AP Automation Software Glossary: Key Terms & Concepts

The overall accounts payable (AP) balance of a corporation at a given moment in time will appear in the current liabilities column of its balance sheet. Accounts payable are debts that mus...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

The practice of collecting and managing cash flows is known as cash management. Individuals and businesses both benefit from good cash management; it is an essential part of a company's fi...read more

The practice of tracking and managing an organization's physical assets and equipment is known as fixed asset management. Vehicles, computers, furniture, and machinery are examples of asse...read more

A general ledger is a financial data record-keeping system that includes debit and credit account records confirmed by a trial balance. It helps to keep track of all the financial transact...read more

Your firm will be able to hold funds in multiple currencies if you have a multi-currency bank account. When conducting a business across borders, having a multi-currency account can help y...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

A self-service portal is a website or app that enables workers (or external clients for externally visible support providers) to help themselves when they require assistance, information, ...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

Invoice is time-stamped commercial document that itemizes and records a transaction between a buyer and a seller. If products or services were acquired on credit, the invoice would general...read more

Accounting has four main features: recording, classifying, summarising, and interpreting. Accounting is the science of keeping track of transactions. Only business-related transactions inv...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

Purchase order management is an internal procurement procedure used by businesses to ensure that every purchase is justified, essential, and cost-effective. Many companies have well-define...read more

Online invoicing allows you to create and deliver invoices to your vendors via email rather than printing and mailing physical copies. You can send invoices directly from your online accou...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