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…
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What Is the AM Best Rating?
The AM Best financial rating gives you a good idea of the financial stability of an insurance carrier. It is given by AM Best, a financial credit rating agency that focuses specifically on insurance companies and issues ratings on a carrier’s financial strength. The History of AM Best AM Best was founded by Alfred Magilton…
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…
What Is Video Conferencing? Key Features & Top Platforms
Video conferencing allows multiple parties to hold online meetings through audio and visual technology. It involves the use of video meeting software equipped with screen sharing, whiteboard, and breakout rooms. These features create an interactive meeting experience, allowing remotely located users to collaborate effectively while saving time and money from traveling. Keep reading as we…