Workforce 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

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

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

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

The word "attendance tracking" usually refers to employees being assigned to a certain "location" – an employee arrives at a location to accomplish work, and his presence certifies his att...read more

A self-service portal is a website or app that enables workers (or external clients for externally visible support providers) to help themselves when they require assistance, information, ...read more

Employee leave patterns are essential to monitoring the amount of paid leave, sick leave, and holiday trends within your company. Because automation of leave management increases the risk ...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

Employees are tracked and monitored using time and attendance systems (TNA). An employer can track its employees' working hours and late arrivals, early departures, break time, and absente...read more

A database of employees comprises vital information such as each employee's personal information and company-related information such as their pay scale, employment date, and more. In addi...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

Paid time off (PTO) is an employee leave program in which employees can draw from a leave bank (with a certain number of leaves) and be guaranteed a set amount of money for their days off....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

Trading money electronically is known as online payment. Computer networks, the internet, and digital stored value systems are commonly used in this process. You accept an online payment w...read more