Trends In Accounting And Finance Read More »
Business-to-business transactions require series of document exchanges to ensure commercial and regulatory compliance. These documents reflect the strength of the process, internal controls, and terms of the transactions between the companies. Business purchases are not like a swipe of credit cards, as more nitty-gritty correspondence and documentation are vital in the process. One of the …
What is Blanket Purchase Order? – Benefit and How Does It Work? Read More »
The modern-day business dynamic has considerably evolved over the course of time. As a matter of fact, companies today are striving to be more agile in order to survive in a fast-paced environment. In this regard, it is imperative for businesses to ensure that they are able to make decisions on grounds of business strategy. …
What is Outsourced Accounting? & How Does It Work? Read More »
Definition During the normal course of operations, numerous financial transactions are taking place within the company. In this regard, it is often challenging for companies to keep a proper track record of the expenses that they have incurred. As a result, it might be challenging for companies to keep up to date with the expenses …
Petty Cash Book: Definition, Features Example, Format… Read More »
Definition: During the normal course of the business, there are numerous different transactions that the business carries out. It is essential to ensure that all the transactions are properly recorded and can be retrieved with proper and relative ease. In the same manner, it is also important to have clear and discrete communication channels established …
What is a Purchase Order? Definition, Key Features, Usages, And Importance Read More »
