Purchasing 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

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

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

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

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

Supplier Management covers the process of sourcing, selecting, and managing suppliers to keep the supply chain running efficiently. It helps organizations manage vendor relationships and c...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

The process of analyzing, organizing, and monitoring a company's or organization's costs and expenditures is known as Budget management. Managing a budget necessitates adherence to stringe...read more

An app or software sends out alerts, which are actionable and content-rich push notifications. These alerts can be for various reasons, including messages from teammates, reporting manager...read more