Business

An itemized receipt is a generalized and broad term used to describe a standard for a purchase invoice. Almost any seller can use it. Restaurants, department stores, stationery stores, etc., are a few examples. This receipt can be used in a business-to-business sales and purchase scenario and a business-to-customer scenario. It can also be used to make detailed inventory purchases. However, it is most commonly used in departmental stores and retail shops. It is known as the itemized receipt because it displays information about your purchase per item. What is an itemized receipt? An itemized receipt is a document that…

A payment voucher acts as a receipt when a transaction occurs between two parties. It can also be utilized as an alternative to cash, recording the transaction. Alternatively, we can say that it is proof of the transaction in any business institution. What is a payment voucher? A payment voucher is a document that includes details regarding the conducted transaction, the total amount of transactions, the name of the company, and more. This document is very useful for individuals who want to keep track of their transactions. [Sample #1] If you are running a business, you must be aware of…

It is vital for an organization that its employees are regular and punctual at work since this maintains its work environment and the institute’s decorum. Employees are given leaves and off days according to the organization’s rules and regulations, but it is also important to ensure that the employees aren’t taking any extra days off. An employee attendance record sheet is a document or sheet used to mark employees’ presence, absences, sick leave, and other absences for payroll or salary purposes. Every office administration is required to keep detailed records of employee attendance. In the past, employee sheets were in…

What is petty cash? The accessible money that is used by an organization for making payments of small and usual purchases, reimbursements, and expenditures is known as petty cash. The petty cash is generally stored by a specific department of the company. The company also chooses a custodian who is responsible for taking care of petty cash. The job of the custodian is to keep the petty cash more organized so that it can be availed whenever it is needed. When an employee requests to use petty cash, the organization issues it for a particular purpose.  Petty cash is a…

We are living in a very busy world where people are so hooked on their jobs and personal lives that doing any additional task can become a big challenge for them. Due to such situations, a new designation arrived known as an agent. An agent is a person who is allowed to act in a legal capacity on behalf of the principal. The agent has the implied authority to form contractual agreements on the acceptance of the principle. The principal-agent relationship can be a contractual relationship where the principal can set the terms, conditions & any liability applicable to the…

The following century is all about technology and its amazing products which have not only made lives easier but have also impacted the quality of life. It keeps on giving new products each day and raising the bar. In addition to the medical field, the entertainment industry has derived a lot from advancing technology and has used it to keep people entertained. Businesses have evolved which provide exceptional services and products to enhance their customers. Most of these services are subscription-based therefore, it is important to subscribe to these businesses to enjoy their products as soon as they are launched.…

All businesses need to have procedures that ensure customers are provided with the right services. The company needs to make life easier for customers by making them not face any problems so that they want to continue buying from the company. Customers even need to know about the services they are being provided. Transparency must be present so that all sides know everything is correct. If customers feel like they are being cheated out, they will avoid buying from the company. One important document includes a work order invoice. What is a work order invoice? This is a document that…

When products are shipped from source to destination, it has a very important document attached to its pack which is known as invoice. This invoice includes information about the product that has been shipped with it. When products are shipped, the customs authorities have to check if the legal product is being shipped. The customs authorities also calculate the tax to be paid by the sender or receiver imposed on the shipment of the product being shipped. What is a cargo invoice? When different products are transported from one place to another, they have a document with them that provides…

A billing statement is used for customer account management, invoice tracking, and general billing issues. Although this statement is not as comprehensive as the features of small business billing software, it is all you need for your billing and invoicing requirements. The billing statement includes important information regarding the transaction carried out by the person, the total amount due, and lots of other key details. In general, the invoice is used by credit card companies when they want their customer to know about the total amount they have spent. Many companies use a billing statement invoice to inform customers about…

Spring season is a sign of happiness and joy. People feel so excited at the onset of the spring season after a chilly autumn season. With all the happiness and excitement, the spring season also comes with the stress of deep cleaning the house and office. It is usually an annual ritual that people follow to get rid of collected dust that they could not clean in the autumn season. What is a spring cleaning checklist? Cleaning does not have to be too stressful at this age and time, as there are so many tools available that provide you with…

Anyone who wants to have control over their expenses and stay within their budget constraints is required to have a clear picture of their expenses. Whether it is an individual or an institute, expenses are very important to be controlled. What is an expense estimate worksheet? It is a record sheet that keeps track of all the expenses. Using this tool, people find it easy to take all the expenses into account. This way, managing the budget and keeping a check on the expenses becomes easy. At times, we learn that our expenses have exceeded the budget limit and we…