Benefits of Using QuickBooks Payment Links to Streamline Your Payment Process

Used together, these tools are like the peanut butter and jelly of financial management—perfect on their own but unbeatable as a pair. QuickBooks Payments simplifies payment acceptance for QuickBooks users. You can effortlessly integrate payment buttons or links into your invoices and receive payments through debit cards, credit cards, Venmo, PayPal, and more. If you’re already using QuickBooks for accounting, QuickBooks Payments can streamline payment management within the same software.

Professional Services

• Automating your process means everything is stored in one place from the moment it arrives.
• Most businesses have these challenges when tracking accounts payable manually.
• Poor data entry can cause financial record discrepancies, a common problem.
• If they choose to pay with a credit card, they’ll pay the fee for convenience.

Lengthy approval workflows, manual data capture methods and outdated accounting systems ultimately slow your business down. QuickBooks lets you pick from many ways to handle bills automatically. This choice affects how smoothly your business runs and how happy your customers are. An ACH payment is a way to move money between banks using the Automated Clearing House network.

Actual human expertise

• A well-chosen payroll system reduces financial risks, enhances efficiency, and ensures smooth operations across multiple states.
• For quicker transactions, you can opt for same-day ACH for a fee, getting funds the next business day.
• A user-friendly interface and reliable support can save you time and frustration.
• Two factors to look for in a QuickBooks automation solution are EDI capabilities and integrations with other business systems.

However, navigating complex AP processes can be challenging, especially when you’re juggling the multiple demands of a growing company. This automation streamlines the process of generating reports, ensuring that the data is up-to-date and easily accessible. It also allows for the integration of various financial data points, giving businesses a comprehensive overview of their financial health.

When not leading her team, you’ll find her savoring a Dr Pepper in her car or harassing her kids to clean something. QuickBooks Bill Pay allows you to pay vendors electronically and on time, which builds trust and strengthens relationships. Accounts payable refers to the funds your business owes, whereas accounts receivable represents the amount you anticipate earning from a business transaction. Accounts payable represent the collective debts your company owes to other businesses for products and services they’ve invoiced you for.

Some processors offer features like advanced fraud protection, real-time reporting, and dedicated customer support that can justify a slightly higher price. “Before using Stampli we used to e-mail certain people to get approval for invoices and I had to manually enter the invoices into QuickBooks. Stampli makes it easy to upload, code, and then send it to a user for approval. I can see exactly where I am in the approval process without having to keep track of threads of e-mails. It’s easy to see rejected invoices and the reasons they were rejected when vendors e-mail asking why they haven’t received payment. Providing comprehensive training and clear guidelines for employees utilizing QuickBooks automation can significantly reduce the occurrence of mistakes.

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Custom tasks for client billing, trust account management, accounts payable automation, and financial reporting are set up to notify the responsible team members automatically. This ensures that financial compliance (crucial in legal practices) is seamlessly maintained, and bills are issued and settled promptly. Integrating QuickBooks with popular payment gateways is a powerful way to streamline your financial management. It enhances accuracy, saves time, and provides valuable insights into your business’s financial health. By following the steps outlined in this guide, you can seamlessly connect QuickBooks with your preferred payment gateway and enjoy the numerous benefits of automated financial processes.

Stampli is simply the best and easiest way to optimize accounts payable in QuickBooks today. To add a PO to an expense, bill, or check, navigate to + New, then select Expense, Check, or Bill. Choose the supplier from the Payee dropdown to view its open purchase orders. Find the purchase order, then select Add How To Streamline Your Quickbooks Payment Processing to add the items from the purchase order to the item details section. After you add the purchase order, its status will change from Open to Closed. Free accounting tools and templates to help speed up and simplify workflows.

What is the accounts payable process?

This could involve offering multiple payment options or optimizing your checkout flow. Finally, integrated payment processing provides valuable data and insights. Robust reporting and analytics are essential for understanding and optimizing your business performance. By leveraging these features, you can identify trends, forecast revenue, and ultimately drive sustainable growth. Access to this data also simplifies revenue recognition, providing a clear and accurate picture of your financial performance. Explore how streamlined revenue recognition can benefit your business.

Reporting

Leading financial automation platforms provide accurate and timely reporting and analytics, enabling finance leaders to make informed decisions. Customers say Stampli’s AI-powered reporting capabilities transform how they manage accounts payable. “Stampli has brought our processes forward a generation,” says one AP manager. We were previously coding all invoices manually, which included selecting the vendor information, invoice dates, and GL coding.

What you may not know is that you can use QuickBooks payments to accept credit card payments. Or, perhaps you know about QuickBooks payment processing but have been turned off by the price. Integrated time-tracking and attendance features let employees record work hours, including regular time, overtime, and leave, often syncing with biometric or mobile clock-in systems. This eliminates manual data entry, ensures accurate payroll, and reduces administrative time and the risk of penalties. Integrated time-tracking and attendance features accurately record employee work hours, reducing errors common with manual entry.

Create a Recurring Invoice

Automating your invoice processing eliminates many manual tasks like data entry, routing, and validation. When employees no longer have to perform these repetitive tasks, they can use their time for more important activities. Once approved, the system then automatically carries out digital payments with credit cards, BACS, or other payment systems like PayPal. As your business scales up and the number of invoices you handle increases, you’ll need an efficient workflow for invoice processing. Otherwise, you may run the risk of not paying bills, incurring late fees, and annoying your suppliers.

It matches invoices to purchase orders and payment terms, ensuring that all vendor invoices are paid correctly and on time. ACH payments in QuickBooks Online usually take two to seven business days. For recurring payments, the time often gets shorter after the first payment goes through. On the other hand, ACH credit, or “push” transactions, send money from a business to someone else. It’s used for direct deposits, paying vendors, and sending out paychecks. ACH debit costs less than $1 per transaction, which is cheaper than checks.

Zoho Books’s thorough reporting features include expense reports that simplify transparency and fund tracking. Zoho Books excels at collaboration—you can delegate as many tasks as you need to other organization members. (While users are limited by plan, you can add additional users to any plan for $2.50 per month per user.) Like Sage Intacct, Zoho Books uses automated workflows to streamline data entry and consolidate redundant tasks.

Best for Free Basic Accounting Tools

Such features may include the ability to track and allocate restricted funds, process payroll and pull reports to aid you in filing your 990 form. Now, reference your list of considered providers and the plans you can afford. Find the provider and plan that most closely matches the list of features your organization needs.

Using the QuickBooks Online Advanced plan, your nonprofit can keep a close eye on each project’s cash flow via the Cash Flow Dashboard. Reporting tools help you create a spending roadmap so you don’t overextend your cash flow. Finally, the software’s CRM helps you get to know and retain donors via targeted engagement to keep your cash flow healthy.

Nonprofit accounting software runner-ups

Unfortunately, NetSuite’s site is pretty sparse, and it’s definitely on the pricier side of accounting software (third parties estimate it starts at around $499 a month). Still, since Oracle NetSuite focuses on ERP and CRM software, it’s a better fit for midsize to large nonprofits with a bigger budget for accounting. However, Sage Intacct is definitely on the pricy end of the nonprofit software spectrum. Sage Intacct also offers free seminars to help nonprofit organizers get off the ground, which is particularly useful for nonprofits struggling to make ends meet after COVID-19.

Best for Managing Large, Global Nonprofit Financials

With the right bookkeeping software on your side, you’ll be able to make the most of your donations and reach people who support your cause. Still, Zoho Books offers 15% off its starting price for registered nonprofits, which helps lighten some of the fiscal load. If you’re interested in text-to-donate capabilities, you can upgrade to Aplos Core at $139 a month. And if you own a larger nonprofit with multiple ongoing projects, Aplos’s customized solutions start at $189 a month. Today’s leading accounting platforms offer standard security features, such as data encryption, secure credential tokenization and more. While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe.

• Intuit QuickBooks offers several plans, ranging from $35 to $235 per month ($17.50 to $117.50 per month for the first three months during the current promotion).
• At Business.org, our research is meant to offer general product and service recommendations.
• It should also offer nonprofit-specific accounting functionality, such as the ability to receive donations, manage restricted funds and file Form 990.
• However, Sage Intacct is definitely on the pricy end of the nonprofit software spectrum.
• Also track outgoing funds, such as salaries, wages and other business expenses, and break them down by month.

What should you look for in nonprofit bookkeeping software?

In contrast, nonprofit accounting centers on tracking funds, including responsible oversight of fund management. Fund accounting software’s primary goal is to show you and your shareholders, namely board members and donors, exactly where their money is going. Next, make a list of the features your organization needs to properly track, report and manage its funds and taxes.

But even with its extensive accounting features, QuickBooks’s nonprofit software still doesn’t have as many nonprofit-specific features as Sage Intacct and Aplos. It’s also on the pricier end of accounting software that wasn’t built for nonprofits. If you’re trying to balance a nonprofit budget on, well, a budget, Xero, Zoho Books, and FreshBooks are cheaper options, and Wave Accounting is completely free. Since QuickBooks was also made for non-accountants, it’s easy for first-time nonprofit bookkeepers to get a handle on nonprofit finances. Plus, QuickBooks’s mobile accounting app is at least as user-friendly as its software—so if you plan to do a lot of on-the-go donor management or financial tracking, QuickBooks is one of your best options.

Aplos: Best nonprofit-specific

Plan differences revolve around the number best accounting software for nonprofit organizations of users, customization options, inventory management, automations and expense tracking. You have to pay an extra fee for payroll services, starting at $45 per month. QuickBooks gives nonprofits the ability to perform basic nonprofit accounting functions. All Xero plans offer reporting, payment acceptance, file storage, contact management, tax calculations and the ability to connect Xero to a bank account. Its $15 per month plan (75 cents per month for the first three months during the current promotion) offers invoicing and quotes tools, bill tracking for five bills, bank and Xero syncing and 30-day cash flow snapshots. Its $42 and $78 plans ($2.10 and $3.90 per month, respectively, for the first three months during the current promotion) add bulk transaction reconciliation, higher bill pay limits, project tracking and analytics.

And on the review site TrustRadius, Sage Intacct gets 8.6 stars out of 101 with customers indicating they’re happy with Sage’s fast customer service response time. Need to save money while you get your new nonprofit off the ground? Our list of the year’s best free accounting software can help you keep your books in order while you plan for growth.

• Document incoming funding (donations and fundraised money) throughout the year.
• In addition, they can track expenses and capture receipts to simplify tax filings and report to donors the nonprofits’ overhead-versus-project costs.
• NetSuite, which was purchased by Oracle a few years ago, offers a wide range of accounting, CRM, and ERP (enterprise resource planning) solutions for dozens of industries—including nonprofits.
• Quicken is best for very small nonprofits that do not have employees for whom they have to process payroll.

The best accounting software programs all provide similar features, so when considering which one is best for your business, you need to consider which features are the most important to your situation. This will help you decide which accounting software meets your needs best. Certain software is best for actions, such as accounts payable (A/P) and banking and cash management while others are geared more for retail companies, offering cost tracking, inventory management and collecting and submitting sales tax. Other features you may want to consider include whether the software has a mobile app, how good its customer service is and how well it does with accounts receivable (A/R) and financial reporting. Zoho Books offers a free plan for one user to manage invoices, receive online and off-line payments, track expenses and mileage, import bank and credit card statements, generate accounting reports, chart accounts and manage 1099 contractors. Its other plans range from $15 to $240 per month (if billed annually) and add standout features including custom domain names, workflow automation, recurring expense tracking, project expense tracking and more users.

It supports peer-to-peer fundraising, grant and award management, nonprofit marketing, and donor payment acceptance. Didn’t find the best accounting software for nonprofits (specifically, your nonprofit) on our list above? See if one of these additional accounting software solutions for nonprofit treasurers and bookkeepers meets your needs. Document incoming funding (donations and fundraised money) throughout the year. Also track outgoing funds, such as salaries, wages and other business expenses, and break them down by month. Finally, write an explanation addressing how surplus (profits) will be reinvested into the nonprofit.

Its free accounting tools offer income and expense tracking, reports (such as overdue invoice reports) and a reporting dashboard. Finally, its banking tools allow you to automate bookkeeping, receive instant payments and deposit checks via a mobile app. NetSuite, which was purchased by Oracle a few years ago, offers a wide range of accounting, CRM, and ERP (enterprise resource planning) solutions for dozens of industries—including nonprofits. NetSuite’s cloud-based Social Impact software includes fund accounting, inventory management, and even ecommerce support. Unfortunately, while Aplos’s nonprofit features stand out, its accounting features are more limited.

Seniors may have specific deductions and credits available to them, such as deductions for seniors’ income. Understanding these can help reduce the overall tax burden and maximize refunds. Following the federal student loan forgiveness initiatives, Illinois has clarified that forgiven student loans will not be considered taxable income at the state level. If you qualify for federal student debt relief, you won’t need to report the forgiven amount on your Illinois state tax return.

• An Individual’s Guide to Federal Tax Laws and Regulations Navigating the complexities of federal tax…
• We strive to update our tax rates annually or whenever significant tax law changes occur in Illinois or at the federal level.
• The federal standard deduction for a Head of Household Filer in 2024 is $ 21,900.00.
• Taxpayers use the IL-1040 form, which requires documentation such as W-2s and 1099s.
• Navigating the tax landscape can be challenging, especially for disabled individuals and their caregivers, but…
• These services often bundle federal and state returns, streamlining the process.

Illinois Income Tax Brackets

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Form W-4 Explained: Complete Guide to Your IRS W4 Form

• This article clarifies the state’s tax structure, offering insights on brackets, filing categories, deductions, credits, and steps for accurate reporting.
• You also may qualify for exemptions for each dependent, further lowering taxable income.
• A student, you are not exempt from tax nor are there special residency provisions for you.
• Illinois offers several tax deductions and credits that can reduce your taxable income or lower your tax liability.

You may not use tax withheld by an employer for these states as a credit on your Illinois return. An Illinois resident who worked in Iowa, Kentucky, Michigan, or Wisconsin, you must file Form IL-1040 and include as Illinois income any compensation you received from an employer in these states. Compensation paid to Illinois residents working in these states is taxed by Illinois. Based on reciprocal agreements between Illinois and these states, these states do not tax the compensation of Illinois residents.

How to Use Form 1040-X: Amend Your Tax Return Easily

To e-file your Illinois and Federal income tax returns, you need a piece of tax software that is certified for eFile by the IRS. While most in-depth tax software charges a fee, there are several free options available through the states, and simple versions are also offered free of charge by most tax software companies. More severe infractions, such How to Invoice as a Freelancer as tax fraud or intentional underreporting of income, carry harsher consequences.

Iowa State Tax: A Comprehensive Guide

Comprehensive Guide to Local Municipality Taxes Navigating the world of local municipality taxes can seem… Navigating the complexities of taxation is a significant aspect of managing a small business. Navigating the ever-evolving landscape of tax laws is a critical aspect of business management.

• For the latest updates, always check the Illinois Department of Revenue website or consult a qualified tax professional.
• You may not use tax withheld by an employer for these states as a credit on your Illinois return.
• Illinois taxes wages, self-employment earnings, rental income, and investments.
• Illinois imposes a flat income tax rate of 4.95%, meaning all taxpayers, regardless of earnings, are subject to the same percentage.

Illinois: Federal Retirement Plan Thresholds in 2024

We grant an automatic six-month extension of time to file your return. If you receive a federal extension of more than six months, you are automatically allowed that extension for Illinois. These extensions do not grant you an extension of time to pay any tax you owe. If you determine that you will owe tax, you must use Form illinois state income tax IL-505-I, Automatic Extension Payment for Individuals, to pay any tax you owe to avoid penalty and interest on tax not paid by April 15, 2025. Complete Form IL-505-I, Automatic Extension Payment, and make a payment of whatever amount you can afford.

And finally, retainer fee agreements enable both the professional and the client to establish the fees and costs that the client will be responsible for within the matter’s proceeding. In contrast, an hourly rate is a fee structure where clients pay for each hour the professional spends on their project or case. This pricing model allows clients to have precise control over costs since they only pay for the actual time invested. However, it may not be as cost-effective if the professional’s hourly wage is high or if there are numerous hours required to complete a task.

How Much Does a Defamation Lawsuit Cost? Cost to Sue For Defamation

In most states, money paid to an attorney as a “retainer” is not a deposit for legal services rendered or to be rendered and is immediately earned and not subject to refund. Strong attorney-client relationships depend on clearly defined expectations, the ethical handling of funds, and open and transparent communication. Attorneys must design their fee structures to comply with professional rules and accurately reflect the nature of each payment.

Pay-for-work retainer

The fee money retainer may also help to cover other expenses that may accrue as the project progresses. If it’s not, you have the leeway to review your retainer fees or the number of hours you can offer the client. You can give your client(s) the option of a 30-day cancellation period if they want to back out of your agreement. For some service providers, such as planners, virtual assistants, or some photographers, a portion of the retainer may also cover initial service hours. This could include time spent booking the client, setting up questionnaires, back-and-forth communication, and creating initial documents. A retainer fee used as a deposit or prepayment for a project or service applies to the total cost.

• Start by including the names and details (company name, registered address) of the parties involved — the agency and the client.
• The notable exception would be if the cost of the work ends up being less than the retainer; then, the remaining balance may be refunded.
• I would also set clear expectations that some months will be heavy and some months lighter but that I’ll make sure it averages out and that the value will always be in their favor.
• A retainer is an arrangement between the firm and service provider wherein the latter is paid an advance for the benefits likely to be taken at some time in the future.
• These retainers are made from the same clear material as Invisalign aligners, offering a discreet look.

Can I negotiate a lawyer retainer fee?

The goal of a retainer is to provide your clients with ongoing access to your agency’s services. We’ll also provide five best practices for cash flow managing retainers and introduce you to Rocketlane — a professional services automation (PSA) platform to optimize your retainer client communication. You will need to negotiate the best terms possible or live with limitations that are not ideal. For example, some clients may insist on including a stipulation in the contract that you cannot work for their competitors, which can limit your ability to secure other work in the same field. Whether you are an independent consultant or part of a firm, you have to decide which pricing model or fee structure to propose when you are doing a proposal for a client. You and your client need to agree on the fee structure and then write it into a contract.

Guaranteed Income – Advantages of a Retainer Fee

Attorneys cannot make a fee non-refundable simply by labelling it that way in a contract. Ethical rules are designed to protect clients and will override contract language if the fee does not meet the legal criteria. Mislabeling can result in bar complaints, refund disputes, or disciplinary action. They should draft engagement agreements that define the scope of services, fee structures, billing methods, and refund terms. They must also issue detailed and timely invoices that clearly show the work completed and explain how they applied client funds.

Finalizing Your Legal Matters

This process usually involves ordering a tooth impression kit online, making the models of your teeth at home, and sending them back to the company. There is no fixed price for Vivera retainers (Invisalign retainers), but you can purchase them in sets of four, which helps bring the price down a bit. For a set of four Vivera retainers, you can expect to pay anywhere from $400 to $1,000. These are some of the most affordable retainers available, and they also tend to be quite durable. This legally binding document protects both parties by clearly establishing expectations and responsibilities from the outset. While the frequency decreases over time, retainers are a lifelong commitment if you want to maintain your smile.

Do I get my retainer fee back?

• In some instances, a lawyer may ask you to pay a certain amount before they begin to work on your case.
• It’s also possible for retainer fees to be based on certain tasks or milestones.
• A new replacement retainer costs from $50 to $800 depending on the type you get.
• Professionals use retainer agreements to allot time towards a specific matter.
• In other cases, attorneys charge clients for their services on an hourly basis.

Additionally, ask for a clause specifying the scope of legal work covered, such as whether appellate work or motion filings are included. Deposits are a common feature in many legal and financial transactions, yet their role and treatment vary significantly depending on the context. Whether used in real estate deals, rental agreements, court filings, or banking relationships, a deposit serves as both a financial safeguard and a potential credit toward final payment. Understanding how deposits function, who controls them, and under what https://1bd.4fa.myftpupload.com/paypal-help-center-personal-paypal-us/ conditions they are refundable is essential for legal professionals managing client funds and contractual obligations. In general, it refers to a sum of money paid up front as part of a professional agreement to obtain legal services.

Therefore, clients should clarify with the attorney if they notice a “non-refundable” clause regarding retainer fees in the agreement. For this retainer structure, offer to work with clients for a specific number of hours a month and charge them an hourly fee. Since they’re making an upfront payment, reassure them of your commitment by stating clearly what happens to unused work hours already paid for.

• A pre-paid retainer, also known as a fixed-price retainer, requires that you commit to handling a certain amount of work during the predetermined period.
• Firm A hired an IT service provider to make sure the websites undergo maintenance at regular intervals.
• With headquarters in Louisville, KY, Humana, Inc. is a for-profit healthcare organization that generated revenues surpassing $92 billion in 2022.
• Here, the client pays the agency on a predefined pay period (e.g., monthly or quarterly) for a certain number of work hours.
• Understanding your options for withdrawing from a retainer agreement is crucial to protecting your legal rights and avoiding any unnecessary legal disputes.

Whether you are a client or a lawyer, it is important to understand your rights and obligations under the contract and to seek legal advice before taking any action. By following the proper procedures and protecting your legal rights, you can avoid any unnecessary legal disputes and ensure a smooth transition out of the retainer agreement. When it comes to retainer fees, it is important to understand that they are typically non-refundable.

MM is the symbol used for representing the numbers in millions, whereas the symbol m is used as thousand in roman numbers and so mm is thousand multiplied by thousand, which is equal to 1 million. Large enterprises often present their financial statements and other reports with the figures in the millions, i.e., and they use ($ MM). Provided designing and programming support in enhancement of web applications accessed by over 3 million users worldwide. Let’s look at a few examples from real resumes of how to abbreviate million on a resume. If it is in a science or mathematic context, 1m will always be acceptable because it creates less confusion and takes less time.

What is the origin of the word Million?

• If you do use these abbreviations, be sure to clearly define them in the text.
• Merchants and bankers required a standardized way to represent large sums of money, leading to the adoption of “MM” to denote millions.
• It should not be considered legal, tax, investment, or financial advice.
• While the letter “k” is the most common abbreviation, there are a few different ways to abbreviate thousand.
• Stating at the top of the report that “all figures are in millions of dollars” should take care of it.

We still use Roman numerals for some accounting methods, while large figures are designated by the Greek alphabetic equivalent of the specific term. When two Ms are together (MM), it indicates 2,000 when using this methodology for http://www.kingdomfresh.com/index.php/how-to-accept-stock-donations-easy-steps-for/ expressing numbers. To avoid confusion, the term $1MM is often used to designate a million, while the generic “MM” represents 2,000. The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. The FT has a record paying readership of more than one million, three-quarters of which are digital subscriptions.

• But overapplying shorthand can backfire by reducing comprehension.
• The meaning of having a million dollars is that the value of yourassets and property equals 1 million dollars.
• Now that you know several large number abbreviations, you have access to several options you can use in your reports or other forms of writing.
• If you say “10M” on a resume, recruiters will know that you mean million, not thousand.
• In various aspects of finance such as budgeting, financial analysis, reporting, and forecasting, the use of MM aids in ensuring accuracy and precision.

K Is Meant To Stand For Thousand Isn’t It?

That letter isn’t Greek or Roman, but the average reader would likely understand the concept. You’d look for a G or MMM in the world of financial analysis and accounting. Certain industries may deviate from conventions through custom.

How do you abbreviate $1 million?

It seems like that the safest choice to ensure comprehension is to use K and MM, but something about mixing the symbols just doesn’t seem right to me. For example, in a document that requires the use of symbols because of limited space in a table, I see “500K-1MM” to stand for “500,000-1,000,000”. The mm million abbreviation use of MM to represent a million originated from the Roman numeral system, where “M” stands for thousand. When used in the context of finance or the stock market, “MM” is used to represent a thousand thousand, or a million. It’s a concise way to denote large amounts without taking up a lot of space on the page or screen.

How do you write 1.5 million?

You can also HOA Accounting use “M.” This has historically been used to mean thousand, but is rarely used that way anymore, so it’s unlikely to cause confusion. But used judiciously, “MM” provides a precise shorthand for an audience fluent in business and financial terminology. It adds professional polish by demonstrating command of industry conventions.

The MM abbreviation works whether the entry is in dollars, some other currency or millions of items or customers. The use of two m’s to denote millions is becoming less common. Frequently, in finance and accounting, an analyst will use k to denote thousands and a capitalized M to denote millions. I generally use $___MM, which was, and still is, often used by accountants and economists.

A. You’ve identified two commonly used conventions in finance, one derived from Greek and the other from Latin, but neither one is standard. The information provided on , in webinars and accompanying material is for entertainment and informational purposes only. It should not be considered legal, tax, investment, or financial advice. You should consult with a licensed attorney, CPA or other professional to determine what may be best for your individual needs. Although different accountants have adopted Roman and Greek traditions (or transitioned to modern abbreviations), context is what unlocks the knowledge needed to understand the term.

One of the key advantages of using “MM” for million is its ability to represent very large numbers in a concise way. In long form, numbers can become awkward or difficult to parse at a glance. Formatting like commas helps, but can still result in dense lines of text. Replacing instances of “million” with “MM” compresses multi-million and billion dollar figures down to a readable, digestible, skimmable format. This improves the presentation and consumability of financial data and summaries.