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Finance & Accounting Glossary Terms
Brushing up on the basics.
Explore finance, accounting, and procurement related terms.
From procure to pay to close.
Accounts payable (AP) automation is the use of technology to automate the AP process.
The accounts payable turnover ratio is a vital financial metric that evaluates an organization’s efficiency in managing short-term liabilities and cash flow.
Approval workflows are the cornerstone of any company’s purchasing process.
An audit trail is a chronological record of all financial transactions and activities that occur within an organization.
Automated invoice processing software is a solution for businesses to streamline their AP operations, eliminate inefficient manual work, and optimize cash flow management.
Budget controls are a set of procedures and policies that are used to ensure that an organization’s actual spending adheres to its financial plan.
Business intelligence is the process of collecting, analyzing, and interpreting data to make informed decisions within an organization.
Cash flow management is the process of monitoring, analyzing, and controlling a company’s cash inflows and outflows.
A cash flow statement is one of the three central financial statements, along with the income statement and balance sheet.
Contract compliance is the process of ensuring that a business is meeting all of its contractual obligations.
Cross-border payments are payments made between parties located in different countries.What are cross-border payments?
Direct spend refers to expenses directly involved in the production of an organization’s products or services.
Discounted cash flows is a valuation method used to determine the present value of the future cash flows generated by an investment or business opportunity.
Document management is the process of capturing, storing, organizing, and retrieving electronic and paper-based documents.
E-sourcing is a strategic procurement process that uses digital technology and online platforms to optimize the sourcing of goods, services, and suppliers.
Early Payment Discounts are a pivotal strategy in financial management, offering mutual benefits to both suppliers and buyers.
Electronic billing (eBilling) is the process of sending and receiving invoices electronically.
An electronic document management system (EDMS) is a system that captures, stores, manages, and retrieves digital documents in a central location.
eProcurement is the process of using electronic technology to automate the procurement process.
ERPs are integrated software applications that help businesses manage their core business processes, e.g., accounting, manufacturing, human resources, and sales.
Expense reports are a vital part of any business, and without proper systems, they can become an outsized part of an accountant’s job.
Fiduciary responsibility represents a legal and ethical obligation held by an individual or entity to act in the best interest of another party.
Fraud prevention is a series of proactive measures to detect, deter, and mitigate the risk of fraudulent activities within an organization.
A general ledger (GL) is the central book of accounting in which all financial transactions are recorded.
Indirect spend is the term used for purchases that aren’t included in an organization’s cost of goods sold (COGS).
Internal controls are policies, procedures, and systems that safeguard a company’s assets, ensure accurate financial reporting, and uphold compliance with laws and regulations.
Invoice automation refers to the use of software to handle invoice workflows.
Invoice processing is the critical accounting process of receiving, reviewing, and paying invoices from suppliers.
The invoice-to-pay process is the end-to-end workflow of managing and settling accounts payable obligations.
The month-end close is a critical accounting process that happens at the end of each month, with the goal of finalizing a company’s financial records for that period.
A note payable is a written promissory note stating that a company owes money to an external lender or creditor and is a legal contract outlining specific loan terms.
Payment terms are the conditions under which a buyer must pay a seller for goods or services.
A pro forma invoice is a preliminary invoice that is sent to a customer before the goods or services have been delivered.
Procure-to-pay (P2P) analytics is the use of data and analytics to improve the P2P process.
A purchase order (PO) is a legally binding document issued by a purchaser to a vendor.
Real-time visibility into financial operations is essential for accountants in today’s fast-paced business environment. By having access to real-time data, accountants can make more informed decisions, identify potential problems early on, and improve their overall efficiency.
Corporate card reconciliation is the process of matching the transactions on a corporate credit card statement to the corresponding entries in the company’s GL.
Reconciliation is the process of comparing two sets of records to ensure that they agree.
A Request for Proposal is a formal document that organizations use to solicit bids for services, products, or solutions from potential suppliers or vendors.
Request for quote (RFQ) is a versatile procurement tool used across various industries. It plays a crucial role in facilitating fair competition and fostering transparent communication between buyers and sellers.
Robotic process automation (RPA) is a technology that allows businesses to automate repetitive, rule-based tasks.
Source-to-pay is a process that encompasses the procurement lifecycle, from identifying and sourcing suppliers to receiving and paying for goods and services.
Spend analytics is the systematic process of collecting, cleansing, categorizing, and analyzing spending data to gain actionable insights into an organization’s spending habits.
Spend management is the process of planning, budgeting, tracking, and controlling spending.
A statement of operations is a financial document that assesses the financial performance of a company over a specific period.
Supplier information management (SIM) is the process of collecting, storing, and analyzing information about suppliers.
Supplier relationship management (SRM) is a crucial part of procurement that focuses on nurturing and optimizing relationships with suppliers.
Supply management, often referred to as procurement or supply chain management, is the strategic sourcing, procurement, and optimization of resources necessary for an organization’s operations.
Tail spend refers to the numerous, lower-value, and unmanaged transactions outside of strategic spend.
Total cost of ownership (TCO) is a framework used to understand the true costs of buying something, plus the cost to operate it over its useful life.
Vendor management is a strategic approach that organizations use to optimize relationships with suppliers, vendors, or partners during the procurement lifecycle
Virtual cards are a type of credit or debit card that are generated and stored electronically.
Visibility and control over financial transactions are essential for accountants and finance teams to maintain accurate records and ensure the compliance.
Working capital management is the process of managing a company’s assets and liabilities to ensure that it has cash flow to meet its short-term obligations.
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