Posts Tagged ‘Statements’

Business Records

Friday, February 3rd, 2012

One of the most important aspects of running your own business is the maintenance and process of keeping business records. The act of classifying, storing, and securing legal documents is essential towards a company in any niche. Keeping track of the flow of your company is one of the most important factors in managing your own business.  Staying on top of your records will make the process much easier when the time comes to track down the specifics of your company. Documents such as bank slips, statements, bills and invoices should all be sorted appropriately for your reference at a later time. Most small businesses fail to keep specific documentation regarding purchases they’ve made throughout the year that may help to give you a more detailed perspective on your company finances. The process of retaining legal documents has become much simpler with the recent introduction of electronic documentation. It’s much easier to store and organize information on your computer than to physically store documents or manually sift through them to find the documents you need. Having your legal documents in an organized state is essential because they will be required for legal purposes, taxation purposes, analyzing business strategies and future planning.

 

Subtle Differences

Monday, October 18th, 2010

Few people today understand the discrepancies between an invoice and bill due to their many similarities when being viewed from the service. In the English language many words are synonymous for one another but yet hold two different meanings behind them. An invoice is described as a commercial document issued by a seller to the buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer. They also indicate to the buyer that they must pay the seller, according to the payments terms and conditions. What an invoice does not do however, is give the buyer the balance of previous works that may not have been paid yet and represent only what has currently occurred. Bills are a combination of invoices and statements which contain all the information that a buyer would see on an invoice. A bill goes further in depth to show the buyer both the balance of what services have previously been provided in addition to the most recently completed tasks. Simply put a bill gives the buyer a more complete picture of everything that has taken place up to that point in time where the buyer receives it. The previous costs, invoices, and payments are all incorporated into the structure of a bill to provide the buyer with a broader view of what their remaining balances are.