Learning Center

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

ACCOUNTING

Accounting software

Accounting software is any computer program designed to assist accountants, bookkeepers, and business owners in their efforts to record financial transactions.

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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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Chart of accounts

A chart of accounts makes it easier to understand where money is coming from and where it's going. Chart of accounts is like the general ledger's contact list.

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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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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 numerals (and sometimes letters) that’s designed to identify an individual bank account and its owner.

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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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Bank draft

What is a bank draft? 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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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

A routing number is a nine-digit sequence of numbers that’s used to identify and send funds to specific banking institutions in the United States.

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SWIFT payments

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) Payment Network is an international money transfer network established in the 1970s.

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Wire transfer

A wire transfer is a direct transfer of funds completed electronically, managed through one bank or financial institution and sent to a desired recipient.

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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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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, how can it benefit your business, and how can an organization ensure an efficient spend analysis implementation? Find out more here.

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INVOICES

Invoice

An invoice is a document sent from a business to a customer or client requesting payment after a good or service has been delivered.

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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 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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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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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

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

Learn how consumers use digital wallets 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) payment is the process of moving money from one account to another, electronically.

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Electronic billing

Electronic billing, or e-billing, is the general term for the process and infrastructure associated with paying, processing, and receiving payments online.

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Online bill pay

Online bill pay is a service offered by a range of financial institutions and businesses for paying bills online.

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Payment automation

Payment automation is any tool a business uses in order to automate their process of paying vendors.

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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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Positive pay

Positive pay is a system for detecting check fraud that compares checks presented at a bank to a list of approved checks provided by the issuer.

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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. Find out more!

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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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