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The entity or person that extends the credit facility is called the creditor and; the entity or person that owes money to the creditor is the debtor.

An invoice is simply a document that contains the particulars regarding the goods sold and the services provided by a business. In short, an invoice is a documented record that specifies the details

Financial statements are prepared with the help of balances that are included in the general ledger accounts. When a double entry system is utilized in bookkeeping, then each transaction must affect

ERP software and accounting software are two types of business management software tools that are critical for a business to run smoothly. While the two software tools differ in functions and features

Electronic invoicing or e-invoicing in India is a process through which B2B invoices are digitally uploaded to a portal where authentication occurs by the GSTN or the Goods and Services Tax Network.

Businesses of all sizes suffer immensely as a result of poor inventory management. A study found that more than 75 percent of businesses lose sales as a result of problems in managing their inventory.

The purpose of inventory management is to ensure there are sufficient goods so that demand can be met without overstocking or understocking. Inventory management involves the processes of purchasing,

An audit trail (edit log) is the time-stamped step-by-step record of all actions & activities within an application by a user. Let’s check how an audit trail can lead to increased compliance and trans

Inventory carrying cost is the expense towards holding & maintaining inventory over a period of time. Let’s check what is inventory carrying cost & how to calculate it.

For any business to protect itself against fraud or future mismanagement, there needs to be a meticulous record kept of the financial and operational activities done.

Audit Trail is a record of financial transactions & verify various types of transactions. Let’s check the audit trail meaning, types, benefits & examples.

Accounting software used for maintaining books of accounts should have an audit trail feature. Let’s understand the details of the audit trail.