Free Invoicing, Finance Tips & Insights for Small Business

What is a bank transit number?

A bank transit number is a unique 9-digit identifier for a specific financial institution in the US. We can say it is the bank’s address in the financial world. A bank transit number tells which bank should send or receive a specific transaction.

In the US, every federally chartered bank, credit union, and financial institution has at lea...

What is manual invoice processing?

Manual invoice processing refers to the traditional approach, where hand-written invoices are picked up and handed over to the recipient, prompting them to pay outstanding dues. For every invoice, the same process is followed by the issuer. They do it again and again. Even 50 times or more.

That is manual invoice processing, where eve...

What is a W-2 form?

A W-2 form is a U.S. tax document that an employer gives to its employees, showing the taxable income, wages, and other compensation earned by employees in the year. The document is shared at the end of January every year.

As an employee, you use this document to report your earnings to the IRS and to file your return during tax season. The key stru...

What is AI in accounts payable?

AI in accounts payable refers to the use of artificial intelligence to automate and streamline invoicing and other related tasks. It involves various technologies, such as Optical Character Recognition and Machine Learning, that automatically capture invoice data, perform validation, and manage invoices.

In short, artificial intelligence...

What is a cash receipt?

A cash receipt is a formal document, highlighting that the payment has been received through in-hand cash. In simpler words, it gives acknowledgment of a specific amount collected for purchased goods or services. Barring the cash transaction, there is no such difference between a cash receipt and a regular payment receipt.

A cash receipt, if not...