Product validation is an important process whether you’re starting a new retail business or launching a new product for your existing brand. If you’ve ever come up with a product idea, product validation essentially tells you whether your product is pursuing or not. While it’s not foolproof, it is a great way to ensure you…
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What Is a Petty Cash Log (+ Free Templates)
A petty cash log (also called a petty cash register) is the official record of all petty cash transactions. The petty cash custodian is in charge of maintaining the petty cash log for all petty cash transactions that were taken out of the fund. We have prepared a free downloadable petty cash log template that…
What Is Notes Payable? Interest Computation & Journal Entry
Since N/P is debt, the borrower incurs interest expense that must be paid together with the principal amount at maturity date. N/P ranges from short-term loans for solving cash flow problems to long-term loans for purchasing machinery or even buildings. In this article, we discuss the purpose of N/P, the interest computation, and the journal…
Level 2 and Level 3 Credit Card Processing Explained
Level 2 and 3 credit card processing are transaction types reserved for businesses that accept payments from other organizations (typically high-volume B2B transactions) instead of individual customers. These processing levels can save your company money—but they come with additional requirements, so you need a card processing service that can handle that additional data. We’ll explore…
Accounts Payable Internal Controls: Best Practices + Free Manual
Accounts payable internal controls are a set of policies, procedures, and practices that ensure the accuracy, integrity, and security of accounts payable transactions.
The main objective of accounts payable internal controls is to reduce the risk of error and fraud that may proliferate in the accounting information system if not detected, prevented, and corrected on time. Having controls in place helps the A/P team deliver on their responsibilities and maintain independence in reviewing and approving all A/P transactions….
What Is a Franchise & How Does It Work? SMB Guide
A franchise is a business model in which a parent company, or licensor, grants permission to a licensee to share its business concept. The resulting business, a franchise, helps the licensor expand while retaining control over products, delivery methods, marketing, and concepts. In return, the licensee receives an established product with permission from the franchise…
What Is HRIS? Overview, Features & Cost
Learn all about HRIS software and how it can help you streamline the recruiting, hiring, and employee management process by aggregating data in one convenient place at an affordable price.
A human resources information system (HRIS) centralizes employee-related information, helping businesses keep track of employee data, job data, and other employment and HR compliance records. It is a software system that manages employee information with systems that include applicant tracking, benefits administration, performance management, time and attendance, and payroll. Costs are generally reasonable at an…
What Is a Business Model: Key Types & How to Create One
Every aspiring entrepreneur should have a roadmap—a strategy for growing their business from a core idea to a profitable venture. A business model defines an entrepreneur’s overall plan for making a profit, identifying its core product (or service), target market, value proposition, and strategy for sustainability. This guide will introduce you to the basics of…