Quick Answer A purchase requisition is an internal request asking for approval to buy something. A purchase order is the official document sent to a vendor after that request is approved. The easiest way to remember the difference is this: a requisition asks, “Can we buy this?” A purchase order says, “We are buying this.“ […]
Quick Answer A purchase order (PO) is the document a buyer sends before a purchase to authorize and document what they intend to buy, whereas an invoice is a document the seller sends after delivering goods or services to request payment. For a deeper breakdown of how POs work, read our guide: What is a […]
Quick Answer The purchase order (PO) process is the step-by-step workflow businesses use to control purchasing, approve spending, document vendor agreements, verify deliveries, and pay invoices accurately. The basic sequence of the PO process is: Though, in practice, a PO process is far more than just a series of formalities, paperwork, and approvals. Key Takeaways […]
Quick Answer In simple terms, a purchase order (PO) is a document a buyer sends to a seller to confirm a purchase before it happens, laying out exactly what’s being bought, how much it costs, and the terms of the transaction. It brings order to the often chaotic process of buying materials, equipment, and services […]
Quick Answer: What is Cost Accounting? Cost accounting is simply the practice of tracking, analyzing, and controlling the costs associated with running your business. The cost visibility that this type of accounting provides helps you ensure your financial decisions are grounded in reality. Understanding the true cost of your product or service is the secret […]
Over my many years in the field service industry, I’ve learned that the way you look at your numbers can really make or break you and managing the finances of a retail business is nothing short of a balancing act. This is because you’re not just ringing up sales; you’re also tracking inventory, managing vendors, […]
Quick Answer In virtually all standard bookkeeping and accounting frameworks, land is classified as a non-current asset, specifically as a fixed asset or property, plant, and equipment (PP&E), NOT a current asset. I know when you’re running a field service business, your mind is on the next call, the technician in the field, and the […]
In my 27 years navigating the trenches of this industry, from turning a wrench to consulting for hundreds of contractors, I’ve seen a clear dividing line. A line that separates the companies that lurch from season to season, hostage to the weather and the next breakdown call, from those that command their destiny, grow steadily, […]
As a long-time HVAC industry consultant, I’ve helped countless companies grow and become more successful. Along the way, I’ve experienced both wins and setbacks, each one shaping the advice I share today. In this article, I’ve done my best to condense the value of a full one-year consulting program into just a few thousand words. […]
Quick Answer: What is Unearned Revenue? At its core, unearned revenue (also known as deferred revenue) is simple: it’s money you have received from a customer for a service you have not yet performed or a product you have not yet delivered. Think of it as a prepayment. In this article, we’ll tackle what unearned […]
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