Accounts payable
Money the business owes suppliers for goods or services received.
Glossary
ERP and CRM glossary
Plain-English definitions of the ERP, CRM and finance terms you'll meet when choosing business software.
How to use this glossary
Business software comes with a lot of jargon. Each term below has a short definition, and the links underneath lead to fuller guides on the most important topics.
If a term you need is missing, get in touch and we'll explain it.
Key terms A to Z
Short definitions of common terms.
Accounts receivable
Money customers owe the business for goods or services delivered.
Bill of materials
The list of components and quantities needed to make a product.
Chart of accounts
The structured list of every account in the general ledger.
CRM
Customer relationship management: software for managing sales, marketing and service.
Dimensions
Tags such as department or project used to analyse ledger entries.
ERP
Enterprise resource planning: software that runs finance, operations and supply chain in one system.
General ledger
The master record of every financial transaction.
Lead scoring
Ranking leads by fit and engagement so sales focus on the best.
Month-end close
The process of finalising and reconciling the books each month.
MRP
Material requirements planning: calculating what materials to buy or make, and when.
Order to cash
The process from customer order to payment received.
Purchase order
A document sent to a supplier confirming what is being bought.
Purchase to pay
The process from purchase request to supplier payment.
Three-way matching
Checking an invoice against its purchase order and goods receipt before paying.
Warehouse management system
Software that controls stock locations and movements in a warehouse.
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FAQ
Frequently asked questions
ERP runs finance and operations. CRM manages sales, marketing and service. Many businesses use both.
The master record of every financial transaction a business makes.
Checking a supplier invoice against the purchase order and goods receipt before paying it.
Material requirements planning.