Accounting Practice Management Software Glossary: Key Terms & Concepts

The term "accounts receivable" refers to a company's unpaid bills or the money owed to it by customers. Accounts that a company is entitled to receive as a result of delivering a product o...read more

A bank reconciliation statement reconciles an entity's bank account with its financial records. The statement lists all deposits, withdrawals, and other transactions in a bank account over...read more

An invoice and a bill are documents that convey the same information about the amount owing for the sale of goods or services. Still, a company uses an invoice to collect money from its cu...read more

When a firm refers to money owed to them by a customer, it is referred to as collections. When a consumer fails to pay a company within the agreed-upon terms, the bill becomes past due and...read more

Keeping track of your expenses is a crucial component of building a budget for your small business. The financial health of your budget is improved by keeping a daily record of your expens...read more

Project accounting is a sort of managerial accounting that focuses on managing and delivering projects. It entails tracking, reporting, and analyzing financial results and consequences and...read more

A tax is a governmental mandatory financial charge or levy imposed on a taxpayer to fund certain public expenses. The taxation system is critical for a country's economy since money is req...read more

Project management is used to supervise a team's efforts to meet all project objectives while staying within budget. The information is described in project documentation, prepared at the ...read more

A quote, also known as a proposal, is a document that establishes a contractual connection between two parties. A quote is a supplier's response to a prospective customer's request - one l...read more

The payroll management process consists of a series of controlled processes completed in the same sequence each month to establish a payroll cycle. Put another way; the payroll process is ...read more

Connected Business's Multi-Location Accounting function helps businesses with many locations or branches to keep track of their financials per location. Some multi-location companies have ...read more

Trading money electronically is known as online payment. Computer networks, the internet, and digital stored value systems are commonly used in this process. You accept an online payment w...read more

Automated scheduling is a type of AI that specializes in scheduling multiple assignments for a single or several users while adhering to a set of arbitrary criteria. People are becoming mo...read more

When a subscription business charges a customer's credit card for items or services on a regular billing schedule, this is known as recurring billing. Subscription services typically charg...read more

Payment Reminders is a convenient feature that allows users to set up automated reminders for overdue payments. This feature is designed to help individuals and businesses keep track of th...read more