FIFO vs LIFO Accounting

author Malgorzata Kozicka, 2015-10-01

We have improved InvoiceOcean's warehouse documentation module by adding support for FIFO and LIFO queueing, including profit margin report generation. Not familiar with FIFO/LIFO? Read on - in this article we'll explain both concepts and give some tips on effective warehouse management.

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Stop wasting money! Read about 5 ways our e-invoicing app helps you reduce costs

author Malgorzata Kozicka, 2015-09-30

Are you looking for new ways to save money? You've probably talked to tax advisors, outsourced some services and negotiated better rates for your phone and internet connections. At this point, it seems that there's nothing more you can do. Wrong! You can save even more with online invoicing.

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How to Save Money With Online Invoicing

author Malgorzata Kozicka, 2015-05-08

In today’s market carriers are always in search of ways to cut down expenses. There are many online accounting sites to choose from - make sure you pick the right one for your needs. Consider InvoiceOcean: an easy to learn, fully-featured e-invoicing solution.

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Estimate

author Łukasz Kalinowski (Radgost), 2014-05-29

Estimate is a financial statement approximation of the amount to be either credited or debited for items that cannot be clearly measured. 

The purpose of accounting estimates is financial statement accuracy improvement. Analysts' decisions are based on those financial statements and  accountants' duty is to generate them as precisely as possible even if the monetary value is unknown. 

 

In order for estimates to be effective, the basis, on which the accountant estimates numbers, needs to be reliable:

 

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Bill

author Łukasz Kalinowski (Radgost), 2014-05-27

A bill is a payment request for goods or services which were received. It contains a list of services or items and the due date. 

Bills and invoices are often used interchangeably and there is no difference in the results they produce. Invoices are commercial documents which contain more information (e.g. seller's and buyer's address, method of payment) than bills.

The use of these documents is determined by circumstances. Issuing bills is a common practice in restaurants, credit card companies, utilities and other service providers. 

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Proforma invoice

author Łukasz Kalinowski (Radgost), 2014-05-23

Proforma invoice is an accounting document which shows how much a certain number of goods or services will cost in advance of a shipment. What differentiates it from an estimate or price quotation is the fact that the terms of sale are subject to change. It is used by a wide variety of businesses in every industry.

Proforma invoices are used in situations when the client have not yet agreed to the prices and is send a proforma to give them an idea of how much the goods or services will actually cost. InvoiceOcean allows your clients to easily convert a proforma to an invoice by clicking the "Convert to invoice" button. It is a useful feature which saves time on otherwise having to issue a new document and enter all data from the beginning. 

A properly issued proforma should contain the below information:

 

 

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