Glossary: Key Terms & Concepts

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 process of paying salaries is referred to as payroll. It begins with preparing a payroll list and concludes with the recording of expenses. It's a complicated procedure requiring colla...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

Overtime is defined as time performed in excess of a worker's regular contracted hours. For example, if an employee is scheduled to work 8 hours per day and instead works 9, they have work...read more

A timesheet is a physical or electronic tool that allows you to track and record your working hours. As an employer, this means you'll be able to see exactly how many hours each employee h...read more

Customer relationship management (CRM) is a tool that allows to keep track of all of the company's relationships and interactions with its customers and prospects. Its objective is straigh...read more

The process of keeping track of clients' orders and managing the actions required in completing them is known as order management. Accepting the order, picking, packing, and shipping the t...read more

Reporting is the process of organizing data into informational summaries in order to track how various components of a business are performing. This includes calculating critical data and ...read more

A report is a type of writing that is organized around identifying and examining issues, events, or results that have occurred in the physical world, such as occurrences within an organiza...read more

A project budget details the expected revenue, expenses, and profit for your project. Using project budget tracking, you can watch how much of your money has been spent over time, see how ...read more

Contract management is the process of overseeing agreements from their inception to their implementation by the designated party and the contract's final termination. Performance analysis ...read more

Contractors are specialists who provide companies with certain skills or services for a fixed period. They may be hired for a specific amount of hours, a specific time frame, or the entire...read more

A change order is a form used to document a change to your original construction contract. In construction, change orders serve as a record of additional services supplied to the customer ...read more

The goal of an RFI (Request for Information) in construction is to fill in information gaps, reduce ambiguities, and document and discuss particular decisions made during the project. A ge...read more

Any building or unit zoned and intended for use as dwelling space is a residential property. It's one of two real estate types; the other is commercial real estate. The owner occupies the ...read more