Glossary

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.

Invoice scanning is the process of using technology, typically optical character recognition (OCR) software, to convert printed or handwritten invoices into digital format.

Invoicing is the process of formally requesting payment for goods sold or services rendered.

Invoicing automation is the use of software to streamline the creation, delivery and management of invoices by removing manual processes from the workflow.

A journal entry is a record of a financial transaction entered into an accounting system.

A journal entry import template is a structured format or file used to input financial transactions into an accounting system in bulk.

Leave management, also known as absence management or time-off management, is the process of tracking, managing, and administering employee time off from work for various reasons, such as vacation, sick leave, personal leave, maternity/paternity leave, and other types of authorized absences.

Levered cash flow (LCF) is the cash a business has after it takes care of operating expenses, interest and other financial obligations.

Liquidity ratio (also known as “quick ratio” or “acid-test ratio”) is a metric demonstrating a debtor’s ability to pay current debts without acquiring capital. This KPI is used to gauge financial fidelity over the short term.

Management discussion & analysis is a required statement included in quarterly or annual financial reports explaining the reasoning and strategy that contributed to performance. This section represents the opinions of leadership and is intended to boost the confidence of stakeholders and potential investors.