ERP 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

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

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

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

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

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 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

Purchasing is a method by which an individual or organization acquires goods or services to achieve its objectives. Despite the efforts of numerous organizations to establish purchase stan...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

The process of procuring, maintaining, utilizing, and distributing a company's inventory is referred to as inventory management. This comprises the storage and processing of raw materials,...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

Payment Processing is defined as providing a Person with the ability to charge or debit accounts using any payment mechanism, including but not limited to Remotely Created Payment Orders, ...read more