Learning Center

Resources on basic accounting and payment terms business owners must know.

ACCOUNTING

Accounting cycle

The accounting cycle is the process of recording transactions and reporting financial activity. Learn how to perform and monitor your business's transactions.

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Accounting software

What does accounting software do? Discover what accounting software is, how it can streamline your business operations, and help you manage your finances.

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Accounts payable

Managing accounts payable can represent a headache for small business owners. BILL can help you understand the AP process, and how to manage outgoing payments.

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Accounts payable turnover

How quickly does your company pay its bills? Find out the answer and if that's a good or bad thing by calculating accounts payable turnover ratio.

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Accounts receivable

Accounts receivable refers to money that your business is owed in exchange for goods or services you have provided but the customer hasn't paid for yet.

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Book value

Book value is a metric used to measure a company's net value, but you first need to understand how it works and how it can affect your small business.

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Chart of accounts

Gain a clear understanding of a chart of accounts and its importance in accounting. Learn the chart of accounts definition and see a chart of accounts example.

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Days payable outstanding (DPO)

A DPO calculation gives insights into how fast or slow a company pays off its invoices. Learn how to calculate DPO and understand what a high or low DPO means.

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General ledger

The general ledger is an essential journal for business owners to understand all the ins and outs (credits and debits) of their financial information.

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Notes payable

Notes payable is a liability account where borrowers record their written promises (promissory note) to repay lenders. See an example of notes payable.

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Payroll

Payroll describes the entirety of a company’s processes, reporting, and standards for paying their employees and withholding proper payroll taxes.

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Payroll management

Payroll management is the process by which a business manages its payroll— the employees, salaries, hourly wages, payments, and taxes relating to payroll.

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Trial balance

What is a trial balance? Learn more about how this internal report can improve the accuracy of your financial statements for your business.

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Variable expense ratio

Net sales generally go to three places: covering your variable costs, covering your fixed costs, and your profit. Learn how to calculate variable expense ratio.

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BANKING

Account number

A bank account number is a string of number s that’s designed to identify an individual bank account and its owner. Learn more with BILL.

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ACH check

ACH (Automated Clearing House) checks are essentially electronic checks (sometimes called e-checks), or paperless checks.

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ACH payment

What is an ACH payment, how does it work, and what are the benefits and drawbacks of using ACH payments versus other payment methods? Find out more here!

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ACH processing

Learn about ACH processing, the different types of ACH payments, and how ACH processing is a safe, fast, and cost-effective way to pay and get paid.

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ACH transfers

An ACH transfer is a specific category of electronic funds transfer. There are two types: ACH debit and ACH credit.

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American Bankers Association (ABA)

Thanks to organizations like the ABA, it’s easier to do business in the U.S. than ever before. But what is the American Bankers Association? Learn more at BILL.

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Bank draft

What is a bank draft? Discover how bank drafts differ from other payment methods. Learn how to make and accept this secure form of payment.

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Bank identification number (BIN)

BIN numbers allow merchants to evaluate and assess payment card transactions. Here's how BINs work and how they impact your business.

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Bank ratings

Bank ratings are assigned to inform the public about a financial institution's stability and security. Know your bank's rating before banking with them.

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BIC/SWIFT code

Do you need to send or receive payments internationally? If so, you'll need to know how to find your BIC/SWIFT code. Read our guide to find your code.

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Business bank statement

First time looking at your statements? Learn about what a business bank statement is, how to read it, and the benefits of using one to manage your finances.

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Business banking services

Choosing a bank for small business has many benefits. Learn more about sorting and organizing business finances with business banking services and BILL today!

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FDIC (Federal Deposit Insurance Corporation)

In this article, we dive into FDIC insurance — what it is, what’s covered, and what you need to know about the FDIC and deposit risk as a business owner.

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Financial institutions

Unsure of what financial institution is best for your business? This article breaks down the different types of institutions and what services they offer.

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International bank account number (IBAN)

An international bank account number (IBAN) identifies an international or overseas bank account according to a standardized international numbering system.

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International wire transfer

An international wire transfer moves money from a sender in one country to a receiver in another. Learn a cost-effective option to make international payments.

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Nacha

Nacha is the organization that regulates ACH bank payments to make them safer, faster, and more reliable for businesses and individuals in the U.S.A.

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Promissory note

What is a promissory note? Explore promissory note types and examples; and learn more about these documents and how they govern the lending process.

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Routing number

What is a routing number? It's a 9-digit code used in the US banking system. Learn how routing numbers work and why they're important for financial transactions

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SWIFT payments

Explore the world of SWIFT payments - the global standard for secure and reliable cross-border transactions. Learn how it works and its benefits now.

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Wire transfer

Find out what wire transfers are, the required information to send wire transfers, fees involved, and ways to wire money domestically and abroad. Read on now.

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BUSINESS-BASICS

Business model

A business model defines what the business sells and its plan for generating revenue. Learn more about different business models and how to create your own.

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Enterprise resource planning (ERP)

Enterprise resource planning (ERP) software can help you integrate and manage your essential business processes. Here's how the best ERP systems can improve your small business.

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Manage vendor relationships

While all vendors are different, follow these vendor relationship management tips to get started on the right path to building better business relationships.

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Operational efficiency

Operational efficiency is an accounting metric that compares profits to operational costs. Learn how to measure and improve your operational efficiency.

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Purchase requisition

A purchase requisition is a formal, internal request to purchase a good or service. Learn the purchase requisition process and why it's important to have.

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Requisition number

Requisition numbers are unique identifiers that allow every requisition to be tracked. There are multiple types of requisitions that exist to provide more control over company resources.

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Virtual bookkeeping

Virtual bookkeeping refers to digital bookkeeping services that perform financial operations for businesses. This can refer to both external freelancers or internal bookkeepers working remotely.

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CAPITAL

Liquidity ratio

A liquidity ratio measures your ability to cover existing debts. Here's how to calculate the liquidity ratio for your business.

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Solvency ratio

A solvency ratio helps businesses estimate how long their business can survive. You can measure solvency in many ways. Learn about solvency ratios with BILL.

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EXPENSE-MANAGEMENT

Spend analysis

What is spend analysis in procurement? Learn how spend analysis can streamline your budget, control costs, and maximize profits. Read our comprehensive guide!

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INVOICES

Invoice

Learn all about invoices, the documents businesses use to request payment for goods or services. Find out what they include and how to best manage them.

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Invoice coding

Invoice coding is the process of embedding additional information into an invoice using a unique system of codes.

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Invoice factoring

Are you waiting for clients to pay their invoices? Here's what you need to know about invoice factoring as a short-term cash flow solution.

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Invoice financing

Unsure what invoice financing is or whether it could benefit your business? This post breaks down everything you need to know about this cash flow solution.

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Invoice processing

Invoice processing is an integral part of your business’s accounting process, so what is it, how does it work, and why automated invoice processing is better.

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Net 30

Net 30 is an invoice term describing the deadline for payment of an invoice—in this case, 30 calendar days. Learn to understand discount terms like 2/10 net 30.

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Net terms

What are net terms and how they work? Read our guide to learn everything you need to know about Net 15, 30, 60, and 90 payments.

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Order-to-cash (O2C) process

Learn how the O2C process can help small business owners create a more streamlined customer experience from point of purchase to payment processing.

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Pro forma invoice

What is a pro forma invoice and how is it different from a sales invoice? Learn more about the definition and use cases of a pro forma invoice here!

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Procure-to-pay (P2P) cycle

Learn everything there is to know about the procure-to-pay process from start to finish. This guide covers the steps to ensure your business runs efficiently.

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Purchase order

A purchase order (PO) is an official document that is sent from a buyer to a seller, documenting the agreement for a sale of specific products and/or services.

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Three-way matching

3-way invoice matching is a process that checks for discrepancies between invoices, purchase orders, and goods receipts before invoices are approved and paid.

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Two-way matching

2-way invoice matching is an automated process that checks for discrepancies between purchase orders and invoices before invoices are approved and paid.

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PAYMENTS

B2B payments

Businesses need to stay up-to-date on the latest methods of B2B payments. Learn how B2B payments work for your business and the various ways you can send money.

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Billing cycle

A billing cycle refers to a period from the end of one billing statement date to the next. Dive into strategies on how you can use them to your company's advantage.

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Clearing House Interbank Payments System (CHIPS)

CHIPS payments offer a convenient way to transfer large sums of money. Here's how CHIPS payments works, and how they compare to other methods.

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Digital wallet

What is a digital wallet and how does it work? Learn how consumers use digital wallets, the different types, and how your business can benefit from them.

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Duplicate payments

Find out how to improve your business processes and use accounts payable automation software to avoid duplicate payments to your vendors and suppliers.

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eCheck

What is an eCheck, how to send one, and what are the benefits of using this payment method compared to paying with paper checks? Find out more here.

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EDI payment

EDI, or electronic data interchange, is often mistakenly used interchangeably with ACH and EFT. Find out how EDI payment differs from other types of payments.

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EFT payment

An electronic funds transfer (EFT) is a secure and convenient way to transfer money from one bank account to another, without the need for physical checks or cash. Learn more with BILL.

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Electronic billing

What is an e-Bill? Learn about electronic billing (e-Billing) a modern method of generating and sending invoices online. Discover the benefits and how it works.

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Online bill pay

Online bill pay services are offered by a range of financial institutions and businesses to help customers pay bills online easier and more efficiently.

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Payment automation

Why is payment automation important? Benefits of payment automation includes streamlined payment processes, reduced errors, and saved time and money. Read more.

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Payment facilitator (PayFac)

What is a PayFac? A payment facilitator enables you to accept a variety of non-cash payments. Here's how it works and what features to look for.

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Payment management software

Payment management software is any software designed to support a business in the process of payment management.

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Payment rails

What are payment rails, and how do they work? Learn more about the infrastructure that enables non-cash payments.

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Positive pay

Learn how to protect your business finances with Positive Pay. Verify every check against pre-approved payments to prevent fraud and gain control over transactions. Learn more with BILL.

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Prorated

Prorating can help you charge a fair, flexible price. But what does prorated mean, and how does it impact your customer base?

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Remittance advice

Sending remittance advice to give information about your payment is an accounting best practice and courtesy to your suppliers and vendors.

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Virtual card

A virtual credit card (also known as a virtual card) is a temporary digital card number that is used for online transactions.

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TAXES

Employer identification number (EIN)

An employer identification number (EIN) is a unique number that the IRS associates with your business. Learn how to apply for one and how to look up an EIN.

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