January 21, 2025
Charles Lutwidge
Difference Between Electronic Transfer and Wire Transfer
Businesses use various ways of sending payments to suppliers, employees or organizations. Expanding the scope of deals requires them to compare a wire transfer vs electronic transfer to recognize the subtle distinctions between these practices. While both methods are widely...
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January 13, 2025
Charles Lutwidge
Internal Audit vs External Audit: Which is Better?
Keeping a company’s financial statements in order facilitates ensuring compliance and avoiding hefty fines. Achieving sustainability requires firms to increase the accuracy of manual input and use workflow automation tools to expedite processes. In this guide, we will compare internal...
January 08, 2025
Charles Lutwidge
Best Practices for Vendor Master Data Management
Vendor master data management facilitates collecting detailed information about suppliers. Establishing lasting relationships with business partners empowers companies to achieve sustainable growth. Recording contact details without mistakes allows ventures to keep in touch with exporters and solve issues without delays....
December 30, 2024
Charles Lutwidge
What is Electronic Funds Transfer?
Electronic Funds Transfer (EFT) is a digital process of sending money between two accounts. The popularity of this intuitive approach among consumers and enterprises is expected to increase, as it does not require using checks or other outdated methods. Every...
December 26, 2024
Charles Lutwidge
What Is Return on Investment (ROI)?
Return on Investment (ROI) is a commonly used metric that facilitates the measurement of financial yield. Enterprises utilize it to analyze whether they allocate resources wisely and develop effective strategies to increase gain. Learning how to deploy innovative methods to...
December 19, 2024
Charles Lutwidge
What are ACH Returns?
Making direct payments secure requires using the ACH system managed by the National Automated Clearing House Association (Nacha). Unlike regular wire transfers or cash remittances, ACH operations are considered better protected and more streamlined. When they fail to get settled,...
December 10, 2024
Charles Lutwidge
Ultimate Guide to Coding Invoices
Invoice coding involves categorizing spending and assigning them to particular accounts. At first glance, everything seems elementary, but such a process is often skipped when working with accounts payable (AP) or accounts receivable (AR). However, such neglect can cost more...
December 02, 2024
Charles Lutwidge
What Is a Purchase Order and How Does It Work?
If you plan to run a business, you must buy goods or services that will ensure the organization’s regular operation. Although purchasing processes are simple in small firms with minimal spending, they become more complicated as the business grows. In...
