Payers are required to track payments with adequate bookkeeping during the year to later prepare information returns 1099-NEC and 1099-MISC. They should get W-9 forms from U.S. business service providers and Form W-8BEN certifications or other required forms from foreigners that are exempt from a 1099 form.
E-Invoicing
Vendor Risk Management
Vendor risk management (VRM) is a continuous due diligence process implemented before and after purchasing from or outsourcing to third-party suppliers. Vendor risk management includes lessening risks of poor data security and cybersecurity failures, regulatory violations, and business interruption or disruption from supplier failure or significant supply chain delivery delays.
W-8ECI
The purpose of a W-8ECI form is to allow an eligible foreign person to get an exemption from tax withholding on income effectively connected with conducting a trade or business in the United States. A foreign person submitting Form W-8ECI to a withholding agent (not the IRS) must file an annual U.S. income tax return to report income connected with a U.S. trade or business.
Procure-to-Pay
Xero vs. QuickBooks
1099 MISC Instructions
As the payer of specific types of trade or business-related miscellaneous income for recipients and provider of other information, use the revised Form 1099-MISC information return. The IRS Form 1099-MISC changes result from the use of a separate IRS Form 1099-NEC to report $600+ of nonemployee compensation (NEC) paid to independent contractors. Independent contractors receiving
Encumbrance Accounting
In accounting, an encumbrance is an open commitment to pay for goods or services ahead of the actual purchase. In other words, the purchasing company makes a promise to pay before the expense is incurred. Once the transaction is approved, the commitment becomes legally binding. That is, the purchaser becomes legally obligated to make the payment.
E-Procurement
QuickBooks Online vs Desktop
Automated Clearing House Fees
Braintree vs Paypal
Remittance Advice
Remittance advice is a detailed notification of the payment amount sent by a payer to a payee. Examples are customer to vendor or supplier, employer to employee, bank or money transfer company to the receiver of funds, or from a claims processor to a healthcare provider as electronic remittance advice (ERA) when patients’ insurance claims are paid.
Alternatives to QuickBooks
Small businesses can select lower-priced software that competes directly with QuickBooks. Fast-growing venture capital-backed companies can start at a higher level with scalable ERP software that handles GAAP financial reporting, streamlines business processes, and will continue to meet their business needs as they grow.
Cash Controls
Cash control is cash management and internal control over cash. Controlling cash receipts and cash disbursements reduces erroneous payments, theft, and fraud. Internal control includes corporate governance, company policies, segregation of duties, authorized approvals for purchases, designated signature authority with limits, payments reconciliation, and bank account reconciliation.
QuickBooks Credit Card Processing
QuickBooks Online, with its QuickBooks Payments option, uses Intuit Merchant Services for customer credit card processing services, and efficiently receives credit card payments. QuickBooks credit card processing includes customer payment links when invoicing, depositing cash receipts from payments into the user’s merchant account daily, and automatically recording the credit card transactions.
Accrual Accounting
Accrual accounting is a GAAP method of accounting to record revenue when earned and expenses when incurred (not paid), summarizing results in accrual basis financial statements. Accrual based accounting uses the matching principle to record revenues and related expenses in the same accounting period. Record accrued liabilities or related assets simultaneously with double-entry bookkeeping.
QuickBooks International Payments
How to Find the Best Accounts Payable Automation Software
QuickBooks Vendor Payments
Payment Management Software
Stripe and QuickBooks
Payoneer vs Worldfirst
Payoneer and WorldFirst both provide ease of use, security, and excellent customer service. WorldFirst global bank transfers are received about one day quicker than Payoneer’s. Money transfers from a sender’s WorldFirst account to the receiver’s WorldFirst account are received instantaneously. Payoneer’s transfers sent to another Payoneer account are received within two hours.
