Glossary

Forecasting is a systematic process of predicting or estimating future events, trends, or outcomes based on historical data, statistical analysis, and expert judgment

Free cash flow (FCF) describes the cash left over after your company pays its operating expenses and handles maintenance costs for capital assets.

International Financial Reporting Standard (IFRS) 15 establishes a revenue recognition model for companies operating outside the United States. It governs how these businesses record and report information about the details, pricing and timing of revenue from customer contracts.

An intercompany journal entry is a financial transaction recorded between two or more entities within the same corporate group or organization.

Intercompany reconciliation is the process of comparing and correcting transactional records between two or more subsidiaries of a parent company. This activity typically takes place monthly or quarterly and helps organizations avoid issues like double entries to generate a full and complete picture of their financial health.

Inventory adjustment refers to the process of modifying the quantity or value of inventory items recorded in an organization's inventory management system to reflect the actual physical inventory levels or the financial value of the inventory.

Inventory management is the process of overseeing and controlling the flow of goods or products within a business.

An invoice approval workflow is a structured process that governs the review, verification, and approval of invoices within an organization before they are paid.

Invoice automation, also known as accounts payable (AP) automation or invoice processing automation, refers to the use of technology to streamline and optimize the process of handling invoices within an organization.

Invoice processing is the entire workflow a business follows to manage incoming invoices from suppliers or vendors, all the way from receiving them to paying them. It's essentially how companies ensure they're paying the right amount, to the right vendor, at the right time.