ERP Definitions

This glossary explains the meaning of key words and phrases that information technology (IT) and business professionals use when discussing ERP and related software products. You can find additional definitions by visiting or using the search box below.

  • F

    financial consolidation

    Financial consolidation is the process of combining financial data from several departments or business entities within an organization, usually for reporting purposes. 

  • financial controller

    A financial controller, also referred to as financial comptroller, is a senior-level executive who usually reports to an organization's chief financial officer (CFO).

  • financial data management

    Financial data management (FDM) is a process and policy, usually assisted by specialized software, that allows an enterprise or institution to consolidate its financial information, maintain compliance with accounting rules and laws, and produce detailed financial reports.

  • financial management system

    A financial management system is the methodology and software that an organization uses to oversee and govern its income, expenses, and assets with the objectives of maximizing profits and ensuring sustainability.

  • financial modeling

    Financial modeling is the construction of spreadsheet models that illustrate a company's likely financial results in quantitative terms. Financial models can simulate the effect of specific variables so that the company can plan a course of action should they occur.

  • financial planning and analysis (FP&A)

    Financial planning and analysis, often abbreviated FP&A, is the process of compiling and analyzing an organization's long-term financial strategy.

  • financial reporting

    Financial reporting is the process of producing the reports, called statements, that disclose an organization's financial status to management, investors and the U.S. federal government.

  • financial supply chain management

    Financial supply chain management (FSCM) is a set of software tools and processes designed to enhance an organization’s product flow, maximizing profitability and minimizing expenses.

  • finite capacity scheduling

    In manufacturing, finite capacity scheduling is an approach to understanding how much work can be produced in a certain time period, taking limitations on different resources into consideration.

  • G


    GASB (Governmental Accounting Standards Board) is private not-for-profit organization that seeks to establish and improve the standards of accounting and financial reporting for U.S. state and local governments.

  • general ledger (GL)

    A general ledger (GL) is a set of numbered accounts a business uses to keep track of its financial transactions and to prepare financial reports.

  • ghost asset

    A ghost asset is a fixed asset in a general ledger (GL) that cannot be accounted for because it is physically missing or otherwise rendered unusable.  

  • GMP (good manufacturing practice)

    A good manufacturing practice (GMP) is one that conforms to the guidelines set by the regulatory agencies that control authorization and licensing for the production and sale of food, beverages and active pharmaceutical products.

  • go-live (go live)

    In software development, go-live is the time at which code moves from the test environment to the production environment. As a verb, go-live means to make such an event happen.

  • GR/IR clearing accounts

    A GR/IR (goods-receipt/invoice-receipt) clearing account is a bookkeeping device that can be used when goods arrive before the invoice is generated, or when an invoice arrives before the goods are delivered.