Services / Expenses
- Aparajita Basu Roy (Unlicensed)
A service is something you use right away as it's being provided, like a haircut or a taxi ride. This is different from a physical product, like a book or a smartphone, which is made first and then used later.
Goods are things you can touch and hold, like clothes or electronics. Services, on the other hand, are activities or benefits you use but can't physically touch, like banking, mobile plans, courier deliveries, hotel stays, airline flights, movies, medical consultations, legal advice, and management consulting.
As economies grow, they shift focus from producing goods to offering more services. For example, in the USA, one of the world's most developed countries, about 79% of the economy is based on services, while only 21% comes from goods. This shift shows how important services have become in modern economies.
The IRS defines business expenses as the everyday costs you need to keep your business running, like buying inventory, paying employees, and covering rent. Fixed expenses are predictable and stay the same each month, such as rent and insurance. Variable expenses, like utilities and supplies, are expected but can vary in amount.
Adding, Editing, Deleting & Printing Purchase Service Order in Ginesys Web