Key terms about receipts, expenses, bookkeeping, and tax — explained simply.
Accounting
Money owed by a business to its suppliers and vendors for goods or services received.
Compliance
A chronological record of financial transactions that provides documentary evidence of activities.
Accounting
The systematic recording of financial transactions for a business or individual.
Accounting
A cost incurred in the ordinary course of running a business that can typically be deducted from revenue.
Documents
An electronic record of a purchase transaction, typically sent via email or stored in an app.
Documents
A digital receipt sent directly to a customer's email inbox after a purchase or subscription payment.
Documents
A document summarizing business expenses for a specific period, used for reimbursement or accounting.
Accounting
The process of recording, categorizing, and monitoring business expenditures for financial management and tax purposes.
Documents
An invoice requests payment before a transaction; a receipt confirms payment after a transaction.
Expenses
Recording business-related travel distances for tax deduction or reimbursement purposes.
Documents
Documentation that verifies a transaction occurred, typically required for returns, warranties, or tax purposes.
Technology
The automated process of pulling key data (amount, date, vendor) from receipt images or emails.
Process
The systematic organization, storage, and retrieval of receipts for accounting and tax purposes.
Technology
Optical Character Recognition technology that automatically extracts text and data from paper or digital receipts.
Compliance
The practice of keeping receipts for a specified period as required by tax authorities.
Technology
The process of converting physical paper receipts into digital format using cameras or scanners.
Tax
An expense that can be subtracted from taxable income, reducing the total amount of tax owed.
Tax
A receipt that includes Value Added Tax information, required for VAT reclaim in many countries.