Author: Veronica
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What is Accounts Receivable? The Complete Guide
Accounts receivable (AR) is a key principle that must be fully understood by business owners. It plays an integral role in the financial health of your business. In this guide, we take a closer look at accounts receivable, accounts payable, and a wide variety of related topics. By the end, you’ll be well educated on…
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Cash Discount Program: Definition, Advantages, and Examples
A cashless society seemingly draws closer as consumers have largely quit carrying cash. To remain a competitive business today, you have to accept credit cards. This fact has benefits and drawbacks. While it’s easier to upsell, thus achieving larger average tickets, the cost of processing debit and credit cards can eat into your margins. The…
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26 Different Types of Invoices: The Complete List
An invoice is a crucial document for nearly every business. Slightly different than a bill, an invoice is a legal document describing the goods or services rendered, as well as how much the client owes for such. Generally, not a single day of business operations will go by without invoice processing. That said, there are…
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What Is a Purchase Order? Everything You Need to Know
When it comes to business operations, the creation of purchase orders isn’t usually a business owner’s favorite. However, tracking inventory and buying supplies are critical to business success, which means purchase orders are critical to business success. Relying on purchase orders for the ordering of supplies helps you avoid errors that may occur when you…
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Revenue Cycle Management: Everything You Need to Know
Revenue cycle management (RCM) is a system through which businesses may identify, track, collect, and process revenue from their services. Businesses in the healthcare industry frequently utilize this system. RCM processes are essential in maintaining smooth operations and ensuring financial success. For this reason, RCM is growing in popularity. According to a recent study, experts…
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Payment Posting: What Is it and Why Is it Important?
In medical billing, a common cause of errors is not implementing a payment posting method. This can lead to unhappy patients and, even worse, can muddle a practice’s entire financial picture. With intentional payment posting in medical billing, not only can you avoid all potential oversights, but you’ll have a thorough insight into your daily…