The money words, in plain English
One sentence each, then the part that actually matters. No hedging.
- Virtual account
- A virtual account is a bank account number issued for a specific purpose — often a single order or a single customer — so that money paid into it identifies itself without anyone matching it by hand.
- PAYE
- PAYE — Pay As You Earn — is personal income tax deducted from an employee's salary by the employer and remitted to the tax authority monthly.
- Proforma invoice
- A proforma invoice is a document that states what a sale will cost before it happens — a firm quotation in invoice form, not a demand for payment.
- Withholding tax
- Withholding tax is an amount your customer deducts from what they owe you and remits to the tax authority on your behalf, against your own eventual tax bill.
- Settlement
- Settlement is the point at which money has actually moved and is available to you — as distinct from authorisation, which is only a promise that it will.
- Chargeback
- A chargeback is a card payment reversed by the cardholder's bank after a dispute, taking the money back from the merchant.
- Reconciliation
- Reconciliation is checking that two independent records of the same money agree — typically your books against your bank.
- Chart of accounts
- A chart of accounts is the list of categories your business's money is sorted into — sales, rent, salaries, equipment and the rest — and it is what makes a set of books readable.
- KYB
- KYB — Know Your Business — is the verification a platform must complete before it can hold or move money for a business, covering who owns it, what it does, and whether that trade is permitted.
- Electronic invoicing
- Electronic invoicing is the submission of invoice data to the tax authority in a structured format at the time of issue, rather than reporting totals afterwards.
- Gross margin
- Gross margin is what is left of a sale after the direct cost of what you sold — before rent, salaries and everything else.
- Rider float
- A rider float is the cash a delivery rider is holding on your behalf at any moment during the day, before it is remitted.
Or use a product that handles all of them.
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