Backup
A backup for a business stores all information necessary to completely recreate its accounting records, including transactions, customer and supplier information, inventory status, reports, attachments, as well as custom themes and settings. Using backups, you can: Recover data after it is lost, as when a storage drive fails, recover data from an earlier time, for example, before someone began making entry errors, transfer data between computers, build redundant data caches, migrate data to different editions of the program (desktop, server, or cloud). A backup includes data of only one business. If you have multiple accounting entities, each must be backed up separately. If desired, these backups can be to separate locations. And a single business can be backed up to multiple locations.
Invoice
An invoice is a time-stamped commercial document that itemizes and records a transaction between a buyer and a seller. If goods or services were purchased on credit, the invoice usually specifies the terms of the deal and provides information on the available methods of payment. An invoice typically contains contact information for the seller or service provider in case there is an error relating to the billing. Payment terms may be outlined on the invoice, as well as the information relating to any discounts, early payment details or finance charges assessed for late payments. It also presents the unit cost of an item, total units purchased, freight, handling, shipping, and associated tax charges, and it outlines the total amount owed.
Inventory Management
Inventory management refers to the process of ordering, storing, using, and selling a company's inventory. This includes the management of raw materials, components, and finished products, as well as warehousing and processing of such items. For companies with complex supply chains and manufacturing processes, balancing the risks of inventory gluts and shortages is especially difficult. To achieve these balances, firms have developed several methods for inventory management, including just-in-time (JIT) and materials requirement planning (MRP). nventory represents a current asset since a company typically intends to sell its finished goods within a short amount of time, typically a year. Inventory has to be physically counted or measured before it can be put on a balance sheet.