Inventory Management Software 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

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 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 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

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

Inventory management includes keeping track of product levels and accurately entering and exiting stock from the system. Maintaining current product data is critical to the system's succes...read more

The actions required to register a customer's order into a company's order processing system are known as order entry. Internally, this information is usually categorised as a sales order ...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

The transporting of people or products from one location to another by ship or other methods is known as shipping. Shipping Management is when the entire shipping process is managed from s...read more

A customer portal is a website that allows current customers to access services and information. It's usually safe and confidential, and it requires authentication. Account information, pa...read more

Custom pricing models are a feature of software that allows businesses to set unique pricing structures for their products or services. This feature enables companies to tailor pricing mod...read more

Supplier Management is a crucial component of any business organization that involves managing relationships with suppliers and vendors. It refers to the process of sourcing, selecting, an...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

Vendor Management is a crucial aspect of any business, regardless of its size or industry. It refers to the process of managing vendors or third-party suppliers who provide products or ser...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