February 05, 2025
Charles Lutwidge
Coffee Shop Accounting: 8 Essential Tips for Owners
Coffee is the favorite drink of most Americans. Two-thirds (66%) of the country’s residents drink coffee daily. The US coffee market is the largest in the world, reaching $8.1 billion. The average cafe profit margin is 4%, which is the standard profitability...
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February 04, 2025
Charles Lutwidge
The Payment Recovery Process Explained
Maintaining a stable cash flow is necessary to achieve consistent business growth. Ventures of all sizes strive to implement efficient solutions to enhance their financial stability. Nonetheless, invoices do not always get paid on time. If such issues occur, a...
January 27, 2025
Charles Lutwidge
What Is a Payment Service Provider (PSP)?
Businesses strive to implement secure gateways to streamline financial transactions and increase profits. Finding a reliable Payment Service Provider (PSP) is a prerequisite to scaling up operations and serving consumers better. Catering to clients’ needs is the only way to...
January 23, 2025
Charles Lutwidge
What is Legal E-Billing?
Manually processing an invoice takes an average of almost 14 days. It is inefficient to spend that much time in today’s fast-paced business environment. That is why small and mid-sized legal firms consider “process automation” and “implementation of new technology...
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...
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...
