Workforce & Finance Glossary for Employers
It's easy to get lost in the business lingo of HR, payroll, finance, and IT. Let our Workforce & Finance Glossary light the way! Browse by category, alphabetically, or use the search bar.
We regularly update our glossary to keep up with the fast-changing world of work. Bookmark it for quick reference — whether you’re a workforce specialist or building your own business.
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Accounting Cycle
A structured process for recording and reporting transactions and financial information.
Accounts Payable (AP)
The process of managing a company’s supplier and vendor debts and payments.
Amortization
The process of spreading an intangible asset’s cost across its useful lifespan.
Audit Trail
A precise, traceable record of an organization’s financial activity and transactions.
Automated Clearing House (ACH)
A nationwide electronic network for transferring funds between individuals and organizations.
Automated Invoice Processing Software
An accounts payable solution that improves efficiency by streamlining invoice workflows.
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Corporate Card
Company-issued credit cards that employees use for approved business expenses.
Corporate Card Reconciliation
A process that matches and aligns business credit card transactions with internal records.
Cross-Border Payments
Financial transactions between entities or parties located in different countries.
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Incoterms
International trade rules that define who pays fees, who bears risk, and how goods are delivered.
Indirect Procurement
Purchasing goods and services that support internal operations rather than production.
Indirect Spend
Purchases that support overall business operations instead of core production processes.
Invoice Processing
The accounting workflow for receiving, verifying, and paying supplier invoices.
Invoice-to-Pay
A structured workflow that handles vendor invoices from receipt through final payment.
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Payment Facilitator (PayFac)
A service provider that streamlines financial onboarding and digital transactions.
Payment Terms
Agreed-upon conditions for when and how a buyer must pay a seller for goods and services.
Pro Forma Invoice
A preliminary document estimating transaction costs and clarifying terms before delivery.
Procure-to-Pay (P2P)
A procurement process for requesting, purchasing, receiving, and paying for goods or services.
Procurement
The process of acquiring goods and services to support business operations and growth.
Provisional Credit
A temporary deposit for maintaining access to funds while a disputed charge is investigated.
Purchase Order
A buyer-issued document requesting goods or services based on defined terms and pricing.
Purchase Requisition
An internal request form used to start the procurement process of buying goods or services.
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Remittance Advice
A summary of key payment details that helps recipients match incoming funds to the correct invoice.
Request for Proposal (RFP)
A procurement process and document for evaluating and selecting potential vendors.
Reverse Factoring
A financial agreement in which buyers partner with a third party to pay supplier invoices faster.