What is Purchasing?

Procurement or purchasing is the act of obtaining goods, supplies, and/or services. Therefore, project procurement is obtaining all of the materials and services required for the project.

Software with Purchasing

PRODUCT NAME	SW SCORE (OUT OF 100)	AGGREGATED RATINGS (OUT OF 5)
ShopKeep	98	3.5
Quickbooks	98	4.3
Bitrix24	98	3.6
Fiix	98	4.2
Acumatica	98	4.4
Vyapar	98	4.9
Xero	98	4.2
Limble CMMS	97	4.9
UpKeep	97	4.4
Freshbooks	97	4.3

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Accounts Receivable

Accounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables represent a line of credit extended by a company and normally have terms that require payments due within a relatively short time period. It typically ranges from a few days to a fiscal or calendar year. Companies record accounts receivable as assets on their balance sheets since there is a legal obligation for the customer to pay the debt. Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less.

Accounts Payable

Accounts payable include all of the company's short-term debts or obligations. For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables.

Bank Reconciliation

A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.

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