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Financial accounting basics

Accounting Tools

Transactions A "transaction" is a business event that has a monetary impact, such as selling goods to a customer or buying supplies from a supplier. In financial accounting, a transaction triggers the recording of information about the money involved in the event. There are two ways to do so which are noted below.

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How to set up NetSuite Invoice Approval Workflow?

Nanonets

It includes core accounting software.   NetSuite cloud accounting software helps your business record and manage transactions, including those related to accounts receivable and accounts payable, close the books, and prepare reports and financial statements.  

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2023-2024: Top 10 Expense Management Tools

Invoicera

Here’s why they’re essential: Efficiency and Accuracy: Expense management tools automate many aspects of the process, reducing the need for manual data entry and the risk of human errors. This saves time and ensures that expense reports are more accurate.

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6 Ways Business Virtual Cards Can Be Used for Enterprises

Spenmo

Benefits of Virtual Cards More control over spending Companies with traditional reimbursement systems only know which expenses they incur once the employee submits an expense report. Virtual credit cards circumvent this issue through spending limits and budgets for each account.

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Sample Employee Business Expense Policy Template

Nanonets

Client Entertainment : Expenses for entertaining clients, such as meal costs or event tickets, provided they are directly related to business development or retention. An example is hosting a client at a sporting event to discuss future business opportunities. These vendors have been vetted for value and service quality.

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45 Business Expense Categories for Businesses and Startups

Nanonets

Casualty and Theft Losses : Losses from theft, vandalism, fire, storm, or similar events. Here’s how to do it effectively: Use Accounting Software : Implement a reliable accounting software solution that fits the needs of your business. Fully deductible. Deductible in the year the loss occurred.

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How to streamline your Expense Reimbursement process

Nanonets

Inaccuracies in Expense Reporting Manual Data Entry Errors Mistakes in receipts and expense reports due to human error. Misinterpretation of Policies Misunderstandings about what constitutes a reimbursable expense can lead to incorrect claims. Client Entertainment:  Maximum of $100 per person per event.