Legal Practice Management 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

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

Spend management is the tried-and-true method of monitoring all supplier connections and company purchasing to identify and maximize every dollar spent. Best practices in spend management ...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

Contact management refers to keeping, organizing, and managing information about your customers, prospects, and sales leads. In its most basic form, an address book or an Excel or Google s...read more

Marketing automation is a technology used to assist marketing departments, and businesses promote more effectively across different internet channels while automating tiresome operations. ...read more

Customer support is a term used to describe services that assist customers in making the most cost-effective and proper usage of a product. From product planning to installation, training,...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

Today's accounting systems are referred to as multi-company applications since they can handle accounting for multiple companies at once, each with its own database. You log into one firm,...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

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