ERP financials Definitions

  • A

    account

    An account is a unique record for each type of asset, liability, equity, revenue and expense.  

  • accounts payable

    Accounts payable is a liability account in the general ledger (GL).

  • accounts receivable (AR)

    Accounts receivable (AR) is an item in the general ledger (GL) that shows money owed to a business by customers who have purchased goods or services on credit.

  • Adaptive Insights (formerly called Adaptive Planning)

    Adaptive Insights (formerly called Adaptive Planning) is a cloud-based corporate performance management software (CPM) vendor headquartered in Mountain View, California.

  • Anaplan

    Anaplan is a Web-based enterprise platform for business planning. Anaplan is also the name of the company that created the platform. 

  • AR-to-GL reconciliation

    AR-to-GL (accounts-receivable-to-general-ledger) reconciliation is a process commonly used to balance accounts in bookkeeping, particularly within an Oracle relational database. 

  • asset liability management

    Asset liability management (ALM) is the administration of policies and procedures that address financial risks associated with changing interest rates, foreign exchange rates and other factors that can affect a company’s liquidity.

  • B

    BAI2 file format

    BAI2 file format is a specialized and standardized set of codes used for cash management by the Bank Administration Institute (BAI).

  • Basel III

    Basel III is a set of standards and practices created to ensure that international banks maintain adequate capital to sustain themselves during periods of economic strain.

  • Basware

    Learn about Basware, a Finland-based vendor of networked purchase-to-pay, e-invoicing, procurement, and financing software and services.

  • BIC (bank identifier code)

    A bank identifier code (BIC) is a unique identifier for a specific financial institution.

  • budgeting, planning and forecasting (BP&F)

    Budgeting, planning and forecasting (BP&F) is a three-step strategic planning process for determining and detailing an organization's long- and short-term financial goals.

  • Bullwhip Effect

    The bullwhip effect is a supply chain phenomenon describing how small fluctuations in demand at the retail level can cause progressively larger fluctuations in demand at the wholesale, distributor, manufacturer and raw material supplier levels.

  • C

    chart of accounts (COA)

    A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in an accounting system.

  • CIFT

    CIFT (Center for Innovative Financial Technology) is a research facility dedicated to the study of new technologies in the financial services sector.

  • contract management software

    Contract management software is a program or series of related programs for storing and managing legal agreements such as contracts with vendors, leases and licensing agreements.

  • cost of goods sold (COGS)

    Cost of goods sold (COGS) is the total of the costs directly attributable to producing goods. It includes material and labor costs but not indirect costs such as sales, marketing and distribution. In accounting, it is a standard item in the expense section of a company's income statement.

  • cost-benefit analysis software

    Cost-benefit analysis software is a computer program or suite that assists personnel in the complex task of determining whether or not a proposed plan or project will pay off.

  • E

    e-filing (electronic filing)

    E-filing is the electronic submission of information that is required by law.

  • e-invoicing

    E-invoicing (or electronic invoicing) is the delivery of bills and related information by an enterprise to its clients using electronic communications, usually the Internet.

  • EDGAR

    EDGAR (Electronic Data Gathering, Analysis, and Retrieval) is an online public database from the U.S. Securities and Exchange Commission (SEC).

  • EDIFACT

    EDIFACT (ISO 9735) is the international standard for electronic data interchange (EDI).

  • enterprise accounting software

    Enterprise accounting software is technology that keeps track of an organization's financial transactions and data.

  • Epicor Software Corp.

    Epicor Software Corp. is a global business software vendor that sells ERP and other software to small and medium-sized businesses (SMBs) and large enterprises.

  • ERP finance module

    The ERP finance module is the software component that handles the main accounting and financial management functions of an ERP system.

  • What is ERP? Guide to enterprise resource planning software

    ERP, or enterprise resource planning, is modular software designed to integrate the main functions of an organization's business processes into a unified system.

  • F

    financial analytics

    Financial analytics is the creation of ad hoc analysis to answer specific business questions and forecast possible future financial scenarios.

  • financial application

    A financial application is a software program that facilitates the management of business processes that deal with money. 

  • 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 (FP&A) is the budgeting, forecasting and analytical processes that support an organization's financial health and business 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.

  • G

    GASB

    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.  

  • 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.

  • I

    IBM OpenPages

    IBM OpenPages is a governance, risk and compliance (GRC) platform that centralizes services and components associated with the challenges and management of regulatory initiatives.

  • integrated accounting system

    An integrated accounting system is a type of software that combines major financial accounting functions into one application.

  • integrated business planning (IBP)

    Integrated business planning (IBP) is a strategy for connecting the planning functions of each department in an organization to align operations and strategy with the organization's financial performance.

  • ISAE 3402

    ISAE (International Standards for Assurance Engagements) 3402 is a global assurance standard for reporting on controls at service organizations.

  • ISO 20022

    ISO 20022 is an ISO standard for developing financial services messages.

  • L

    last mile of finance (LMOF)

    The last mile of finance is composed of the management processes that finance executives perform after the monthly, quarterly or annual close to prepare for financial reporting and disclosure. 

  • O

    order to cash (OTC or O2C)

    Order to cash (OTC or O2C) is a set of business processes that involve receiving and fulfilling customer requests for goods or services.

  • P

    procure to pay (P2P)

    Procure to pay is the process of requisitioning, purchasing, receiving, paying for and accounting for goods and services.

  • procurement software

    Procurement software is a computer program or suite that allows an organization to automate the processes of purchasing materials and maintaining an inventory of goods.

  • profit and loss statement (P&L)

    A profit and loss statement (P&L), also known as an income statement, is a financial report that shows a company's revenues and expenses over a given period of time, usually a fiscal quarter or year.

  • profitability analysis

    Profitability analysis is a component of enterprise resource planning (ERP) that allows administrators to forecast the profitability of a proposal or optimize the profitability of an existing project.

  • R

    revenue recognition

    Revenue recognition is a tenet of corporate financial management that defines when a company officially accounts for revenue.

  • S

    spreadsheet controls

    Spreadsheet controls are a set of steps that an organization's accounting personnel can take to ensure accuracy and integrity of financial records and bookkeeping procedures.

  • SQL-ledger

    SQL-Ledger (SL) is a Web-based open source double-entry accounting system that is used primarily in the retail and manufacturing sectors.

  • strategic sourcing

    Strategic sourcing is an approach to supply chain management that formalizes the way information is gathered and used so that an organization can leverage its consolidated purchasing power to find the best possible values in the marketplace.

  • supply chain finance

    Supply chain finance is a set of technology-enabled business and financial processes that provides flexible payment options for a buyer (such as a manufacturer) and one of their suppliers (for example, a raw materials supplier), typically through the services of a financial institution at lower financing costs.

  • SWIFT FIN message

    SWIFT FIN is a message type (MT) that transmits financial information from one financial institution to another.

  • T

    Tagetik

    Tagetik is a software vendor of cloud-based and on-premises applications on a single platform for enterprise performance management.

  • treasury management

    Treasury management is the administration of a company’s cash flow as well as the creation and governance of policies and procedures that ensure the company manages risk successfully.

  • U

    upcharge

    An upcharge is an additional fee that is added to a bill after a contract has already been negotiated.

  • W

    working capital

    Working capital is the difference between a business's current assets and current liabilities.

  • X

    X9 (ASC X9)

    ASC X9, Inc. (X9) is the American National Standards Institute (ANSI) organization responsible for the development of all financial services standards in the United States.

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