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.
a
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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c
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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e
g
i
Indirect Procurement
Purchasing goods and services that support internal operations rather than production.
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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p
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.