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A statement of work (SOW) is a document routinely employed in the field of project management.It is the narrative description of a project's work requirement. [1]: 426 It defines project-specific activities, deliverables and timelines for a vendor providing services to the client.
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
Analysis of invoices, lines, rates, tariffs, taxes, plans, usage, call volume, systems, and contracts resulting in cost reduction, proper invoicing and optimization of telecommunication systems often conducted by an independent telecommunications consultant or firm.
Professional services: Fees incurred from professional services that are ordinary and necessary, such as accounting, consulting, legal, or contract labor, can be deducted as a business expense.
Invoice processing : involves the handling of incoming invoices from arrival to payment. Invoices have many variations and types. In general, invoices are grouped into two types: Invoices associated with a company's internal request or purchase order (PO-based invoices) and; Invoices that do not have an associated request (non-PO invoices).
Self-billing invoice - A self billing invoice is used when a buyer issues the invoice to themselves (e.g. according to the consumption levels he is taking out of a vendor-managed inventory stock). [9] The buyer (i.e. the issuer) should treat the invoice as an account payable and the seller should treat it as an account receivable.
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