A blanket purchase order (BPO) is a type of purchasing agreement between a buyer and supplier that establishes terms and conditions for multiple transactions over a specified period—typically a year. It provides flexibility to the buyer to order varying quantities of goods or services within the agreed-upon terms without the need to renegotiate for each…
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What Is a Credit Invoice & When To Use One
A credit invoice, sometimes called a credit note or credit memo, is a document issued by a business to a customer when a refund or credit needs to be applied to an already-issued invoice. For example, if your customer returned a defective product or you’ve overcharged them, you may need to issue them a credit…
What Is the Commercial Clean Vehicle Credit & Who Qualifies?
The Commercial Clean Vehicle credit, also known as the IRC §45W credit, is a reduction in tax of up to $40,000 for qualified vehicles placed in service before Jan. 1, 2033. A clean vehicle is more energy efficient than vehicles without the “clean vehicle” classification. The specific criteria for clean vehicles are established by the…
What Is Call Center Fraud and How to Prevent It
Call center fraud is the deliberate act of faking an identity in a phone call to access confidential information or take control of user accounts. It manifests in various forms, including phishing, account takeover, and card not present (CNP). To prevent bad actors from infiltrating your system, understand the common types of deceitful practices, invest…
What Is an Invoice Number & How to Design a Numbering System?
An invoice number is a unique and sequential number assigned to each invoice document. Invoice numbers can be purely numeric, such as 10021, or alphanumeric, such as INV-10021. It allows businesses and customers to refer to a particular invoice easily when multiple invoices exist, making it much easier to match invoices with payments. For small…
What Is Commercial Property Insurance?
Commercial property insurance is an important business policy that either replaces or repairs damaged commercial property. Different types of commercial property insurance cover different types of property, such as tools and equipment or the printers in an office. Business owners who own a building, furniture, or equipment should strongly consider purchasing it. Commercial property insurance…
What Is Bulk Email Marketing? Why It Works + Examples
Bulk email marketing (also called “mass email marketing”) is one of the oldest forms of digital marketing—mainly because it’s enduringly effective. If you open your inbox on any given day, you’ll likely find a dozen or so marketing emails, from newsletters to limited-offer coupons. That’s because emails remain a meaningful way to reach your audiences….
What Is Vendor Managed Inventory? Pros, Cons & Examples
Vendor managed inventory, or VMI, is a collaborative strategy that differs from traditional supply chain models by bridging the gap between suppliers and retailers to make inventory management a shared responsibility. VMI can benefit both vendors and retailers if done correctly, but it requires careful setup and close communication. In this article, we’ll cover what…