Employers use human resources (HR) metrics to measure how their human capital-related costs contribute to overall business performance. These can also be used to establish a baseline for your business to track productivity, revenue, training, and more. As your numbers increase (or decrease) around this baseline, you can determine steps to take, as necessary, to…
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What is a Purchase Order Number? Key Components & Importance
A purchase order (PO) number is a unique identifier assigned to a PO document. It simplifies tracking the PO throughout the process, from creation to fulfillment, for both the buyer and seller. Also, it aids in recordkeeping for accounting and auditing purposes. By referencing the PO number on communications, invoices, and other documents, you can…
What Is a Pro Forma Invoice? Uses & Included Information
A pro forma invoice (also proforma invoice) is a preliminary invoice sent to the buyer before the delivery of goods. It includes all the essential information of an invoice—except that the prices and amounts stated are quoted values only. It is not a legal contract between the buyer and the seller and is subject to…
What Are Embedded Payments? Small Business Guide
Embedded payments are a convenient way for businesses to accept payments directly within their websites or apps—without having to deal with different providers—while simplifying the checkout process for customers. Understanding the dynamics and intricacies of embedded payments is important for small businesses that want to streamline transactions, improve customer satisfaction, increase operational efficiency, and drive…
What Is Form 1125-A? (+Example)
IRS Form 1125-A is used by corporations, partnerships, and multimember limited liability companies (LLCs)―filers of Forms 1120, 1120-C, 1120-F, 1120-S, or 1065―to calculate their cost of goods sold (COGS) for the year. It applies to businesses that sell products while businesses that sell services generally don’t need it—unless they also sell parts and supplies. Example…
What Is Social Commerce? Impact, Examples & Trends in 2024
Sell directly to your customers how and where they want.
Social commerce refers to the buying and selling of products on social platforms. Product research, discovery, and purchase are done in-app and without ever leaving a social channel. Social commerce removes friction from a customer’s buying experience, creates a more engaging environment, and generates opportunities to increase consumer interest. In this article, we discuss the…
What Is Schedule SE? (+Example)
IRS Schedule SE (Form 1040) is used by freelancers, sole proprietors, and independent contractors to calculate their Social Security and Medicare tax on self-employment income of $400 or more for the year. The form calculates what is similarly withheld on a W-2 as FICA tax for employees. A self-employed individual would generally be classified as…
What Is Conversational Commerce? Types, Benefits & Use Cases
Conversational commerce (also called c-commerce) is when consumers and brands connect through chat or voice assistance with the primary goal of making a purchase. Conversational commerce has gone mainstream thanks to artificial intelligence (AI) technology. The global c-commerce market is forecast to reach $34.41 billion by 2034. In this article, we’ll take a closer look…